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What are the best Customer Acquisition Strategies?

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What are the best Customer Acquisition Strategies?

Auteur n°3 – Benjamin

  • Tags Customer Acquisition Strategies

Importance of Customer Acquisition Strategies

Customer acquisition is one of the most talked about concepts because every business needs customers in order to succeed. To put it simply the main goal of customer acquisition is to bring new customers to your business.

Companies use numerous ways to attract customers, including social media platforms, paid advertising, email marketing, referral programs, and SEO. The customer acquisition strategy is never set in stone. Your products, customers, or markets might change, so your strategy can evolve and change as well.

Key Stages of Customer Acquisition Funnel

There are multiple versions of customer acquisition and they can be adapted based on your needs and requirements but it has several key stages that should always be considered. The first stage is awareness, where customers get interested in your company.

During the consideration stage customers are researching you with the intent to buy. The conversion stage is about customers purchasing your product. The retention stage is about customers developing loyal relationships with your company.

Pay-Per-Click (PPC) Ad Campaigns

PPC can help you to reach a wider audience more quickly. There are two primary types of PPC that you could use, they are display ads and search ads. Display ads are visible in different forms for people who are online. They are very useful when customers aren’t sure about a purchase, this way you can reach them again and remind them of the benefits that they can get from your company.

Search ads are shown to users via search engine results on pages when they are searching for specific keywords that might be connected to you. It’s great for generating demand and can help you find leads who are very interested in the kind of products and services that you have.

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Affiliate Marketing

Affiliate marketing is the process of paying someone else to market your products and services for you. In this case, products and services are shared on social media platforms, websites, etc. While you are developing and improving your products, people whom you get in contact with work on marketing strategy and help you to sell your product.

Referrals

Referral marketing is another interesting and useful strategy for customer acquisition. In this case, customers who are happy with your products or services can refer others to your business. Referrals often happen spontaneously but businesses can increase their frequency with appropriate strategies.

In order to do so, you need to make the product experience shareable, and you can create that vibe with your website design, images, product descriptions, etc. You have to provide exceptional customer service, because happy customers will help you better with this strategy, create viral content and mention referral programs to your customers.

Content Marketing

Content marketing is a strategic marketing approach that is focused on creating and distributing valuable and relevant content to attract a clearly defined audience. It can help you with customer acquisition and can drive profitable customer actions.

Numerous leading brands actively use content marketing strategy, because it’s cost-effective, can increase sales, makes customers more invested in the company, etc. When you have high-quality content and you can show it to your customers on a regular basis, you can be sure about your success.

Search Engine Optimization (SEO)

Customers should be able to find you easily, that’s what SEO helps you with. So when your customers or potential customers will try to search for you or will look up any keyword related to you, you’ll be one of the first options that they’ll come across.

All pages of your site, blog posts, and contact pages should be optimized in a way that appeals to the needs and requirements of these potential customers. SEO is a little bit tricky but if you’ll follow the guidelines the results will have a positive impact on your business.

Email Marketing

Email marketing is an effective way for reaching your customers and making connections with them. You need information about your customers, what they are interested in and what are their requirements, based on this you can send them relevant messages regularly.

You can create personalized content for them and create better connections this way, collect feedback, generate traffic to your site, generally reach the right people at the right time, and update them about your products and services.

Social Media Marketing

Social media marketing is a great way to nurture relationships with your customers and generally help people who are interested in companies like yours to discover you more easily and understand more about you.

With social media marketing, you can improve your brand image, engage the audience, increase sales and conversion rates, boost website traffic, learn more about your target audience, and keep up with industry trends.

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How to do an Audit of your Company

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How to do an Audit of your Company

Auteur n°3 – Benjamin

  • Tags Audit of Company, How to do Audit of Company

Preparing for an Audit

Doing audits on a regular basis is important, it can help you analyze a business’s financial records and verify their accuracy and completeness. An audit will help you to go through different aspects systematically and will help you to understand more about your financial transactions.

Conducting an audit can help you to check the accuracy of your business finances and processes, find errors in different financial processes, you can even start implementing new accounting or business strategies, and make better business decisions.

Start Planning the Audit of Your Company

During this process everything must be clear, old documents should be researched and compared to new financial statistics that the company has now. Based on this information basic audit program can be created.

You need to know which areas of your business need an audit, who will conduct the audit, also when it will begin and when will it end, and how frequently it will be done generally. Create an audit schedule where you’ll see which aspects of your company will be audited, when, and how to always have detailed information.

Identifying Potential Errors

It’s important to determine any aspects that might not go well enough with the company and its goals, you can use the recommandations of the audit team or just go through different aspects of the company. Every company has specific ways of working and they are operating in different environments, so it’s crucial to consider many different topics while identifying potential errors. 

