Before you sign up for a new business, you should ask yourself whether it is more important to find new customers or retain old customers. The more customers you have, the higher your return will be to the initial investment in the business. The average lifetime value of a customer is about 6 times higher for those who use their services once than those who use their services regularly. Therefore, losing a customer through lack of loyalty is much more expensive than gaining a new one by your brand advertising efforts.
Read more ...On the surface, social media might seem like a huge opportunity for brands. But growing numbers of consumers are following companies with a critical eye, seeing through the latest marketing strategy. Social media users are seeing your posts, but the content that audiences see organically on social media platforms is largely governed by algorithms. Social media networks want you to pay to play. Therefore, organic reach has declined.
Read more ...Uber and Netflix are both successful new market entrants in their respective industry space.
Read more ...Knowledge is power and you want to be on the side of knowledge. By asking questions, seeking feedback from your customers and providing them with data you can build relationships with them in a transparent way. You’ll develop a much deeper relationship with your audience, it will help you understand how they respond to certain messages or products and the conversations that lead to purchases. Small businesses can benefit from intelligence gathering and analysis. Intelligence gathering can be as simple as learning about your competitors and the general makeup of their business, to more sophisticated tasks like investigating trends in your industry or identifying new sources of potential leads. Get started by learning to think analytically and look in the right places for answers to any questions you have about your business' future. Competitive intelligence is the primary way you’ll gain the knowledge you need to stay ahead of your competitors. In this article, we’ll explain the concept of competitive intelligence (CI) and dig into some of the most important types of CI. It won’t take long for you to realize that CI can greatly affect your business in many ways. Because it can give your company a leg up on its competition, it has become one of the fastest growing segments in business today
Read more ...Another thing that makes the Web a popular choice among shoppers is the freedom to get their orders right away. Going through the process of buying something and waiting for it to arrive at their doorsteps can be extremely frustrating, especially if you are in a rush. This is why online shopping has become so much more prominent within our society. With online shopping, customers can browse products without having to find the time to physically search for them, or even look up the product from physical stores in real time.
Read more ...Social media has continued to grow and evolve from being an optional channel for brands to often being the cornerstone of their social media marketing strategy. With this evolution there are more tools to help marketers in their process and a new wave of technological advances has also set in motion. Social media is a powerful marketing tool, and it provides you the opportunity to create and reach out to many more customers than you would be able to with your traditional methods. By creating a presence on social media, you are able to influence others in ways that will ultimately lead them to buy from your brand. Social media can be an effective way to find potential customers and lead generation if you use their power for what it’s meant to be used for. Although social media is primarily a communication tool, there are several ways it can be used as an aid in lead generation. For example, looking at your brand audience on social media networks will help you determine who might consider your product or service. You can also use these same channels to target certain customers based on their location and interests, creating opportunities to reach them personally while they are online.
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