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Redesigning Your Marketing Strategies to Suit New-Age Consumers

Marketing organizations seem to have lagged behind when compared to other sectors in terms of technological transformations and customer expectations. From the growth in popularity of online shopping channels to personalized ad campaigns for specific customer groups, consumer marketing strategies have evolved drastically over the past decade. Although the channels and technologies used by modern marketing companies have changed considerably, the manner in which tasks are approached remains more or less the same even today, and that is not a good sign. Organizations that continue to roll out large and infrequent campaigns, rely on media purchasing agencies, and are organized by geography or by product fail to take full advantage of the latest digital and advanced analytics tools. They can be used as effective marketing tools to chalk out marketing strategies that are more engaging, effective, and agile. Making use of these capabilities for effective marketing strategies require new management approaches.

Failing to have a comprehensive understanding of the target customers can result in failed marketing strategies. Request a free proposal to know how we can help your business streamline processes and build the right marketing strategies.

Building New age marketing strategies

Marketing strategiesManage internal and external partnerships

Organizations must leverage opportunities for advanced marketing strategies available today including search, social, programmatic, and content management. Internal and external teams that deliver these services must aim to function as an interconnected ecosystem. A key decision relating to marketing strategies to be made here is to figure out what needs to be handled internally and what must be outsourced to an external partner. It is advisable for the brand to handle core competencies such as strategy, while execution functions such as experimenting with new media or channels can be outsourced to external partners.

Build globally dispersed networks

Over the years, a common practice followed by brands to manage marketing strategies is by putting a global team under control of global marketing campaigns and assigning a local team to locally execute these campaigns. This could often create a clash between teams, especially with local teams thinking that the global team lacks a comprehensive understanding of their market. To combat this issue while promoting marketing strategies, a new age concept brand tribe have emerged. Brand tribes refer to an informal and globally dispersed network of marketers who come together to identify and share their best assets. Instead of the conventional top-down approach, these brand tribes have community managers who foster global collaboration, post insights, promote assets for particular markets, and discourage off-brand execution. This can also act as a way to reinforce brand standards.

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Identify new growth channels

With the rising market competition, brands are under extreme pressure to identify and pursue new sources of growth that may be internal or external to the core business. Fastest growers in any industry are those that develop new products or services while maintaining their baseline capabilities. One way to achieve this is to create a dedicated new-ventures unit in the company that examines and identifies new growth opportunities for the company. Another way to do this is by partnering with start-ups that can provide a larger pool of opportunities in terms of emerging technologies and innovation.

 Building an agile operating model

Building marketing strategies to attract new age consumers have become extremely challenging. As a result, now brands are even taking inspiration from companies in other sectors to innovate their operations. The concept of agile is one such strategy that has originated from software development wherein small, self-organizing, cross-functional teams that work towards specific goals by breaking down large tasks in smaller units, assigning responsibility to team members, and constantly reviewing progress. Agile operating models can help identify profitable opportunities in real-time, rapidly deploy tests, evaluate results, and constantly reiterate.

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5 Ways Location Based Services Will Prove to Be a Boon for businesses

Mobile phones are undoubtedly one of the most remarkable inventions ever. The evolution of mobile phones from mere devices of communication to a multi-purpose device has proved to be a great boon, especially for businesses. Businesses have been leveraging the features offered by mobile phones such as user location tracking to market their products or services to a relevant audience. In fact, location based services (LBS) have already started emerging as one of the most vital aspects of mobile marketing for B2B companies. For those of us who are unclear about how location based services work, it uses real-time geo-data from a mobile device or smartphone to provide information, entertainment or security. Though location based services were initially used only by B2C companies, B2B companies are slowly waking up to the innumerable opportunities that this technology can offer them. Location based services enable marketers to gain a better idea about the group of customers that are more likely to favor a particular product or service. The only challenge here is to gain customers’ permission from customers to provide more personaliRequest Proposalzed offerings to them. Here are some of the key reasons how companies and marketers can benefit from location based services:

Building networks and partnerships 

Using location based services enables two or more companies to enter into a mutually benefiting relationship through tie-ups. By forming a network of companies that can support and promote each other, the success of one company can prove beneficial to all the others. Such efforts also open up several avenues and opportunities for companies to flourish and increase their profits.

