Indeed, the goal is to be visible on the internet. Nowadays, we use the internet as soon as we do research. Being visible on the internet increase the probability of gaining market share, therefore it should be a major challenge for companies. For example, by buying keywords on Google, the company can appear in the first search results and position itself as a leader. The use of social networks helps to show the areas of expertise of the company, to create and retain a community as well as to communicate on the new products and services.
The competition between businesses will ensure better quality of their goods and service they provide. Competition is well known for providing great productivity which leaders to a growth in the economy. Not only can competition improve the quality of work, it can also improve innovation. Innovation is an important quality to have in a company because it aids in keeping products and services fresh. “Economic Influence on Marketing” claims, “To keep current, your business has to adapt to changes in the industry and must always keep its eye out for innovative, cutting-edge technology and product improvements” (Bradley).
The business person can increase their sales by showing their good feedbacks and giving a proper information content in order to get customers trust. A study has been reveal that 91% of retail brands used more than one specific social media in a way to attract their target customers. Therefore, testimonies and feedbacks can also be included in their social media website to improve their business conversion rate up to 34%. Business conversion rate can be increase by adding reviews to your social media sites by creating a different way of presenting and commercial their own brands that might be more interesting and different from others. In conclusion, even though some business might not achieve their own targets but there must be a way to make it successful such as the positive impact of social media.
This in turn results to the increase in the number of fans for the business and at the same time raise awareness on the business brand. A referral promotion can also be said as an approach for businesses to reward their fans for being the best ambassador for the companies on Facebook. There are a few steps to organise referral promotion. The first step to organise referral promotion is that a business has to choose a gift and referral goal. A right chosen prize is very crucial in referral promotion.
It might also help to identify whole new markets that you can successfully target. The purpose of any marketing strategy should be to identify the benefits of your business, and offer those benefits later on to your target market/audience. Also is good to mention that every time you speak to someone about your business you are involved in marketing. Even a conversation about your company is a good opportunity to promotion which can increase the sales. Last but not least, the marketing strategy will help you to be focused.
In today’s fiercely competitive world, it is very important for the marketers to discover and figure out the aspects that are essential to deal with the competitors, changing customer tastes and preferences. The intense competition in terms of product similarity and increased number of competing brands in the market have led the marketers to consider and study the factors that are influential in consumers’ brand choice decisions and behaviors (Das, 2012). For marketers, youth market is one of the most appealing and attractive market, as they believe to earn a huge return on their investments by targeting this age group. Youths, nowadays, are considered to have more pull/[power] in their key family decisions and purchases. Hence, a major center of firm’s marketing actions is towards these young consumers and they concentrate much on the factors underlying the buying behavior and brand choice.
Thus, it is recommended that the marketers focus on increasing such awareness among people which would in turn help in building brand image. Further, it was found that quality of the products of the brand works towards building brand trust among consumers. Thus, it is recommended that companies offer their consumers with high quality products and no compromises are made on the same. This can foster a lasting relationship between consumer and the brand. It is also recommended that since the young adult consumer is largely affected by the brand image, marketers try to focus more on luring them as consumers and target them directly in their advertising tactics.
You also need to have: A market for your product (this is known as Audience or Traffic in internet business). This is similar to the traditional market place, online businesses cannot be successful without customers. For online businesses, these customers come in the form of site visitors or viewers. Generating the highest amount of traffic possible on your website will create the highest chance that those visitors will become customers. Ensure that you do good keyword research that is targeted to drive the most traffic to your site and register with search engines.
While companies often view such point-based programs as a fast way to enhance profitability by inducing customers to buy, they are finding that there is a much greater value provided by loyalty programs: the collection of information from program members. Companies can then use this data to develop a 360-degree view of customer interactions and determine how best to tailor process enhancements by segment – particularly for high-value
The purpose of mass advertisements aims to capture attention for the product, ensuring prolonged association with consumers, or for the purpose of recall of their product in customers’ mind by building a strong brand image by creating value for the customers. This give rise to the application of the AIDA theory(attitudes, actions,interses&desire). For the purpose, it proceeds to analyze the impact of advertisements in influencing the consumer’s attitude to purchase the durable products like Television and Refrigerator, etc. Today, most of the advertisements come with ‘celebrity endorsements’ This could be for the reason of their social standing. People want to wear the “right” clothes, drink the “right” beverages and use the “right” fragrances and buy “right” durables.