The best method of Marketing


Let me share a simple story n see if we can get the point:
Two beggars were sitting side by side on a street in Rome, ItalyOne had a
Cross in front of him; the other one was holding the Star of David. Many
people went by, looked at both beggars, but only put money into the hat of the
beggar sitting behind the Cross.

After some time the Pope came by. He stopped to watch the throngs of people giving money to the beggar who was holding the Cross while none gave to the beggar holding the Star of David. 
Finally, the Pope approached the beggar with the Star of
David and said, “My poor fellow, don’t you understand? This is a Catholic
country; this city is the Seat of Catholicism. People aren’t going to give
you money if you sit there with a Star of David in front of you, especially
when you’re sitting beside a beggar who is holding a Cross. In fact, they
would probably give more money to him just out of spite.”
The beggar with the Star of David listened to the Pope, smiled, and turned
to the beggar with the Cross and said, “Brother, look who’s trying to teach
the Goldstein brothers about marketing!

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Pricing


Pricing is a complex topic. At business school, we have whole classes dedicated for this. Here is a synopsis.

Cost based pricing: This is the traditional method. You determine all the costs and create a profit markup on top of it. If the pizza raw materials and labor cost $8 and you want to set a profit markup of 25%, you will set the price at $10.Competitive pricing: It is quite likely that you are not the first in the market. So, you look at the prices set by other Pizza shops. If there are no pizza shops, then look at the price set by other shops selling food. If people expect to pay $10 for their lunch, maybe $10 could be an intelligent guess. If you are first to the market, you generally have much more freedom. 
Value based pricing: You look at the value added to your customer. If you setup your shop in a cinema and target the moviegoers you are expecting people to pay for the additional convenience. You can look at the total amount of time and money you are saving for your customer. This is especially important in a Business to Business setting. IF I’m selling something to another business, I will compile all the time and money they would save by buying my product and will price maybe 70% of it. If I save each employee of your organization $2000/year, I might charge you $1500 for my solution.Market research: You ask your customers what price they might be willing to pay. A bunch of interviews and surveys, might help you arrive at a range. You need a good questioner to pull the price preferences from a customer.
Experimentation: I will change the prices multiple times (in the name of offers, promotions, etc) and I will take a note of the demand at each price level. If I could make more profits by selling at $9 instead of $10, I would sell at $9. Amazon is a big follower of this method. 

image

In the curve above, the y-axis is price and x-axis the total amount you could sell. as you reduce price, your volume increases. Revenue = Price * Volume and the curve resemble a parabola. Once you plot this curve with enough points, you can find the theoretical maximum revenue.

(From an answer on Quora).

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Best method of Marketing 3


Apple’s Pricing Decoys

Look at the following pricing options for iPod touch. Which one of these is more attractive?

For just $70 more than the first option, you can double the storage, have a rear-facing camera, the touch loop (made to look like a big feature) and a much more option of colors. On the other hand, for $100 more than the 32 GB model, you can just double the storage with no additional features. 

An interested buyer might conclude that the 32 GB is the best value for money. Few would buy the 16 GB model and even fewer would buy the 64 GB model. The 16 GB and 64 GB act as the “decoy” to make the 32 GB appear a steal. In effect, Apple sells you an overpriced gadget while still making you feel that you got a bargain.

Pricing decoys in all pricing tables

This principle is used in almost all pricing tables in the technology world. There will almost always be 3-4 different pricing options, with one option looking so much attractive compared to the others. The other options act as “decoys” (meaning very few people would actually choose them) to make the main option look very “economical”.

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Best method of Marketing 2


A story of tomatoes

3 shopkeepers were selling tomatoes in a bazaar for $1/kg. They were pretty unsuccessful until they decided to collaborate one day. According to their pact, the first one at the start of the bazaar would sell the tomatoes at $1.25/kg, the second one a little further will sell at $1.5/kg and the third one further down would sell at $1.75/kg.  

Any customer who sees the all the 3, would conclude that the first shopkeeper is being really honest & cheap. Everyone would buy from him as they fear that the price is really increasing. Behind the scenes, the first shopkeeper would keep refilling from the basket of the other 2 and then he would then share all the profits with the other 2. Best deal for all the 3, while the customer is still happy that she got cheap tomatoes. 

This is a story that is often repeated in many things you buy.

