inbound marketing Archives - Business Intelligence

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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.

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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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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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4 Ways You Can Solve Fintech Challenges with Inbound Marketing

Fintech is hands down one of the most significant financial industry trends of the past decade. The growing inclination towards cashless economies and the rising need of financial companies to reach out to people across different geographical terrains are some of the basic factors that are fueling growth in the fintech industry. Fintech-powered technologies have redefined almost every segment of the financial sector, ranging from insurance and investment to payment gateways across continents. The few that remain are expected to taste the power of fintech over the years to come. However, this promising sector is not entirely free of challenges. Surprisingly, a few of these problems can be easily resolved with the help of inbound marketing? Wonder how company-created Internet content to attract customers (inbound marketing) can help negate fintech challenges?Request Free Proposal

Customer-centric digital marketing

One of the key fintech challenges in emerging economies is the need for customer-led product development. For fintech companies, the majority of their customer journey takes place on a digital platform. Customers are increasingly using digital devices to search for financial products, mobile apps and payment interfaces for faster, safer and seamless transaction experiences. This makes having a responsive website design, fast loading time and user-friendly interface an imperative for fintech companies. Inbound marketing techniques such as SEO, content distribution strategy based on competitor analysis, and keyword research prove helpful to augment the search potential of fintech brands.

Lower cost per lead

Traditional marketing techniques come with a high price tag, which could quickly reduce the profit margins of companies. Furthermore, conventional marketing methods are not precision-targeted to reach the prospects in the fintech sector.These factors would only add-on to the fintech challenges. Inbound marketing techniques such search engine optimization and social media optimization can help companies in this sector to reduce cost per lead while providing them better quality leads with a higher probability of conversion.

Improved CRM

Inability to curate an appropriate customer relationship strategy is one of the fintech challenges most companies in the sector face. Using inbound marketing, fintech firms can enhance their CRM strategies. It allows empowering customers to do the talking and shift the focus from customer relationship management to customer-managed relationship. When customers become proactive and engage in conversations on social media platforms, share feedback on products, ask questions and offer an opinion on online surveys they become more connected to the company. Also, millennials are accustomed to near real-time user experiences and want things on demand. Hence, inbound marketing on social media platforms and websites with chat boxes for instant responses are the way to go for fintech companies.

Cultivates informed customer-base

Mistrust and lack of transparency towards new age financial enterprises and fintech brands are one of the most common fintech challenges. This stems from customers’ lack of product knowledge and an inherent assumption of payment banks, online money transfers, social media banking and digital wallets being rocket science. This calls for fintech brands to augment the search potential of their websites, leverage mobile app store optimization for app marketing using inbound marketing to enable users to explore new age financial products.


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