Key account management is often mistaken for just another sale strategy, but it is an approach that seeks to change the way you do business, as well as how you win new business. As such, it has the power to affect your business at every level and drive profit margin long into the future. Continue reading “What is Key Account Management?”
Being a successful sales man is not easy. It requires a specific set of skills combined with an instrinsic sense of smell of the client’s requirement combined with a deep knowledge of the domain to succeed at the job. Here’s what is actually needed, nicely explained through an infographic. Continue reading “Understanding the Anatomy of a Successful Salesman”
The internet is the modern entrepreneurial platform from which makes great ideas come to life. Many people dream of starting an online business because there are successful businesses that have carved a niche for themselves selling online. Continue reading “The Basics Of Selling Online”
You can’t expect to succeed in a market as competitive as today without exploring every possible opportunity that can lead to a better competitive advantage. Small businesses are competing with larger enterprises – and their enormous resources – for the same portion of the market; therefore, getting creative and maximizing marketing efforts will make a huge difference. Continue reading “Turning Simple Approaches into Powerful Marketing Tools”
Marketing doesn’t have to be a hundred thousand dollar word. You don’t have to spend a fortune to build your business’ brand with your customers and potential clients. Here are a few tips on how to build your business’ brand on a small budget, none of which requires much money or a lot of time. Continue reading “How to Build Your Business’s Brand on a Small Budget”
Promotion and marketing of the products and services are one of the prime motives of each and every business. However, the best kind of promotion is the one that makes your product reach out to your targeted audience in a more casual and subtle way rather than forcing them to view your adverts or brochures. Designing your company’s coasters may come in handy for this task. Continue reading “Create promotional coasters for your business”
Any businessman worth his salary knows that it takes much more effort and resources to acquire a new customer than to sell again to an existing one. While most businesses put large chunks of their resources into marketing and sales, modern business studies reveal that customer retention should be a higher priority. Continue reading “Seven Power Tips to Boost Customer Loyalty”
Growing sales is always a great thing for a business. You’re getting more customers and more orders from them, which in turn translates to more income and profit as well. Thanks to the wonders of internet, reaching more customers is now easier than ever. Through a carefully planned internet marketing campaign, it is not difficult to boost sales to a whole new level. Continue reading “How to Deal with an Increase in Sales”
As a business owner, marketing your brand, products and services is a huge part of running a successful company and experiencing the development and progression that you’ve been hoping for since day one. But, since many business owners become entrepreneurs with little to no knowledge or experience of marketing, this can be a very tricky obstacle to overcome. Aside from outsourcing your marketing tasks to the professionals, there are a number of things that you can do to bring yourself up to speed with this hugely important department of your business. Continue reading “5 Ways for Entrepreneurs to Improve Their Knowledge of Marketing”
Starting a business is a great deal of work. Not only do you need to focus on your revenue generating projects, but you need to market your business as well. If you don’t get your business’ name out there, you won’t get any customer. When it comes to choosing how you are going to market your business, you may want to find the most inexpensive methods. As a new business just starting out, you may not have a great deal of money to invest in marketing. Continue reading “Here’s How You Can Do Your Marketing Campaigns a Huge Favour”
The right marketing campaign is essential to anyone who owns their own business – in fact, it is so crucial it can either make or break our business. The trouble with conventional marketing is that it can be very expensive to do right. There are many things to cover, and this can add to the confusion for small to medium sized businesses who are inexperienced in the marketing field.
