Monthly Archives: December 2020

How Marketing Automation Makes Marketing More Agile

When you want to start any business such as cash for junk cars, you will be guided by the demands of your market. You must conduct market research to ascertain whether there is a demand for what you want to sell. It can be frustrating and a wastage of resources if you introduce products to the market only to realize no one is ready to buy from you. Market research plays a vital role in ensuring whatever you decide to sell is acceptable to your prospects. This is where market intelligence comes in.

 

Market Intelligence

Market intelligence refers to the information that is gathered by a company in regards to a specific market and helps teams make better marketing decisions. It is used to learn about existing markets, problems faced by customers, competition, available customers, and growth opportunities.

The purpose of gathering marketing intelligence is to learn about the customer and competition so that you can have a better chance of marketing your products and services Companies can gather general demographic and spending habits of consumers and use this information to write better and more targeted social media ads. Additionally, market intelligence can be useful in helping a company make better decisions on product development.

During market research, there are different types of information collected, which include the following.

 

Competitor Intelligence

Once you have a better understanding of how you compare with your competitors, you should have an inward look at your products and services to see how you fair. The goal here is to learn about the quality of your products and the performance of your services. If you have physical products, you should evaluate the manufacturing process to ensure you are building the most efficient products.

 

Market Understanding

To have a true understanding of the performance of your products, you need to have a look at the various markets where your products are available. Is it possible for you to expand your products to other markets? Are there other markets that could benefit from your products and services? This information could be very useful in helping you understand where your audience is.

 

Customer Understanding

Understanding your customers is the key to increasing the product life cycle of what you are offering. It is five times more expensive to acquire a new customer than to retain an existing one, and so it’s important to put customer research and understanding as a priority in your business. You need to understand various aspects of your customers. Why do they buy from you, and what challenges are they faced with? The goal here is to gather as much information as possible that can help you make better decisions concerning your customers.

Market intelligence is very important in helping you understand where you should devote your resources, understand what markets to enter, understand customer purchasing patterns as well as the audiences to market to. To conduct market research, you will need to use both internal and external sources including surveys, questionnaires, focus groups, forms, journals, among others.

How to Get Your Startup Up and Running with Business Incubator

For first time entrepreneurs, starting any company, be it cleaning services, towing service, software development, or eCommerce, can be a lonely process. There is a lot of hard work, dedication, and self-discipline that need to be put in, with limited options and resources at your disposal. Over the last few years, founders and startups have turned their attention to business incubators and accelerators to grow their business.

It is a concept that makes a lot of sense for entrepreneurs at their early stages of founding a company, to leverage a defined process for success and transition to a sustainable business.

 

Business Incubators

A business incubator is a company that helps startups and new businesses accelerate their growth and success. Incubators achieve this by providing support in a variety of areas including management training, capital mentorship, office space, and networking connections. Incubators can be sponsored by different types of organizations including private companies, venture funds as well as lending institutions.

Some incubators are focused on a particular type of companies, such as fintech startups, vertical markets – those that invest in energy markets, etc. Companies usually spend one or two years in business incubators. The span is normally determined by need and obligation. The ability to receive quick, accurate information from incubator executives and mentors holds a significant key to the growth of a startup.

There are different tasks that business incubators do.

 

Office Space

Some incubators offer office space for free and even on below-market rates to their portfolio companies. Doing so helps in solving several problems for startups. It allows startups to find a professional space for their employees to work without having to sign a lease. This can be very useful when a company is not sure how quickly they will scale their production.

 

Specialized Equipment

Some incubators invest in specialized equipment such as modeling software, prototyping equipment, 3D printers, and software development labs. This acts as a huge advantage for scaling companies at their early stages. Access to costly equipment and simulation programs would be crucial for the growth of such companies, and this can be made possible if companies can get what they need at the lowest cost.

 

Experienced Mentors

It is very important for startups to make little mistakes when scaling up. Most incubators offer experienced staff or very savvy industry experts to offer much-needed help to core teams to stay focused and avoid making common mistakes. Incubators normally bring onboard mentors who have specific startup experience to help them in explaining processes, planning, and making key decisions.

 

Group training and education

Many business incubators offer a wide array of important business training that spans from legal advice on startup documentation and incorporation to other general business issues such as product development, research, innovation, and establishing company culture. There will also be shared business services much such as leveraging the availability of software and selection, and other services such as accounting, banking, marketing, and manufacturing. If you are considering getting signed up to an accelerator program for your business, there has never been a better time like now.

How to Implement Attraction Marketing

Have you ever come across a post on LinkedIn or Instagram from your favorite celebrity or influencer explaining how they use a certain service such as towing service or product? They might have just posted a photo with a caption explaining a certain item. Regardless of the situation, you can probably recall a recent time in which your attention was drawn to a product just because someone expressed high praise about it. The person might have explained how the product works and makes their life better.

If that is the case, that’s what we call attraction marketing.

 

What is Attraction Marketing

Attraction marketing is a term used for a method of marketing a product or service. It works by providing valuable information about an item before convincing customers to buy. It is a very powerful marketing strategy for both lead generation and brand loyalty. Attraction marketing takes an angle that convinces you why you need the product than ever before.

The biggest challenge you will be faced with is coming up with a plan on how to implement attraction marketing in the best possible manner. It requires using a technique that emotionally connects with a lead or customer and provides them with answers to the questions before they even ask. The biggest part of implementing attraction marketing is by expressing helpful features that define how a product is reusable. Here are some sure strategies to go by when implementing attraction marketing.

 

Build an emotional connection

You need to come up with creative ways of telling a story in a way that connects with the emotions of your prospects. This comes as a result of using keywords and phrases that build an emotional connection with potential customers. Instead of saying that your product works, you need to share how using the product empowers you as a marketer or a consumer.

 

Name the product and its useful features

When building your message, you need to mention the product by name. If possible, create a hyperlink of the product page and connect the features of a product to what the product solves. Doing so will help customers in visualizing how their lives would be improved from the experience of using your service.

Focus on the future value

It is always a good idea to mention how using the product or service in such a delightful experience can fit into the lifestyle of the consumer. If the customer is seeking to know how to use the product, they will be more interested in seeking information. After all, everyone is looking for anything that would make their lives easier. Use any information that would attract the most consumers and make them interested in what you offer. Doing so shows how your brand is customer-centric and obsessed, and also shows there is a human behind the product being promoted.

While doing attraction marketing, there are a couple of tips you must get right. To achieve success, you will need to pick the right channels for your messaging. You will need to choose a platform that supports long-form content. You may consider having accounted for visual platforms such as Twitter and Instagram and making use of graphics and video to deliver your message.