Category Archives: Marketing

How to Have a Successful Marketing

How to Have a Successful Marketing

Marketing geniuses and advertising gurus have every now and then stated the crucial role of marketing campaigns in establishing the identity of a product and eventually making it a brand. For turning a product into a brand, effective marketing is of utmost importance. Apple’s iconic ‘Get a Mac’ advertising campaign and its iPhone launch are some classic examples of the power a good product, and excellent marketing strategy possess. Also, we can’t forget Nike’s ‘Just Do It’, or the ‘Think Small’ Volkswagen ads.

Tips for Effective Marketing

The importance of marketing is not a hidden fact for any firm. Instead, every firm is so aware about it, that the level of competition has become intense and challenging.

Hit the Bull’s Eye
The hallmark of every successful marketing campaign is to create a niche market; a target audience that has to be reached through effective usage of marketing tools. As a part of your campaign, you have to ensure that you influence those customers who are in your domain. Now, to zero in on the target audience, you’ve to carry out extensive market research. Neglecting this crucial parameter will deviate you from launching your product successfully.

Through marketing research, marketing teams gather data, and understand the psyche of consumers that is an inevitable part to achieve organizational goals. Marketing stalwarts acknowledge the importance of marketing research, and so it forms the base of marketing campaigns. Marketing research also helps a firm to maximize its sales, enabling it to make profits and thrive in the market.

Divide and Conquer
The social, economical, and geographical patterns of a region significantly impact the consumers buying capabilities. Marketing, today, is a broad spectrum and inhomogeneous. One strategy may not work for varied family income levels, age, gender, and lifestyles. Here arises the role of marketing mix strategy that you have to use at par excellence. The four P’s of marketing, viz., Product, Price, Place, and Promotion form the four dimensions of marketing mix strategies.

Right Timing is Critical
Entering the market at the right time and with a well-planned strategy is very important. This makes it mandatory for you to have a well-documented marketing plan, as to when you enter the market. Launching of your product must be done in style, that is to say, enough to attract the eyes of consumers. The more creative you are in the usage of promotion methods, the better will be your chances of success. Being innovative with your promotion ideas will help you to meet your objective of making your customers aware about your product and its qualities.

Creativity, research, and behavioral science can contribute a lot in designing a marketing plan that can grab attention. Catchy phrases and slogans give your products an image and their jingles become popular among the masses. If a marketing campaign is successful, it gives an identity to your product, and helps it reap rich dividends. With proper planning and implementation, such strategies are always achievable and every marketing team mobilizes its effort to succeed in a grand style.

Types of Marketing

Types of Marketing

Whether you are starting a company or you are already established in your field of expertise or about to launch a new product, you would always need to market whatever you produce. There is an old saying which says that the worst marketing is no marketing at all. Irrespective of your budget, there are several types of marketing which you can use to make your services known to people. There are some types of marketing like telemarketing and multilevel marketing, which you may opt to use, but the success rates have not been encouraging.

Online Marketing

With the exponential growth of the internet over the last decade, internet marketing has become one of the most popular strategies used by every businessman. Today, most of the people, especially youngsters, search for information over the internet thereby, making it an excellent place to reach a wider audience. Internet marketing is also called online marketing, search engine marketing, web marketing, and e-marketing. Thanks to search engines, today you are able to place ads of your company and products alongside with your competitors at a competitive price.

Affiliate Marketing

Internet affiliate marketing, is one of the most popular online marketing mediums used today. Here, revenue is shared between an online merchant and the owner of a particular website. When a end user signs up for a particular product of an online merchant through a website, the website owner receives a commission from the online merchant.

In the recent past a number of different types of internet marketing strategies have been developed. Video ads which are published online are increasingly being used by corporates. These ads are cheap and easy to shoot and they provide you with such a wide variety of audience that was unimaginable in the past. The price of production are reasonable and it is possible to run a video marketing campaign online at much less cost than the traditional advertising.

Other online strategies are pay-per-click advertising, banner advertising, and email marketing. In pay per click advertising, you need to place your bids on search terms. Once you have done that when the relevant keywords are searched by internet user, your ads would be visible to him.

