RE-ENGAGING YOUR DORMANT CUSTOMER BASE

In the current marketing scenario, customer retention and re-engagement are in the spotlight. Apart from other essential activities, it is no doubt that customer re-engagement should occupy a significant position. Lead generation and lead nurturing occupy the topmost places in the marketing funnel in terms of position, time and cost. Following this theory, customer acquisition has always been one of the difficult stages in the whole marketing process. You have to win over the customer’s confidence and educate him/her applicably about your company and products/services.

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Getting in touch with your former customer base relieves you off all these stresses by facilitating the lead generation and nurturing process. In addition, your old clients know you and have interacted with you. They are well aware of your company’s strategies and services. Looking back to prior customer lists proves to be effective both in terms of time and cost. You need not start from scratch when considering your older clients. Let us look a few steps that you may take to reactivate your former clients to touch your base again.

Phone calls and emails are the most obvious methods that are used for professional communication today. If your customer had a personal communication method with you, you may directly give him a call and discuss on other matters before you gradually raise the topic of your business alliance. Try to tackle him informally into a comfort zone and then discuss business issues, this will allow him to open up to you about the exact reason of why he dropped out initially. On the other hand, if your relation was not personal, try contacting an old client together with another high level management in conference. Have a professional starting and try to get the reason of him exiting from the business. Remember, that your first contact for re-engagement should not be in order to persuade him to come back but rather to first get a clear picture of the precise reason of him/her leaving.

Getting in touch with a simple email is far too rough to get any response from a client who has stopped working with you. You are not of much importance to the customer at this point in time therefore it is advisable to make your emails a bit different. You may send a personal mail to send the customer a greeting or a wish, probably on a birthday, anniversary or the likes. Getting in touch through personal aspects are likely to get more attention than just a regular day. Another way of getting in touch through emails is to send a short and precise survey form. This will enable the customer to pour out his reasons on a single platform and you can get to know them easily. Do not make the forms large and difficult to handle.

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Once you gather the explanations as to why your customers were obliged to step out of the business with you, put up your strategy to combat these reasons. For example, if a client is having financial problems, you may offer flexible payment facilities or a small discount or an extra added service/product for a free trial. If they had to leave because of a low customer satisfaction, show them your revised policies and introduce them to your new team. You may also share some other testimonials with them which you have attained during their absence. This might re-inforce their trust in you. When you are in contact with them again and they reveal to you a severe mistake, it is worthwhile to offer a discount to cover up for the same. It may be painful in the beginning, but this approach gives huge results.

When you are planning to reach out to your former clients, prioritize your list. Put the important clients on the top of the list – those who can give you substantial business. Apart from this, it is very important to be in a continuous research mode for your company. There is always space for improvement and it should not be ignored in business. Having a system which monitors customer engagement (both current and past) helps a lot in maintaining and improving business and business relationships.

Amazon Metrics That Affect Product Buyability – Part I

There are numerous factors that eventually end up influencing a particular product’s buyability. We shall deal these in two sections, this article covering the first section.

Fulfillment

Although a seller has a total control over parameters such as efficiency of his services, fulfilment is one factor that highly impacts the buy box share. Sellers have two options for fulfilment:

  1. FBM – fulfilling all products by themselves
  2. FBA – Fulfilment by Amazon, whereby the whole product catalogue is dealt by Amazon

Usually, sellers end up with a mix of these two methods as it provides real strategic management. Fulfilment by Amazon significantly affects your buy box ownership and for those sellers who do not yet have their products in the buy box, it helps them to have a speedy acquisition. But, it is important to identify products that actually show a good improvement in buy box ownership through FBA (some products may perform well through FBM itself).

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Fulfilment latency is also an important factor that impacts the product buy box. Latency is basically the shipping time – time taken for the seller to ship out the product after receiving an order. Sellers are required to enter their estimated shipping time in the product specific feed entry. Remember NOT to leave it blank as Amazon picks up a default value of 1-2 days which might not be realistic for you. If your shipping time does not match with the one entered, it will negatively affect your seller rating. For obvious reasons, lower latency times hike up the chances of buy box ownership.

