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Reducing price in a down market is a Big mistake

As the economy sputters along, many companies are wondering what to do. How can they increase volume? How should they reduce spending? And most of all, How can they increase profits?

The biggest mistake many companies make in a down economy is to reduce their price. Price cuts do not stimulate demand. An increase in volume only happens if your product is priced above it's real or perceived value, in the first place, and consumers respond in kind to the price cut. Price cuts only lead to competitors following in kind and no one really stands to gain from these types of price wars. Cutting price does only one thing well. It cuts profit. Consider that a McKinsey study found that a 1% reduction in price would negatively impact your operating profit by 8%, assuming no increase in volume.

On the other hand, a 1% improvement in price will contribute, on average, an 11% improvement to your operating income. That is nearly a 20% differential to your bottom line. A price improvement can only happen, however, if the real or perceived value is there for the customer. This is where your marketing efforts come in to play. Marketing is about elevating your value in the market so that your customers , both current and future, are willing to pay a premium for your goods or service.

Also consider that your marketing efforts in times of economic downturn are four (4) times more effective than in upward trending markets. There are fewer competitors in the market. Of those that are in the market, many did not watch their spending during their heydays and now have very little budgeted for marketing. Media companies are feeling the effects of less demand and therefore offer better pricing or greater value to advertisers.

So when considering how to respond to the current market, take a close look at the value your offer to your customers. If it is real or is perceived as real, then do not reduce your price. Consider instead enhancing your Brand image and Brand exposure to capture market share. Improve your customer service or enhance your design and capitalize on your unique differentiating qualities. Seize the opportunity that a down economy affords you and capture as much market share as possible.

Layerbit

Not seeing results from your website? You may be in need of a re-design.

While there are numerous reasons you may need a website redesign such as out of date, broken links,poor design, etc., here, I will discuss three key ones.

Traffic

The internet has changed the way businesses market to consumers forever but, if they can't find you your competition is going to kill you. Your Internet marketing strategy needs to drive traffic to your website. One popular way to do this is through search engine optimization. Now don't let anyone promise you they can get you on the first page. It depends on the market and the segment you are competing in. Also, search engines are owned by private companies, so no one can make them do anything.

There are steps you can take however, to improve your chances of being found in the top ranks. The principal search engines like Google and Yahoo are modifying their search algorithms weekly. The search engines are constantly improving their mathematical equations to ensure that users, more often than not, find what they are looking for. For this reason, it is important to have your website optimized for maximum exposure. Optimization occurs in 26 different criteria, from proper and uniform coding, content relevance, meta tags, and external links, just to name a few. While this subject requires an entire article, a good start is to visist www.AlexaRank.com to see where you currently stand against your competitors.

Value

Your website is often the first introduction your customers have with your company. It immediately establishes expectations in the customer's mind. Is this company professional or do they cut costs on quality? If they had an amateur design their website, then how will they handle my business. Your marketing begins with customer service and your customer service begins the moment they come in contact with you. The principal objective of your marketing strategy is to elevate the perceived value of your company's brand and this starts from the moment your customers find you online.

Customer Centrism

A third factor that is key in today's market is the shift that has occurred in the social media market. This relatively new phenomena has changed the way businesses and customers relate to one another.

Frankly, it is much more honest and revealing. Customers are sharing more information about their likes and dislikes and smart companies are capitalizing on this new medium and responding to customer demands. Some companies argue that it's too much work but, that is not so. Consider that this medium can tell you exactly what you may be doing wrong. Customers are more candid and willing to criticize on these platforms. Now don't get your feelings hurt if they say something negative. This is simply a great way to increase customer loyalty. It is far easier and cheaper to sell to existing customers than to find new ones. Another wonderful benefit of this medium is that you can test new product or service ideas out before rolling out full production.

While I could go on for some time about each of these topics and all the other reasons you may be in need for a re-design I will conclude by saying that the only constant is change. If you are not improving and keeping up to date with market changes then it will not be long before your company becomes irrelevant.

 

 

 

Blogging For Internet Marketing

By: Anna Peacocks

Internet marketing trends are just popping up everywhere. These trends are getting more savvy and unique. The current trends include Internet-video marketing, Internet-social network marketing and many more. Blogging is also a current trend in Internet marketing. In fact, many experts believe that blogging should be part of the Internet marketing strategy. Here are some tips on how you can utilize blogging to its full potential as part of your Internet marketing strategy.

The key is to make blogging work for your business. The key is to utilize blogs in order to make Internet marketing more variable for your business. The goal here is to increase traffic to your business via using blogs. The first tip is to make your blog interesting. So, create interesting headlines on your blog. This makes your blog more searchable. When your post has a catchy and interesting headline, you grab the attention of many web users. With that, the user will browse through your blog and learn more about your product pr service. Thus, if it catches their interest, they will make a purchase. So the key here is to come up with a catchy headline to lure potential customers into your business.

