Dallas Business Consultant Elijah ClarkDallas Business Consultant Elijah Clark

Viral Marketing

Social media marketing (SMM) is a form of internet marketing which is used to help achieve branding and marketing communication goals through participation on social media. SMM is a great way to better market your business online. Having a social networking presence for your business and interacting with potential customers is a great way to expand your brand name and awareness.

The benefit of a viral SMM plan is the ability to create a video that focuses on entertaining the customer while providing valuable information about your brand and what it offers. The video should provide information on the benefits of the business. The concept of the video should be informative and is intended to encourage viewers to share the video via social media and on websites where they are a member. After watching the video, the customer should be inspired to visit your company, call, visit your website, and share the viral marketing video and the information about your company to their friends. A viral marketing plan should be distributed via video and social networking sites such as YouTube, Twitter, Facebook, and by using other multimedia embedding networks and websites. A viral marketing plan can easily create a positive image for your brand while also providing valuable promotional content to users.

Network Communication

Major trends in technology that could impact communication within your business include; voice over internet protocol (VOIP), web 2.0, and virtual networks. Unlike virtual networks, face-to-face (F2F) meetings provide limited support for global projects and establishments. Within virtual networks, a powerful infrastructure and high-speed data services are required from both network users to help prevent interruption of communication, which is likely on slower connections. Technologies used throughout virtual networks include; email, chat, phone, video conference, group calendars, and other electronic meeting systems. F2F meetings can be good to set the stage for a growing relationship. However, technological communication presents an opportunity for the relationship to continually develop.

Trust has been connected to the success of virtual software communication, and F2F communication is often beneficial in helping to establish trust and social ties. Trust is a requirement when working to build social ties and relationships, but difficult to build at a distance. Consequently, virtual teams have a difficult time establishing relationships and are often more prone to conflict. For global projects, individuals should be acquainted with one another prior to joining in virtual communication considering the original meeting builds trust. Considering most organizations have upgraded their structure to utilize technology and information processing systems, allowing local employees to work and communicate virtually can increase your business’s productivity by lowering delays in communication.

Disruptive Technology

Disruptive Technology (DT) is a powerful means of broadening and developing new markets and providing new functionality, which, in turn, may disrupt existing market linkages. DT is when a new technology upsets the way that things have been. An example of DT is the radio replacing the newspaper, or the television replacing the radio as a source of news. DT is not when a single event occurs that disrupts things. It is when a process plays out over time that causes new technology to either replace or reduce the use of an older method.

DT can be beneficial to your business considering it offers more opportunity or options to your customers and influences product innovation. By not adopting DT, your business could potentially miss opportunities for a financial gain and powerful tools that could make your business more productive. A concern with DT is that it often takes away from you or your employee having to think for yourself. An example would be a calculator replacing the deep analysis of problem-solving, or digital navigation systems causing its users to not have to remember directions, or a cell phone contact list that makes it so that you don’t have to remember a phone number. With so much dependent upon these technologies that we rely on to help us in our day-to-day, we can become lost without the benefits that DT has created.

DT is not always used as a method to remove or replace traditional methods; it can also create an alternative to the way things are done. It creates typically simpler, more convenient, and less expensive ways of doing things. DT is usually a result of the desire to make things easier, faster, and more convenient. Hence, landline telephones and traditional mail services are now second to cell phones and email.

Not everyone has or will adapt to DT. Just as cell phones have not fully replaced the landline, DT ultimately could have a major impact on an existing market without totally displacing it. Not everyone uses the internet or a mobile device in place of reading a book, looking through a map, or earning a degree. Many individuals still select to drive a car, take a train, or travel by boat to get to their destination.

There are, however, ways in which DT has caused those unwilling to adopt it, to make sacrifices. Video streaming services Redbox and Netflix have caused brick-and-mortar businesses such as Blockbuster to close shop because of Blockbusters inability to create or adapt to DT. Digital photography caused film to become practically obsolete. DT introduces threats to existing methods, but also opportunities for new sources of competitive advantages. The benefits of DT go to the risk takers. Without being willing to take risks, the individual or business would never accept DT. Risk taking, however, can have negative impacts if it is not executed properly and with a strategic plan. For DT to be successful, small businesses and individuals must weigh the benefits. Without proper knowledge and training of why DT is needed or how to use it for success, the transition will likely fail and DT will negatively disrupt your business.

Internet and Social Trends

The development of the internet has shifted businesses from paper-based and people-intensive purchasing frameworks toward electronic frameworks. In 2016, U.S. electronic commerce transactions accounted for $394.86 billion (11.7%) of total retail sales.[1] Online sales have seen a significant growth because of the internet. The progression of the internet and technology will continually add value to business and customer relationships and provide material for future marketing research.

