Companies gather and analyze data to fine-tune their operations, whether it’s to help them figure out which webpage design works best for customers or what features to include in their product or service to boost sales. Marketers, in particular, use data analytics to answer questions like this: To put people in a shopping mood, is it better to make the webpage banner blue or yellow? … [ Read more ]
Content: Article | Authors: Christophe Van den Bulte, Ron Berman | Source: Knowledge@Wharton | Subjects: IT / Technology / E-Business, Marketing / Sales
A vital tool that will help you define the very essence of your brand.
Content: Article | Author: Patrick ‘Mad’ Mork | Source: INSEAD Knowledge | Subjects: Brand, Marketing / Sales
Whether you’re building a product, creating art, or writing a book, you need to remember that your customers or patrons make sweeping judgments in their first experience interacting with your creation – especially in the first thirty seconds. I call this the “first mile,” and it is the most critical yet underserved part of a product. […] In a world of moving fast and pushing … [ Read more ]
Content: Quotation | Author: Scott Belsky | Source: First Round Review | Subjects: Customer Related, Innovation, Marketing / Sales
Life is just time and how you use it. Every product or service in your life either helps you spend time or save time. […] The only exceptions are rare products … that add a time-consuming action to your plate while also making that experience faster than it normally would be.
Content: Quotation | Author: Scott Belsky | Source: First Round Review | Subjects: Innovation, Marketing / Sales
People buy what you’re selling because they like and trust you, and because they believe that what you offer may have value for them. Why do they believe this? Because you so obviously do. Mesmerizing belief in the product is the secret of every great salesperson.
Content: Quotation | Authors: Marshall Goldsmith, Sally Helgesen | Source: strategy+business | Subject: Marketing / Sales
There’s a behavioral design professor at Stanford, BJ Fogg, who has developed a model that says for any behavior in the world to occur, you need three things to happen at the same time: motivation, ability and a trigger. Motivation can play off of many things, like pleasure or pain, hope or fear. Ability refers to how easy it is to execute the behavior. And … [ Read more ]
Content: Quotation | Author: Payal Kadakia | Source: First Round Review | Subjects: Customer Related, Marketing / Sales
Selling begins when the prospect says “no.”
Content: Quotation | Subject: Marketing / Sales
Companies should do two things to harness the power of analytics in their marketing functions. First, rather than create data and then decide what to do with it, firms should decide what to do first, and then which data they need to do it. This means better integrating marketing and IT, and developing systems around the information needs of the senior management team instead of … [ Read more ]
Content: Quotation | Authors: Carl F. Mela, Christine Moorman | Source: Harvard Business Review | Subjects: IT / Technology / E-Business, Marketing / Sales
Why do we set prices? Setting aside the important reasons of generating revenue and maintaining solvency for a business, there are many other reasons to set price. Price reinforces brand because price telegraphs whether a product is a premium product or a value product. Price differentiates products in the market and can be used as a go-to-market strategy. Underprice the competition to gain share. There … [ Read more ]
Content: Article | Author: Tomasz Tunguz | Subjects: Marketing / Sales, Pricing
From “Top 10 Beaches” to “Five Ways to Negotiate a Raise,” the psychology behind effective lists.
Content: Multimedia Content | Authors: David Rapp, Kent Grayson, Rachel Davis Mersey | Source: Kellogg Insight | Subject: Marketing / Sales
Consumers have two dimensions. On the one hand, there is the individual that produces and consumes information, and on the other, there is the community member who shares information and whose behavior responds to a flock dynamic. Organize your business processes simultaneously for these two levels of granularity — individuals and groups/communities whose interactions bring about changes in behavior.
Content: Quotation | Author: Juan Luis Suárez | Source: Ivey Business Journal | Subjects: Customer Related, Marketing / Sales
When the funnel metaphor reigned, communication was one-way, and every interaction with consumers had a variable media cost that typically outweighed creative’s fixed costs. Management focused on “working media spend”—the portion of a marketing budget devoted to what are today known as paid media.
This no longer makes sense. Now marketers must also consider owned media (that is, the channels a brand controls, such as websites) … [ Read more ]
Content: Quotation | Author: David C. Edelman | Source: Harvard Business Review | Subject: Marketing / Sales
We see a paradox in two important analytics trends. The percentage of marketing budgets companies plan to allocate to analytics over the next three years will increase from 5.8% to 17.3%—a whopping 198% increase. These increases are expected despite the fact that top marketers report that the effect of analytics on company-wide performance remains modest, with an average performance score of 4.1 on a seven-point … [ Read more ]
Content: Article | Author: Carl F. Mela | Source: Harvard Business Review | Subjects: IT / Technology / E-Business, Marketing / Sales
Every branding process will automatically have two parts: The internal, employee-facing component, and the external, public or customer-facing component. Both need to be taken into account throughout planning and execution. They are two sides of the same coin, and while they require different approaches, they’ll intimately impact one another’s success — and it’s a delicate balance.
Content: Quotation | Author: Josh Reeves | Source: First Round Review | Subjects: Brand, Marketing / Sales
A big part of driving marketing-led growth is getting into, and remaining part of, consumers’ initial consideration set of brands to shop. Companies can give themselves a leg up by making that a priority.
Content: Article | Authors: Barr Seitz, Bo Finneman, Dave Elzinga | Source: McKinsey Quarterly | Subjects: Customer Related, Marketing / Sales
We’ve found that few enterprises fully recognize the value of data, data governance, and data hygiene. Data is cash, and it should be treated like cash. You need a data P&L.
There are really three kinds of data. First-party data is your own company’s asset, which you are directly responsible for collecting. It may be from cookies, email subscriptions, orders, or sales receipts. Or it may … [ Read more ]
Content: Quotation | Author: Shelly Palmer | Source: strategy+business | Subjects: IT / Technology / E-Business, Marketing / Sales
There’s a very strong confirmation bias for all content today, regardless of whether it’s entertainment, news, or just information. It will grow even stronger as technology improves. As content distributors, we are fighting the hardest fight ever: getting through the personal filters of people who have opted into their own world view. Many have no interest in getting out of it. […] The free and … [ Read more ]
Content: Quotation | Author: Shelly Palmer | Source: strategy+business | Subjects: Customer Related, Information, Knowledge, Marketing / Sales, Personality / Behavior
Six tips for nailing your pitch presentations to get the results you’re after.
Content: Article | Author: Stephanie Scotti | Source: SmartBrief | Subject: Marketing / Sales
We all start out as audience members. But sometimes, when the combination of factors aligns in just the right way, we become engaged as fans. For businesses, the key to building this engagement and solidifying the relationship is understanding the different types of fan motivations in different contexts, and learning how to turn the data gathered about them into actionable insights. […] Although traditional demographics … [ Read more ]
Content: Quotation | Author: Erin Reilly | Source: strategy+business | Subjects: Customer Related, Marketing / Sales
Sales leaders need to consider two critical but often overlooked factors when assessing their current and future customers: need and behavior. When combined with value, these indicators will reveal the customers whose strategic direction and operating model come together in a way that could make them huge sources of revenue. Sales teams should then tailor their deployment strategies toward these customers.
Content: Quotation | Authors: Lavanya Manohar, Namit Kapoor | Source: strategy+business | Subjects: Customer Related, Marketing / Sales