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Notify Your Employees

Departments should be notified about audits and their purpose. Sometimes there is a surprise audit as well when companies think that they might be dealing with some suspicious activities. But in normal circumstances, you have to alert your employees and ask them to provide you with documents that are necessary for the audit.

Opening Meeting

This type of meeting includes management and every administrative personnel that’s somehow related to the audit. In this case, you’ll be discussing the purpose and significance of audits. The audit program might go through some changes based on what will be discussed in the meeting.

At the end of the audit process, your discoveries might push you to change many aspects of your company so it’s better to let your team deal with the idea that some things might not be the same anymore and soon you might start working on different strategies to improve your business.

Start Conducting the Audit

You have to start taking the first steps after going through the previous stages. Make sure that you’ll have all the necessary documents gathered from your team members, you also have to know more about their skills and generally determine how they could help you now, you can do reviews about business processes as well.

Document and Report Your Findings

Write down and analyze every new aspect that you discovered and evaluate how your findings could improve your business. Analyze the main gain of the audit and what other people around you think about it because they might see totally new side of things.

The more details you have, the better you understand what works and what doesn’t in your company. You might connect the important dots and find out that aspects that seemed irrelevant to you actually hold an important place and vice versa.

Make Changes

Use your audit results to make changes. Don’t discard the findings that could make great changes to your company. But first of all, analyze everything and determine what’s the most important aspect and what changes need to be made.

For example, you might discover that you need additional training for your employees, you might need to change a business process, or maybe you need to update financial statements and many more. You’ll be able to discover and correct lots of issues this way.

Solutions for Audit Management

There are numerous software and solutions that could help you with any process which is connected to audit. For example, AuditBoard’s platform can help you to leverage risk as a strategic driver. HighBond can process a large amount of data for you and is very user-friendly. Based on your goals you can choose any tools that would make your job easier and more efficient.

What We Offer

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What are the 10 Key Steps in Generating Demand?

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What are the 10 Key Steps in Generating Demand?

Auteur n°3 – Benjamin

  • Tags 10 Key Steps in Generating Demand, Generating Demand

Importance of Demand Generation

Generating demand is always one of the main interests of any company. It’s the process that can help you to make customers more interested in products and services. You will understand more about your customers and their preferences and gain vital information for your business.

Generating demand is always related to processes that increase awareness of the product amongst a general target audience, it can help you to increase engagement levels of customers as well. All the aspects and processes that are related to demand generation are very beneficial and rewarding.

Collaboration Between Sales and Marketing

Marketing and sales departments should always work very close to each other to exchange ideas and determine the best ways of operating for generating demand. Combining marketing techniques with sales knowledge will give you maximum benefits. This way you’ll be able to generate demand, keep the customers loyal to you, and determine the next steps for your future.

KPIs

In order to determine how successful you are or how your strategies are working, you need solutions that will help you to measure more important aspects. KPIs will help you to measure any aspect related to generating demand to determine how effective they are.

It can help you monitor lead quality score, customer lifetime value, content conversion rate, etc. This way you’ll determine what is working for you, what needs improvement, and which strategies should be canceled. With KPIs, you’ll see the connections between the demand generation efforts and the growth of your business.

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Create Interactive Content

Interactive content is a very important factor. It’s the solution that grabs the attention of customers very easily, so it should be very good. Interactive content could help you to drive traffic and generate qualified leads. You can use quizzes, interactive infographics, interactive webinars, films, videos, etc. Actively engaging your audience to interact with you will help you to make connections and increase demand.

Increase Brand Awareness

First of all, promote your interactive content. Your customers should be interested in your content and should find it engaging. Content should not make a one-time impression that will fade over time, customers should always remember the good feelings that they got from your content.

To increase your brand awareness, you can use several solutions. You can use your website, social media platforms, email, and communities that are related to you. Be as visible as possible and use all the options around you. Social media platforms can do magic for most companies when they are trying to create demand and become more popular.

Use Promotions to Drive Your Target Audience

In the beginning, it’s necessary to use paid promotions. The main goal is to attract as many people as possible. After reaching that goal you’ll see numerous other options that can aid you in continuous growth. You can use social media platforms to reach your loyal customers and also attract the attention of new ones.

Offer Free Products or Services

People always get interested in free products and services and are more than happy to use them even when they aren’t loyal customers of the specific company. Also, it helps you gain the trust of your target audience, promotes a positive brand image, and also you can understand more about the buying habits of your customers. You can do contests, and giveaways via social media platforms, engage your customers, gain their trust, and generate demand.