 Landed Price

Landed price is the total cost that needs to be paid by the customer; the product price and shipping cost added together. Fulfilment and landed price happen to be the most prominent factors for the buy box ownership.

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The lower the landed price, the higher chances of winning the buy box. Amazon strategies highly depend on pricing, so sellers have to be ready for certain amounts of sacrifices or use innovative price listing ideas. Repricing solutions are also available for sellers for a closer monitoring. For example, considering the same product above, other sellers have the following criteria:

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There are two sellers that have a free delivery option but the landed price is high and that is why Amazon gives the buy box to the seller above, who has a lower landed price than others.

There are many Amazon metrics for the buy box that are dependent on the customer but landed price is one factor that is complete control of the seller. One point that may be utilised by sellers is to embed the shipping costs into the product price. Free shipping tends to attract more customers. At the same time, you have to make sure that your landed price is not rising up; it’s a game of optimising for the best solution.

Seller rating

Seller rating is an Amazon automated overall assessment given to sellers based on their performance on the marketplace and it reflects how well you are handling your inventory management, order management, fulfilment and customer service. Here is how the account health looks like in a nutshell:

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This criterion is judged by a number of metrics. We shall look into each one in detail.

  1. Oder defect rate

ODR is the percentage of orders that have been reported with any type of issue divided by the total number of orders for a particular product.

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Amazon recommendation for the above metric is less than 1%. There are three components that constitute the overall ODR:

             i.       Negative Feedback

Negative feedback rate is the number of negative feedbacks that you receive from all the orders you fulfil.

        ii.          A-to-Z claims

This is claim from a customer to receive back funds in case of repeated order defects or likes

       iii.          Service chargebacks

This is similar to A-to-Z claims but in perspective of card payments and bank issues.

  1. Recent Customer Metrics Data

This metric compiles your performance with respect to the customers on Amazon. It is also governed by three components.

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i. Late shipment rate

Failure to send a shipment confirmation through Amazon within 3 days of your expected shipment timeframe adds on a late shipment.

ii. Pre-fulfilment cancel rate

This is the rate at which a cancellation of an order occurs from the seller, before shipment confirmation through Amazon. This usually occurs due to stock issues.

iii. Refund rate

A refunded order is one that you refund for the customer post a shipping confirmation. This does not always end up negative.

  1. On-time delivery score

On-time delivery is a direct and close measure of how well you manage your inventory and efficiency in fulfilment areas. Amazon recommendations for this metric are on the higher side and this is comprises of 2 components.

i. On-time delivery rate

This is the percentage of the orders you have shipped that have been received on or before time.

ii. Tracked delivery rate

This is the percentage of your orders that have the facility of order tracking.

  1. Buyer-seller contact response time

This is one of the metrics that related to customer service quality. A late response is considered as a reply sent to buyer post 24 hours of customer message or inquiry. Amazon research proves that orders that have efficient communication receive 50% less negative feedback. Once a communication has been completed, a seller can mark it as ‘no response needed’ so that he is not penalized for a ‘no response’.

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Seller feedback

Although this metric does not match in weight when it comes to buy box share influence, it is directly related to it. Amazon works on a customer oriented process and therefore sellers with a high positive feedback are likely to win the buy box share.

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 There are 2 factors that are included in this metric:

i. Seller feedback score

The total of your 1 to 5 star rating are translated to calculate the total positive ratings using the following rules:

  • 1 – 2 stars: negative
  • 3 stars: neutral
  • 4 – 5 stars: positive

These details are not displayed on the product page, you need to scroll through all offeres to view this score for the sellers.

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ii. Seller feedback volume

This refers to your total customer feedback received in the past 12 months. The final score is calculated as the total number of positive feedbacks divided by the total number of feedbacks. Having large volumes of feedback increases customer confident in buying from you and thus accelerates the purchase decision. The general score in this category is 7 – 9 %, and not usually less than this.

Product discoverability and buyability are the key concepts of increasing sales on the Amazon marketplace. Some of the factors that are related to these concepts have been described above herewith. There are other factors also that affect the buyability which will be discussed in part II of this topic. For further information, you may log on to www.bmconsulting.co.

