Saturday, 16 August 2014

What Does Price Mean To The Customer ?

Whad does price mean to the customer

Good question and I would say the answer depends on the customer, to some it suggest product quality, to others it would mean lower quality etc in a nutshell it varies from one group of customers to another. I have done my own little research on the question and I got different answers.

I have mentioned those answers down below, I believe those answers would compel marketing lovers to look deeper into price, its influence on market, business, why does it carries different meaning to different customers etc.

And to know better, to understand further the underlying reasons, like why price meaning differ from one group of customer to another, I would recommend my readers to read the articles, sources given at the end of the article (in references).

Tuesday, 5 August 2014

Six Major Brand Devaluation Reasons: How to Avoid & Fix Them!

Six Major Brand Devaluation Reasons

Brand value devaluation is a harsh fact, that’s why we hear about rebranding carried out by major brands all the time.  There are six major or primary reasons for brand devaluation.

1.      Customer Service
2.      Pressure Group

3.      Lack of blockbuster Product Launches

4.      Employee Remuneration

5.      Quality Decline

6.      Competitors

Considering the above reasons, it is imperative for small medium and large businesses to keep check on these areas all the time. So that any brand devaluation can be pre-emptied.

Now let’s discuss each reason one by one and in the end I will provide a reasonable fix to avoid any potential brand devaluation.

Brand Devaluation Six Reasons

Customer Service

Customer perception of service brand in particular and product brand in general depends on front line employee’s behavior (1).  That means that your employees dealing with your customer is essential to the success of your brand. 

Similarly late response to customers, multiple contacts by customers without any positive outcome has been major cause of dissatisfaction in around 74% customers in the US (2)

And according to Harvard study, one dissatisfied customer, customer having bad experience with a business, company did negative word mouth to around 10 or more people (3).

In the light of the above facts consider the consequences of your bad customer service.

While on other hand positive word of mouth is the driving force behind 20 to 50 percent of all purchasing decisions and that a 10 percent lift in word of mouth increases sales by up to 1.5 percent (4).

Thursday, 3 July 2014

What Else Matters Beside Customer Money ?!!!

Customer Data Collection

What else matters, some will suggest having an effective relationship, others will say positive customer feedback etc etc but in my opinion most important of all these things, that matters; is essential customer data or ECD.

By essential customer data I mean the data that helps you to effectively connect, contact, link with your potential/retained customers. Such customer data may include your customer name, email, contact number, mailing address, gender, age, birthday, items/services of interest (to customers).

Such data is essential in developing and maintaining effective relationship, getting positive customer feedback. In a nutshell such customer data is like a medium between your products/services and your potential/retained customers.

Wednesday, 25 June 2014

How To Sell the Unsaleable Products (A two step practical approach)

how to sell the unsaleable products/services

Two Steps:

1.       Identification

2.       Motivation

Yes! Just a two step approach! I am not kidding, you will surely like the approach and yes it works.

So let’s get to it!!

Monday, 16 June 2014

How to Convince a Potential Customer (Practical Approach)

Convincing potential customer
For the last five decades or so, marketing scholars and practitioners agreed that marketing represents customer focus of an organization (1). In other words the core focus of your organization/business marketing should be your customers.
And for that reason customer relationship management area has been developed into an area of major significance in the last 10 years or so (2).  Considering this, one can easily conclude that the main focus of present day marketing customer orientation.

Wednesday, 4 June 2014

Business Efficiency Through Effective Time Management (A Practical Approach)

business efficiency through effective time managment

We all are familiar with the phrase “Time is money” but most of us quite often do not find that “money” to which time is related. 

So todays post is about finding that money, I am going to give you guy’s practical and reasonable approach to time, how to utilize it in the best, effective and efficient way to achieve the maximum benefits.

Along with that I would give you guys a method on basis of which you can connect time to tasks, to processes, to daily activities of your business that would result in maximum utilization of time with maximum benefits for your business.

Wednesday, 14 May 2014

How To Set The Right Price To Achieve Effective Price Satisfaction

Right Price & Customer satisfaction

According to an extensive study, Managers consider pricing to be one of the most difficult marketing decisions (1) . And I would say it is not just one of the most difficult in marketing decisions but also it is one really essential element in customer acquisition and retention.

In other words pricing plays significant role in achieving customer satisfaction and loyalty (2).

And we all know, considering present day market complexity, change, immense increase in competition that resulted in increase in customer choice, homogeneity of brands etc, customer satisfaction and loyalty is not only essential to compete and survive but is the only way to lead and thrive.

Wednesday, 7 May 2014

Brand Ambassador Identification & Selection

brand ambassador identification and selection by Q score method

Today I am going to start a series of articles on identification and selection of brand ambassador where I will discuss various methods that are used in present day marketing arena to leverage secondary brand associations.

This article is dealing with the method of Q rating/score a common method used by marketers to identify and select the best brand ambassador to leverage the secondary associations of a brand.

Before getting into details, first let me give you some solid reasons as to why do we need Brand Ambassadors in the first place.