Use Free Tools and Resources

In this case, you can use software, apps, etc. There are lots of free options that you can use for different purposes. There are tools that help you with website tracking, lead capturing, and many more. Also, you can use solutions that will help you create compelling content, which you will be able to post on blogs, on social media platforms and gain the attention of your customers immediately. Depending on what’s your goal, you can use the tools that will help you monitor the activity of your customers or help you create visuals.

Content Syndication

It’s another solution that could help you with demand generation. Content syndication is about giving your content to someone else, while you of course still have the full copyrights. You can grab the attention of the wider audience effectively. For example, Quora and LinkedIn have some posts which at the end tell you how this post was on a different webpage before. You can use this tactic as well and become more visible.

A/B Testing

A/B Testing is also known as split testing or bucked testing and can help you to compare two variations of the same element. You’ll understand which variations are better for generating demand. You can compare different campaigns and determine the next steps as well for the future. With A/B testing you’ll see which options work better for you.

For example, you can decide if you should post during morning hours or evening, if you should use long captions or short, if you should use more videos or different types of content, etc.

Optimize Email Marketing

Email marketing is a great solution for spreading information about your products or services. You can highlight the most important aspects of your products, nurture long-term relationships with your customers and effectively promote your brand. With good emails, you can effectively improve the sales cycle and generate demand.

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How to define the profile of your ideal target audience?

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How to define the profile of your ideal target audience?

Auteur n°3 – Benjamin

  • Tags Define the Profile of Your Target Audience, Profile of Target Audience

The Benefits of Knowing Your Target Audience

The target audience could have numerous specific characteristics, like a specific age, gender, location, interests, etc. They are the consumers of your products and your services, so all of those aspects are important to understand more about them and their unique characteristics.

Understanding your target audience is vital. You need to know what they are interested in, why some of them decided to buy from your company, and how others could get interested in you.

Communicating with them via different options will help you to build and maintain connections, and get crucial information about numerous important details. Also, you can define your marketing plans and strategies based on this information.

Who Are Your Target Customers?

One of the most important questions that you have to ask in the beginning is who are your target customers. They are part of your huge target audience, so understanding most of them can benefit you greatly. Try to understand what’s unique about them and their expectations. You might even find similarities between them and your loyal customers and use this discovery to your advantage.

Find out more about their buying habits. Like do they buy online or enjoy going to stores, and if they like ordering products online which platforms do they use? Understanding this will help you to determine how you can introduce yourself to them. Also, pay attention to what they are influenced by.

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Determine Important Characteristics of Your Target Audience

First of all, start thinking about how many customers you want to attract. Being popular is one of the main goals for every company, but determining approximately how many people you want to attract is crucial because it helps you to find the correct and suitable strategy for your company. Determine again from which market will you reach them, what will you sell from there, and how your strategies will aid you in the process.

Successful companies offer customers solutions. So you should find out what your target audience is dealing with and how can you help them. Information that can be gained here will be useful for you in the future as well when you’ll work on other products or services. Find out more about what solutions they need, what are their priorities, and what’s more important for them.

Where is Your Target Audience?

You always have to consider the location of your target audience, like where they are located. It will let you know more about what they are used to and how you can fit into their expectations.

You’ll understand what they are interested in the most, what kind of advertisements are available for them, what are their cultural characteristics and generally what they gain from more popular brands in their countries.

Conduct Market Research and Identify Industry Trends

After determining important aspects of your target audience and studying their general environment, it’s time to start market research. Look through the whole industry to determine what can you do for more improvement and visibility. Consider all the knowledge that you got from analyzing everything and start working on creating the perfect product, that will be more suitable for your target audience.

Create Personas

When you are studying the target audience, you need to understand who are they, what are their characteristics, and what they are buying. Also, where are they located, what is the best time to approach them, why would they need your solutions, or what are generally their problems and opportunities?

All of those details will help you to find out more about your target audience and will help you divide your target audience into specific segments. Those segments can be called personas and they will be created based on data, surveys, digital engagements, etc. This is just another solution that can help you to sort out everything better.

Continuously Revise

You should always evaluate your target audience based on the information that you have and also, keep researching time after time to make sure that your information still can be used. These simple aspects will help you to get to know your target audience better and will help you find a way to interact with them more productively. You just have to be attentive all the time.

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What are the steps for implementing Conversational Growth Strategy?

What are the steps for implementing Conversational Growth Strategy?

Auteur n°3 – Benjamin

  • Tags Conversational Growth Strategy

Importance of Conversational Growth Strategy

A conversational growth strategy will make your customers feel valued because they’ll be able to have one on one communication with you. Communication could be a crucial aspect of any company. Without communicating and conversing with clients it’s hard to attract their attention and keep them as loyal customers. It’s a great solution for engaging an audience.

It can help you to create stronger connections with your customers because you’ll be able to communicate with them without delay in order to give them specific information that they are interested in. Also, you will gain bigger data which will tell you a lot about the preferences of your customers.

