With the increasing competition, soon monopoly will only be a word. Yet, we need to understand that an organization needs to have a monopoly in its service, promise or relationship. There has to be a driving force to keep customers loyal to your brand. This driving force can be achieved through the following eight tips.

1. First serves the best

It is best to make a first good impression. Present yourself and your organization at its best. Be calm, polite and give a warm greeting. This makes the customer ‘to want’ to be a part of your brand. Imagine yourself being on a date!

2. Let your customers choose

Inform your customers about the recent happenings with your brand through an e-newsletter. Give them time and allow them to opt-in for it themselves. Don’t harass them with a bunch of emails. This may only lead to bad regard for the organization in the customer’s mind and may develop into a cause for no business in the future.

3. Keep in touch

If people have opted for your newsletters, keep them well informed about what is happening with the product, brand, organization etc. Tell them what they would like to listen to. Let them know about an upcoming sale, exhibition, give them free coupons. Generate engaging content. This can be based on humour or teasers can be developed to create curiosity. The more it feels like a conversation, the better.

4. Set the bar higher

Why are Apple fans so devoted? It is because they have invested a huge amount and learnt something new. A high price is an asset, not an obstacle.

5. Incentives

Reward your customers through coupons and gift vouchers. The bigger the reward is the better is the loyalty. It ensures repeated business. It has to be lucrative yet practical.

6. Fan talk

Make your fans extra talkative about the brand. Especially if they are friends or family, it is more rewarding than any other paid spokesperson. Reward people who refer your business, this makes sure that they do so time and again.

7. Fan names

Give your fan a name. They will like it. Like Dove calls its users ‘real women’. It makes the customers feel like they are a part of a community and among the loyalists to that brand.

8. Make your customers famous

Everyone likes being famous. Give your customers the fame they desire. This grows their attachments towards the brand. Recently brands like Maggi and Fritto Lays gave its loyalists a chance to speak about how they personalise the product and made them famous with their photos printed on the product packages. When users say something interesting about the product, get the message across to the mass. Customers feel that what they say is of value to the brand and someone is listening.

The post 8 Tips to Top first appeared on FORECAST.

Why are you in business? Let’s cut through the chase and get right to the point. YOU ARE IN IT TO MAKE MONEY! This blog does not intend to reduce the significance of the products or services that you sell. Because if it weren’t for these products or services, you wouldn’t really have a business, would you? But here is a trap waiting for you; a modern misconception that we are all in a widget business (i.e. focusing only on your product/service but not enough on your customer). And this is the real cause of slumping sales. What should you do when you decide to get into the marketing business?

First and foremost, try and get your attention off the widget (product) and on the people who are going to buy it. Because it is these people from whom the money is going to come that will sustain the business. When you force your customers to focus on the widget, then they find it hard to differentiate between your widget and that of the other person. This is when they start complaining, from price to size and more. Widgets don’t have value; value is what you uncover about the person who will give you money.

It is important for you to understand that your customers will only give you money for your product only if you address what’s important to them. One cool example is that of FedEx. Most courier packages are delivered in envelopes or boxes. But FedEx doesn’t sell envelopes or boxes- it sells “getting your package delivered by 10:30 a.m.” This is what is important to its customers and they are willingly paying top money for this.

Keeping your potential audience in mind, make a list of five to seven items that are important to them. Don’t list product features; list things they might actually say to themselves. For example, if you were a Mover (one who helps in shifting houses, offices etc.), what might be most important to your customer? Obviously, it is that you don’t break their stuff. Your service’s main feature might be the immaculate wrapping or packing, but think about it – will your customers care about how you wrap it or carry it if you break half their stuff on the way? No sir! All they’d worry about is their stuff looking exactly like it did when it left their home.

The post Marketing a Small Business first appeared on FORECAST.

Of late Indian advertising and its ethics have been under the microscope. This cartoon was posted online by JWT India, a branch of one of the world’s largest ad agencies, as part of a series intended to illustrate a small car’s rear storage space, with the tagline: “Leave your worries behind with Figo’s extra-large boot,” After the image rapidly spread online, and prompted a backlash from women’s groups in India, it was withdrawn, along with two other versions of the cartoon ad, which showed the reality television star Paris Hilton using the car to abduct the Kardashian sisters and the Formula 1 driver Michael Schumacher kidnapping three of his rivals.

The ad raised hackles on several moral and ethical grounds. Not only was it very offensive in a country with a highly charged anti-rape atmosphere but also there was the fact that the ad was created for the sole purpose of winning an award, i.e. scam advertising. When ethical questions were raised all around the world, JWT, one the world’s largest ad agencies and the creator of the ad, shed responsibility and fired some top executives.

