November 26, 2014

How Marketing and PR Can Work Together to Better Reach Customers

In a time where 50 hour work weeks, working from home, and working with multiple screens have become commonplace, it’s needless to say that many job positions and careers are transforming. With societal trends and changes in the economy, expectations and responsibilities in the workplace change as well, and the fields of marketing and public relations are shifting, too.

Due to advances in the fields of technology and communication, it’s not surprising that roles in areas that rely heavily on B2B and B2C communication have shifted and grown as a result. Marketing and public relations are two overlapping areas that have responded to these changes. [Read more…]

How to make your business more efficient by upgrading technology?

Marketing technology

Every single day the average business owner is introduced to all sorts of new apps, gadgets, and technology that promises the world but doesn’t always live up. Jumping to the latest shiny thing time and time again can be a bad habit that really doesn’t get much accomplished, but that’s no excuse to remain stagnant either. Here are some examples of ways that you can implement technology into your business to experience immediate improvements in efficiency. [Read more…]

Marketing mix of Ikea

In recent times, and passage of a few years, a particular name has become synonym to furniture and home furnishing industry. It is none other than Swedish furniture giant, Ikea. The popularity of this brand has raised manifold, especially in the developed countries, and majority of populace continue to depend upon its highly reliable approach of providing high quality and reliable furniture, assemblies, furnishings etc.

Ikea was found in the year 1943 in Sweden by a very energetic seventeen year old youth named Ingvar Kamprad, from whom its named is abbreviated for the full form of it being, Ingvar Kampard Elmtaryd Agunnaryd, accompanying the names of the farm and hometown of its founder along with his own name. Soon, Ikea expanded among other markets and its popularity was soon accepted by the masses and it had a run to become one of the most popular furniture brands in the world, so much so that it now is the consumer of almost 1% of the total wood produced on earth, making it the biggest furniture makers of the world, and in 2013, Ingvar Kampard was considered as one of the richest men in the world. [Read more…]

Ethnographic research

Ethnographic research

Ethnographic research is a most interesting form of research – one which supports innovation completely. This is because Ethnographic research can actually give you insights in your customers mindset and in your customers lifestyle. Thus, when you notice even a small problem that the customer is having, that problem can become a completely new product for your firm. The word “Ethnography” literally means the study of people and cultures. Thus, Ethnographic research helps you study people in their natural surroundings and thereby find out the actual application of your own product, or the improvements / innovation that can be brought in a product for people. [Read more…]

4 major challenges for Marketing managers of 21st Century

Challenges for Marketing managers

Everyone faces problems and challenges in their jobs. And a marketing managers job has gotten tougher with more and more introduction of different media vehicles and different costs of advertising present in the market. In general, a marketing manager of the 21st century faces the following challenges.

Budget allocation is a challenge for marketing managers from day one - Where do you use your budget? Do you use it for TVC’s, hoardings, radio, online or where else? There are so many media vehicles today, and so many variant frequencies of advertising, that media planning has become a big challenge for marketers. If you select the right message but a wrong media, then the message will probably be lost. [Read more…]

4 types of Market research firms

Market research firms

Market research is a complicated process which involves 6 different steps to be conducted for each market research process that is carried out. There are many market research companies which conduct research for top brands across the world. There can be small business marketing companies, large corporate marketing companies, product specific marketing companies, etc. However, in general, market research companies are not divided on the basis of the market research work that they conduct. Rather, they are divided on the basis of clients that they take up. Let us understand the 3 different types of market research firms with examples. [Read more…]

Benefits of CRM and how CRM can boost business

Benefits of CRM

With today’s high competition, all your start up brand or product needs is to get a foot in the door. Which basically means that you want your customer to notice you. Once the customer has used your product, your product will do its own job of retaining the customer. However, to ensure that the customer is remembered by you, you need a customer relationship management software or a CRM.

A CRM is the perfect way to stay in touch with your customers. By taking details from your customers over time, and archiving those details, you can have a complete database ready. When you wish the customer on his birthdays, you remember his favorite choices or his last order, that’s when you become like a friend to the customer. Just like you remember him through your database, he will start remembering you in his mind, thereby increasing repeat visits. Thus, there are many benefits of CRM which help you better your customer relations. [Read more…]

Penetration pricing explained with examples and case study

Penetration pricing

Penetration pricing strategy is generally used by late comers in the market. This pricing is typically used when the market is saturated or there are already many variants of the same product present in the market. Penetration pricing gives an edge to the company because many customers are attracted on the basis of price, or value for money and switch brands to adopt the brand offering low pricing on similar products.

Many times when you enter into supermarkets, you are show signs of “special introductory offers”, the classical sign of penetration pricing strategy. There are dozens of soaps and shampoo’s, all with different price points. Most of the times, you will find the price cheaper for those products, where there is little product differentiation and the demand is price elastic. Customers will not care about the brand when they can get the same product for the same quality at lower prices. [Read more…]

Marketing mix of Ebay – Ebay marketing mix

Marketing mix of Ebay

In recent times, the E commerce segment has not just grown, but has even given tough competition to organised retail. The last 2 decades has seen a phenomenal rise in E commerce sector. The industry has risen directly in correlation to the fact that when more people are online, the purchase would be online too. There is a lot of comfort in ordering things which are home delivered, things which will take hours to buy in a show room and you still might not be able to compare one to another. This industry grew manifold due to an ever increasing number of internet and web users, and the name which emerged as one of the top competitors, is that of EBay. [Read more…]

8 Low cost market research ideas

Low cost market research

Marketing research is almost mandatory for any firm to move forward because of the changing dynamics of the business environment. In fact, many firms are carrying out market research unconsciously, while collecting and analysing market information through their references. However, a conscious market research report can reveal a lot more about the market then a report done in a haphazard manner. Small and SME companies might not have the necessary budget to purchase or conduct market research studies. Thus, a low cost market research plan is the best idea for such companies. [Read more…]