Conversations as a Function of Your Business

Conversations are natural and easy and can help you to connect with your audience. Besides that, you can gather important information as well. Conversation can be used as a strong tool to get what you need, or what you want.

Conversations or generally anything related to communication will help you to have a more active role in your customers’ lives, will give you a chance to sympathize with them more, and will help you to create impact. But you should be careful here because conversations aren’t just about talking. Customers don’t want to be talked at, they want to be engaged.

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How Your Company Can Benefit from a Conversational Growth Strategy?

With a conversational growth strategy, you are able to deliver the right messages to the right people at the right time. Companies communicate with customers via different channels. You can communicate via emails, social media platforms, chatbots that can be on your website, etc.

Using various communication channels will help you to understand more about your target audience, and what they want to gain generally and you’ll know better how you can deliver your products and services to them. Your conversation should never stir away from important aspects and should be impactful. Besides gathering information and creating connections, it should give you a chance to set your customers on the buyers’ journey.

Stages of Conversation Framework

There are four stages of the conversation framework, which include awareness, consideration, conversion, and loyalty. In the awareness stage, customers understand more about your company, your products, and your services. During the consideration stage, they are evaluating you and compare you to other options.

During the conversion stage, your customers are more sure about you and ready to purchase your product or use your service. The final stage is loyalty, where customers become loyal to you and are more ready to talk about you and recommend you to others with confidence. Following this framework could be helpful for you.

Create Connections and Boost Your Online Sales

Sales are always related to genuine emotions, so in order to increase sales you’ll need good emotional connections with your customers. You can use these connections to increase your online sales as well. Customers always look for instant solutions, so when they are trying to reach you they want an instant answer. Immediate interaction between buyers and companies increases customers’ loyalty and they are more inclined to stay with you and buy from you.

Choose the Right Technology

Choosing the right technology will help you to save time on repetitive tasks and will help you improve the overall performance of your company when it comes to interaction with your customers. Rights tools will help you to gather information better as well.

There are several tools that can help you. For example, chatbots can help you to communicate with your customers quickly and effectively. Monitoring your social media platforms will give you a better understanding of your customers as well. AI-powered personalization platforms can help you manage customer experience across the web, mobile, etc.

Build a Channel for Interaction

First of all, you can just choose the platforms where you’ll be more active and choose tools that will aid you. Then determine which communication form is more beneficial for you, it could be chatbots, newsletters, etc.

Determine what should your channel look like and what can you deliver to your customers. Think about experiences that you can create for customers. Numerous companies use different tools to have constant communication with their customers. For example, chatbots are actively used by The Wall Street Journal, Spotify, MasterCard, etc.

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What are the four basic categories of Marketing Growth Strategies?

What are the four basic categories of Marketing Growth Strategies?

Auteur n°3 – Benjamin

  • Tags 4 Basic Categories of Marketing Growth Strategies, Marketing Growth Strategies

Importance of Marketing Growth Strategies

Marketing growth strategies are frequently used by numerous companies. It could be great for the strategic development of your business and could outline numerous factors that will help you to be more successful in the market.

Most companies are always concentrated on several important factors, which include products and the market. Without sorting out every little aspect related to them, it would be hard to move forward. You always need to know more about your products, and what you can offer to your customers. Another important aspect is the market, like which market you are in right now and where do you see yourself in the future.

Market Penetration

The main goal of the market penetration strategy is to increase sales of existing products and services which are delivered in specific markets. You can determine the potential market size and increase your market share.

With this strategy, you can ensure that your customers will buy more from you and will use your existing services frequently. Besides that, you’ll have a chance to attract customers who are or were dealing with your competitors.

You can use several ways to achieve those goals. You can decrease the prices of products or services, and increase promotion and distribution support. You can also change your products a bit based on the information that you’ll have about your rivals.

Benefits of Market Penetration Strategy

Marketing growth strategies are frequently used by numerous famous brands, and Nike isn’t an exception. In fact, Nike uses a market penetration strategy very successfully. No matter in which store are you, Nike most like always has a bigger space taken, because retailers know that Nike will always help them sell.

When you are like Nike and have high market penetration, you are seen as the leader in your industry, your brand is well-known, you have good visibility in the market, you have high sales volume, and products and services that you are selling in the market are trusted and well-established.

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Market Development

The main goal here is to increase the sales of products and services in markets, which you haven’t explored yet or weren’t participating in actively. Market expansion is beneficial, but needs good research which will determine how you can make your product or service interesting and successful for the new market. You can explore foreign markets as well.

First of all, consider if the demand for your product or service is high in the new market and how your existing resources can help you to establish your place there. Proper risk management and in-depth market research will help you to sort out everything better.

