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Marketing

  • 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.

    The value proposition is elaborated based on the perception of the strengths of the brand, product or service. These points will determine and indicate how it should be recognized in the universe of buying and selling. It is the certainty of the quality of what it has to offer. This is what will point out why the consumer needs to buy his product and not the competitor.

    Generally speaking, the value proposition clarifies how your products and services would satisfy the client’s needs satisfactorily or how they could bring about a significant improvement in your life, being something that is superior and that stands out from the others bringing exclusivity.

  • 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.

    This marketing plan includes a complete overview of the needs of your target, the competition and your current situation. It will help you to better profile your buyer person , find new potential customers and mark a roadmap that will facilitate the achievement of your goals. It will also allow you to discover new needs and neglected niches, as well as evaluate the marketing strategies you are applying.

  • 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.

    For example:

    Suppose that two different clients identified as A and B, which are of the same social class and with similar characteristics, when carrying out a data analysis system can obtain relevant information of their consumption during the last weeks. Let’s say that customer A begins to show interest in clothes and sports shoes, while customer B starts buying accessories for gardening. What is translated in that within the same social class there are the multiplicity of preferences and very different consumption habits.

    So if the retail is only limited to offer, sunglasses at the price of the offer, following the recommendations made by studies made to the middle class, the result would not provide a better experience for customers A and B.

    This is because an exclusive pattern does not govern the behavior of consumers and this forces retailers to have tools that allow them to measure more personalized for each client.

  • 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.

    There is a negative relationship between price and quantity demanded.

    The law of supply

    The higher the price the higher quantity is supplied. If producers can get a high price, they will produce more allowing them to earn more profit. Time is a factor in supply. Producers cannot react fast enough to ramp up their production to meet increased demand or shutdown factories for a sharp fall in demand. It also depends on the type of demand, short term versus long term.

  • 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.

    Email marketing

    Can have high ROI. Many sources report $30+ return for every dollar spent on email marketing.

    Elevator pitch

    Whenever or wherever you meet someone new you have just a minute or two to sell them on what you offer.

    Cross promote

    Think of other businesses that complement but do not compete with what you offer. Collaborate your efforts.

    Think local

    Opportunities to market locally. Be where your customers are.

    Network

    Look for networking events that your customers may attend. Do not just hand out your business card ask how you can help?

    Public speaking

    Many organizations and non-profits are constantly looking for speakers. You might be doing them a favor by making their job easier by coming to them instead of them looking for someone.

    Referrals

    Do not let your customers keep you a secret. Ask for referrals. Most will be happy to refer you.

  • 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.

    An organization can post news and initiatives that promote a good image. It can increase the transparency of organization. Since social media is incredibly fast organizations also have less control of what gets out there. Organizations may have policies that do not allow employees to post to social media however employees can post about their organization using anonymous accounts to get the word out. Organization information can be leaked and once it is out there it is there to stay, be coped, forwarded and re-tweeted. Rumors spread. Consumers can backlash.

    Consumers use social media to talk about the brands they use, like or dislike. They rant. They blame. It is important for an organization to stay on top of their internet presence. An organization must act quickly to resolve complaints.

  • 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.

    When it comes to making decisions we can make both rational and irrational decisions. Consumers usually follow methodical methods to determine their product of choice. The rational decision involves going through the buying process: problem recognition, information search, evaluation of alternatives, purchase decision, and post purchase behavior. First, we have a motivation. Second, we do some research. Third, we weigh our options. Fourth, we make our final selection and then we experience a level of satisfaction.

    By making certain changes marketers can influence consumers to buy products. It is not manipulation it is a science by knowing how the brain works.

  • 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.

    The group members, up to ten people, are a selected group of people who have experience of the topic. The researcher has chosen these individuals as they have met the target requirements of the type of members to be recruited. The group must be diverse enough. The members should also be people who would likely buy the product or service.

    The researcher must be careful selection of group members. The group members must meet the target market however must also consider does the topic offend or is sensitive? Will comments made by group members offend? The researcher must consider the culture and background of the individuals including age, gender, and religion.

  • 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.

    Beyond the control of your organization, the Macro Market Environment Influencers cannot be thought of as separate as they all influence each other. A new trend in one may cause a chain reaction throughout the others. These changes will affect the customer population, pricing and positioning strategies.

    The Demographic Environment, as age is a demographic trends in the Demographic Environment greatly affects the various age groups by increasing or decreasing their size and changing their characteristics.