This quiz was designed to test your knowledge of marketing concepts and strategies. Are you ready to put your marketing knowledge to the test?
So, you have a business, but you are not getting the kind of traction you know the business should be getting. Almost every business faces this challenge at some point in its history. So, they turn to marketing to correct the problem.
One of the problems when it comes to marketing is that there are so many options, and many of them are not appropriate for every business. Moreover, as business experts, we say that every business should find its own niche or blue ocean to be successful. So, when a small business owner, who understands their industry’s technology but has minimal business acumen, is exposed to so many ideas, they have a hard time understanding what each element is for and how it fits into the whole strategy.
In this section, we endeavor to try to help small business owners make some sense of the myriad of options.
I think most business advisors would agree that marketing starts with an analysis of your product’s market fit by analyzing your prospective customer, market size, and locations. Once a business owner understands who they are as a business and who their customer is, it is time to consider their strategy.
The first thing to do when defining your strategy is to determine how to price a product or service high enough to maximize profit but not so high as to turn off the customer or invite lesser-priced knock-offs. What follows next is looking at the various distribution channels and determining which ones will have the highest Return on Investment (ROI) in terms of time, effort and money. Finally, it is time to make sure that the message is designed to pack the hardest punch and find a way to measure its impact so that we know where and when to double down and what to abandon.
Click on each of the following links below to be brought to the section where we discuss each topic in detail. When done, just close that window to resume this discussion.
Search Engine Optimization
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Final Thoughts About Marketing
Customer acquisition cost is a key business metric that many businesses and investors look at.
Here is a list of several things to consider if you want to improve your marketing success.
Here are eight reasons people employ when making purchasing decisions.
Mystery is another great way to draw a prospect in and help them learn more about your offer.
And QR codes not only create a degree of mystery but are also an effective way to drive traffic from a prospect’s mobile device to a landing page where you want the prospect to go while removing most of the friction involved with the process.
Leveraging peer pressure is another very effective marketing strategy.
When coming up with a marketing strategy, it is vital to understand a few things about how the customer thinks.
Sometimes the customer and the consumer are not the same person.
When the customer and consumer are different, a business may want to consider indirect efforts to follow the money.
Current events often create groupthink that a savvy marketer can exploit to their advantage.
Also, nobody likes bad press, but when a business experiences it, it is time to make the most of it.
It is vital to the success of any marketing campaign to understand the role that emotions play in a prospect’s decision-making.
Finally, good marketers should take advantage of the four primary emotional appeals (Money, Self-Preservation, Recognition, and Romance) that are hardwired into every person’s brain.
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