Benefits of Market Development Strategy

The market development will help you with expansion and will give you a chance to increase your visibility in numerous other markets as well. Also, you’ll have a chance to start operating in different countries. This strategy is beneficial for physical stores and online businesses as well.

For example, Dunkin Donuts is known worldwide. They have almost the same products in every country and are the favorite option for numerous people, but they still try to serve more regional and cultural products when there is a holiday in a specific region. So they are able to get accustomed to foreign markets with everything that they have and make little modifications when necessary to satisfy their customers.

Product Development

Product development is another marketing growth strategy that is mostly focused on launching new products and services in existing markets. You can improve existing products or develop additional products according to your research. Sometimes companies even ask other companies for the rights to produce their products.

First of all, you should know a market need. Products that solve the problems of customers are more successful and appreciated. Determine more aspects of your ideal product, think about what you should be focused on to turn your ideas into reality, create guidelines, and then use them for maximum impact.

Benefits of Product Development Strategy

With a solid product development strategy, you’ll be able to reach new heights. It’s a little bit risky and needs good planning to work successfully, but the results that could be gained are too beneficial to not think about this option.

For example, Netflix started out as a DVD rental platform, but it evolved greatly over time. Netflix evolved alongside the market trends and shifted towards streaming media, and we see now it’s one of the most popular platforms on the market. In this case, it’s clear how Netflix identified a need in the market and developed a product that would address it.

Diversification

The diversification strategy mostly focuses on launching new products and services in previously unexplored markets. This strategy is risky because creating new products for a new market is anything but easy. There are several types of diversification.

Horizontal diversification is focused on purchasing or developing products, which will be sold to existing customers. During vertical diversification, the company gets involved with the sector of its suppliers or customers.

Concentric diversification is related to creating products that will have some technical or commercial similarities to other products. Conglomerate diversification is about products or services that have no relation to existing products or services, but might be appealing to a totally new group of customers.

Benefits of Diversification Strategy

There are numerous benefits that you can gain from this risky marketing growth strategy. For example, you can use horizontal diversification when you are making notebooks and then enter the pen market with new products. If you have a company that does the reconstruction of different buildings, you can start selling construction materials as well, in this case, you can use vertical diversification.

Concentric diversification is frequently used by small producers of consumer goods as well, for example, it could be used by any bakery or restaurant that wants to sell new products. Or let’s suppose that you had a company that was a cement provider, but now you are focused on home décor and electronics as well, it’s what happens with conglomerate diversification.

Also, one of the greatest examples would be Walt Disney, because right now besides the animation business that they were focused on, they have TV broadcasting, live entertainment, theme parks, etc. So based on these marketing growth strategies, you can turn your ambitions into reality.  

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Successful Selling in International Markets

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Successful Selling in International Markets

Auteur n°3 – Benjamin

  • Tags Successful Selling in International Markets

What’s the Importance of International Markets for Businesses?

International selling is always interesting for businesses that are looking for expansion and would like to achieve bigger success outside of their borders. By selling internationally, you can explore new markets which will be full of new buyers. So one of the biggest advantages that you’ll gain from the beginning is a bigger customer base.

Businesses grow faster this way and get numerous opportunities for brand expansion. You need to understand more about specific cultural and regional differences, and also need to do market research. The final results that you can gain will be very rewarding.

Finding Opportunities and Exploiting Them

First of all, you need to find opportunities. You have to know what you’ll be aiming for while stepping into international markets and be ready to evaluate all the options around you. You need to see clearly what is opportunity, how big it is, and how well-suited it is for you.

You can assess opportunities from different angles, you can look through financial components, do the risk assessment and think about how long would you need to sort out everything. Overestimating the potential and underestimating the financial resources and time that this process requires is easy and but should be avoided at all costs.    

Spend Time in The Marketplace

There is a huge difference between knowing a market and knowing about a market. You might have numerous ways of researching and analyzing information, but spending some time in the marketplace could be very beneficial for you. There is no substitute for that. You’ll have an opportunity to observe the people as well and catch details that you won’t be able to see via surveys and research.

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Use Your Unique Advantages in the Market

Be clear about your benefits and advantage in the market. Successful selling in international markets requires more clear propositions from your side. You must know how your competitors are performing in the market, what are their strategies, and what are their similarities and differences.

Trying to get accustomed to numerous roles at once and basically trying to be everything won’t benefit you, but choosing a specific line that can showcase your originality will make you stand out as unique addition to the new foreign market and will positively influence your sales.

Develop a Target List

You should have a clearly defined target list, which will be based on a clear customer profile. Try to target the customers who will find your products or services more beneficial. Directly trying to accommodate everybody’s needs won’t be an advantage for you.

