Business

Why You Need The New Face of Retail

A few years back, the determinants in retail success have basically been location, store design, and curb appeal, with most of them completely relegating to the background any insight to the changing customer behavior. The retail apocalypse has, however, necessitated the new face of retail. According to the Statista, The fact that the ongoing rise of e-commerce in the United States is hurting brick-and-mortar stores is undisputed. Two corporations that filed for Chapter 11 bankruptcy protection in October 2018, are retail giant Sears and Mattress Firm. Despite reducing assets and selling real estate over the years, Sears was unable to pay off $134M worth of debt. Sears Holdings, the parent company of Sears and Kmart, said it plans to keep profitable stores running. By the end of 2018, the company is looking to shutter at least 188 stores. The latest list of store closures includes 45 Kmart locations and 18 Sears boxes. Mattress Firm, on the other hand, said it would shutter 200 underperforming locations right away, and look to potentially close 700 stores altogether over the next few months. In conjunction with its prepackaged restructuring plan, it received commitments for about $250M to help support ongoing operations during the…

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Marketing

The Unethical Secret to Target Consumer in 2019

The most important yardstick to measure successful marketing is the ability to reach your target consumer, convert them to do purchases, and make a whopping return on investment (ROI). This sounds rather simple but without being armed with the fundamental secret, you will still be revolving around a circle. Your target audience is that group you’re trying to sell your product or service to. The purpose of marketing is to reach that group and make them see the reason why they should be buying from you and nobody else. In order to reach your target consumer, however, you have to understand their motivations and habits as they pertain to your product. With this, you can fathom a better reason to make them buy from you. Marketing has been inundated with different ideas and means of reaching and converting potential consumers like the application of data science, using influencers, advertising, micro and hyper-targeting, affiliate marketing, and a host of others. While all these are ethical ways to target and possibly convert the audience, they will not make you wholly thoroughbred and an overwhelmingly successful marketer. In order to boost visibility and increase sales while sustaining a profit with a converting offer,…

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Marketing

How Ads Affect Your Search For Information

A decision to purchase is reached after you must have gone through a series of processes which begins with the identification of the need for the product. The usual thing is to embark on a search which can be internal, external, or both. The internal search focuses on your memories while the external is market dominated or personal and interpersonal, inadvertently making organizations to score high on ads and branding. Your memories which stem from the knowledge you already have of the product are ultimately based on exposure, attention, comprehension & acceptance, and retention. 1. Exposure Exposure is based on the contact you have previously had with a brand and to embed such a brand in your mind, organizations resort to pulsing ads. Pulsing combines flighting and continuous scheduling by using a low advertising level all year round and heavy advertising during peak selling periods. This will not work for all products or services and is basically fit for product categories that are sold all year round but experience a surge in sales at intermittent periods. For instance, there is no point pulsing the ads associated with Christmas hampers all year round because they are only of interest for a…

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Marketing

Why Data Science is a Must For Account-Based Marketing (ABM)

A study carried out by SiriusDecisions reports that 92 percent of participating B2B companies said ABM is “extremely important” or “very important” to their overall marketing efforts. But this is absolutely an uphill task without integrating data science. Data has been likened to the world’s new oil, though with some reservations here and there. A few years back, marketers did not see the need and did not have the necessary resources to embark on specialized means of reaching out to potential customers and businesses broadcast the same message to every single customer. With the world becoming a “global village” marketers have, however, being able to gain access to a wealth of individual consumer data and insights, making it easier to personalize their efforts for maximum effectiveness. According to the Economist, these titans—Alphabet (Google’s parent company), Amazon, Apple, Facebook, and Microsoft—look unstoppable. They are the five most valuable listed firms in the world. Their profits are surging: they collectively racked up over $25bn in net profit in the first quarter of 2017. Amazon captures half of all dollars spent online in America. Google and Facebook accounted for almost all the revenue growth in digital advertising in America last year. These “titans”…

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Marketing

The Place of Quality Control (QC) in Marketing

Quality control and marketing can be likened to Siamese twins who are conjoined by the product or service an organization offers. While QC is always be-labored with ensuring that the product is of sterling and impeccable quality, marketing is preoccupied with how the product will leave the company and get to the consumers. It is not a hidden fact that we live in a technologically advanced world and with just a click prior to the purchase, consumers can learn about product information, such as size or color availabilities, manufacturing insights, and other necessary details. For sustainability, therefore, the brand must focus on commitment to quality product and customer satisfaction. A consumer survey conducted by PwC reports that the top three store-related mobile uses are for researching products (36%), accessing a coupon or promotional code (31%), and checking information about a retailer (23%). As such, it’s becoming increasingly apparent what modern-day consumers want: the right content. The lifeline of any brand is consumers and more consumers. If you don’t get the product right, you unnecessarily shot yourself on the foot. With the advancement in technology and the availability of social networks, any defect discovered in your product can easily go viral.…

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Marketing

Consumers And More Consumers in 2019

Population in the world is currently (2018) growing at a rate of around 1.09% per year (down from 1.12% in 2017 and 1.14% in 2016). The current average population increase is estimated at 83 million people per year. This simply means that an estimated 83 million consumers will be added to the 7.62 billion world population as at mid-2018. The lifeline of any business is the consumer because it’s only when your products or services are purchased that you may be talking about profit and ROI. Your focus as a founder/CEO as you are going into 2019 and beyond should, therefore, be on the acquisition of customers and more customers. Targeting only 0.1% of the estimated 7.7 billion in 2019 will give you 7.7 million consumers. This will make very good progress for your business given that Amazon, one of the leading online retail platforms worldwide as of the first quarter of 2016, had 310 million active customers. This, however, is not something you can do out of the blues. It requires articulation, strategic approach, and adequate planning, especially now that the modern day consumer has become technologically savvy and advanced, with it becoming more apparent that the consumer wants…

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