- January 28, 2017
- Posted by: Harsh Shah
- Category: Marketing
- Market research is a great way to tweak your marketing strategy so that it conforms to what the market needs. How you go about it may differ from business to business.
- Market research is one of the key factors used in maintaining competitiveness over competitors. Market research provides important information to identify and analyze the market need, market size, and competition. Market-research techniques encompass both qualitative techniques such as focus groups, in-depth interviews, and ethnography, as well as quantitative techniques such as customer surveys, and analysis of secondary data, which includes social and opinion research, is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision-making.
- A business can use a variety of pricing strategies when selling a product or service. The price can be set to maximize profitability for each unit sold or from the market overall. It can be used to defend an existing market from new entrants, to increase market share within a market or to enter a new market.
- Cross-selling is the action or practice of selling an additional product or service to an existing customer. In practice, businesses define cross-selling in many different ways. Elements that might influence the definition might include the size of the business, the industry sector it operates within and the financial motivations of those required to define the term.
- The objectives of cross-selling can be either to increase the income derived from the client or to protect the relationship with the client or clients. The approach to the process of cross-selling can be varied.
- Upselling is a sales technique where a seller induces the customer to purchase more expensive items, upgrades or other add-ons in an attempt to make a more profitable sale. While it usually involves marketing more profitable services or products, it can be simply exposing the customer to other options that were perhaps not considered.
- Inbound marketing is a technique for drawing customers to products and services via content marketing, social media marketing, and search engine optimization. It provides information, an improved customer experience and builds trust by offering potential customers information they value via company sponsored newsletters, blogs, and entries on social media platforms.
- A distribution channel is a chain of businesses or intermediaries through which a good or service passes until it reaches the end consumer. It can include wholesalers, retailers, distributors and even the internet itself. Utilize all the channels including a Web portal, direct mail, retailers, wholesalers, distributors and freestanding sales agents.
Customer Relationship Management
- Customer relationship management is an approach to managing a company’s interaction with current and potential future customers that try to analyze data about customers’ history with a company and to improve business relationships with customers, specifically focusing on customer retention and ultimately driving sales growth.
- Lead generation is the initiation of consumer interest or inquiry into products or services of a business. Leads can be created for purposes such as list building, e-newsletter list acquisition or for sales leads.
- Sales leads are generated on the basis of demographic criteria such as FICO score, income, age, household income, psychographic, etc. These leads are resold to multiple advertisers. Sales leads are typically followed up through phone calls by the sales force. Sales leads are commonly found in the mortgage, insurance and finance leads.
- Marketing leads are brand-specific leads generated for a unique advertiser offer. In direct contrast to sales leads, marketing leads are sold only once. Because transparency is a necessary requisite for generating marketing leads, marketing lead campaigns can be optimized by mapping leads to their sources.