First of all, you are establishing a name for yourself there, so besides being unique yourself, targeting unique customers who can benefit the most from your products and services and will understand your company more, will only work in the best ways for you.

Test the Reaction

Understanding customers is easier when you are observing their reactions. Researches are informative, but sales activity could give you better insight. Sales don’t stir far away from emotions. It doesn’t matter in which country you are operating; you won’t be able to avoid the emotional turmoil that always accompanies sales.

By testing reactions you’ll be able to understand what are really the requirements of the market and what’s the potential for you to achieve success. Based on what the market tells you, you might have to change your strategy or approach.

Localize Your Approach

Everything that works well in your country, might not be successful abroad, so you need to find different ways for getting involved in international markets. In order to sell successfully you’ll need to tailor your proposition.

Look through the customs of locals, understand what are their needs and what kind of taste they have. Based on this information adapting your product or service will be easier.

People in the local market see everything differently and at first, you might have difficulty understanding them. Getting assimilated into the environment and trying to understand them will reward you with better answers and solutions. Just don’t overlook the traditions or any aspect that could be different from your country.

Local Partners

Having local partners and contacts is another advantage that could help you. You could find the companies whose products or services complement your own. Working together might be beneficial for both sides. This way you can partner up with local organizations and be sure that locals won’t reject your foreign company. It can be a great opportunity for you to sell successfully in international markets.

Adopt a Long-Term View

You should be prepared for long-term plans and views. You need to be able to commit to the market. The sales cycle is complicated and needs dedication. Building relationships need time, especially when it comes to different countries, markets, companies, and foreign people. Good results need time, patiently following your strategy will give you the possibility to be successful internationally as well.

Invest in Sales and Marketing

First of all, having a plan will help you to manage your expectations and also will help you define your goals. This way you’ll be able to carefully distribute your energy and resources toward the aspects of your business that needs more attention. Most companies try to make correct investments to make sure that their goals will be achieved.

Investing in sales and marketing will guide you toward new discoveries and better profits. With marketing, you’ll be able to tell stories, cultivate interest and turn that interest into leads. You need to evaluate your products, and your services and based on that create a unique plan which will make you stand out in a competitive environment.

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What do you need to know before you launch a new product/service?

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What do you need to know before you launch a new product/service?

Auteur n°3 – Benjamin

  • Tags Launching New Product/Service

Why do You Need a Plan Before the Product/Service Launch?

All companies generally aim for more improvement and are more than ready to invest their resources in innovations to ensure their future success. Things that happen before launching products require good planning and overcoming a few chaotic situations.

In the beginning, you need to know important details about your product/service, and you need knowledge about your target audience and market. These are basic details, but you need a proper plan which will help your company to build anticipation for the product/service.

A good plan will help you to get valuable feedback from early users as well and will create momentum for you, which will guarantee the successful promotion of your product/service.

Determine the Right Time for Product/Service Launch

Timing is everything for your product or service. Establishing everything might need a great deal of time and money, but that can’t be avoided. First of all, what you have to do, is choose the correct time.

You have to know what’s happening on the market, and what are customers looking for, and determine how you can help them in this case. In order to sell and generate more, you need to fit into the environment and be suitable for specific expectations. Companies choose different scenarios based on their products/services. Either they launch the product first in the market, or they wait a little bit and launch when the demand has grown.

It’s important to get feedback from the beginning and improve any defects that your product might have to ensure that the next wave will offer your customers higher standards. The date of the product/service launch should be known to customers; you can ensure it with your marketing activities.

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Determine the Pricing Strategy

Pricing strategy is important to ensure that a product or service won’t fail, it’s a crucial factor that needs good research. First of all, look around you and evaluate what’s happening around you, in the market, with your competitors, etc. Understand common pricing strategies in your industry, conduct market research, and be focused on long-term business profits.

Choose Packaging

Product packaging can help you win the buyer’s heart and leave a powerful impression on your brand. You should show your target audience how your brand is different and cultivate the relationship between your brand and customers with your packaging.

You have to know your target market to make an impact and evoke the kind of reactions and feelings that you’d like to get. You should know the pain points of your target audience, and their buying habits and consider demographic aspects as well. You can go for eco-friendly packaging as well because lots of people are interested in brands that support recycling.

Your New Product’s Name

First of all, you have to define product objectives. Companies use product names to reinforce the value of their brand and to give their audience clear messages. Brainstorm name options, go through the list, and highlight the ones that fit your objectives better. You can use a product’s definition, invent a new word, create a unique spelling, etc.

Promotion

Every product, no matter how good they are require good strategies that will help you with promotion because without promotion nobody will know about them. You can do promotion via social media posts, blog posts, email marketing, etc. You can organize contests and giveaways as well.

