Product

The product can be tangible like a vehicle, a mobile phone, some shoes, etc., or intangible like a consultancy service, software, hosting, etc., and that can be perceived only indirectly. In any case, the product that hits the market will go through different stages: initial growth, stability and a drop in sales. Hence the importance of investigating its life cycle before putting it up for sale.

What Should We Ask Ourselves About The Product

When developing and introducing a product on the market, we should ask ourselves some questions that will help us bring to fruition what we want to sell:

• What does the customer receive from the service or product?
• How and when will you use it?
• What features will the product have to satisfy the customer?
• Have we added all the features?
• Have we added any more, and that is unnecessary?
• Do we have a catchy name for the product?
• How do we visualize it (sizes, colors and other characteristics?
• What differentiates us from the competition?

Point Of Sale

Another of the four P’s of marketing applied to an online store is the point of sale or the place where we will sell the product. Obviously, the point of sale for an online store is the Internet. However, if we also have a physical store, conducting a market study of the area would be advisable before opening our business.

Distribution Strategies

There are many distribution strategies, for example:

• Extensive. It is the one that tries to cover the most significant number of points of sale. Ideal for basic or first need products.
• Intensive. It is the one that seeks the distribution of the product in an equivalent commercial branch.
• Exclusive. Carefully choose the points of sale to increase the prestige of the brand. We have more control and more margin. It is often used for high-end products.
• Selective. Restrict the number of products, either by philosophy or company image, or based on geographical perspectives.

What Should We Ask Ourselves About The Point Of Sale

To develop our distribution strategy, we could ask ourselves these questions:

• Where do customers look for our service or product?
• Is it possible to sell the product online?
• How do we access distribution channels?
• How does the competition distribute?

Price

The price is the final cost the user will pay for the product, and it is one of the main items for sale and determines our company’s profit. The advantage that we have, being an online store, is the considerable savings in some expenses that will influence the final price of the product, especially those related to marketing, since we do not need to hire vendors nor pay the rent of the physical establishment. If we are a new business with new products, it is unlikely that customers will pay a high price for them, so adjusting their prices should be part of our marketing strategy.

Strategies

Here are the top five pricing strategies:

• Market penetration. It aims to conquer potential clients by offering more contained prices on the products or services we offer initially.
• Premium. This strategy sets a price above the average market price and makes consumers think that our product has added value compared to the competition.
• Skimming. The first phase consists of entering the market with a high price, attracting the less price-sensitive segments, lowering it considerably and reaching the rest of the segments. This is more effective if you have little competition.
• Psychological prices. It is to fix a product and that the client acts by emotion rather than logic. For example, instead of setting a total price, set a lower price with decimals: €99.99 instead of €100.
• In a batch. They sell a group of products at a lower price than when purchased individually.

What Should We Ask Ourselves About The Price

The questions we should ask ourselves before setting a price could be the following:

• How much does it cost us to produce the product or service?
• What value does the customer perceive in the product?
• If we lower the price, could we increase the market share?
• Can we maintain the product’s price compared to that of our competitors?

Promotion

Finally, promotion is another of the four Ps of marketing applied to an online store. This is the way to communicate the sale of a product or service, intending to disseminate the product and persuade the consumer to make a purchase.

Promotion Elements

The promotion consists of elements such as:

• Sales organization. It deals with the sale and distribution of a product or service.
• Public Relations. Manages relations with the public through favorable publicity, good corporate image, controlling everything that is said about our company.
• Advertising. Any paid way to present and promote the product by an identified sponsor.
• Sales promotion. Short-term incentives that encourage the purchase of a product or service.

What Should We Ask Ourselves About Promotion

We should ask ourselves some questions if we want to create a good product promotion strategy:

• How do we send promotional messages to our potential buyers?
• When is a good time to promote our product?
• Through what means can we reach our clients (radio, television, AdWord)?
• Would we include the RRSS in our promotion strategy?
• What does our competition do to promote the product?

The post The Four P’s Of Marketing Applied To An Online Store appeared first on Web Updates Daily.

For those of us who are dedicated to creating and managing brands, notoriety and reputation are constant goals that are very fragile because they can quickly be lost. Today you can enjoy notoriety and tomorrow no longer because another brand has carried out a stronger campaign that eclipses you. A very clear example to understand it can be seen in advertising on the internet, you pay for your clicks that keep you first, another comes that offers more for them and unseats you, it is a crude but clear example. Notoriety is that, investing to be remembered, being the first option when we have to consume a certain good or service, or being the first to recommend when asked.

Reputation also requires investment, but not purely financial. It requires an investment in work, in behavior, in the way of doing things, in protocols, treatment, efficiency. All those “small” details that people perceive and that make them shape the image of the company. As we said a few weeks ago, having a reputation does not mean much, the issue is whether that reputation is good or excellent.

Also Read: Basic Tips To Manage Your Brand Yourself

We all know of places, products, and even services with a bad reputation, which left a bad feeling in those who consumed them and who therefore acted accordingly, deciding not to return, complain, or give bad references.