An Overview of improving sales probability on Amazon

Selling, maintaining and advertising on the Amazon platform demands a distinctive approach to success. Ranging from the application of varied resources to sophisticated strategies; it necessitates a holistic approach towards upholding a prosperous position on this marketplace. Adding on to the stress and strain, the marketplace is absolutely competitive, resulting in the optimization to be a complete challenge. Central concepts of contesting these challenges happen to be Product dicoverability and Product Buyability.

Let’s start off by defining these concepts:

Discoverability – A product’s discoverability is its ability to be found on the Amazon platform from the consumer’s point of view. It is important to remember that Amazon SERPs are product oriented and sellers have limited entitlement of increasing product sessions. Therefore, overall it is the product which needs to be focussed on. Increasing the discoverability can be related to driving traffic in terms of traditional marketing.

The following is an example of an Amazon SERP for the keywords ‘chandeliers for living room’:Untitled

As seen from the results, the product ‘Prop It Up Antique Design Brass Chandelier – 5 Lamps’ is listed among the best sellers and is also the first product on the result page. Amazon shows the product price range and the number of other offers (other sellers) on the SERP itself, which further promotes the purchase decision in any consumer. In a product like chandeliers, the product design plays an extremely vital role and probably that is the reason why the display of the SERP is in the tiled format clearly showing all designs. Motivating discoverability is dependent on many factors that are portrayed on the SERP including:

  • Image quality
  • Discount rates and offers
  • Reviews rating
  • Any tags that have been achieved (e.g. best seller)
  • Payment information

All these factors together can be well dealt with in the optimization process and as we will see later on, all marketing activities eventually form a cycle whereby each process is inter-dependent and linked with the others.

Buyability – Product buyability is based on two metrics:

  1. A seller’s percentage of total buy box ownership
  2. Traffic conversion on a product page

To better understand this, let’s take an example of a corner table. Suppose this corner table received a total of 100 orders in a month. The first metric of buyability focusses on having the highest share of the total 100 orders. The second metric of buyability is highly driven by discoverability and and overall optimization practices.

Taking a closer look at the SERP for chandeliers:

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The SERP itself shows options for other sellers as well, but at this point, the buy box is with Prop it up. Looking from the perspective of this seller, buyability will be to continue having the buy box.

Discoverability is directly related to Amazon SERPs and buyability is most relevant on the product detail pages. Both these concepts are inter-related and form a cycle – sustaining a high position of sales for a particular product.

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The major goal of all marketing optimizations on the Amazon platform is to increase the conversions from all the sessions on a product i.e. receiving a higher conversion fraction from total number of sessions. Two prime ways to do so are based on the metrics of product buyability.

  1. Buy box ownership: Getting a higher number of orders is directly related to your buy box share. The higher your buy box ownership percentage, the more orders you get and as a result more revenue is generated.
  2. Product Page Optimization: Conversion rate optimization (CRO) needs to be brushed up with minute practices and best strategies such that once a customer has landed on the product page, nothing convinces him/her to leave without ordering. Robust tactics should be implemented in describing the product page content – title, description, image quality and placement, etc. Take a look at the product page of the best seller for the chandeliers:

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 Each aspect of the product detail page has been well explained on this product. Images have been provided in good resolution from various angles. The title of the page is complete including the brand name, product name, product type and product size. Good number of reviews and ratings are highlighted. The price and delivery details are also appropriately listed. Bullet points have been all utilised giving all the information that would answer the questions arising in any consumer’s mind regarding purchase. Detailed information on designing a product page can be found here.

Before investing ample time and resources on product page design and optimisation, it makes absolute sense to first grab a good share of the buy box ownership. Otherwise all these efforts will be directed towards a competitor’s offer. The question is when to start strategizing buyability according to metric 2 – conversion rate optimisation?