You need to understand more about different marketing channels and do your research about them in order to create the best promotion strategy for yourself. You can check the activity of your customers on your social media as well and see generally from where can you reach them more easily and where they are looking for your more frequently.

Know Your Target Market

While working on marketing campaigns you shouldn’t have doubts, you should be more aware of your target audience, and be prepared to meet their needs and requirements. You have to specify who is your target audience, do market research and find out all the crucial aspects that could help you before your product/service launch.

Look at industry trends as well and communicate with your customers. Evaluate the data that you’ll get and act accordingly. You don’t have to follow the rules strictly, being innovative and finding creative solutions is more than okay. Customers always enjoy originality.

Know Your Competition

Competitors are always everywhere. For businesses, being surrounded by competitors is basically part of their natural environment. So you have to know your competitors well to make sure that nothing and nobody around you will have a negative impact on your business.

You can take a look at their marketing strategies and understand more about their products. Finding out after launching your product, that your competitor has better and cheaper products, won’t be beneficial for you.

Test Your New Product/Service Repeatedly

Testing your products and checking the quality of services will be necessary to ensure that your competitors won’t go ahead of you, and also to ensure the success of your product. Testing and improving them will give you valuable information in present, but you’ll be able to use this information in the future as well. Products that are developed and changed over time will make the customers stay loyal to you.

Get Reviews

Reviews, good and bad as well can help you out a lot. You’ll understand more about the good aspects of your products and services and also, what can be improved. Based on the information that you’ll get you might re-work your marketing strategy, re-launch your product/service, etc. In the end, you’ll have a better understanding of the most crucial aspects that you need to know before the product/ service launch and can expect to achieve maximum results.

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What are the best types of Benchmarking for your Company?

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What are the best types of Benchmarking for your Company?

Auteur n°3 – Benjamin

  • Tags Benchmarking, Types of Benchmarking

Importance of Benchmarking for Companies

Benchmarking is the competitive edge that allows your company to adapt, grow and evolve through change. Benchmarks are basically reference points that you could use to compare your performance against the performance of others.

With benchmarking you could measure key aspects of your business and compare them to others. You can learn from other companies as well and understand more about important strategies that you could integrate into your company.

Advantages of Benchmarking

With benchmarking you could just use the best practices of other companies and modify them to your needs, without wasting your time and money. Also, technological improvements and implementing changes in your company become easier. You could minimize the competitive gaps between you and different companies as well.

All the activities that companies require for improvement will be based on carefully formulated strategic goals and objectives and will help you to think differently as well. Also with the type of benchmark that could be more suitable for your company, you can improve critical areas of your business. Some companies use several different types of benchmarking together.

Performance Benchmarking

With performance benchmarking you can identify the areas of your business that need improvement. In this case, the company’s products, services, and operations are measured and analyzed against other competitors and industry leaders. Companies understand more about certain metrics, like time-to-market, cost-per-unit, customer retention, etc.

Overall performance benchmarking gives companies chance to analyze past performance, compare their capabilities and resources against industry standards, and improve numerous processes, products, and services.

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Best Practice Benchmarking or Process Benchmarking

It’s often used in strategic management, where companies observe and investigate their business processes and performance, but on top of that they are identifying the strength and benefits of one or more benchmark firms.

Best practice benchmarking involves several steps. First of all, you need to identify the subject of benchmarking. Then establish the team that will work on the subject, which could be anything that you are interested in, for example, a project that you were working on. And then you have to clarify the subject to be benchmarked. Then you have to observe a lot, choose specific organizations and get to know them.

Strategic Benchmarking

Strategic benchmarking can help you determine best practices to reach your organizational goals. In this case, several processes and practices are evaluated, like core competencies, process capability, strategic intent, etc. In order to determine best practices for your company, you are learning more about other organizations’ strategies as well.

You are assessing customer needs, and expectations, collecting information about them and studying market statistics. Also, some companies gather information from their competitors’ customers as well. External elements can be used to set new goals for your company. Basically, you can expand your search for improvement and don’t rely solely on information that you can get from your environment.

Internal Benchmarking

In this case, you are comparing units of departments which are in your company. This type of observation will help you determine best practices or methodologies for conducting certain tasks. This way you can understand more about your own inner structure.

For example, the warehousing and shipping of certain products from one branch of the company could be compared to the warehousing and shipping of products from a different branch of the same company.

Competitive Benchmarking

Competitive benchmarking is the process of comparing your company to several other companies while using certain metrics. This way you can measure the performance of your company and determine how well are you performing compared to your competitors.

You can understand how you are performing on different levels, get a more detailed overview of the company and find ways that will make you stay competitive. Companies understand numerous aspects in more detail with this type of benchmark. For example, they can get a better overview of their pricing policy.