In banner advertising a graphic advertisement is created and then is placed on applicable websites. This advertisement, when clicked on by the interested internet surfer, directs the customers to the website of the advertiser.

Email marketing uses email addresses to promote new products and offers so that potential customers comes to know the new trends in the market.

Article marketing is another type of online marketing wherein you write an article or get someone to write it on a particular product or services and publish them in web directories. With the kind of reach the internet has the chances of customers knowing about your product is high and as a result you would be more likely to gain more customers.

Marketing Your Products Offline

Even in this digital age the advantages of traditional marketing also called direct marketing can’t be overlooked. By using a combination of offline and online marketing strategies, you can reach a wider audience. There are several people who say that direct mail marketing has passed its use by date. However, it still can be used as a potent force to make people aware that you exist. When we say direct mail it means flyers, brochures and postcards which are sent directly through mail. They usually contain a call-to-action response so that the customers feel compelled to notice your product. When you use direct mail you also have to know the addresses of the people, the geographic location which you want to target and expenses on postage and printing material.

Radio and television are other means which can be used to market your products offline. These are some of the most high profile campaigns and they have the capacity to reach a high number of audience in a very short period of time. The main disadvantages of using these as a medium of marketing is their high cost. However, these mediums are an excellent tool which can be used to create a brand name in the market.

Word-of-mouth Marketing

This is the oldest form of marketing and is still being used today. It is one of the most powerful tools of advertising. If you are able to provide an excellent product or service, a satisfied customer would refer your product to his or her acquaintances and friends. You need to travel the extra mile so as to build a relationship with your customers. As a result customers, if satisfied, would keep coming back and if they refer someone you will be able to get more leads. You can try to give some form of discount coupons or run promotion campaigns for regular customers so that you make them feel special which results in building a loyal customer base.

Advertising in a Print Media

Print marketing means advertising your products in a magazine or newspaper. Advertising in these mediums carry numerous messages; it may either for brand promotion or may be in direct response. The focus may be on a particular set of audience who goes through a particular publication. If you want to target people in Chicago, you need to publish your advertisement in the most popular daily newspapers of Chicago. Due to the strict deadlines of publications, be it newspapers or magazines, make sure to prepare your advertisement well in advance.

Communal Marketing

Communal marketing takes the views of the public and involves them while developing an advertising campaign. The consumers are invited to share and express their ideas on the use of the brand and what it would mean to them by giving their personal stories. This results in what is called ‘consumer generated content’ which is then included into the advertising campaign. At the end, the final result of this collective effort is showcased and other people are invited to share the results. This provides the brand with ways to connect with their core market besides opening new avenues to gain new customers.

Having said this, there may be a feeling that it is similar to word-of-mouth or viral marketing. However, it is not the same as communal marketing aims at achieving a higher level of publicity within highly relevant groups of people.

So, use the above-mentioned types of marketing and marketing tips, and see your product being accepted by a larger audience. However, you need to be patient as you can’t expect overnight results.

How to Market Your Invention

How to Market Your Invention

It may seem like the world has run out of innovative inventions in the last few years, but the fact of the matter is that the most dedicated minds will always find ways to create something novel. The kind of technology and tools that are available to the common man today has made it possible to push new boundaries and explore new avenues, and people who are curious about how things work will always find a way to build something that has never been seen before.

Assuming that you have already accomplished this stage, you will now surely be looking to market your invention effectively. Finding the right audience for an invention is essential to its success, and this is another area where the massive technological setup in place comes in handy. There are a number of new channels and avenues in place today for people who are looking to sell things and these need to be managed in an effective manner.

Steps to Marketing an Invention

The most important thing to remember is to not get carried away by someone who is over enthusiastic to help you out. You must be wary of scams out there, because there are plenty of them present in the world right now. Duplicating ideas and inventions is one of the easiest things to do today, so you must be very careful about who you deal with. If you are satisfied that the person(s) you are dealing with are working in your best interests, then you can go ahead and follow these instructions on marketing your inventions.

Step #1: Recognize Your Target Market
You cannot figure out the ways to market without knowing who to sell them to. Since you have created the invention, you will be the best judge of who it is meant for, and who are the people who will use it the most. Keep these targets in mind and then think of ways to reach out to them. Every business venture and marketing operation starts off with this planning process and the recognition of the targeted audience before anything else.