Rewards and discounts 

Rewards and discounts act as great baits for attracting potential customers to the company’s products and services. Once businesses identify their customers’ behavior pattern by using location based services, they can be targeted by offering rewards and discounts for the services that are used by them the most. For example, if a customer regularly books flight tickets, companies can offer special discounts during a particular season. This would act as an incentive for customers to frequently use the company’s services.

Building social connection 

After clearly understanding the wants and needs of the target customers, companies can go ahead and link their location based services to a mobile social network, which would enable users to share details about the company with their friends and other contacts. Companies can greatly benefit from this as it helps build their user database and increases publicity for the brand without having to put in any extra effort.

Analyze competition 

It is vital for companies to not only understand customer’s behavior with respect to their products and services but also understanding the users’ level of interaction with the competition. This is essential as it will help companies position their offering differently and offer something extra to the customers when compared to the competitors.  By using location based services, companies can keep constant tabs on their customer’s action towards various offerings available to them.

Events and tradeshows 

Events and trade shows are useful platforms for businesses to showcase their products and services. Organizing an event on a subject of customer interest could attract more users to your services. This would require a considerable amount of effort on the company’s part, both in organizing and financial terms, but if this effort takes off well, it could prove to be highly useful in gaining more customers. Tapping the right companies for the event could also pave way for many new sponsors for future events.

For a visual explanation of how location based services work, check out this relevant video on YouTube: 


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4 Tips to Improve Your Marketing Research Process

Today, it has become quintessential for businesses to understand the fact that the concept of marketing has evolved and become more consumer-centric. Satisfaction is now the new aim of marketing, and to achieve this, companies need an appropriate marketing research process in place. 

With constant changes becoming the new norm in business activities, the only thing that remains constant is the need for establishing an effective marketing research process. Every marketing research process helps companies to evaluate market opportunities and take business decisionsGet more info based on hard facts. It is, therefore, the backbone of every successful business initiative. However, today we see that most companies prefer to cut costs when it comes to a marketing research process since it is resource intensive. While this may not be the best business decision, most companies have started following this logic during product or service launches.  Marketing research doesn’t always have to be an expensive affair, as many start-ups have shown, if companies are following the right set of protocols.

So, without further ado, let’s look at some of the best ways companies can improve their marketing research process:   

  • Define “YOUR” problemmarketing research process

This is perhaps one of the most critical steps in establishing a good marketing research process. In this step, companies have to define the scope and aim of their research. This would help businesses determine the information that they need and how they can go about collating that information. Properly defining the scope of the marketing research process can help business stakeholders to deal with the overarching business challenge, such as loss of market share or how to market products or services to a specific sub-segment of users.

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Developing questionnaires that cover your business challenge and examining the actual cause of these issues can help businesses to filter out the unnecessary data. To effectively define “YOUR” problem, take into account as many variables and their causes, respectively.

  • Plan your researchmarketing research process

Once the first step has been completed. The next task involves the process of planning an extensive research approach. This marketing research process can only be carried out once the preliminary step of establishing the research scope has been completed. The research plan or approach can be overwhelming to create since it includes steps and methodologies that can help answer or explore the opportunities uncovered in the first step. Every research technique comprises of the following:

– Interviewing potential customers to obtain feedback

– Conducting surveys with industry stakeholders to gain industry insights

– A/B testing on your businesses’ website to understand customers’ perception

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Disadvantages of Marketing Strategies for Product and Services Promotions

Your business is new, not many people know it yet. The product or service is really good, but how do you tell the masses about it? Organizations big or small all rely on marketing strategies for product and services promotions to get a word about their brand out in the market. That’s how people come to know about new products and services and their benefits. As a result, companies pour in millions of dollars in marketing strategies for product and services promotions hoping it will yield them an increment in the sales figure. Sometimes, it works, and sometimes, it just doesn’t, sending all the hard-earned millions down the drain. One should be wary of the pitfalls and disadvantages ofRequest Proposal these marketing strategies for product and services promotions to survive and grow in the market.

