Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts

February 8, 2010

Transparency in Business

There is hardly a conversation about social media today without discussing the concept of transparency. Customers and stakeholders increasingly expect it as the new operating standard.

Transparency is to be open, honest, and accountable and about responsibility. People listen and make evaluations and decisions based upon what you say. To make your business more transparent:

a) Be Real — Spread Awareness about What You Know
Talk about the things that you are aware of. Just stick to this. Then make sure to specialize in specific related areas.

b) Share Opinion, But Listen as well Stay Open to Other Views
You are fully responsible about the information you share. If you find someone else’s views good, then do appreciate. That kind of openness earns respect. Sharing your opinion is actually a part of marketing strategy.

c) Be Honest
Put all the appropriate details. Do not neglect anything that could be important for anybody else, it might affect your online credibility.

d) Be Well-timed and Responsive
Respond instantly. Being a part of social media, remember that timeliness impacts your success and failure. At the moments of controversy, timeliness plays significant role.

e) Consider Grouping
None of us can work as an island in social media world. Transparency means creating groups and communities. Educate customers and generate ideas for new products and services. Targeting right audiences makes lot of difference.

Sometimes, it’s hard to share the truth openly. But adopting transparency would definitely help to be more real, honest, and creditworthy and connects better with customers makes lot of difference.

January 18, 2010

Target your Potential Customers

The word “Marketing” refers to locate and connect with your ideal customers who are in need for your products and services and are fully willing to pay with open heart.

We approach the potential consumers following several strategies e.g. via social networking and all. To have good sales and constant increase in profits in your business, focus primarily to acquire and maintain long-lasting customer relationships. Build a group based on loyalty, your real fans who trust you enough to repeatedly buy from you and even refer others as well.

Follow a few steps before considering an ideal customer and also to make your business more profitable:

1. Try to cull out the standout features that make your product and services unique and special. Figure out why would one be interested to do business with you when so many others are present in competition. Mention your USP (Unique Selling Proposition) clearly.

2. Its human tendency to buy what they want to, or what they think or need. The whole decision revolves around the customer. They are least bothered what you think they need.

Always try to attract and approach “ideal customer" because it leads you to a different framework for your future actions. Try to dig into the specific dimensions and characteristics of the people who are best suited for your product so that you can communicate with them more strongly. Converse in their language about the things that mean the most to them.

There are two general approaches to factor in your ideal customer: demographic and psychographic.

Demographics provides you countable and measurable facts and figures about people
• Gender, age and their marital status, and disabilities, if any
• Parents, kids and their interests, challenges
• Cultural/educational background, health/wealth status
• Residence details-city, country
• Entrepreneur, job-part time/full time, small or large company or a government employee
• Which car do you owe, your Income?
• Hobbies, Favorite foods, restaurants, magazines, movies, TV shows
• Where do I go to spend vacation?
• And alike

Psychographics refers to beliefs, values, and aspirations
• Issues of passion like environment/health, child care
• What tribe/culture or life experience has made them to which they withstand today? To what "tribes" do they already belong that might be in synch with yours?
• State of mind like what frustrates or makes them angry, what keeps them awake whole night, what do they dream of, which issue dominates their life, what do they tried and failed number of times, etc.

Demographic approach gives you the black and white stats and Psychographics approach resonate the significant part of their life.

Keeping these two distinct approaches in mind, can help you in clarifying and attracting you potential customers who are loyal, whom you can trust and even appreciative fans who will become the core of your business.