In researching your brand and measuring its value, it can be priceless to understand how others see the brand. Brand exploratory is when there’s research focused on comprehending what consumers think and feel about the brand and how they act towards it. It’s significant in understanding sources of brand equity as well as possible limitations. The main goal is to identify a target market profile clear for future marketing tactics. This method can use both quantitative and qualitative tactics.
Qualitative research technique can give initial insight to recognize potential brand associations and sources of brand equity.
Examples of this type of research:
-zaltman metaphor elicitation
-adjective checklists or ratings
-ethnographies and experiential methods
Quantitative research techniques are used by marketers that need a more comprehensive representation of the brand based on the compilation and interpretation of numerical data to make more confident and defensible strategic and tactical recommendations.
Examples of this type of research:
Overall these are all techniques to look into to audit the brand further and provide research to improve it.
While we all use various applications and services like excel to organize our data, we all have our preferences. However, there’s one that’s better than the others to manage data visually. It can access a variety of files and create any visual needed for optimal visualization of all data.
An assortment of files can be uploaded into Tableau, such as excel, text files, a database on the same computer, a remote database and more. Multiple data sources can be uploaded together and joined by a common attribute. Each table is organized by every category, and anything can be inserted or removed, like calculations, hierarchies, and different sections.
From there, Tableau can create a variety of reports showcasing any data that needs to be explained and visually represented. You can sort anything from the left side into the columns and rows to create visual comparisons and see data quickly. Additionally, you can use the pages and filters to sort the data more as specific as necessary. Under that is where marks are located and you can create a variety of displays for the data. There are over ten options and you can design it the way you like and use the show me feature to preview and see what’s important. It allows the different landscapes to visualize the data and show the best way to share it.
Every brand needs a story to captivate its audience and continue. Building a brand’s story needs to clear and easy to follow for the audience to understand. There are seven steps to follow: the character, the problem, meeting a guide, giving them a plan, calling them to action, avoiding failure, succeeding. Let’s go ahead and break down each step.
1. The Character
The customer is the main focus of this component. The customer should be the hero, not the brand. Determine what the customer wants concerning the brand. Make the customer the hero and the brand be the guide. It would be best to create a storyline that allows the customer to desire something that requires the brand to close the gap.
2. The Problem
The story typically starts when a character who lives is typical and suddenly it’s disrupted. When talking about the problem with the consumer, attentiveness is furthered by what the brand offers. Additionally, creating a villain can advance engagement and have the audience sympathize with the character more. Customers like solving problems, whether external, internal or philosophical.
3. Meeting a Guide
Again, customers want a guide, not another hero. Humans see themselves as the protagonist. It’s about how the viewers see the world through their encounters. Humans desire guides to help them get through the day. Brands that place themselves as heroes end up competing with the consumer. Instead, it’s important to make themselves the guide to help consumers.
4. Giving them a plan
Consumers want a philosophy that they can incorporate steps to solve their problems. Brands need to share their plan and there are two types a process plan and an agreement plan. The process plan list steps to use the products, taking the confusion out. In contrast, the agreement plan creates an understanding on how the product could help.
5. Calling them to action
Consumers will take action when they’re challenged to take action. They need to be challenged by someone or something other themselves. This is why brands need to have a call to action and there are two types direct and transitional. Direct CTA’s are asking consumers to do something. In comparison, transitional CTA’s is creating a relationship by positioning.
6. Avoiding failure
Consumers are trying to “avoid failure.” It’s important to remember what is at stake for the consumer to care. People are motivated by the desire to avoid failure. Consumers need to see the cost of doing business with them as an excellent way to prevent loss.
It’s essential to explain how the brand can change their lives and take them to the next level. It’s important to tell them and offer them a vision of how the brand can improve. Clarifying the message can be critical for consumers to listen.
People want the brand to participate in their transformation. Everybody wants to change and explaining the brand can help create the best version of themselves is the way to do it.
One of the ways data is typically stored is in a flat-file. It is generally an excel where all the info is being analyzed, including dimensions and stored into one file.
It is simple to locate because all the data is in one file.
You can easily place it into a spreadsheet for analysis.
It can sometimes be inefficient.
It stores a lot of data (maybe more than necessary).
Hard to update when modifications to dimensions are required.
According to Techopedia, (Links to an external site.) “Flat files are widely used in data warehousing projects to import data. No manipulation is performed on the data they store, but they are preferred due to the ease with which they carry data from the server. Flat files only serve as a bare means of storing table information but do not hold any relations between the tables included within them. “
Flat files include all the data in one view. Nevertheless, there can be duplicated information.
If this happens, it can be located in the “lookup” or “cross-reference” table that links things together like a product to a category. However, data in a flat-file are inclined to have problems. For example, if the category gets entered wrong, it won’t come up on the search and miss it.
Flat files can be a helpful place when storing data.
Marketing is always about keeping up with trends and using them to boost your business. It’s a great way to stay on top of what people are using and what they prefer to have your company do what’s new and what they want to see. Single Grain’s CJ Haughey released seven social media trends that you shouldn’t overlook for the upcoming time.
Here is a couple you need to know.
In today’s world, video content is everywhere; it’s a powerful way people consume media. Nowadays, people will listen and watch short video clips on all significant platforms like TikTok, Snapchat, Instagram etc. Our attention spans are smaller, meaning we consume things quickly and efficiently. According to Single Grain’s article, “72% of customers would rather learn about a product or service by way of video.” It makes sense to create video content as one of the primary resources for marketing efforts. Try making short clips; it can even be of multiple parts of a series to keep the audience engaged throughout the videos.
