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Business Marketing

11/26/2015

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Brands, Businesses And Owners
Which name brings in the profit?

 
Is your name your brand?
Simon a distributor of pumps used in the construction industry experienced a sudden drop in sales when the construction industry slowed down. He continued offering services for maintenance and repair of old pumps to maintain goodwill in the market while he branched out into a new area of business.
 
We were working on Simon’s business plan when he remarked that his customers identified him personally as the brand name for quality products and excellent service. He added that most people did not even remember the name of his business. 
 
In branching out into a new business Simon found that it was easier to rebuild his business around his personal reputation as a dependable business person rather than to create awareness of his new offerings under his business name as the brand. This is a case of the owner’s name being the brand and the owner’s positive reputation being associated with the brand name.
 
What’s in a business name?
From Winnipeg to Vancouver; from Hong Kong to Singapore; London, England and onward to Brussels I have always enjoyed the standardized quality of the burgers from this global burger franchise. The familiar taste and service in a new city is always reassuring.
 
Franchises succeed when the business name becomes the recognised brand that consumers associate with positive emotions and values. This encourages franchises to invest in quality products, consumer experience and community charity. A business social responsibility plan that promotes the business name can create a feel good with consumers.          
 
Why invest in product names?
One particular toothpaste brand name is so popular in a number of countries to the point that the brand name has become synonymous with the product. By default we here consumers asking not for toothpaste but the brand name when requesting for toothpaste at the supermarket. All the other toothpaste brands appear to be generic compared to the leading brand in the minds of many consumers. This allows the leading brand of toothpaste to dominate the market and enjoy premium pricing.
 
The company that owns the toothpaste brand name is able to maintain this position in the market with generations of consumers by promoting dental hygiene campaigns in schools with free toothpaste and toothbrushes handed out to school children.
 
So, what’s in a name?
Many technology companies simultaneously promote the founding dominant co-owner, the corporate name and product name in association with their software. This has helped such businesses to sell software at premium pricing even in markets where free open software exist. In such a case are consumers paying for prestige when a free version is available? Or, are they paying for the service support that comes with the paid software?
 
Marketing and Branding
A recognised product brand name can be used to promote new products in association with the established name.
 
Issues that need to be understood in planning your marketing include answering the questions:
 
Does your product have a lock on the audience who need your product like a drug with a patent that excludes less effective competitors?
OR
Is your product the key to competitiveness like a luxury car name bestowing an image that helps it pull ahead of the competition?
   
The lock audience needs the product while the key audience have a very strong desire for the product.   
 
Branding is about developing emotional relationships with consumers that compel them to buy from you. Invest in identifying your brand and how it can be used in preparing your marketing plan and strategy for action.
 
Siddha Param
International Business Consultant

Reboot your business plan for sustained high growth

Click For Link To:

BUSINESS SERVICES

CENTRE FOR EXCELLENCE

BUSINESS EXCHANGE MALL DIRECTORY

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Business marketing

11/19/2015

 
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Information – A Marketing Essential
Using knowledge to get customers

 
Planning a holiday travel to some place warm and sunny?
 
There are lots of hotel booking websites that allow us to look up places to stay, compare prices, read reviews and make a booking. Aggregator websites even help you compare pricing from several of these websites.
 
In today’s knowledge driven world there is an overload of information available for consumers to research before making an informed buying decision.
 
Marketing involves creating consumer awareness and building trust in you as a trusted source for information.
 
Create and disseminate reliable information that educate and compel consumers to buy from your business.
 
Trusted Information Source
We trust professionals because they are well read and highly knowledgeable in their area of practice. It is the better prepared that wins. Superior knowledge trumps over years of experience. Invest in educating yourself about new developments in your industry.
 
To build trust make sure the information you give to consumers is well researched and factual. Being in command of industry knowledge promotes self-confidence and builds consumer trust.   
 
Information and Consumer Confidence
We need to be attentive to what consumers are saying. Relate the information you provide to the experience of your audience. Give them actionable information. For instance, online cooking classes are useful in themselves while they seek to sell books and food ingredients. Are you at the peak of your market like the vegetable guys who confidently promote healthy foods?
 
