Securities Market Line

     Building a rapport is the act of creating a good mutual understanding between the minds of individuals. It is a very efficient marketing strategy that has contributed to a considerable increase in business. In the marketing industry, sellers use this technique to make customers buy their products, and regular consumers employ this technique to make sellers provide them with best services at reasonable rates. Building a rapport is simply a kind of devised and planned conversation which eventually leads to a sale. Rapport building activities are important marketing tools which are mostly utilized by businesses for the purpose of attracting and generating new clients, and also retaining present ones. Following are some marketing tips for building a rapport.

     Rapport Building Tips for Businesses

     Be Authentic
     This is one of the most important factors that you need to consider while dealing with a potential client. In order to impress a client, some businesses present themselves as if they are the only ones who provide the best services. They think that the client will be impressed by their presentation. However, this technique can be very risky. It is strongly recommended that you should show your business the way it is. You should never over-exaggerate about the strong points in your business. Ensure that you do not create a new persona, and do not adopt a tone meant exclusively for the marketing purpose.

     Make Quick, but Thoughtful Decisions
     Inexperienced marketers do not pay attention to the fact that they need to be thoughtful with their decisions, but at the same time come to prompt conclusions which are beneficial for the company. They should take in mind that a prospective client can only be won if he comes to know that the business is a real beneficial entity. When it comes to not making haste, you should not directly jump on to the business conversation. Read the rest of this entry »

     The ultimate aim of any business is making profits. In order to achieve this goal, a perfect marketing strategy is very necessary. Marketing is a very wide concept, which involves various activities, like studying the buyers’ minds, their needs and preferences, designing products according to customers’ needs, and promoting and selling the products using various techniques. However, different customers have different needs and preferences and it will be a folly on the part of the seller to treat them alike. You cannot develop and sell a product on assumptions only. While bad products fail to lure the customers, good products may also fail in a low demand market. Hence, a study of the market is indispensable, especially for global brands. One such marketing strategy is target marketing, which recognizes the diversity of customers and identifies the needs of separate segments of a market. In other words, the market is divided into segments and the marketing efforts are concentrated on a few vital segments.

     Market Segmentation Strategy

     Now we know that in target marketing, the market is divided into distinct segments. Dividing the market into groups of individuals, who share similar needs and preferences, in relation to goods and products is called market segmentation. Market segmentation is done on the basis of various factors, like, culture, economic status, geographic differences, behavior, etc. A market segmentation strategy is aimed at dividing a heterogeneous market into different segments of buyers. Each segment have individuals who have similar interests. The interests of each segment may vary with regard to products. Read the rest of this entry »

     Attraction marketing is one of the newest marketing strategies around, and works on a principle called the Law of Attraction.

     No, this isn’t some flimsy relationship term, but something which more and more marketers are seriously considering these days. What is the Law of Attraction? Simply put, the Law states that people will be naturally attracted to something which they feel holds a value for them. So if you create a product that the customers want, simply by creating a bit of awareness around it, the product will sell. No need for huge expenditures on advertising and branding here. As long as the customer sees value and good utility of the product you’re selling the customer will buy it.

     So that was the Law of Attraction. This is where the basis of attraction marketing lies. As the law claims, once you’ve created a product which you feel can be a big hit in the market, all you have to do is spread the word around. Make the right noises and let the people know that the product that they are looking and the product which will seemingly solve some big problems for them is available and that you are selling it. So if you price it right, i.e. the price is something that the customer wouldn’t mind paying, then yes, you’re attraction marketing plan has worked quite well!

     Attraction marketing seems to be a cinch! But it isn’t. Of course it has its advantages like lowered marketing costs, giving the people what THEY want, and sometimes even assuming a monopoly position, and hence having the ability to control the prices. But then, why aren’t companies taking attraction marketing training so seriously.

     Because, the inherent nature of attraction marketing makes it tough to do. How do you sell your product on the market? How do you give it the visibility it needs? How do you attract the eyeballs of the people? All this is too tough. Unless of course you try use some of these attraction marketing tips. Read the rest of this entry »

     The product differentiation definition states that it is the process by which a product is distinguished from others, so that it appeals more to the target audience. Other than distinguishing the product from its competitors, this process should ensure the product is distinct from all other products the company offers.

     Product differentiation gives the product or service an edge over rival products. It highlights unique aspects of the products and also generates value for the product in the eyes of the buyer, which should be any manufacturer’s ultimate goal. When the buyer perceives, a difference is when he will remember the product and buy it, thereby resulting in higher sales for the company.

     Product Differentiation Strategy

     The challenge companies face in creating product differentiation is to come up with a strategy which not only creates value for buyers, but also makes it difficult for rival companies to emulate. Whatever the company does to achieve this can be termed as a product differentiation strategy.

     Product Features
     By modifying the basic objectives behind the product or service being sold, the manufacturer can differentiate the product from it’s competitors.

     Linking Functions
     A way for product differentiation is to link together two functions of the same firm. An example of this could be linking the sales function with the company’s service function.

     Timing
     While entering a new product in the market, it is crucial to do so at the right time to help create product differentiation and positioning at time of launch. The new entrant gets the first mover advantage when the new product comes in before any rival company comes up with a similar product.

     Location Read the rest of this entry »