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Qualities of Successful people


What do you need to find and develop within yourself to be successful? The answer comes from looking at those who have created success in a variety of fields. These traits may sound simple, but they lead to remarkable results.

If you really want to bring success into your life, you should cultivate yourself just as you’d cultivate a garden for the best yield.

The attributes here are shared by successful people everywhere, but they didn’t happen by accident or luck. They originate in habits, built a day at a time.

Remember: If you live your life as most people do, you will get what most people get. If you settle, you will get a settled life. If you give yourself your best, every day, your best will give back to you.

Here are the traits that the highly successful cultivate. How many do you have?

1. Drive

You have the determination to work harder than most and make sure things get done. You pride yourself on seeing things getting completed and you can take charge when necessary. You drive yourself with purpose and align yourself with excellence.

2. Self-reliance

You can shoulder responsibilities and be accountable. You make hard decisions and stand by them. To think for yourself is to know yourself.

3. Willpower

You have the strength to see things through–rather than vacillate or procrastinate. When you want it, you make it happen. The world’s greatest achievers are those who have stayed focused on their goals and been consistent in their efforts.

4. Patience

You are willing to be patient, and you understand that, in everything, there are failures and frustrations. To take them personally would be a detriment.

5. Integrity

This should not have to be said, but it’s seriously one of the most important attributes you can cultivate. Honesty is the best policy for everything you do; integrity creates character and defines who you are.

6. Passion

If you want to succeed, if you want to live, it’s not politeness but rather passion that will get you there. Life is 10 percent what you experience and 90 percent how you respond to it.

7. Connection

You can relate with others, which in turns makes everything reach further and deepen in importance.

8. Optimism

You know there is much to achieve and much good in this world, and you know what’s worth fighting for. Optimism is a strategy for making a better future–unless you believe that the future can be better, you’re unlikely to step up and take responsibility for making it so.

9. Self-confidence

You trust yourself. It’s as simple as that. And when you have that unshakeable trust in yourself, you’re already one step closer to succeeding.

10. Communication

You work to communicate and pay attention to the communicators around you. Most important, you hear what isn’t being said. When communication is present, trust and respect follow.

No one plans on being mediocre; mediocrity happens when you don’t plan. If you want to succeed, learn the traits that will make you successful and plan on living them out every day.

Be humble and great. Courageous and determined. Faithful and fearless. That is who you are, and who you have always been.

Original article at http://www.inc.com/lolly-daskal/the-10-most-important-attributes-of-highly-successful-people.html

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Why the hell do you need Online Marketing?


Nearly 70% of adults in the world have daily access to internet today and an estimated 73% of them use social media regularly. Facebook has over 800 million active users as of 2014, roughly 60% of whom are between the ages 13 and 25. Over 30% of users aged 18-30 use Twitter as their primary social network. More than 47% of the 250 million-odd Instagram users, check their Instagram feed daily.

You cannot ignore these figures. This is meaty business prospect you are losing out on if you are not leveraging it; because your rivals are and your customers are willing to hop loyalties. The top 5 brands on Instagram have shown a swift growth in positive user word-of-mouth over the last 12-15 months.

Marketing through the web is not an option anymore, as can be derived from the above statistics. It is almost a compulsion and as a business you better start cashing on it as soon as possible. Here are 5 reasons why need to hire a web marketing agency to build your business online:

A Useful Resource

No matter how small a business you are, doing your web marketing yourself isn’t always a great idea. Web marketers understand the domain better than anyone. Sooner or later, you are likely to lose focus on your web marketing efforts as other business priorities take over. Hence, leave it to the pros. It will cost you some bucks upfront, but by now you should realize that this investment is totally worth it. A good agency will not just deliver ROI, but also a strong and special online image and a vibrant community of regular users. It is your money for their time and efforts. A win-win situation for you.

Search Rankings

A web agency has the experience and know-how about web design and marketing practices that can help you with organic search rankings. Staying on top of search engine rankings is a tricky bait. Even if you manage it once by yourself, can you sustain it? Search engine algorithms change every quarter. New techniques dribble in and out. A web marketing agency can assure you the savoir faire related with SEO without you having to bother to read up the internet about these upgrades.

More Money

Of course, a web marketing agency’s job is to align your strategy with your business interests. But with a web marketing agencies expertise and experience, the return on investment on such strategies is way too high as compared to doing it yourself.