More and more consumers are doing an internet search on products, services and the businesses in the trade. They expect to find information on business websites, web directories and social media sites with blog articles, reviews, videos and photographs.
 
Gather your information, educate your team and launch a marketing campaign as the trusted source for information that encourages sales.   
 
Content Marketing Online
People trust feedback from consumers. A toiletries company launched an online video campaign utilizing consumers who were representative of their target market audience. They went beyond dialogue on product review and focused more on the daily interest of the consumer such as their hobbies, music selection and sporting interest.
 
Their aim was to introduce an individual the video viewers could identify with. In this way they moved away from celebrity endorsement towards a messenger who was just like the viewer explaining how she enjoyed using the products while she went about her daily activity.
 
The greatest challenge for most businesses is in producing consistent, original content that is relevant to consumers. Collaborating with organizations that generate and disseminate content regularly online is a good way to promote your business in association with fresh content.
 
Siddha Param
International Business Consultant

Reboot your business plan for sustained high growth

Click For Link To:

BUSINESS SERVICES

CENTRE FOR EXCELLENCE

BUSINESS EXCHANGE MALL DIRECTORY

Do share this article on social media and with those interested


Business Marketing

11/12/2015

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Profit From A Networked World
Your high growth partnerships

 
The young couple living in tropical Southeast Asia work from home designing shop interiors for small retail businesses worldwide. To date they have worked with clients in Thailand, Malaysia, Singapore, Indonesia, Australia, New Zealand and the United States. This commercial space design business operating through cyber space is an example of a Micro-Multinational Enterprise (MME) with a Trans-Pacific client base.
 
The wife focuses on the production and delivery of the designs. She takes instructions and designs the shop layout communicating online with the client throughout the process to ensure satisfaction with the service.
 
The husband focuses on marketing through social media. This is a full time job for him as he targets a specific niche market of small retailers. He promotes the design services by spending time building a relationship with prospects and those who could recommend their services.   
 
Here are several ways you can grow your business in a networked world:
 
Industry Spokesperson
Be active in your local trade organization. Your industry colleagues are your natural advisers and promoters. Together you can organize events that showcase your industry and business.
 
The principle owner of a motor vehicle dealership group explained that the group was in the vehicle business and would help a customer to get any type of vehicle they want. The group is not limited to offering the brands they promote at their various dealership locations. This is possible because the principle owner is active in the industry trade organization. He is an advocate for the industry within the community. He has built up a network for cross referrals with other dealers of brands he does not display in his showrooms.   
 
As the principle owner explained, we are specialist in motor vehicles and have the people to advise clients on any of their choices. This focused strategy allows the group to serve a wider customer base within the motor vehicle niche market.
 
This principle owner also keeps in touch with the latest information from manufacturers and business consultants. He ensures that the latest business best practices are implemented throughout the group.
 
A business leader builds trust by being an informed industry spokesperson in the community their business serves. 
 
Business Network Meets
Most of us have experienced cold calls from sales people promoting products and services we may not need at that point in time. But when we get a call based on a referral from someone we know the possibility of doing business increases. Warm calling is when a business focuses on calling those who have expressed interest either directly or through a third party. This is why referrals and strong leads are essential. Warm calls turn strangers into listeners.
 
To be effective you need to define your market, identify your audience and seek out those who can help you to reach your target audience.
 
By attending regular business and community meetings you can build a network of business connections who can promote your business offerings to those who may be interested.
 
Promenade Business Exchange has become a business venue which promotes a cross-pollination of business ideas and groups in Winnipeg. At the business exchange meets connections are made that promote businesses.
 
Social Media Outreach
Social media is now a necessary part of a marketing campaign. When used effectively it can give a business the competitive edge that makes it a major industry player.
 
Social media can give you a lead over the competition because it is a promotion medium accessible 24 hours a day 7 days a week on demand. At 2.00am a late night audience may be retweeting your message to friends and relatives who may subsequently read your message at a convenient time.
 
Social media enables easy sharing and rebroadcasting of online flyers and videos at no additional cost to your business. This is an advantage over traditional print, radio and television.
 
It is significant that more and more consumers are accessing social media through smart phones that are with them practically all the time. Smart businesses are taking advantage of the opportunity to reach-out to the many people who are walking around with computers in their pockets and handbags. Now smart watches are making it even easier to get people’s attention.    
 