ASCI AND ITS FUNCTIONING

In India, the regulatory body for advertising, ASCI (Advertising Standards Council of India), addresses complaints about unethical advertising. It has set a code of conduct for advertisers to follow. With ASCI setting broad guidelines for it to follow.  

The ASCI code of Advertising Practice is mentioned in 4 Chapters:

Chapter – 1: To ensure truthfulness and honesty of representations and claims made.

Chapter – 2: To ensure that an advertisement is not offensive to the generally acceptable standard of Public Decency.

Chapter – 3: To safeguard against indiscriminate advertisement in situations, or of the promotion of products which are regarded as hazardous or harmful to society or to individuals, particularly minors.

Chapter – 4: To ensure that the advertisement observes fairness in competition

Here is an example of one of the complaints resolved by ASCI. The complaint was against Luminous Water Technologies Pvt Ltd having their product, Livpure RO Water Purifier’s tagline as “Duniya ka sabse shudh pani”. As per the complaint, the TV advertisement of Livpure Water Purifier states that Livpure gives “Duniya ka sabse shudh pani”. Now, Kent Water Purifier’s last campaign was based on the key proposition that Kent provides “Duniya Ka Sabse Shudh Pani”. – definitely, the Livpure ad has taken off in the blaze of the higher-profile Kent product which has been using this tagline in all their communication material since 2011 consistently. This is a blatant copy of the same proposition and a gross violation of brand property committed by Livpure water purifier. It reflects very poorly on the company and the agency who designed the campaign.

The investigation concluded by the ASCI saying that the tagline of Livpure Water Purifier was similar to the tagline of Kent Water Purifier and suggested plagiarism. The advertisement contravened Chapter IV.3 of the Code.

THE SOCIAL MEDIA MINEFIELD

Another emerging minefield of ethics is social media advertising and marketing. The rules here are still to be established and it is jungle law. As a marketer or advertiser, if your brand is taking the social media route, it is best to lay your own ground rules on ethical behaviour. In spite of the rules, there is always enough space for a creative mind to come up with great advertising.

The post Ethics in Advertising – What’s That? first appeared on FORECAST.

Market and consumer insights help in getting the inside track in the mind of your customer and the way the market works. These techniques read between the lines and make non-obvious connections. In India, we often equate market research with hocus-pocus or even an easy way for a marketing manager to cover potential mistakes. However, market research serves an invaluable purpose and can save the company a lot of time, effort and money. Marketing insights reveal results that represent the consumer’s deep beliefs, feelings or behaviours. This links marketers to consumers by supplying essential information to solve marketing challenges and help with marketing decisions.

NEW PRODUCT DEVELOPMENT

Market research helps a company create and develop an up-to-date and relevant portfolio of products. According to Philip Kotler, “The marketer’s initial task is to identify potential long-run opportunities given the company’s market experience and core competencies. To evaluate its various opportunities, assess buyer wants and needs, and gauge market size, the firm needs a marketing research and information system.”

An example of effective market research leading to product development is that of Nivea. Market research at the time showed that only 66% of UK women used a facial cleanser, while only 27% had a face care regime (cleanse, tone and moisturise). Women were looking for an easy and convenient face care routine. Nivea’s Soft Facial Cleansing Wipes remove eye make-up, cleanse and tone in one simple step, thus meeting the customers’ known requirements. This is the basis of the product’s success. Not surprisingly, Nivea rapidly became the No.1 brand.

TEST LAUNCHING A NEW PRODUCT/SERVICE

For a test launch of a product, a sample of potential buyers is presented with the product idea through a written or oral description to determine the attitudes and initial buying intentions.

Important questions answered include:

• Would you buy the product?
• Would you replace your current brand with the new product?
• Would this product meet real needs?

MEASURING THE EFFECTIVENESS

Companies often test launch a product in a smaller market before launching it nationwide, to adjust their product or marketing strategy. When Ford Fiesta was launched, it conducted a consumer survey before the launch to understand its target market in Delhi. Senior Ford management, met families across Delhi to understand their lifestyles, family structure, buying behaviour etc. This research information was then relayed back and used to customise the marketing and communication strategy for the new car.

EVALUATING SUCCESS

The research helps in comparative studies, as the company can track its own progress over a period of time, as well as the competition it faces in the market. A good businessman monitors his rival’s progress as much as he does his own. Social media has made market research evaluating faster, and cheaper. They may not work in every segment and market, but it is a great tool for customer feedback and can outback the zing into your marketing efforts.