Customers are moving toward the internet to develop knowledge, business insights, and for other personal reasons. Research has shown that businesses that utilize traditional marketing techniques and advertising methods have seen a decrease in revenue because consumers are moving online to search for businesses and make purchases. Considering the exceptional growth of the internet, businesses without a viable marketing strategy embracing the internet witnessed a lack of marketing effectiveness, product sales, and brand awareness. To counter the effects of the interpersonal communication that the internet presents, your business should obviously develop strategic marketing communication for targeting internet-based customers.

Using the internet to gather information aids in collecting pertinent data for better comprehending the perceptions of your customers toward your business. Given the development of the internet, you can utilize technology for storing and accumulating customer information. Likewise, because of the significant influence of the internet, you can also use the internet to help with establishing relationships with business partners and customers.

The internet affects individuals in their daily lives and can produce challenges for your business due to the accessibility of social media. Online networking has revealed an entryway for customers to express their concerns directly to your business, and this method of correspondence encourages interaction between your business and your customers. Subsequently, customers appreciate having their sentiments validated. However, the immediate and open forum of communication could present challenges for your business if you are not prepared to manage and grow with the online trend.

Customers have a significant influence on the brand awareness of your business as the opinions of customers can propel your brand reputation. For instance, inquiries, comments, and reactions on discussion boards often affect brand loyalty, social following, and purchasing habits. Given the internet, you have to carefully monitor your brand, public activities, and reputation if you want to stay ahead of customer concerns and problems that could impact your sales and business growth.

 

[1] https://www.digitalcommerce360.com/2017/02/17/us-e-commerce-sales-grow-156-2016/

Customer Service

These days, technology connects us in a way that we could have never imagined. And while this increased connectivity makes it easy for us to stay in touch, it’s important that we don’t let it stand in the way of real, personal engagement with customers. Think about a time when you called into a customer service line. You probably sat through a series of long, drawn-out automated messages, pressed a couple buttons, and after much frustration, breathed a sigh of relief when you were finally connected with an actual representative, right?

At the end of the day, people want to do business with other people — not machines and auto sequenced emails. By making a conscious effort to infuse more human interactions into your day-to-day communication with customers, it will be easier to build trust and deepen the relationship. Satisfying the needs of your customers ensures the survival of your business. A periodic check is required to discern the level of performance related to the current quality of services and products, followed by a plan to upgrade or enhance those services or products as necessary to build a quality relationship with your customers. In order to fulfill this goal, you must have a set of rules to measure and improve this quality.

Delivering quality services to customers is considered the most effective way to ensure that your business stands out from your competitors. The main ingredients involved in a quality relationship between your business and your customers are trust and commitment. Trust means confidence and security in the relationship you have with customers and can be treated as the biggest investment in building long term relationships. Lack of trust, on the other hand, weakens the relationship’s foundation.

Customer Satisfaction

According to a study of 362 marketing agencies, 95% of the agencies believed they placed a priority on the needs of their customers. Additionally, 80% believed they delivered a superior customer experience. While businesses may believe they place a priority on customer services, the same study found that only 8% of customers agreed that these businesses prioritized customer service.

The relationship between businesses and customers are often one-sided. Where businesses may only see customers as numbers, customers want to be seen as individuals. Creating genuine customer experiences are about providing a unique value, surpassing expectations, engaging customers, and remaining honest.

Successful businesses find ways to satisfy and build customer relationships, as they should. Customers are spending their money to partner and invest with your business. They are your brand ambassadors who will promote your business to their friends and family. You should make it a priority to satisfy their needs and concerns. You can help your business get ahead if you can master the art of customer relationships and build loyal followers.

— For more lessons like this, purchase your copy of Act Like a Business: Think Like a Customer by Dr. Elijah Clark from all major bookstores. —

Marketing A/B Testing

When developing marketing campaigns, you should always A/B Test, which is referred to as creating multiple campaigns for the same goal. By creating multiple versions of a controlled campaign, it could help your business determine the most effective campaign based on a side-by-side comparison.

Example.

In a study conducted by the Coca-Cola Company, taste was considered the most important factor for their declined sales between the 1970s and 1980s. In response, the New Coke was developed to enhance the flavor and generate sales. With the approval of more than half of the 200,000 blind product testers, the New Coke was introduced to replace the original flavored Coke— which was a disaster for the company. Because of the unfavorable results and backlash from customers, the New Coke was withdrawn from the market and the Coke Classic was introduced with the original ingredients. Regarding the Coca-Cola Company’s quantitative study and the New Coke, the test provided inconclusive results because of the lack of information given to the participants. Though the participants enjoyed the flavor of the New Coke, it did not outweigh their desire and loyalty of the original Coke. The New Coke’s example of relying on only one type of study displayed poor predictive validity. A customer’s like toward a product is not a good predictor of whether they would purchase the product over another product they also like. Had the Coke Company taken a segmented approach and kept both products on the store shelves, they could have had a better idea of which the users liked best and which would generate the most sales in a side-by-side or A/B comparison.