To start off the process, you must first dig into your sales performance reports and pick up your top performing products based on the following criteria:

  • Number of orders: Identify the products that have got the highest number of orders and then analyse on the reasons – which may include high number of sessions/page views or a higher buy box share.
  • Sessions: Look at the ASINs that have been receiving the highest number of sessions and analyse the buy box share for them. Marginal changes in the buy box share for ASINs with high sessions can result in a good number of orders.
  • Revenue: Again, working on minute changes for the buy box with products generating revenue in the higher range make pay off with significant results.

On performing this analysis, you might find quite a number of your products overlapping in all the above categories. These are the products that you should focus on performing the maximum CRO techniques, followed by the products falling individually on the top of each category. Select these products for optimisation processes.

The overall process can be summarised as a two stage process:

  1. Win the buy box
  2. Improve conversion rate

Elaborated work on these two basics are sure to drive your sales at good speeds and heights!

Creatives and Marketing

Marketing is empowered and driven by numerous factors – these are the actual building blocks of any marketing strategy that need to be enforced at all times. In almost all methods that are used for marketing, it is the ‘type’ of content that is important which has been used to penetrate through the target audience. As it has always prevailed among marketers – content is king and therefore, it is undoubtedly necessary to portray the content appropriately in order to reach out successfully.

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Among the different types, content containing images, colour and visuals have by far caught the attention of population at large. Information is better absorbed if it is represented in a way that appeals to the target audience. In today’s world of haste and rush, we need to present the audience with information that can be quickly apprehended by them. Research proves that the brain processes images 60000 times faster than text, so there is the gateway open for creatives!

When the population to date is swiftly moving across a wide range if channels, devices, gadgets and screens; the compulsion to present content in creative visuals becomes even more prominent. Creatives have the capability of producing a focus for the customer who is relatively unstable. In a study conducted among 300 online marketers, 40.5% of them stated that 90 to 100% of their published content contained creatives in 2015. This percentage rose to 53% in 2016 (view source). This data is obviously followed by the fact that creatives go viral way faster than any other type of content. Visuals are easily captured by the human brain and thus increase the chances of being shared as well. The more easily the content is understood by an individual, the higher the probability of share.

Another typical feature of creatives is that it gives you the capacity to stand apart. Information may be the same or may be just general, for example ‘50% off’, but using creatives, you have the vicinity to display it many attractive and catchy ways. Creatives help you to present common information in a different way such that it can attract your consumers directly. Displaying information in creative format also increases the legibility and gives ease of reading to the consumer. Tweets that contain images receive 150% more retweets than those without images (view source). Facebook posts with images receive 2.3 times more engagement that those without (view source).

Messages are generally amplified and reach out further in creative formats. The human brain corresponds better to visuals and thus helps in propagation of information. If information is paired with an image or any creative, the human brain tends to remember up to 65% of the content even three days later. Images, colours and visuals resonate with your audience and incline to create a contact for you with them.

Without any second thought, creatives are extremely vital for any marketing strategy to be successful. 37% of marketers believe that visual marketing is the most important form of content for their business (view source). Optimising every aspect of marketing makes a difference in the final result. All marketing facets need designing and integration with creatives, whether it is content, landing page, social media or mobile marketing.

Designing A Product Page That Will Enhance Sales on an Online Marketplace

Design is not only about graphics, colours and visuals. Content can also be designed, fabricated and created in ways that appeal to the reader. Online marketplaces are very much dependent on content. The absence of physical presence and feel of the product make it necessary to have correct content – placed and created appropriately.

Considering the Amazon platform, the following example shows the different sections of a product page.