Social media has become a powerful tool in everyone’s pocket. So powerful that we are purchase decisions are continuously influenced. Thus influencers, big or small, are continually directing us on the best purchases to make. This part of marketing has grown so much that micro-influencers (smaller influencers who reach a smaller amount create a more robust connection) have become a powerhouse. It’s gotten to the point where everyone has someone they follow that has influenced them to buy something and these people aren’t celebrities with a huge following. That’s why these are influential people to hire to get the job done.
These are both vital marketing trends to take note of and will continue to make a massive impact in the industry. Start strategizing how to incorporate these trends into your marketing tactics.
Using attributes that are related to each other builds hierarchies. There are three types of relationships in attribute data. Some are related and this allows them to be understood clearly. Let’s go through the following three kinds, one to one, one to many and many to many.
One to One:
This type of relationship is when every facet of the connection holds only one side.
Example: Everyone has just one birth certificate and it belongs to that one person only.
One to Many:
This sort is where one side of the association can have various matches, but it only holds one partner on the opposite side.
Example: In a one-parent family, the parent has four kids, but the four kids only have one parent. Therefore, there are several kids to one parent and this one parent has several kids.
Many to Many:
This one is when both parties of the relationship have many equals.
Example: A person can own several electronics and various amounts of people can own each electronic.
Elements to remember:
Hierarchies additionally have a referring parent-child relationship because they should be a “one to many” connection for the most clarity. Often, data gets placed over hierarchies to sum up data; however, it can be repetitive and not share accuracy. The data ends up being misinterpreted and reused.
After reassessing the Marketing Mix in today’s digital world, marketers have decided to boost the mix from four to six significant P’s. Why and to what, you might ask? Marketing today has grown and developed; therefore, some additions are needed to fit today’s world. The original four P’s include product, price, place and promotion; these should indeed be considered the foundational elements. The two new P’s are process and people. Now let’s take a look at each one.
Product- Simply put, involves a lot of elements that need to be considered. In the article by Ahmad Kareh, he says, “product encompasses the variety, design, packaging, quality, features and positioning of a product or service.” With technology’s rise, people are always looking for better, so there’s a massive amount of competition.
Price- This refers to the price you offer for what you’re selling and the customer is willing to pay for it. Nowadays, customers are always trying to find the lowest price and can at their fingers’ tip. There’s more direct selling leading to a lot of competition. This changes the way pricing is established and the premiums that go along with it.
Place- It is all about where the item becomes available. There’s the option to make it exclusively sold somewhere or make it usable on various streams to purchase. It all depends on how the audience responds. It’s important to know that place is based on strategy.
Promotion- This one is all about where the item becomes visible. Promotion is the advertising, PR, marketing, etc. With media in all aspects of people’s lives, being promoted at the right place at the right time to the right people matters more than ever. This has added more layers to the four P’s now becoming the 6.
Process- The Evolution of the 4P’s article by Ahmad Kareh says, “Automation, systems and processes now play a critical role in the marketing mix.” The way this works is how companies build their process and logistics. They are focused on creating efficiency to offer the best there is with low prices, colossal supply and making it the best choice for consumers.
People- The people are what elevate the companies; they are the backbone behind the ideas, inspiration and so much more. Nowadays, people are looking for a personalized, one on one experience. The point is to get people who care and will always strive for improvement. They will continuously make it better.
While I’m sure, the P’s of the Marketing mix will continue to grow. They are essential to learn and evaluate the strategies to build and grow a company’s success. How will you use them in your marketing efforts for your business?
A few terms need to be analyzed to comprehend the math behind the breakeven analysis and understand it. The first is fixed costs, which are the costs that remain constant with the volume sold. Some included rent, salary, advertisements, etc. Next is the variable costs, which are costs that change with the volume sold. Meaning that whatever isn’t a fixed cost is a variable cost. Some examples include packaging, commissions, etc. Total Costs are the costs that add fixed and variable costs.
Now that we’ve learned about the costs, we need to know about the dollar margin. The dollar margin calculation consists of subtracting the selling price by the variable cost. This is important as it becomes part of the breakeven analysis equation.
Breakeven Analysis is not a loss but a zero; it sells just enough to cover fixed costs. This helps owners not have to pay out of pocket and makes the business profitable. It is an essential consideration for all companies always to calculate and helps keep them aware and afloat. A sale contributes to covering some of the fixed costs. The result from every sale that supplies meeting fixed costs is the distinction in the unit price (revenue) and unit variable costs (unit contribution).
Let’s dive in; you can either have a unit breakeven or a revenue breakeven, meaning you met your units sold or matched your sales. Both of these are fixed costs. To solve for breakeven, let’s look at the equation: Breakeven= Fixed Cost/ Dollar Margin, which is (Selling Price- Variable Cost) Here’s a quick example: Your product has a variable cost of $10, a selling price of $18 and your company has $150,000 in fixed costs. How many units do you need to sell to breakeven? Dollar Margin= Selling Price- Variable Cost $18- $10=$8 Breakeven= Fixed Cost/ Dollar Margin $150,000/$8= 18,750 units to breakeven
This is a valuable analysis for all businesses to utilize constantly. Determining how to calculate breakeven can help the business thrive.