Networking provides the most productive, most proficient and most enduring tactic to build relationships. To succeed you must continually connect with new people, cultivate emerging relationships and leverage your network.
Relationships are the catalyst for success. People do business with those they trust and like. Ask any senior executive, politician, community leader or successful salesperson which single skill or habit helped them excel in their career- an overwhelming majority will respond with one simple word... NETWORKING
Ultimately, its not about who you know... but who knows you!!!
Networking is the single most powerful marketing tactic to accelerate and sustain success for any individual or organization ! - Adam Small
Monday, December 8, 2014
Sunday, November 16, 2014
Competitive Advantage
Many firms strive for a competitive advantage, but few truly understand what it is or how to achieve and keep it.A competitive advantage can be gained by offering the consumer a greater value than the competitors, such as by offering lower prices or providing quality services or other benefits that justify a higher price. The strongest competitive advantage is a strategy that cannot be imitated by other companies.
Competitive advantage can be also viewed as any activity that creates superior value above its rivals. A company wants the gap between perceived value and cost of the product to be greater than the competition.
There are three generic strategies that firm's may use to gain competitive advantage: cost leadership, differentiation, and focus. A firm utilizing a cost leadership strategy seeks to be the low-cost producer relative to its competitors. A differentiation strategy requires that the firm posses a non-price attribute that distinguishes the firm as superior to its peers. Firms following a focus approach direct their attention to narrow product lines, buyer segments, or geographic markets. Focused firms will use cost or differentiation to gain advantage, but only within a narrow target market.
Competitive advantage can be also viewed as any activity that creates superior value above its rivals. A company wants the gap between perceived value and cost of the product to be greater than the competition.
There are three generic strategies that firm's may use to gain competitive advantage: cost leadership, differentiation, and focus. A firm utilizing a cost leadership strategy seeks to be the low-cost producer relative to its competitors. A differentiation strategy requires that the firm posses a non-price attribute that distinguishes the firm as superior to its peers. Firms following a focus approach direct their attention to narrow product lines, buyer segments, or geographic markets. Focused firms will use cost or differentiation to gain advantage, but only within a narrow target market.
Sunday, November 9, 2014
Distribution Channel
Distribution channels include wholesalers, e-commerce websites, catalog sales, consultants, a direct sales force who sell over the phone, in person or both, dealers, home shopping networks and retailers. The distribution channel or channels selected can dictate what the rest of the marketing strategy would be, as they influence the buyer directly. Advertising and other marketing methods would then appeal to the buyer's demographic. Small businesses with limited resources or financial support must perform a careful market analysis to determine which distribution channel is best suited for their customers.
Sunday, November 2, 2014
PRICING STRATEGY
While developing pricing strategy, it is important to remember that there is an implicit relationship between price, value and volume. In developing your pricing strategy, it is also essential to recognize the dynamic market relationships between price, perceived value and volume, or quantity.
We usually will pay higher prices for things that have high-perceived value and are scarce in terms of quantity available like a limited edition Ferrari. At the opposite end of the spectrum, we expect to pay low prices for mass produced items that are not readily distinguishable among competing brands like copy paper.
Determining a value price is a little more difficult because one person's expensive, or yet another person's perception of cheap. So how do you determine the right price for your products or services? It requires taking into account all three factors of price, value and volume to achieve the right balance of all these factors to maximize customer acceptance and your sales and profits.
Pricing is customer centric and therefore, you should not rely on what someone else tells you are good for your customers. Their customers are usually not the same as yours. Test your pricing strategies to confirm what works best for you, given your cost structure, profit goals and what your specific market will consume at various price points is essential.
We usually will pay higher prices for things that have high-perceived value and are scarce in terms of quantity available like a limited edition Ferrari. At the opposite end of the spectrum, we expect to pay low prices for mass produced items that are not readily distinguishable among competing brands like copy paper.
Determining a value price is a little more difficult because one person's expensive, or yet another person's perception of cheap. So how do you determine the right price for your products or services? It requires taking into account all three factors of price, value and volume to achieve the right balance of all these factors to maximize customer acceptance and your sales and profits.
Pricing is customer centric and therefore, you should not rely on what someone else tells you are good for your customers. Their customers are usually not the same as yours. Test your pricing strategies to confirm what works best for you, given your cost structure, profit goals and what your specific market will consume at various price points is essential.
Sunday, October 26, 2014
Researching your target market
New technologies can make nailing down your demographics and psychographics much easier and cheaper than in the past.If you run social medial profiles for your business, most social sites provide a free demographic breakdown of your followers in the admin area. For instance, If you have customers email addresses and or zip codes, there are services that can pull detailed demographic information for you. It might not be exactly what you are looking for but its a very good starting point.
At the bare minimum, these are the things you should know about your target customers:
At the bare minimum, these are the things you should know about your target customers:
- What is their gender?
- How old are they?
- What are their interests and hobbies?
- Where do they live?
- How do they make a living?
- How much money do they make?
- Do they own their own homes or do they rent?
Sunday, October 19, 2014
Target Marketing
One of your first steps in starting a business is identifying your market. Once you've identified your market, you can begin targeting the people who will pay for all of your business growth: your customers.
Your target market can be broken down into four components: who, where, why and how.
WHO: Who needs your product or service? Include basic demographic details such as age, gender, family size, educational level and occupation.
WHERE: Where are your customers? These are the places your customers can be found. Learn the details, like the size of the area, its population density, and its climate.
WHY: Why do your customers make the choices they make? This is personality and lifestlye information that will help you figure out your customers buying patterns.
HOW: How do your customers behave? All customers are buying products to fulfill a need, but how do they regard that need? How do they regard your product? How much information do they have on this need or how your product fulfills it, and what are their information sources?
Your target market can be broken down into four components: who, where, why and how.
WHO: Who needs your product or service? Include basic demographic details such as age, gender, family size, educational level and occupation.
WHERE: Where are your customers? These are the places your customers can be found. Learn the details, like the size of the area, its population density, and its climate.
WHY: Why do your customers make the choices they make? This is personality and lifestlye information that will help you figure out your customers buying patterns.
HOW: How do your customers behave? All customers are buying products to fulfill a need, but how do they regard that need? How do they regard your product? How much information do they have on this need or how your product fulfills it, and what are their information sources?
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