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  1. Title – The title is not only the first thing that the buyer sees but also acts a great deal in generating traffic. It is essential to make sure that the title is filled with all the major keywords related to the product. The following components should be present in the title description of your product:
    • Brand name – The brand name should be either the first or second word in the title. A significant fraction of customers buy using the brand name. This also helps in creating awareness for your brand. The above example starts the description with the brand name ‘IIK Collection”.
    • Category – Inserting the category in the title helps in targeting the correct audience by getting rid of unwanted traffic. In the above example the word ‘Men’s watch’ automatically narrows down the searches to only males. In case of clothing and accessories, the gender/age suffices, for furniture one may add the area e.g. kitchen, bedroom etc and for gardening one can add terms such as indoor/outdoor. Thus, depending on the product, a specific category helps in narrowing the traffic to the most relevant ones.
    • Product name – Don’t forget this one! Otherwise you will be lost in the marketplace and probably invisible to all buyers.
    • Product description – A short description (one to two words) of the product helps in generating results from a search term. In the above example, the word analogue has been aptly used together with the colour of the product.  For clothing, you may add the type of print/colour/size, for furniture the colour and size should be added and similar processes should be applied to various groups of products.
  2. Price details – Adding the price details immediately after the title further induces a purchasing aspiration in the buyer. One should add all the discounts and offers that are ongoing in the product, clearly showing the difference in the prices. Customers are trend to be aligned with discounts more than any other factor.
  3. Delivery and payment details – Mentioning the types of payments accepted gives a wider chance of purchase for any product. Prima facie, anyone would also like to know the estimated time that will be taken for the delivery. Opposed to physical buying processes, the buyer does not get an immediate access to his/her purchased item, and therefore assuring him/her about a quick delivery will increase likelihoods of buying.
  4. Bullet Points – These are quick and complete description points of the product. Every seller should make efficient use of the maximum number of bullet points available on every product page. Bullet points are used to highlight the product details in combination with its utility. In these points as well keywords should be included in good numbers so that search of the product is much easier.

The above guidelines to the product page make a product more vulnerable to search terms and automate the purchase need in the buyer’s thought process. There are many other factors such as number of clicks, ad eligibility, customer satisfaction and account suspension that significantly affect your presence on an online marketplace. You may visit our website www.bmconsulting.co or contact us on info@bmconsulting.in for further insights from experts.

Handling Customer Complains – A Positive Approach

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Facing criticism can be the hardest thing to do – especially professionally and the fact that you have put your efforts in full force just adds to the demotivation. Now, it is a business fact that however good you are, you will ALWAYS have customers who are unhappy. But keep it in mind that if you are lucky, they will complain. An aggressive and spontaneous customer will simply discard your services, sometimes even silently, if he/she is dissatisfied. The very reason why your clients are complaining is that they are ready to give you a chance to cover up for their dissatisfaction and they want you to improve.

First and foremost, identify your customers. Population is heterogeneous and so are your customers. Each person will need a different approach of solution. Some of the most common types of customers in the context of complaints are as follows:

  1. The gentle one – This customer is facing an issue but is very submissive and doesn’t want to burden you with only his complaint. Take responsibility for these customers, inquire deeply about his issue and solve it efficiently.
  2. The aggressive one – This person will confront you over-boldly regarding his issues and his/her behaviour reflects authoritativeness. Be careful not to tackle him/her with the same behaviour. Be polite and pick up his issues. Do not be over-submissive, you (and your team) have worked honestly too.
  3. The extravagant – The customer who will never delay in payments but would want a balancing service provision. It is very important that you categorize these customers separately and cater to their needs despite continuous importuning.
  4. The chronic objector – This customer sets levels for ultimate patience testing. Nothing happens to satisfy him/her. There are two types of customers within this range. One will be complaining at all times but once he achieves his sought goal, he shall be one of your happiest customers and may lead to many referrals. The other will simply complain, he/she has no set objective and will simply point out errors.

Whichever type of customer you are faced with, always remember that he requires a genuine and professional solution from you in the quickest possible timeframe. You need to provide him/her with the same, to keep up your company standards. There are a few points that may be considered to help you with handling your clients.

  • Always acknowledge the complaint before you give an explanation. It gives the customer a positive feedback that you are actually understanding what he/she is going through and therefore will be able to help better.
  • Do not interrupt a customer when he/she is complaining. It further gets away with their mood.
  • If immediate action is not possible for the issue, assure your customer about the timeline that will be required to complete the tasks. Always remember to communicate back to your clients regarding any updates that you have done regarding their complaint.
  • Give them a hypothesis of what actions will be taken with respect to their complains and what will be the results. It gives them the idea of what is to be expected and also shows them that you are well acquainted with your work.
  • You may have erred in your previous tasks; it’s no harm to apologize if your mistake is honest.
  • Time matters. And it matters a lot. Show your customers that you care about their time by quickly acting on their complaints. Never put any customer related tasks for later on. Quicker actions taken on customer complains improve your impression to big heights.
  • Always re-communicate. It shows your customer that you are really paying attention to them and may reduce the chances of any further complains.
  • Keep a record of all complains and actions that have been taken for the same. You can refer back to them if at all needed. These can also be used for reporting purposes.