Functional Benchmarking

Functional benchmarking provides you with industry trend information, and you have access to quantitative comparisons as well to determine best practices for your company. It’s a comparison of functions against other companies that are within your sector or technological area but aren’t your competitors. Comparing copper mining techniques to coal mining techniques would be a great example of functional benchmarking.

Financial Benchmarking

Financial benchmarking is related to financial analysis, which is essential to understand more about the productivity and efficiency of your company. In this case, you can compare the financial analysis that belongs to your competitors to your own. It can help you to conduct different processes in better, faster, and cheaper ways.

Generic Benchmarking

Generic benchmarking is analyzing two companies in different industries and comparing their general business functions. In this case, your team can be focused on any features or functions that are common across industries, like website functionality for example.

One of the biggest advantages is that it can show you a broader perspective of numerous aspects of your company. You’ll be crossing the borders of your company to search for additional information, so this process at the very end could help you to get more innovative ideas.

Product Benchmarking

Product benchmarking helps you determine how your product is performing against others based on specific metrics. It can help you to understand more about your products and how can you improve them.

This way you can get an overview of the market and popular trends, and compare your results to your competitors. It will help you make the best decisions based on the data that you’ll have.

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Steps of a good Go-to-Market Strategy for better Competitive Advantage

Steps of a good Go-to-Market Strategy for better Competitive Advantage

Auteur n°3 – Benjamin

  • Tags Go-to-Market Strategy, Steps of Go-to-Market Strategy

Purpose of a Go-To-Market Strategy

A go-to-market strategy (GTM) is frequently used by businesses to bring a new product or service to market. GTM strategy can help you with target market profiles, a marketing plan, sales, and distribution strategies.

With a go-to-market strategy, you can minimize the risks that could be related to a new product launch and maximize the chances of success. You’ll know more about your target market, will be able to identify promotional channels with the highest return on investment, and will have a better understanding of sales channels.

Identify Your Target Market

The first step that you have to take while creating your go-to-market strategy, is to identify your target market. Customers are an integral part of any company so while developing strategy you should always think about them.

First of all, you have to study the target market that will be interested in purchasing your product or would require your service. You need to determine if your products are more suitable for everyday consumers or if you want to provide other businesses with them.

Then try to identify similarities between different groups based on demographic, psychographic, or other characteristics. This will help you to understand more about the target market. Determine what are the pain points of your customers and how could you help them with your products or services.

Clarify Your Value Proposition

A product’s value proposition refers to the benefits that consumers can be provided with and the problems, that it can solve. It determines why your product should be purchased or your services used. At this stage, you can understand more about your product and how it can be competitive in the market.

You have to understand what kind of issues your products can sort out, and what features make it stand out compared to other similar products and competitors. Then try and find out what your potential customers can gain from your work, and what could be valuable features or experiences for them.

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Define Your Pricing Strategy

After understanding the target market and value of your product or service, you can start working on your pricing strategy. In this case, you shouldn’t set up too much price or too low, you should find the balance which suits best the discoveries about your products.

In order to create the best pricing strategy for your product, consider how much it costs to manufacture your product or service, what price would be beneficial to make profits, and how your competitors value similar products. Your strategy should match business objectives and customer profiles as well.

Craft Your Promotion Strategy

A promotion strategy is like an action plan and is about promoting your product or service. In order to reach customers and let them know the true value of your product, you need a good marketing plan. How this process will be developed and used depends on the specific characteristics of your product or service.

First of all, you have to determine while working on social media marketing which platforms would attract more customers towards you organically, then evaluate how offline realms could aid you with product promotion. Determine which marketing methods seem to work better for you, and which methods are more suitable for your budget.

Choose Your Sales and Distribution Channels

After determining the value of your product, choosing a pricing strategy, and developing a promotion strategy, it’s time to work on distribution and devise a plan, which will increase your sales. The aspects that you found about your product are helpful, but not enough to ensure successful sales.

Via sales channels consumers purchase products, and with distribution channels they get it, so it’s crucial to take care of these aspects. Customers’ journeys should be quick and simple. So you have to determine if your product has any specific sales and distribution requirements, where your target audience goes shopping, what services they use, and how can you make your sales process as easy and comfortable as possible.

Set Metrics and Monitor Your Performance

After going through these steps, you need to evaluate what you gained from the go-to-market strategy and how can you keep positive results. But the most important aspect that all companies should keep in mind is that the success of a go-to-market strategy mostly depends on the goals that have to be achieved.

When you are turning your ideas into reality with this strategy, you need to monitor each aspect that is important for your business goals to determine where can you make any adjustments, what you need to improve, or which aspects are performing well.

To determine your success, you can measure several important aspects of your company, like what’s customer acquisition cost, cost per dollar of sales expense, closing/conversion rate, and length of the sales cycle.

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