A specialist marketing company may be able to help, but only adds to the cost, and they still aren’t guaranteed to get you the results that you want. Many of the favorite traditional marketing techniques include radio advertising, local newspaper advertising or local television advertising. Continue reading “Unique Ways to Advertise Your Business”
As any business person knows, there is a huge variety of customers and clients out there. While some businesses and brands want to have a large amount of people purchasing their products or services because they come at a competitive price, other brands are more interested in targeting customers who want to purchase something based on its quality or prestige and care less about the cost. These two groups require very different marketing strategies. If your business is contemplating targeting the later of these two groups, here are three marketing tips that will help your business reach those high-end customers. Continue reading “3 Tips for Marketing Your Business to High-End Customers”
When it comes to marketing your business, it’s likely you’ve spent a lot of time coming up with all the things you want people to know about your business. You’ve taken time to determine who would benefit most from your business, and how you can reach out to them. What most matters, is what you are reaching out to them with. Continue reading “Three Things To Emphasise When Marketing”
When it comes to advertising your business, you definitely need to have the funds to get your name out there. You can opt for a small loan, if you don’t have the money saved up. You can also work to save money on advertising, while still getting your business name and info out there, and to the most people. You may not think that you need to put that much effort, or money, into advertising, and think relying on word of mouth will be enough. However, it can really pay to invest in your advertising and get your business name out there as often, and in as many places, as possible. Continue reading “How To Save Money On Your Business Advertising And Marketing”
Promotional products is one of the oldest forms of advertising. However, so is the 0.99 cents concept (read: it’s actually $1!). The reason that these marketing concepts have stuck around for so long, is because they are effective. Of course, it’s crucial to remain relevant and incorporate new, digital marketing ideas into your overall strategy. It must be noted, though, that these new strategies can reach a greater audience when used in conjunction with more traditional tools. We’ve put together our top tips for harnessing the power of the original marketing tool: the promotional product. Continue reading “Top Tips for Harnessing The Power of Promotional Products”
In an independent survey conducted by Business Fundas, where we sent a questionnaire to our 20,000+ strong twitter followers consisting mainly of social media marketers, we tried to find the perceived benefits of social media marketing. The responses of the questionnaire were analyzed for understanding the perceived benefits of social media marketing and the responses of the same are demonstrated in the diagram below.
The survey was administered through not only our twitter followers but also to numerous followers and subscribers of our mailing list and finally 534 responses were collected on our questionnaire, all of who are marketing experts on social media websites and have their own online marketing venture.
The responses clearly portray the perceived benefits of social media marketing campaigns by the marketers.
From our personal analysis, it appears that today, social media marketing can become even more fruitful to reach out markets for small businesses targeting social consumers and probably investments on marketing through social networks like Facebook are more likely to generate better results. Also targeted advertisements in search engine (since that is where most consumers first turn to for information query) are also more likely to impact sales conversion figures.
However, bigger firms are more likely to benefit from greater brand awareness, greater brand recall and greater brand association from investments in social media marketing. So purely from a Branding Exercise, social media marketing makes sense to larger consumer focused service providers or product marketers.
By the way, did you read our article on how to attain success in Social Media Viral Marketing?
When businesses engage in marketing activities, they tend to focus most of their energies on the promotional aspects. What is just as important is the packaging of your product and services in order to improve the perceived value of your brand. Using labeling and packaging to improve your brand value. It is important that labels are used to enhance the brand’s perception and differentiation from other similar products that are available in your market. Label printing offers more than just a printed message. It conveys your brand message and promise to your consumer. Continue reading “The impact of labels and package design on consumer behavior”
It’s no secret that memberships are the life blood of business associations. However, the wide availability of free information on the internet has made membership growth more challenging in recent years. Add to that the changing mindset of millennials, and associations have a lot on their plate. Continue reading “4 Association Marketing Tips To Increase Memberships”
If you have just started a business, you will no doubt be eager to expand your client base and spread the word about what you do and how you do it. However, it can be hard to do this without having any funds to spend on a marketing campaign. Conversely, it can almost be financially riskier for a business not to market themselves. The good news is that there are literally hundreds of cost-effective ideas you can use to increase your revenue. Continue reading “How to Market Your Business Cheaply”
In order to improve the quality of the services that are offered, you need to listen to your customers. The truth is that feedback can help out so much more than you may be tempted to believe at first glance. The problem is that many business managers out there do not actually use customer surveys in a proper way. Continue reading “Customer Surveys As Business Growth Tools”