The post Importance of Market Insights first appeared on FORECAST.

The Indian market is driven by consumers. The growing influence of Social Media, which is an effective medium for brands to engage with them, has enabled consumers to steer brands. They want things their way. If the consumer’s way changes, they want the brand or company to change with them.

People today experience life in a totally new way through digital media platforms. Social media has become a new real-time analytics tool to explore consumers’ attitudes, preferences and behaviour. It has given more power to consumers as they have the freedom to easily share information, product reviews, and brand experiences with other users of the virtual world. This has formed a trend of online word-of-mouth. Brands are being judged through their digital activities. Website is not the only source a consumer approaches to know more about a brand or a company.

A positive online word-of-mouth over digital channels has become a must. Consumers constantly communicate with brands leaving no choice for them but to listen and reply as soon as possible through proper channels. A highly personalized and relevant brand experience is what they expect in return. Brands need to move on from the thought that they are better creators than consumers. Let’s respect the fact that consumers and brands are on equal levels. Consumers have more power forcing agencies and brands to pay higher attention to technology, apps, customer service and social networks. Even consumers can create content for the brand as digital has empowered them with creativity.

With this ever-growing economy and market, brands still have a huge potential to invest, only if they are ready to shape themselves how the consumer wants them to.

The post The Rise and Rise of Consumers first appeared on FORECAST.

Capital venture companies have given wings to the business dreams of young minds. A promising idea gets converted into a great product and a small team of entrepreneurs slowly establish a company. But a great product is not the only requirement to succeed. Marketing also plays a significant role. A start-up needs you to have both, a great product and great marketing. Apparently, a start-up needs to gain more from marketing than any other company. It might seem like a different science but good start-up marketing is not a myth. Here are a few ideas which start-ups can consider.

P.S: They may sound easy but require a significant amount of hard work and dedication.

Pre-launch

Converting your product into a brand is one of the most essential activities. Build a unique brand first. The name, logo, design, packaging of your product should stand out and mean something. They interact with the consumers before the actual product does.

An attractive and insightful website is the best way to begin. Build a good web presence. If possible, upload a small demo or e-guide of the product/s.

Good media exposure is important to create awareness and build contacts. And press releases are a good way to achieve that. Give the press good content about the product. A short trailer to build curiosity can be a good idea.

A number of exhibitions, fairs, seminars, etc. take place throughout the year. Take part in them. Build your network before you need it. However, launching a product during/at these events is not a good option.

Launch

The launch of a product is the first step to penetrating the market. Everyone wants it to be a grand experience and hence founders are ready to chunk huge amounts on such events. But, the big bang launch of a product is actually a waste of money to start-ups that are tight on funds. Keep it a simple event. Invite key industry people and the press. Let the product talk and not the money invested in the launch.

Carry forward pre-launch activities. Maybe you can start posting blogs on the website or make a presence on social media platforms as the launch date arrives. Build good business connections.

Post-launch

Once the product is launched in the market, craft a marketing plan at least for the next 6 to 12 months. Focus on selling the solution in your communication. Educate consumers about how they can solve the problem using your product instead of telling them what problem they are facing.

Guerilla marketing or viral video content can be a good tactic. Distribute t-shirts or other giveaways with your brand visible on them. It helps in generating brand recall. Viral videos sound like an exciting option but are very tricky. You may create a video that you think can go viral but once released, it may not. There is no formula to make a video go viral.

Start targeting early adopters and innovators. They are the first ones to try new products. If possible, involve them in your team to develop a better product.

Expand web presence. Generate more original and relevant content. An active presence on social media has become mandatory for all brands. Invite blog writers/ review sites to review your product and publish it on their site. But before publishing, make sure you know what you need to publish. Once you have a good database, start sending e-mailers, newsletters, promotional offers, etc. Depending on what product you have, video content should be developed for video hosting sites.

Another good investment is web banners, pay-per-click ads and search engine marketing, in-app ads, etc. They usually come in the complete package of digital marketing. Offline public relations also play important role. Be everywhere. The majority of start-ups fly around in the digital space and stay invisible offline. Remember, there is a real world. Smart guerrilla tactics can be cheap yet beneficial move. Keep newspaper ads and television commercials for later stages as they can empty your pockets.

To sum it up, a start-up is not a child’s play. But once you get into it, you need to nurture it like a child; and the right marketing strategy would always help you raise this child better.

The post How To Market A Startup? first appeared on FORECAST.