Promenade Business Exchange is promoted through social media by StranRidge.com thus amplifying the word of mouth promotions by participants who attend the meetings and mixers organized. Through social media, events of participants are promoted to a wider audience.
 
These social media feeds are being resent and forwarded by other trade organizations and individuals resulting in a web of promotions. The result is greater community awareness of the businesses that have active representation.   
 
Networking requires an investment of time in seeking out useful information for social media broadcast to a targeted audience. Through online replies, resends and forwarding of pertinent information we can reach a wider audience.
 
Social media is a two way street of learning and providing others with helpful feedback. Communicating in a manner that informs others is a skill that needs to be developed.
 
Success in social media comes from moving beyond broadcast towards engaging in ‘conversation” with your audience.
 
Define your niche market, identify your audience and start a conversation about your offerings.
 
Siddha Param
International Business Consultant

Reboot your business plan for sustained high growth

Click For Link To:

BUSINESS SERVICES

CENTRE FOR EXCELLENCE

BUSINESS EXCHANGE MALL DIRECTORY

Do share this article on social media and with those interested


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Business Leadership

11/5/2015

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Responding To Evolving Markets
Being a creative design business

 
Our entrepreneur was sitting at Kit’s beach Vancouver with his accountant enjoying the sunset over drinks, when the accountant said, “Why don’t we cycle up to Granville Island along the beach tomorrow morning.
 
The entrepreneur replied, “I’m not so young anymore”. To which the accountant responded, “We can use a couple of old 1960s type bicycles I have. You know, the type with spring operated bells that go, Ring! Ring! We can cycle real slow.”
 
A creative design idea popped into the entrepreneurs head about getting a 1960s style bicycle designed with a motor included. The handles could have blood pulse monitors attached. The target market would be seniors who would love to bike around again but with less muscle power. This was the beginning of a new business idea. The internet of things is going to see the convergence of computing technology with many of the common tools we use.
 
In a continually evolving technology driven world, creative design is essential for sustaining success. When old ideas are combined, very often we get a new idea that may be the right response to changes in the market.
 
When it comes to internal business organization, many businesses from small to large now find it almost impossible to operate without the use of technology software. Even a snow removal one person operation finds it useful to have a smart phone to provide a reception and scheduling service to organise work and payment collection. In our technology driven world, automation is the fastest way to sustain and grow businesses.
 
By delegating routine task we will have more time for creative design to grow our business.   
 
A competitive business leader constantly looks for ways to use existing concepts and tools to create something new that captivates the market. This requires brainstorming with stakeholders such as suppliers, staff, consultants, funders, and customers. To be creative in business requires different fields of knowledge and perspectives being combined into a holistic view that leads to an idea that can be commercialised.
 
The following are ingredients that help stimulate creative design that can lead to innovation and continual business growth:
 
Questions for Stakeholders
Pose questions to different stakeholder groups and then get your team to brainstorm and combine these ideas into a holistic view to stimulate fresh ideas. It is more effective if you have a team with different skills sets and specialisations.
 
The entrepreneur at Kit’s beach is a competitive leader who is constantly driven to take action on ideas. He knew how to assemble a team of engineers and specialist to design prototypes for test marketing. If successful he will go for commercial production.
 
Customer Feedback
We need to get feedback from customers on user experience of our products and services. Social media is a great way to reach out and get feedback from a wider audience of your target market.
 
Analysing information received in a timely manner adds value to the knowledge gained. Evidence based conclusions are extremely valuable.
 
Systematic Evaluation
To be creative we need to be systematic and structured in our approach to evaluating ideas. If you have been successful in leading a business project it means you have the skills to be creative.
 
The challenge is in combining our leadership skills in delivering on a project with fresh ideas to generate creative solutions in response to market needs. By constantly discussing with your stakeholders the new knowledge you gain you can stimulate creative designs that offer practical ideas for action.
 
Siddha Param
International Business Consultant

Reboot your business plan for sustained high growth

Click For Link To:

BUSINESS SERVICES

CENTRE FOR EXCELLENCE

BUSINESS EXCHANGE MALL DIRECTORY

Do share this article on social media and with those interested

 

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