Step #2: Create a Marketing Plan
Once the target audience has been pinpointed, you must start working on a plan to reach out to them. Utilize the various media outlets like the local press, the national press, the international press, the Internet, television, radio, trade publications, magazines and other outlets. Make your presence felt and create an awareness campaign that brings your invention to the attention of the world. Make use of some advertising techniques like OTL advertising (Over The Line), BTL (Below The Line) and OOH advertising (Out Of Home). Allocate a budget to all of these avenues and choose the best course possible and enlist the help of a professional if the need arises. Also remember to file for a patent for your invention or someone else will undoubtedly steal your idea, no matter how small scale it may be. You will need to enlist the help of a patent lawyer for this purpose.

Step #3: Settle on a Pricing Strategy
For this purpose you will need to decide the price at which it is sold, and also the distribution strategy that you intend to follow. Pick a price that covers your operational costs and gives you some profit, but do not name an overly ambitious price. Tie up with retailers and distributors so that the product will be supplied to the market on a timely basis. Admittedly, this is a process that will heavily depend on the nature of the product itself. Some people also choose to get their product licensed and bought by an existing seller in the market and sell it under their brand name. Deciding on how to carry out all these procedures will certainly require the help of a seasoned professional in this business.

There are many more nuances and subtleties to marketing a product, but they are all further subsets of these aforementioned steps. Entrepreneurship is not an easy path to go down, but it can ultimately be a very fruitful one. You should know that a majority of new ventures that come up, perish and fail within no time. So one needs to have good business acumen to make things like this work, but most importantly, one needs to have a good product to sell.

Marketing Strategies and Tactics

Marketing Strategies and Tactics

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Organizations spend so much of their time, effort and money on coming up with them, the answer is quite simple. The aim of any business is to generate profits, and marketing strategies do exactly that – they help generate more business and revenue. They are devised not only with regards to selling and promoting a product, but also about the kind of customer service that the organizations will provide. Below is a list of some of the most successful tactics, which businesses have been implementing in today’s modern, competitive business scenario, to earn revenues and to keep the competition at bay.

Effective Marketing Strategies

Build Relationships

People are very important in business, whether they are customers, suppliers, or employees of the organization.
It is necessary to form relationships with one’s customers so that they come again to make repeat purchases.
Relationships need to be built with employees as well so that the organization has a positive word of mouth in the market.

Differentiate from Competition

One of the most successful of marketing techniques is to create your own identity, which is totally different from the rest of the competitors.
A good way to do that is to stay ahead of the competition by offering innovative, technologically-advanced products.
For this, a business’ market research should be very strong, so that change is anticipated in advance and action taken accordingly.

Create Advertising Campaign

The advertising campaign should be such that it highlights all the advantages and strengths that a company’s product and services have over the one’s offered by competition.
The unique selling point, also known as USP of the business, can be something like an excellent after sales service or a guarantee period, which is much longer than what is offered by competition.
This should be creatively stressed upon in the advertising campaigns.

Offer New Products and Schemes

This is one of the most effective and commonly-used tactic by many businesses today – new products as well as new schemes are offered to customers from time to time.
When a business introduces new products in the market, its customer base increases as new customers purchase this product.
At the same time, when old customers see some new innovative features in the latest product, they make further purchases too.
This increases the sales volume as well as revenue for the business.
Another way to increase sales, is to offer some new schemes during the festival and holiday seasons, such as one product at fifty percent discount on another one, especially if the business has some unsold stock of goods lying beforehand.

Implementation of the Strategies

The strategy that is set should be very realistic and measurable. It should also be applicable for a very long time.
For proper strategy implementation, measurable goals should be set.
Goals can be defined in monetary terms, such as doubling the sales revenue in six months.
Once the goals are set, a strategy that sets the business apart from competition should be devised and implemented at the right time in the market.

Proper formulation as well as appropriate implementation of strategies is equally important for them to be truly successful. This however does not end here. Post their implementation, measuring how successful they have been in generating revenue and sales, helps in the formulation of strategies for the next year.