Most businesses who do A/B testing often fail to give their testing ad a chance at achieving its best possible results. Furthermore, without testing the ad properly, these individuals or companies may ultimately lose money, time, and potentially reject a successful ad that just never had the chance to prove itself successful due to the lack of owner knowledge. Having a control ad running throughout the testing of a new ad can save money and eliminate performance history as a variable in the test ad. By creating multiple copies of a control ad, you can avoid giving 50% of impressions to an unproven ad which may fail. Creating multiple copies of a control ad allows you to save on cost considering the control ad is always running. Instead of losing 50% of ad impressions to the testing ad, that percentage shrinks to 20% because of the additional control ad copies. In addition to this type of testing saving on cost and potentially accelerating the testing process, it also allows for you to create a valid testing environment by comparing the performance of the test ad against the copies of the control only.

Data Mining and Processing

You can develop business and marketing strategies by analyzing customer patterns and behaviors. In a U.S. study, it was found that 93% of customers use the internet for e-commerce-related activities.[1] In addition to general data mining using the internet, social media was also useful for gathering location-based data about customers and identifying patterns of consumer feedback. Other data mining sources include weblogs, forums, wikis, and social media.

Comprehending the needs of your customers can help to establish future direction and define your product status. Additionally, online data mining from social media networks is advantageous for gathering data quicker and easier than surveys and questionnaires. Benefits of data mining include the capacity to better comprehend your customers by knowing and assessing the networks in which they gather. Moreover, data mining is useful for analyzing customer behavior, which can assist in establishing a future course for identifying and implementing your business’s marketing strategies.

 

[1] Flanagin, A. J., Metzger, M. J., Pure, R., Markov, A., & Hartsell, E. (2014). Mitigating risk in ecommerce transactions: Perceptions of information credibility and the role of user-generated ratings in product quality and purchase intention. Electronic Commerce Research, 14, 1-23. doi:10.1007/s10660-014-9139-2

Consumer vs Business Markets

In both business and consumer markets, the individual that will use your product or service is not always the same individual that makes the actual purchasing decision. For instance, a husband may purchase a product that his wife needs, or a parent for a child, or an employer for an employee. In these situations, your responsibility is to satisfy the decision maker(s) by providing them relevant information as to how your product or service can enhance their business or lifestyle.

Generally, when I walk into a jewelry store to purchase a gift for my wife, the sales representative will ask questions about my wife, not about me (until we start talking budget). In business, you need to ask the purchaser about the goals or intentions for the product or service, not about their basic needs. To make them happy, you have to sell the expectation that the individual receiving the purchase will be happy. When the decision maker is not present, you can generate more sales by focusing on expectation rather than the moment.

Business Market Purchases. When marketing to a business, you should concentrate on what is most important to the business which often includes statistics, facts, data, and a return on investment. Within the business market, the purchasing decision is generally made by multiple individuals. Your selling strategy should focus on each of the decision makers by way of the individual who sought out your business. This may include giving everything to the purchaser and letting that individual determine how to disperse the content to the decision maker(s).

Consumer Market Purchases. Consumers regularly make purchases based on factors which include value, availability, and emotional connections. In consumer markets, you will either sell to an individual or a couple. An example of a couple transaction is a husband wanting to purchase a new home. To do so, he would need to get his wife to agree to the decision. Similar to a business market, you need to sell to both but primarily satisfy the decision maker, which you should identify as you work to develop the relationship.

In both business and consumer markets, you can go a long way by getting the individual who contacted you to like you. If they like you and your business, they will fight on your behalf to influence the decision maker.

Sell What Sells

The goal of any campaign is to generate sales. Therefore, the ideal campaign should build trust, influence sales, and generate brand awareness. The trick to selling is to give customers what they want or something better. As a business, you need to focus your marketing campaigns on the services or products which have proven to generate sales. Your business should target and adapt your marketing strategies to highlight what customers want and will purchase, not necessarily what you want to sell. For example, if Product A (the product you least like) sells more than Product B (the product you want to sell), then you need to adjust your business and focus on the product that is generating a profit and sustaining your business.

When I started as a consultant, I worked under the business name Tex Design Studio (TDS) where I worked directly with customers to sell web design, SEO, marketing, and other services which I outsourced to artists and developers. After a few years, I had discovered that my TDS brand was not growing as I would have liked. Customers were calling the business for me, and me only. They were also Googling my name and referring me any not my company to their family and friends. Considering this, I realized I had been trying to push a brand on customers that they did not want. I wanted so badly to grow the company, that I made it difficult for those customers who wanted something entirely different. As I realized this and adjusted to the customers, I stopped pushing TDS and gave the customers the personal brand that they wanted by renaming my consulting agency Elijah Clark and Associates which proved to be much more successful than TDS ever was or could have been.

The customer is the ultimate power broker within any organization. And as the power brokers, they will set your selling price, name (or rename) your business, help you decide which products to sell, and let you know when it’s time to hire or fire employees. Because of the authority in which customers have on the success of your business, you should structure your marketing efforts on identifying and meeting the customer’s individual needs. Those needs must be met within all aspects of your business including price, customer support, and overall value.

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