Running a physical therapy center is hard enough, but marketing it properly to improve your client base can be a nightmare. The problem is that most doctors and managers aren’t trained to be marketers, but they take on the task anyway to save money. These are some of the worst pitfalls that most physical therapy centers encounter. Continue reading “Physical Therapy Centers: Worst Marketing Pitfalls”
For most businesses, conventions and trade shows are a great opportunity to gain exposure for your product offering. However, many hopeful companies take on their first attendance with no idea of how to get the most sales for their product promotion and marketing dollars. Continue reading “Best Practices To Enhance Sales Of Your Promotional Product At Trade Shows”
There has been a venomous mindset you’ll find if you spend too much time digging through online marketing. The mindset I’m talking about is the notion that “there is no place for traditional marketing methods” when there is so much to be had through online marketing. Online marketing is amazing, don’t get me wrong, but the whole world hasn’t just miraculously shifted from buying at retail stores to solely ordering products through websites. When you buy into this idea that “offline methods are worthless” you miss out on a ton of potential leads for your online business. Continue reading “Traditional Marketing Strategies That Still Do Wonders for Online Business”
Business is booming in London and unless you have the competitive edge, your company is being left behind as others enjoy profits and benefits of which you dream. Corporate videos have become the leading marketing tool here in the UK as businesses compete for the consumer that enjoys having this format at their fingertips on mobile devices. Whether consumers are on their way to the office or enjoying a beverage with friends in the evening, their smart phones and tablets are never very far away which means your company can connect with them through a medium with which they are comfortable. Let’s take a look at some of the tips that you can use to make your corporate video an effective marketing tool that drives traffic to your website and increases leads and sales. Continue reading “Tips for Making Your Corporate Video Effective”
The concept of Event Management in Sydney has gone far beyond imagination and expectations. No longer is it just organizing some gala event or business conference properly. Experienced and established event management companies are coming up with more and more exciting and innovative ideas to combine fun with achievement of corporate goals. There are lots of ways that it can be done depending on what exactly you want, your timeframe and budget. They specialize in business event management; destination management all over Australia; team building activities; incentive packages Australia wide; conference solutions, exclusive weddings; accommodation; and tour options in unique Australian destinations. But to deliver the best of all this, you need a leading Destination Management Company in Australia. Continue reading “Best Event and Destination Management Company in Australia”
When it comes to running a successful booth at a trade show, there is a big difference between standing out and wasting your time. When people visit a trade show, they are looking for something interesting to grab their attention. The difficult part for business professionals is that they have a hard time determining exactly what an interesting trade show attraction is. As you prepare to invest a great deal of your time and money in a trade show, there are eight ways you can stand out and get everyone’s attention. Continue reading “8 Ways to stand out at a Tradeshow”
The 7 Ps of services marketing is indeed a popular framework used by marketing professionals to design the critical dimensions of the strategic blueprint while marketing a service. The services marketing mix is dominated by the 7 Ps of marketing namely Product, Price, Place, Promotion, People, Process and Physical evidence. In fact, the 7 P framework is one of the most popular framework for deciding a marketing strategy for services in domains like banking, information technology enabled services or hospitality and tourism, right from strategy formulation to actual implementation.
However, one needs to be aware of the limitations of this framework while applying it in a business context. So in this article, we will discuss some of the major limitations of this services marketing framework.
One of the major drawbacks of the 7 P framework is that it does not address issues related to productivity in terms of both quantity and quality of service delivery. In integral services management, improving productivity during service is a requisite in overall cost management; but quality, as defined by the customer, is essential for a service to differentiate itself from other providers. These two deliverables are essentially opposite to each other in terms of goals. A firm would want to pursue a strategy involving cost minimization but still quality maximization. Hence a strategy that manages trade-off between such conflicting goals is needed to be optimized.
Similarly, another major important issue is managing the core competencies embedded within a firm. Services are essentially intangible in nature, by its very definition. Processes like service delivery address only a small part of the larger cake. Drawing from the resource based view, the organizational competencies are not matched through this framework, which is one of the building pillars of developing strategic frameworks which are external in nature. The viewing of internal resources in silos is somewhat a barrier for this framework, if used to develop an actionable strategy.
Another limitation of this framework is that it does not provide a mapping between the pricing strategies that needs to be followed, vis-a-vis the productivized version of the service. That mapping is often one of the most important drivers that can create or break the adoption of a service. A mapping of pricing to the critical dimensions (features) of the productivized service draws its theories from the pricing of services, which are often done in silos, since dimensions cannot be identified which are in unision but not over-lapping to the main delivery. Over-lapping dimensions create a perception of fluctuating utility among the consumers, and since these are intangible, the overall valuation of the importance and value of a service, gets impacted in a major way.