The key to handling customer complaints is to be liable – focus on the effect, not the cause. Use your customer complaints intelligently for what they are actually meant to be – a pathway to improve your services.

Increasing Mobile Conversions

With the advent of mobile devices, consumers/customers/clients have become more anticipating in terms of time, information and appearance. Studies have revealed that having a mobile responsive website is very far from being enough to generate mobile conversions. There are numerous other factors that are being searched for by your customers. Considering the fact that online mobile traffic is overtaking other sources (since 2014, in which about 52% of the online traffic was through mobile views), it becomes more important for industries to focus on points which improve conversions through mobile gadgets. Product industries have recently faced a significant hike – in December 2016, over $1 billion was spent on retail markets through mobile devices. Such statistics reinforce the importance of brushing and polishing marketing techniques to be slightly more oriented towards the mobile trends. There are a few steps that one can easily employ to gain a better outcome of marketing through mobile devices.

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Less content for relevancy – Mobile sites ought to be to the point. The very fact that someone is using a mobile device to search is that his intention is towards saving time. Distracting a consumer with all your information will simply shun him away from your site. Make sure that while you are reducing your content, the most important stuff is well-shown (preferable without scrolling). Also remember to minimise information to fit into a fixed number of scrolls, unlimited scrolling is the last thing your customers are looking forward to.

Content optimisation – Every microsecond plays a role when it comes to mobile conversions. Your content should not take a long time to load – reduce the numbers of images where necessary, make your images the right size (not too large or too small) and avoid interactive sections of the screen. Statistics show that oversized and under sized images cause noteworthy obstruction among mobile users.

Shopping Optimisation – Big forms and too much information demand may turn down your customers on the very last stage. Just imagine – you have successfully managed to convince your customer by passing through stages such as website optimisation/responsiveness, product or service information/display and brand awareness. An unfriendly shopping form stipulating a whole lot of information simply does away with all your previous efforts. Optimise your shopping experience, make your forms as small as possible, avail your shopping cart easily on the interface to allow for a hassle free experience and provide to save customer information.

Visible Call-to-action buttons – Your call-to-actions should be literally calling out. Do not hide them or make them too small in size. These are the very gateways to final conversions by stimulating a connection between the customer and yourself. Interactives such as “Call us”, “Ask us”, “Save info”, “Quick inquiry” , etc help in accelerating a customer’s buying decision.

No pop-ups! – These are one of the most potential conversion destroyers. A pop-up disrupts a customer’s view of information and interrupts the thought process often resulting in a complete move-away from your website, thus increasing the drop-off rate and might also affect the overall traffic on your site.

Ask for reviews – You may ask for reviews which are only one question long. These could be a star review or a multiple choice question about the service. Do NOT make it longer. Make it smooth enough so that your customer may not hesitate to help you.

The above metrics may be exploited to enhance more swift conversions on the mobile platform. You may visit us at www.bmconsulting.in for further insights.

An Overview of Content Marketing

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Content marketing is one of the crucial streams of marketing. If content is not noteworthy then no marketing expert or agency can give you a positive results. Moral of the Story is that “Content is King”.

Content marketing is a tool use to develop, publish or promote and distribute a subject matter to a targeted audience. Mostly content is in the form of blogs, though other types of content can also resonate well with your customer. Content includes:

  • White-papers and ebooks
  • Videos
  • Info graphics
  • Quizzes
  • Lists
  • How-to guides
  • Webinars
  • Q&A
  • Surveys
  • Interviews
  • Editorials/ Op-eds
  • Podcasts

The appropriate type of content for any business will depend on the business’ goals and target customer. For example, an architect provider targeting real estate developers of large residential complexes may benefit from creating a list outlining all the considerations that a real estate developer should consider before entering a deal. Contrariwise, a local catering aiming towards industrious occupied families/bachelors may benefit from a video showcasing the warmth and convenience of a home-made, freshly-cooked meal.