Blogging as part of your Internet marketing strategy may sound easy. However, you need to know what works and what doesn't. The second tip is to keep your blog short and simple. Blogs should not be story-like or too draggy. Choose proper words, be honest, and condense your sentences with benefits after benefits of your product or service. Web users do not want to waste time reading line after line of your blog. They want quick satisfying words that convince them to buy your product. With a simple, attractive and concise blog post, you are bound to increase traffic to your business.

The third tip is again on words. Words are powerful. Do not use bombastic and hard-to-understand words. Be considerate of your customers. If you intend to reach out to customers from all around the world, you need to consider the language barrier. Use simple English that can be understood by many. Do not use terms that users cannot understand. Enormous words, which are hard to pronounce, does not do any justice for your business. Write your blog with a personal touch. Write as if you are talking to someone. Write casually to gain trust and interest of your potential customer.

The last but not least tip is to creatively make use of graphics. If you want customers to buy your product, you need to convince them. In order to do so, customers need to see your product or service. Add pictures and be honest. If you are marketing clothing online, make sure customers get what they see. Many studies over the years proved that the Internet fashion marketing received the most number of complaints. Also, include fun and interesting graphics to your blog. But do not over-crowd your blog with graphics. After all, it is the content of your blog that counts.

Blogging is not only popular but can also be an excellent Internet marketing source. Blogging only works when you you utilize it to its maximum potential. Blogging has proved to be a great trend in Internet marketing. So, if you are planning to take your business online, do consider Blogging as part of your Internet marketing plan. After all, you have nothing to loose when it comes to blogging.

Article Source: http://www.articlesnatch.com

Mobile Advertising Is Future Potential For Online Marketing

By: xebecemedia

Mobile penetration in India is the second highest in the world today. It is said that the global mobile marketing industry is expected to grow to $24 billion by 2013 and with over 300 million mobile subscribers it is no surprise that the mobile advertising space is bubbling with enthusiasm.
Today, mobile web users utilize their mobiles to access the Internet almost as much as the traditional web. Mobile phones are a constant companion and one is almost certain that the user will read the advertisement. Hence, there can be little doubt that mobile advertising is one of the fastest growing markets in the mobile ecosystem.
Advantage mobile

Apart from online advertising, there is often no way to check if anyone views/ reads/ listens to the advertisements. With mobile advertising, one can overcome this challenge and interact with target customers in a more efficient manner. Today, mobile advertising is finally coming out of the bulk SMS push model to a more sophisticated and targeted mechanism to reach out to the right users, at the right time. There are millions of mobile subscribers and each one of them can be reached through Mobile Application Advertising and marketing.
A mobile phone definitely qualifies as one of the potential marketing and advertising media devices because of its inherent characteristics such as being the most personal touch point, providing anywhere, anytime access to the customer. It can also trigger instant actions, responses and conversions can occur in real-time. Moreover, the mobile channel unlike the online one can be completely controlled so that spam can be minimized, thereby making marketing and advertising relevant and non-intrusive.
The way forward in mobile advertising would be targeted customer data driven marketing and advertising. Subscribers need to be carefully targeted based on their demographics, preferences etc. As long as the operators are able to make sure that they do not irritate the subscribers with too many messages and spam, mobile advertising can be a win-win for all.
Xebec eMedia & Mobile Advertising

Xebec eMedia was launched two years ago in order to bring together their expertise on brand building into the new age medium and offer additional services to their clients. In its endeavor to make advertisements relevant to its clients Xebec eMedia introduced mobile advertising to its array of services. Taking into account the cost of interaction & transaction of a mobile being low, Xebec eMedia leveraged on the future potential that mobile advertising has to offer.
Xebec eMedia works alongside with clients, who understand the mobile medium and are ready to unearth its true potential. It understands the clients requirements and creates specific solutions that have far reaching effects.
Advertising is an important tool for most carriers. Capitalizing on the abundant opportunities such as 3G, mobile video, GPRS and many such interesting models that mobile advertising has to offer, Xebec eMedia is all set to deliver campaigns that would work in measurable ways to achieve the set objectives of its clients.

Article Source: http://www.articlesnatch.com

How do companies use social media to grow their business?


How to measure ROI in social media marketing? What are the best practices in this new medium? and how to best handle the time on them? are the three most common questions, according to the study "social media marketing industry 2010", conducted by Social Media Examiner.

It seems natural that many companies have their doubts, as social media is new to most of them: 65% of those present had only launched a campaign a few months ago. In terms of time, 56% of the brand name companies that participated said they spend six hours or more per week on social media marketing. About one in every three spent eleven hours or more a week.

This study also asked respondents about the benefits they see in social media marketing. Most mentioned (85%) to generate publicity about their business, followed by increasing traffic (63%) and building new business alliances (56%).

Twitter, Facebook, LinkedIn and blogging are the four most widely used social media for brands, in this order. While 81% of advertisers surveyed plan to increase the use of blogs, 72% do not plan to be on MySpace and 9% have decreased their presence on this social network.

Social bookmarking, Twitter and Facebook are the networks and tools that respondents wanted to learn more about.

Finally, among the conclusions noted, only 14% of companies are outsourcing their social media marketing activities.

Visit the study.

Source: MarketingNews.es

Social Media Marketing

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