Most of the fast-casual dining restaurants have a loyalty program in place. If you have a restaurant business, it’s recommended to keep track of the valuable information that is provided by such programs. Having a loyalty program is a marketing cost by itself. Software companies that provide such programs usually charge a monthly fee but do provide various options such as an accurate customer database, different loyalty packages, email blast…
Many marketers and business owners are asking the same question. Can you use social media to sell your products or services? To answer this question, we first need to know how the customer journey works on social media. Awareness The social media customer journey usually starts with customers being aware of your business. As I explained in my previous post, this can happen as a result of organic reach, paid ads…
When determining the price of a product or a service we talk about using pricing strategies. What is pricing strategy and why do we need to know about it? Moreover, what different tools marketers can use when defining the price of a product or service? When you are asked to design the marketing mix of a product or service, you need to make decisions on at least four core elements…
All around the world, marketers and business owners are trying to understand the stages in the consumption process. They are trying to find answers to questions such as what are the customers’ needs and wants, how can products and services solve problems and offer a pleasant customer journey. However, the first step is to acknowledge how customer behavior works in different purchase stages. Pre-Purchase Stage – Awareness, Interest & Consideration…
Small or large business, it makes no difference. The business principles are the same. No matter what your company is offering, products or services, at the end of the day, you are relying on metrics such as Total Revenue, Volume, $Margin, %Margin, Breakeven, ACV, PCV, BDI, CDI, Market Share and so on so forth. You can better understand metrics You don’t need a business school to understand that lowering your…
Tableau is one of the most brilliant business intelligence tools in the world. It’s a software that allows professionals to visualize data and identify the reasons behind trends. Tableau gives meaning to visualizations and provides extremely valuable insights. On the other hand, Excel is one of the most used computer software programs for businesses today. Excel is an important asset for all business professionals to have because it allows you…
If you never heard about Tableau, the very first questions that come to your mind are what is Tableau and how can this tool help marketers in their endeavors? Tableau is considered a Business Intelligence tool that brings your information to life. It’s made up of 3 main aspects: data preparation, the creation of your dashboards, and lastly, operate online which allows you to seamlessly share your information. Gone are…
There are many ways in which a company can store its data. The selection is wide and everything depends on the amount of information you want to store. There are large data systems with complex and expensive features and less expensive data systems such as Excel, a program included in the Microsoft Office suite of applications. Enterprise resource planning (ERP) ERP is a large data system that allows a company…
Small or large business, it makes no difference. The business principles are the same. No matter what your company is offering, products or services, at the end of the day, you are relying on the contribution margin. It’s not the only important metric that you need to keep an eye on while running a business but it’s the starting point. To find out the contribution margin you need to subtract…
Besides other aspects of running a business, a company needs to know the real industry sales taking place in the market. The numbers can be obtained by identifying competitors and estimating their actual sales. The industry trade association collects and publishes the industry sales however, it does not list individual company sales. Each company needs to evaluate its own performance. But what does market share actually mean and why is…