The first step in creating a successful content marketing campaign is to define your target audience, commonly known as user segmentation. Successful content marketers deeply understand their customers’ needs and desires, beyond just their sole interest in their products or service. For example, if you are marketing a food truck, you may define your target customers as young millennials who work within a 5-minute walk of downtown San Francisco and who enjoy trying fresh, healthy foods. The more narrowly you can define your customer, the better you will be able to define content to your target audience.

Content Marketing is used to widen the customer base. Content marketing is very useful to build trust with the targeted customer because we directly promote our content to the customer there is no curtain between the customer and the product or content. It gives clear idea of the product and is often used by businesses to:-

  • Expand their user base
  • Diversify their user base
  • Establish or Increase online sales
  • Increase brand awareness or credibility
  • Create an online community of users

It is important to check the performance of any marketing campaign, content marketing is checked on the following aspects:-

  • Number of visitors to a page
  • Time spent on the page
  • Click-through across pages/ photos
  • Number of emails collected
  • Demographics of visitors
  • Sources of traffic (i.e., SEO, social media, referral, direct)
  • Differences in buying patterns and user-behavior of visitors
  • Conversion through the sales process (the process from sign-up to check-out), including click-through-rates at each stage of the conversion funnel
  • Time spent on the page
  • Re-engagement (i.e., % of return visitors)
  • Click-through across product pages

Businesses who actively curate their content on these platforms have been able to expand their reach to new audiences. Visit http://www.bmconsulting.in/ for further Insights by the experts.

Effect of Demonetization on Sales and Marketing

A successful business man does not restrict himself only to the account books. He or she always keeps an eye on surrounding events. And if the incident is that of demonetisation, then it is compulsion to be alert. As we are all aware, Demonetisation process is undergoing in INDIA – the currency note of 500 and 1000 are pushed out of the economy. Currency change results into the eminent shift in the paradigm of the INDIAN market. This decision of Honourable Prime Minister wobbled the INDIAN market. Many of us fail to decipher the dilemma created in the market after currency ban. This article will give you the clear picture of it.

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A sale of goods or services mainly depends on the following criteria:-

  1. A need or desire of a customer.
  2. Willingness to pay for the good and services to be use or purchase.
  3. Ability to pay for the good and services.

All three criteria must be fulfilled to sell the goods/services to the customer. If any one or more criteria are not satisfied then there will be no sale.

Demonetisation reduces the cash flow in the economy which directly affects the need, willingness and ability to pay of the customer. Because of lack of cash in hand, customers are not willing to buy any commodity or product. So there is decrease in the sale of the goods and services. If we consider the online marketplaces, most of the cash on delivery orders are cancelled by the customer because of lack of cash resources. It causes heft loss to all the online market places.

But In the era of digitisation the customers use the options like online banking or mobile wallet for the payment. There is no issue of cash resources as electronic money is used for transactions. So the revenue generated by it is unaffected. According to survey, sale of apparels, shoes, electronics is not affected at all. So we cannot say that the market is totally collapsed. Many sellers stop promoting and advertising their product at online marketplace under the wrong impression of not getting sale. It is suggested that you continue all the marketing campaigns as it will help you to improve your market index. This is the start of digital era and gradually the use of electronic money is going to increase to the extent of reducing the use of physical cash to lowest requirements. Our Prime Minister also focuses on the target of making India Digital. The future will be dominated by the trend of “GO CASHLESS”. Perception of all these aspects leads to the conclusion that continuing all marketing campaigns will help you to improve your market index. Market index is directly related to the market share for that product category. So this is the right chance for the vendors to gain some ground for them and create brand value.

It’s a time to expand you customer base by brand awareness and promotions. Visit http://www.bmconsulting.in/ for further insights and consultation by market strategist.

(Compiled by Nikhil Patil)