The cost to quality perception

How often do we see an item on sale or its price chopped off significantly? Pretty often. Companies hope to increase their sales volume by lowering the cost, thinking the simple demand-supply equilibrium will fetch them extra dollars. But often it so happens that a consumer sees it as a sign for reduced product quality. For instance, supermarkets often mark down the price of a product when they are about to expire. So a consumer will think twice before buying a marked down product.

Customers get habituated to promotions

One of the major disadvantages of marketing strategies for product and services promotions is that over time, consumers will get habituated to it. For instance, if a consumer knows that a certain store always offers 50% discount, then the consumer would be unwilling to buy when stores sell products in MRSP. They will even be hesitant to buy undiscounted products in the future as they already set the base price they are willing to pay for that product.

Dubious long-term success

Apple products barely go on discount. If your store were to sell Apple products with 30% discount, then there will a long queue of customers waiting to buy the product from you. It boosts your sales; however, you might not gain much in profits. A pressing question to ask here would be, will the customers come back to make a purchase if the offer was reverted? They will either go the Apple store or go to another retailer who may offer some discount. As a result, the long-term success of marketing strategies for product and services promotions seems dubious.

High-demand

It is only natural for the demand to go up when the price is brought down by promotions. Sometimes though, such a growth in demand could go out of control. Suddenly, customers who weren’t even interested in the brand would jump on the opportunity to buy the product. Customers who actually were thinking on the purchase may miss out on this opportunity and the company may thus alienate loyal customers. Running out of inventory causes trust issues and negatively impacts the brand.

Cut-throat competition

When you come up with marketing strategies for product and services promotions, your competitors won’t stay quiet either. They would most likely respond to a price drop with higher price drops. This, in turn, leads the company into a downward spiral for price reduction which affects the profit margin over the long-term.

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Best Market Entry Strategies to Enter International Markets

Business today is not limited to any geographical boundaries. A company that’s had success in the domestic market may well find its way all across the world if they have a world class product. Today, many companies have global presence, be it ones that were established 100 years back or recent start-ups. For instance, Spotify was launched recently around eight years back, but today has more than 140 million active users spread across the globe. It can pose an intriguing question, which is how can companies become multinational so quickly? The market entry strategy of companies have been evolving, allowing companies to go worldwide in a short period of time. Entering foreign market has many advantages including earning foreign currency, achieving economy of scale, gaining global customers, and distributing risks. However, there are plenty of options available to companies on how they choose to enter a foreign market. The challenge is to choose the right strategy by considering corporate strategy, tariffs, transportation costs, product localization needs, and marketing needs. So what are the top market entry strategies Request Free Proposalthat are available to companies?

Direct exporting

One of the easiest options to enter the foreign market is to produce the product in the home country and just ship the surplus to a new country. This market entry strategy can be perfect for new companies who cannot afford to take risks. It is also easier for the company to hire agents or distributors who will take care of exporting and promoting the new product in the new market. However, one significant drawback of this market entry strategy is that companies may not be able to react to customer communications as quickly as a local agent.

Licensing

In simple terms, licensing is a contractual arrangement whereby the company offers proprietary assets to a foreign company in exchange for royalty fees. Sometimes it can be possible that a company may not be able to export the product because of complex rules and regulations or when the transportation cost is prohibitive. Although it significantly reduces the risk for the company and decreases the amount of investment required, the company will have to share their proprietary secrets with an outsider. Licensing can be done not only for a product but also for a trade name. This type of market entry strategy is perfect for companies who don’t want to commit highly to international expansion.

