Digital Marketing is basically promotion of brands using all forms of digital advertising mediums to reach the target segment. This now includes Radio, mobile, Internet, Television, social media marketing and other less popular forms of digital media.
While there has been so many e-business ventures, very few actually even live to see the light of profit. A major reason for this is that business never think properly in depth before going online. There are so many aspects that the CEO needs to give time to think before going online, and not do it just because its the way others are going. Few such questions are as follows:
- First and foremost, the top management needs to deliberate on the nature of the business and the industry. What are the core competencies of the business. Will that be enhanced by going online?
- What about the navigational structure and the way the organization functions? Will the culture embrace such a change effectively? What are the chances of talent loss to competing firms due to the cultural changes and process changes?
- How would the existing customers react to the change? Is there a customer retention plan in place? Will the move help to reach out to new potential customers?
- Is the business geared with the proper technological architecture? Have the processes been remodeled to fulfill service demand?
Do keep in mind that the technological architecture has to be designed keeping the service planned, in mind. The architecture preferably needs to be custom fit with your business process. If you are doing the reverse, i.e. fitting your processes to the architecture, do try to weigh out the pros and cons of the switch of the business model to the new business model. Then the above questions become relevant even more to ensure that the company stays healthy and safe.
“A market is never saturated with a good product, but it is very quickly saturated with a bad one”.
Henry Ford never said anything wiser. But essentially what is a good product or a bad product.
Technically a product may be great, but it may not meet the requirements of its target segment. Understanding the gap which no products available in the market is fulfilling is one short yet simple strategy to create a good product, and more importantly, a successful brand.
So how should companies go about it? Consumer focused market research is the only solution. So how to go about the same?
- First do an exploratory study to gauge the needs which your target segment may be facing which are yet to be met with.
- Then do an internal analysis to match the firm competencies vis-a-vis the gap faced by the target segment, to propose few product types with hypothetical specifications.
- Do a in-depth interview to review if the proposed product types meet the needs of the segment, or if at all, they are needed. Many products fail because they do not address any market needs.
- Do a conjoint analysis and/or a factor analysis to determine specifically what is required by the target segment.
- Go back to verify if the same matches with the internal competencies of the firm, and do a feasibility study for the proposed project.
Check out how Dr. Yoram Bauman gives a humorous insight to what economics is. He gives entertaining insights while entertaininig the audience, throughout the lecture. How difficult is that? Way to go Dr. Bauman, we love the way you present theory. Wish every class could be as entertaining also. Continue reading “A humorous perspective to economics”
Mobile Commerce (m-commerce) refers to any transactions conducted through a variety of mobile devices over a wireless telecommunication. M-commerce was initially expected to experience a substantial growth for rapid proliferation of mobile device adoption and the obvious advantages of accessibility of service anywhere, anytime. Continue reading “Understanding mobile commerce: How can it be successful”
The history of IBM retold in a 3 minute video. Learn the story behind the largest technology company of this world. Continue reading “A brief history of IBM”
What is strategy? Check out these excellent insights by the Strategy Guru, Michael Porter
This video gives a 6 minute insight on what marketing is all about. The details of what creates these discipline a wonder to study and practice.