Search Results for "label/Marketing%20Strategy"

Mar03

How Facebook become so powerful – A Facebook Tale

Published by under Social Media

When you hear about facebook, you think of it as an entity paramount in revolutionizing the world of social networking or as a site that set another milestone in the world of internet and search engines. An unchallenged giant of social networking as of now, facebook has all the eyes glued on every move it makes.  The movie “The Social Network” based on the founder of facebook, Mark Zuckerberg, won three Golden Globe awards, and led to a significant rise in the interest for the same. The glory of this site is such that it has become unavoidable for anyone to not take interest in it.Facebook started its journey in the year 2004 as an internal social networking website for the Harvard University. With easy success as an intranet service, the potential of the website was expanded as it stepped out and made appearance in the world beyond the university doors. The success story was repeated again and facebook became very popular the world over. The lawsuits and a long battle fought between two Harvadians over the ownership of the site then started. However, the popularity of the site remained undiminished and its impact is now looming large as it sets forth to achieve new milestones.

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What has made this website such a success in the world? With some analysis, there are a few hidden secrets that are revealed. You can learn and implement them in your business development strategy as well:

Market Analysis: Market analysis is elementary for any new business venture. It is common knowledge and followed by almost all. However, if the data assimilated is used more creatively and looked at with a new viewpoint, it reveals some unseen pattern that is very useful. The popularity of facebook lies in the fact that during inception they directly addressed the most important demand that the students of the university were facing that is the lack of a social networking site.

Stick to your principles:  One of the secrets behind the success of facebook is its strict adherence to its core principle. One of the employees of facebook says in their blog, “ …Facebook is a work in progress. We constantly try to improve things and we understand that our work isn’t perfect. We appreciate the thousands of you who have written in to give us feedback…”  To realize that there is more to achieve is an essential business tip. Knowing that there is more to be done, keeps audiences intrigued about your new business plans and keeps your employees motivated too.

With these business planning and marketing tips inspired from facebook, it is easy to gauge at the market and make an impeccable business success plan.

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Feb01

Wanna know the most DECISIVE element for marketing research?

Published by under Business & Marketing

I recently came across this quote by Zora Neale Hurston; “Research is formalized curiosity. It is poking and prying with a purpose.”

It got me thinking of the importance of market research for any business. Is marketing research really that important? And how important is DEMOGRAPHIC information in the bigger scheme?

The answers are yes and very!

Not knowing your target audience is really like shooting an arrow in the dark. How can you engage in appropriate promotional marketing if you don’t know who your customer is and what he/she likes, needs etc?

Customers today are spoilt for choice. In such a scenario, companies that can provide each individual customer with exactly what he/she needs and not a generic product are the ones that are successful. Indeed, demographic segregation and customization are at the core of brand marketing strategies of successful companies like Dell. Dell realized that customizing its offerings for its customers is essential in carrying out its marketing strategies as well as in enabling it to build a solid customer base.

The first step to any successful brand marketing strategy is determining your target audience. While in some industries, the target audience is limited. For example, a store that sells clothes for moms-to-be has a very niche target audience. For some industries, the target audience could be people from almost any age group, of any social background and any income level. For example, if you manufacture tomato ketchup, your target audience ranges from 5-70!

When identifying your target audience, don’t ignore potential customers from industries you haven’t worked with in the past. The ideal brand marketing strategy is to identify a wide ranging target audience and then segregate further. For example, 20-50 year old American men and women. Thereafter, segregate your audience further according to their ages or other aspects and create different promotional strategies for each group to appeal to them better. Thus, your advertisement aimed at those in their 20s-30s should be different to your ads catering to your 40-50 year old customers.

Similarly, if you want to engage in effective promotional marketing, you need to provide customers with products they will use. Thus, if you are a manufacturer of a product like chocolates (that appeal to both children and adults) you could offer promotional products like slap bandz to children and products like photo frames to adults.

So before you work on any elaborate marketing plans, remember that the first step to a successful brand marketing strategy is identifying your target audience based on key demographics and then catering your advertising, promotional marketing and products to the different customer segments you have identified.

I hope these branding tips have helped you! Good luck with your brand marketing strategy!

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