Fostering Marketing Creativity

Fostering_Marketing_Creativity

Do you want your product, service or solution to stand out from the crowd? Do you want your marketing messages to be memorable? Do you want your marketing to lead to brand loyalty, sales and market share growth? Here are some tried and tested techniques to ensure that your marketing effort gets the results you want it to. Continue reading …

Solid Profitability Boosting Techniques

Solid_Profitability_Boosting_Techniques

Let us begin by defining profitability earned in very simple terms. The price of your product less the cost of producing your product gives you the gross profit you will earn per unit of product sold. If we multiply the profit per unit by the number of units sold, we get total gross profit. This implies that there are three distinct ways of boosting your revenue i.e. by increasing the price of your product, reducing the cost of your product or increasing the number of units sold.

Care needs to be taken when altering any of these variables to ensure optimization. For example, when increasing prices, if demand falls more than proportionately in comparison to the price increase, then overall revenue declines. Similarly a decline in cost should not be accompanied by a quality decline otherwise sales and brand equity will suffer. Your task then is to find the right mix of price, cost and quantity sold to optimize gross profits. Some very solid, tried and tested ways of optimizing gross profts are given below. Continue reading …

Effective Market Segmentation

Effective_Market_Segmentation

Market Segmentation is the process of dividing the market into different groups based on demographic, geographic and behavioral similarities. This assumes that each segment shares the same characteristics and is distinctly different from the other segments.

The purpose of market segmentation is to divide the market into easily identifiable subsets so that you can prioritize your marketing effort. Effective market segmentation is at the heart of your marketing strategy and allows you to beat the competition by providing tailor-made products, services or solutions. Rather than spending valuable marketing dollars on general messages it is better to identify your ideal target customer and then divert resources to fulfilling this customer’s needs. Continue reading …

Ten Tips for International Marketing Success

Ten_Tips_for_International_Marketing_Success

Every business owner knows that the best way to close a deal is through a personalized face-to-face meeting with the prospective customer. However, if you are planning to expand your market internationally then a face-to-face meeting with every client may be challenging.  So what can you do to capture your global market and ensure long-term success in the international arena? Continue reading …

Three Steps to a Successful Marketing Budget

Three_Steps_to_a_Successful_Marketing_Budget

How much are you going to spend on marketing this month? This can be a tricky question to answer. On the one hand you want your promotional message to reach the maximum number of people and on the other hand you want to make sure that you don’t end up overspending on marketing. The good news is that reaching the right target audience is not directly proportional to the amount spent on marketing. There are three simple steps that you can follow to optimize your marketing budget. Continue reading …

How To Bridge The Gap From Marketing To Sales

How_To_Bridge_The_Gap_From_Marketing_To_Sales

Have you ever run a great marketing campaign only to find that your sales targets are still not being met? If you fail to achieve your sales targets despite a great marketing campaign, the problem may not always be with your marketing strategy. There’s an interesting story about a man who lost his precious ring and was standing outside his house looking for it. A passerby tried to help the man and asked him where he lost his ring. To this the man replied that he had lost the ring inside his house. “Then why don’t you look for the ring inside your house?” said the puzzled passerby. “Because it is too dark inside my house and I seek the light” was the mystical reply. The message that the wise mystic was trying to convey is that looking for a problem by delving into it does not always solve the problem. The solution sometimes lies in “looking where there is light.” Coming back to our marketing example, you may have to look beyond marketing to see why your marketing campaign did not work. Could it be that you missed a lot of potential sales opportunities generated through your marketing exercise? If so what can you do to make sure that your marketing effort actually gets translated into sales? There are five definite ways in which you can ensure that you actualize your sales potential. Continue reading …