Franchising

Franchising is one of the most popular market entry strategies that is gaining traction across all parts of the world. This works well for companies that have a reputable business model like McDonald’s fast food chain or Starbucks instant coffee. Businesses who opt for franchising should make sure that they garner a good brand name, build on it, and promote it. The franchising business model is excellent as it doesn’t require massive investment from the franchise, builds a reputable brand name, and earns a franchise fee.

Joint ventures, mergers, and acquisitions

It is entirely possible that companies trying to enter a new markets may not have adequate knowledge about the market. In such a case, companies can look to partner with established companies and make co-marketing arrangements to sell the product. Additionally, bigger companies can also opt for joint ventures who share risks and profit. One of the best examples of the joint venture can be considered the one between Sony and Ericsson cell phones. Finally, they can also opt for mergers and acquisitions to boost the status of the company.

Greenfield Investments

If there was ever a perfect example of high-risk, high reward adage, greenfield investment could perfectly fit one. The company looking to enter the foreign market has to buy the land, build the facility and operate the business on a continuous basis. It requires a huge commitment, but it pays off as well. Companies can earn a handsome profit on their sales. However, they need to consider factors such as government regulations and access to technology or skilled labor.

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Getting Personalized Marketing Right: What Do Customers Really Want?

What you think your customers want and what they actually want might not be the same in several cases. But if you don’t get it right, the chances are that somebody else will lose customers for your business. Thanks to digitalization, a lot of data on customer activities online is readily available to companies. This could prove to be a great boon for retailers while formulating their marketing campaigns and creating personalized marketing content. In fact, there is nothing that makes a customer feel more connected to your brand than knowing that you care about their needs. But personalized marketing is not a cakewalk. The challenge is to formulate marketing strategies in a way that it doesn’t cross lines and delivers genuine value and relevance. Just addressing a marketing campaign to a customer does not serve the purpose. Knowing what campaign to target and which customer group is the first step to personalized marketing. Based on our research, here are three things that most customers look for in personalized marketing campaigns:Request Free Proposal

Recommendations and reminders

Customers often tend to browse through products online and save the items of choice to their wish list/cart to come back later and make the purchase. In such cases, it is quite common for customers to forget to go back and complete the purchase. One of the most common personalized marketing techniques that brands today use is to remind shoppers of items they browsed but didn’t purchase. This is referred to as ‘retargeting.’ However, though this is an established technique, it can easily come off as creepy or annoying to shoppers if not executed thoughtfully. Shoppers dislike being constantly reminded of products they’ve already bought or searched for, especially if the ads appear either too soon, too frequently, or too late in the process. To correctly target marketing campaigns to what a customer might be interested in, companies need to use more sophisticated recommendation algorithms. This will help in offering complementary products or services instead of just the things the shopper has already browsed or bought. Finally, with any retargeting message, it’s important to observe who responds and who doesn’t adjust the frequency accordingly.

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Track shopper needs

Stock-outs and unavailability of the desired sizes are a common problem that leaves your customers disappointed. But the same customers would be delighted if you notify them when the items and sizes are back in stock. Retailers must ensure that the personalized marketing campaign contains a trigger or a call to action button for the targeted message. This would redirect the customer to the page on the website, and they can make the purchase quickly.

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Connecting online and offline experiences

Connecting digital messages with offline experiences of customers can work wonders in personalized marketing for a brand. Since this requires collaboration between disparate areas of the organization, such as store operations, PR, digital marketing, and analytics, it might prove to be a challenging task for companies. But if done efficiently, communications that seamlessly straddle both online and offline experiences and provide real value can make a customer feel that a retailer really knows them. Cross-channel communication involves using information that customers have not actively provided; retailers should try to supply information that consumers will find truly valuable. For example, Starbucks uses location information from customers’ mobile phones to ask them if they really want to place an order now at a store that’s an hour away from their current location, since the order will be ready (and getting cold) before they reach the store. Most customers do not object to such location tracking because it offers them the information they are likely to find helpful.

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