How to Formulate an Effective Public Relations (PR) Strategy

How_to_Formulate_an_Effective_Public_Relations(PR)Strategy

Do you want to get a brand loyal customer base that generates repeat sales and referrals? An effective PR strategy can sometimes get you much better results than direct, paid advertising. These benefits come in the form of a highly engaged and loyal customer base at a much lower cost than paid, direct advertising.  If your PR effort works right you can successfully endear a much larger audience. Let’s assume a reputable and relevant magazine published an article in which it mentions you as a trusted supplier. People in general will take that published article as much more credible evidence of your worth than if you market your product features directly to the customers. For example, an interesting article in the New York Times which highlights your product would have an average engagement time of around 20 minutes as opposed to an expensive TV commercial that you run for a much shorter duration. The results in terms of increased sales and brand loyalty would also be better as the article in New York Times is perceived as much more trust-worthy than direct advertisements by your company. Further, the article has a high likelihood of setting of a ripple effect whereby other publishers refer to it and cite the article. In this way, the positive publicity gained by you is phenomenal. Continue reading …

Accelerating the Pace of Innovation Diffusion

Accelerating_the_Pace_of_Innovation_Diffusion

Some great innovative products take on the market by storm and spread like wildfire, while others have a long period of diffusion. In fact the period of diffusion in some cases is so long that the product never makes it. So what are some of the differentiating factors of products that spread quickly and gain rapid market share? Here are five ideas that are based on Everett M. Roger’s famous book on the “Diffusion of Innovations.” How successfully you are able to incorporate these ideas in your product offering will dictate to a large extent how rapidly the market adopts your product. Continue reading …

Successfully Growing Your Business

Successfully_Growing_Your_Business

Do you want to take your business to the next level of growth? As you embark on an expansion plan, it becomes increasingly difficult for you to acquire new customers. This is because the first few customers were enthusiasts who wanted to try out a new product. However, as your business grows, it becomes tougher and tougher to acquire new customers. Here are some tips to help you capture market share successfully and sustainably. Continue reading …

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 …