Brand Awareness

Being in the business for as long as they’ve been, web marketing agencies can assure you a strong brand image online. They know the web audience better than anyone. Agencies know what kind of content works and what doesn’t work in the digital space. They have the right contacts and the right tools to pull it off.

A web marketing strategy is inevitable. Hire a professional web marketing agency for profitable results. If you pick the right agency who you can trust with your brand, and who have an established history of successful digital campaigns, you can actually lay back, put your feet back, and see the conversion ring in!

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Pratik Deo
+91-9958760109

Read the article at http://pulse.me/s/ 2kKUcl

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Can closing a deal be as easy as Smiling


Many entrepreneurs are unaware of the sales power and influence that arise from conveying a genuine smile. Poet Emily Dickinson nailed it more than a century ago when she wrote, “They might not need me, yet they might. I’ll let my heart be just in sight. A smile so small as mine might be, precisely their necessity.”

Though she was a poet and not an entrepreneur, Dickinson understood the power of the smile. She may have not understood the science that makes smiling such a valuable business asset, but she no doubt observed good things when she expressed a genuine smile.

About 100 years after Dickinson’s death, scientists began to formally study the power that a smile confers on the closing of a deal. Researchers have conducted many studies over the years and repeatedly have found a strong correlation between smiling and positive business outcomes. Scientists have named this phenomenon the emotional contagion.

In a business setting, emotional contagion means a prospect might be influenced by the emotion of another person. In other words, if an entrepreneur is making a pitch and genuinely smiling, his or her positivity and warmth will be conveyed to the other party, improving the odds for closing a deal.

Understanding this gives additional weight to the phrase “put on your game face.” Armed with this information, entrepreneurs conducting face-to-face meetings might be able to positively influence outcomes by being certain to port a genuine smile throughout their entire interaction with a prospect.

Unfortunately, not just any smile will suffice. Researchers found that emotional contagion occurs when the person smiling displays a genuine smile, also known as a Duchenne smile.

“The Duchenne smile involves both voluntary and involuntary contraction from two muscles: the zygomatic major (raising the corners of the mouth) and the orbicularis oculi (raising the cheeks and producing crow’s feet around the eyes),” according to Adoree Durayappah inPsychology Today. “A fake smile or, as I like to call it, a ‘Say Cheese’ smile involves the contraction of just the zygomatic major since we cannot voluntarily contract the orbicularis oculi muscle.”

Therefore, an entrepreneur can aim to induce the wrinkles at the corner of the eyes that produce the crow’s feet effect. This improves the odds of achieving the meeting’s objective.

But entrepreneurs should be forewarned: Emotional contagion works in many ways. Studies have also found that individuals frowning or exhibiting indifference will struggle to close a deal. Just as a genuine smile warms a prospect’s heart, a frown or other adverse facial expression has the opposite effect.

Guy Kawasaki addresses emotional contagion in his book Enchantment: “Smiling sends a very clear message about your state of mind, not smiling creates an opening for many interpretations, including grumpiness, aloofness, and anger.” In essence, a genuine smile tells a prospect that you are happy to visit, know what you’re talking about and love what you’re doing!

Kawasaki offers a simple tip for generating the Duchenne smile: Think pleasant thoughts. Those who struggle to generate a genuine smile prior to a meeting should think of a positive mood changer: a kiss from a spouse, a hug from a child, scoring the winning run in a softball, or anything else that induces a warm and fuzzy feeling. That feeling generates the genuine smile that will warm up a prospect and improving the odds of closing the deal.

A June study published in the Proceedings of the National Academy of Sciences of the United States of America study documented similar outcomes for communicating on social networks. Specifically, the researchers found after observing Facebook users that “emotional states can be transferred to others via emotional contagion, leading people to experience the same emotions without their awareness.”

So not only should entrepreneurs genuinely smile when meeting people face-to-face, but they should also express themselves positively on social networks and the Internet to warm prospects’ hearts.

Smiling during a sales call is common sense. At times, however, a personal or professional issue might get the best of an entrepreneur.

But a business executive must do everything in his or her power to generate a genuine smile when meeting with prospects. Failing to do so could compromise a deal — and that’s nothing to smile about.

Read original article here: http://pulse.me/s/1IzffR

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