Understanding the limitations of any theoretical framework before applying it to practical scenarios is crucial for the success of the strategic plan. Please let us know, what you feel about this article. By the way, did you read about the 8 Ps of marketing, the new age marketing mix?
CCDVTP stands for “create, communicate, deliver the value to the target market at a profit”, a term that has been popularised by Philip Kotler. It is being considered as an emerging lingo amongst marketing professionals ever since it was coined. This has caught the attention since it connects three ideals that are often existing in silos in marketing organizations. This has been identified as the value chain in marketing, among the other important marketing theories and today, surprisingly has become a buzzword in many interviews for marketing and sales jobs.
Creating value is synchronized with product management, whether the product or service is tangible or intangible. The product is what is the core of value creation, for your customers and also for your firm. Product life cycle management is thus one of the crucial activities in product management. Today, services and products need to be managed so as to deliver quality value consistently. There are many frameworks which enable the product management team create consistencies across delivery of the same. However, creating the best product or service offering will result in no value for the producer, unless the same can be communicated. This is where branding exercises are conducted.
Communicating the value of a product or service is branding and brand management. A highly valued product or service which a producer company may perceive, must also be conceived by the user as having similar value or more. Otherwise the whole exercise of creation of the offering through proper product management strategies, falls flat. Branding enables a firm to rely on the pull strategy rather than on the push strategy, and it has been observed that firms generate higher profitability from the pull strategy than from the push strategy.
Delivering value is synchronous with customer management. Value is generated at the point of consumption of any offering, be it a product or a service. Customer value management is the process by which this value may be tapped successfully to create value for the firm. This is the process by which the results of all the effort taken in creation of value is actually realized by the firm and directly affects the top-line of the firm’s financials. It has been seen that through proper customer management, customer satisfaction increases substantially which in turn reduces churn rate and increases revenue from increasing customer satisfaction.
So what do you think of this new mantra in marketing? We would love to know your thoughts.
R.F. Lauterborn (1993) proposed a 4 Cs classification to address the growing focus of marketing strategist on the consumer. While the 4 Ps framework for defining the marketing mix has been popular for decades, the four Cs have gained in terms of importance, considerably in recent times.
The 4 Cs consists of CONSUMER, COST, CONVENIENCE and COMMUNICATION.
The roots of the 4 Cs of marketing can be traced back to the classical 4 Ps marketing mix. However, with the onset of database marketing, the focus has shifted in marketing from a consumer transactional view-point to a consumer relationship viewpoint (and very recently consumer engagement). However, the basic focal strategic issues remain unchanged at its very core.
The details which a manager designing a marketing mix using the four Cs needs to focus on are as follows:
- Clients / Consumer (customer) is the king. No longer can products be developed and pushed to the consumer in the hope of conversion of a purchase decision. Gone are those days when consumers had to buy products to satisfy needs for a simple lack of substitute. The market is over saturated with great products. Consumer behavior needs to be studied thoroughly from the product development phase itself. The attributes of any product should be almost built-to-order in current times, and substantial inputs should be taken from primary market research.
- Pricing is crucial. The pricing strategies undertaken by any product development company should keep the perceived value of the product, to the consumer, in mind while deciding a pricing strategy. Effort should be made to estimate a customer’s tradeoffs among multiple attributes in a product so as to arrive at the perceived total value while pricing a multi-attribute product.
- Convenience of the service delivery or product purchase location is crucial. The place utility often is a differentiating factor in the success stories of many a promising product. It becomes extremely important especially if the product purchase is a low engagement decision making process, like that of purchase of day-to-day products.
- Communication is crucial. As opposed to the initial focus of brand promotion, communication of the brand personally so as create a brand awareness and brand cognition is extremely crucial for a sustainable pull strategy. Every brand is perceived to have a personality. Communicating the same using proper communication channels becomes crucial for the success of any marketing campaign.
While the focus of designing a marketing mix has shifted from the 4 Ps to the 4 Cs, it is extremely crucial to understand that the underlying core remains the same. The major shift has been due to a paradigm change of focus from the product or service design to understanding the customer. This is where a 4 Cs strategy scores over the 4 Ps or 7 Ps strategy.
By the way, did you read our article on the 7 P’s of Services Marketing?