Every business has a different benchmark of “success” and different ways to maximize profits. For instance, some businesses produce expensive but luxury products and sell them at higher profits. However, such companies don’t sell in huge numbers because their profit margin is very high, and their target audience is very limited. On the other hand, a lot of companies make …
Suppose you run a retail store in a town having a population of 0.2 million. Of course, you will be facing competition (either low, medium, or high). But, out of those 0.2 million, 50,000 people are your regular customers. This means that you are selling your products to 1/4th of the total population. If we are to speak in business …
If somebody tells you, “drive 50 kilometers ahead, then take a left to THAT road, and then…” Well, even if you drove 50 Km, how would you know that THIS IS THE LEFT I SHOULD TAKE? Simple, there will be a signboard or something like that to help you reach where you want. Similarly, if you are traveling but run …
It comes as no surprise that this generation considers social media or digitalization to be the only channels for advertising or marketing practices. However, social media and “proper digitalization” are hardly 2-decade old children. Moreover, before these “revolutionized digital marketing practices,” print advertising was the most effective and widespread type of marketing. Yes, things have changed dramatically, but does that …
Nothing is constant except for the change. Everything, since its inception, has evolved. Talking about evolution, business practices have been a perfect example of this phenomenon. Marketers and entrepreneurs have left no stone unturned when it comes to marketing practices. Companies have advertised their products or services on all possible channels. They have targeted social media, print media, digital media, …
If you have to teach 1000 people, what options do you have? One, you teach them directly. Second, you train ten people and ask them to train the others. Generally, it will be easier to teach ten people effectively rather than teaching 1000 directly. What if a business applies the same mechanism in marketing strategies? Yes, it is vital to …
Online advertising may be the biggest change in 20th-century marketing practices. Yet, the traditional advertising techniques hold equal importance. Businesses may have kept online marketing as their priority. However, that doesn’t mean they don’t pay heed to conventional advertising channels, e.g., out-of-home advertising. Even the industry giants such as Facebook, Coca-cola, Amazon, Netflix, etc., spend massive budgets on out-of-home advertising. …
Ever heard about guerilla war in which opponents use unorthodox techniques of warfare? Both parties use irregulars, armed civilians, paramilitary personnel, undercover agents, etc. The objective is to damage the opponent without getting noticed. But, do you know about guerilla marketing tactics? No? It is one of the less-known types of marketing where brands market their products without being obvious. …
All types of marketing strategies have one objective in common; generate sales. Yes, firms also focus on developing a customer base and customer loyalty. That said, businesses focus on developing repetitive customers rather than focusing too much on acquiring new customers. On the contrary, different businesses also look for the other way round. Many brands also focus on generating sales …
Imagine you want to be, let’s say, a detergent manufacturer, and there are thousands of other detergents in the market. Why do you think customers will buy your detergent from a cluster of “million options”? However, if your detergent has unique features that can give your customers unique benefits, then that is a different story. People don’t want to buy …
