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Value proposition is an element within the marketing area where one determines the set of advantages that your company has to offer. Through it you can easily identify your main ideas and projects, which are going to be decisive for you to attract and ensure the customers you crave.
Unveiling the Value Proposition
The premise here is to define the importance of your product or service to the customer. Through the value proposition, it is possible to understand why customers opt for one type of product rather than another.
The creation of the strategic process of value proposition is of paramount importance to get the customers that the company expects and keep them satisfied.
A study carried out at the Open University of Catalonia revealed that the Ibex-35 companies miss out on the interaction with their clients in social networks and their communication potential. In SMEs the situation is not very different: only 54% have profiles in social networks, although they are fundamental in any digital marketing plan. If you want to make the most of your resources, you need to follow a digital action plan with precise objectives.
What is the digital marketing plan?
The digital marketing plan is a document that reflects the objectives and the planning of marketing strategies and actions that you will develop in your company to achieve the business objectives that you have proposed.
Each buyer is different, and therefore their preferences vary, so it is necessary to know the types of customer segmentation for retail and thus be able to provide a more personalized experience.
Why is customer segmentation important for retail?
Before delving into the types of customer segmentation for retail, it is necessary to understand the context of this, which can be quite complex and that is why we will try to define it through a relatively simple example.
Supply and demand are what makes the market. Supply is how much the market is able to provide. Demand is how much a product or service is desired by buyers.
Demand comes from how much quantity buyers are willing to buy at a certain price.
Supply and Demand have key relationship. Demand relationship, price and quantity demanded relationship. Supply relationship, producers willing to supply at certain price.
Price affects supply and demand.
In this market economy, it rewards efficient use of resources.
The law of demand
All things being equal, the higher the price the lower the demand. Buyers are less likely to be able to afford the good so they will either save their money or spend their money on something else.
For small business owners every dollar must count. Large companies can afford large marketing budgets. There are many methods you can use to stretch that small budget.
When using any marketing method it is important to try to engage customers and track your marketing efforts. Digital marketing including social media marketing are among the low cost effective methods that a small business can use.
Can have high ROI. Many sources report $30+ return for every dollar spent on email marketing.
Whenever or wherever you meet someone new you have just a minute or two to sell them on what you offer.
Social media has changed the way people review and recommend products and organizations. It has changed the way we interact with organizations. How we get help and report issues. If used right social media can boost an organization’s reputation.
Consumers make their decisions of what products to buy and what factors have lead them to make their decisions. In order to be successful companies must try to understand all that they can about how consumers make buying decisions. They must also know how to segment consumers into groups that are most likely to buy certain products.
Culture, subculture, group associations all have varying degrees of influence on our decision making process. We pick up new behaviours and attitudes from those we associate with. One of the first groups to set our orientations is the family group. As we go through life our attitudes, beliefs and values change. Major life events can cause us to increase our spending on products or services we may never think we needed.
A focus group is a research technique to collect feedback from a small group of people. It is done in a group discussion where group members respond to questions given by the researcher/group moderator. It allows for the collection of qualitative data.
A survey for example is designed to get large number of responses to often closed ended questions where respondents pick from set answers. This gives numbers that can be charted and analyzed to get a representation of a larger group. Focus groups on the other hand delve deeper to expand on issues.
When used for market research it allows for collecting people’s view, understanding, attitudes and behaviors of the chosen topic.
You cannot sell your products or services to every single customer. It is just too expensive to try and reach everyone. What you can do is focus on smaller groups of customers who are more likely to buy your products therefore increasing the efficiency of your marketing efforts. One way to do this is by segmenting your customers by age. Grouping the customers by age allows you to identify those customers who are more likely to share common interests, priorities and needs. You must also consider the six Macro Market Environment Influencers as each affects age demographics differently which also causes changes to your marketing decisions.