Reputation is like a cultivated field, if you tend it, sow, clean, water, harvest, and re-treat the land you will have good results. The more you take care of it, the better and the more abundant harvest you will have; However, the moment you abandon it a little, weeds come out, a little more abandonment and the weeds take over the land and eat the sown and so on until the harvest dies.

A brand is a field with possibilities for production and growth. The larger the land, the more work, and maintenance it requires, and if the harvest is properly worked and maintained, that is, the reputation will be good. And this sometimes requires an economic investment that can streamline processes that revert to a positive perception, but it always refers more to a way of doing things.

Notoriety is not synonymous with success, it is synonymous with brand awareness. In other words, that resources have been invested in communication actions in the form of advertising, sponsorships, raffles, contests, PPR. and in all communication channels of the company. Said roughly, it is achieved by paying presence. It is a double-edged sword because then that knowledge generates expectations in many people that must be met and the company must be able to know its limits so as not to fail them or not die of success.

Let’s take a final example to differentiate both concepts. A brand for online sales of imported products decides to expand the market for what it invests in an advertising campaign, in raffles and contests, reinforces its presence in rr.ss. and establishes a branded content strategy by making force on his blog with very interesting articles that go viral. You start getting answers, you increase your interaction with people and your content is shared, you are gaining notoriety. Sales start to rise, campaign success, they continue to increase and orders have to be rushed, they go to more and smaller failures in shipments such as delays begin (when there had never been any), more and there are small stock breakages with what that entails. While the brand’s channels begin to read comments that orders do not arrive on time, or that they do not arrive, or that the stock in the store runs out immediately. As A Result, the brand reputation begins to fall due to the loss of response from the brand. Then notoriety also begins to fall because people no longer pay attention.

It is a crude example and without details, but it exemplifies a brand capable of growing in notoriety with a good investment that is not able to manage that return and loses a good reputation due to lack of response. As long as the answer can be given that meets people’s expectations, the reputation of the brand will be positive, when the reputation begins to fail it will go under, no matter how much investment continues.

It is necessary to match the message and the investment so that expectations are not generated so high that the brand does not know how to meet or whose response does not measure up to expectations. We are talking about honest communication that requires a deep knowledge of the product or service that is offered to talk about it in a way that can then be responded to before people.

Also Read: How To Incorporate Pinterest Into Our Marketing Strategy

The post What Is The Difference Between Brand Reputation And Brand Awareness appeared first on Web Updates Daily.

5 basic points that every company must have to manage its brand:

The graphic brand, of the type appropriate to your sector

Logo, symbol, logo-symbol. One of the types of graphic brands, appropriate to the sector, audience, and objectives of the company. There are still companies that downplay the fact of having a logo arguing that the secret is in the quality of the service or the product. To some extent it is true, but it collides with a glass ceiling when it intends to grow among an audience that does not know the company or its know-how and people have no arguments that make them believe in the brand. It is curious how we value the brand as consumers because if not how we justify the choice in the purchase of a car, economic limitations aside; However, on the other side, as entrepreneurs, there are two possible reactions: one to downplay it and the other to envy other brands saying they have more resources.

It all starts with a graphic brand as a representation of the brand strategy.

The corporate identity manual to use it in a unified way

Some manuals detail how to use the brand. These are the least and are necessary when the brand system is very complex and is in the hands of many people, that is, the company is large. The business fabric is mostly made up of small and medium-sized companies that require relatively basic identity manuals.

They must contain the minimum guidelines on the use and variants of the brand, its colors, where to use it, and how, restrictions, and some applications. Explained simply and understandably so that without the help of the designer the company is independent when creating a new template without breaking the visual and verbal style of the company.

Make an annual or semi-annual calendar with possible campaigns

This is the exercise that tends to cost the most, but the one that saves the company the most time in the medium long term. We all know about the benefits of planning, among other things, it allows us to work with the foresight to gather the necessary resources, whether financial or material, that each campaign requires.

We refer to a calendar that contains all the company’s campaigns in a year, with the start and end dates, the people responsible for it, and the necessary resources: financial, material and human. And the most important thing of all is then to consult and follow it, not to get carried away by the day to day without looking at that which has taken days to develop as a tranquilizer of consciences.

Set templates for communications

We already spoke in its day about templates for company communications. We are talking about free predesigned templates and “custom-made” corporate templates. They are a great resource to promote the identification of the company at each point of contact and generate a solid and reliable image.

Control messages and actions

Common sense, although as the least common of the senses is said. Everything that is done or said under the name or shadow of the company will directly affect you. If it is a good thing, the problem is when it is a negative thing that then has a hard time solving. Something as seemingly trivial as behavior in a car accident with a company vehicle, locker room on a business visit, lack of greeting and farewell in an email, messages or late calls, being late for a quote. Are gestures that can act against the perceived image of the company.

Also Read: What Is Dynamic Remarketing And Its Benefits?

The post Basic Tips To Manage Your Brand Yourself appeared first on Web Updates Daily.