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…
In the era of digital marketing, the majority of the businesses own and run a website. They either use the website to sell various online products or increase the brand’s awareness among consumers. If you own a business or a blog, chances are you’ve heard about Google Analytics. However, not everyone knows that Google Analytics provides valuable data that can increase the sales of a business. What is Google Analytics?…
What could you be doing differently this year to improve your business growth? The best strategy is to start with a marketing audit and see how your company’s marketing efforts could be tweaked and improved to help you achieve your growth objectives. When you decide to do a marketing audit you could do it yourself or you could get somebody from outside your organization to come in with fresh eyes.…
Brands need to understand that consumers need to be perceived more like humans and less like numbers. Indeed, numbers provide valuable insights when brands use the data to place consumers into categories and obtain a useful segmentation. On the other side, when it comes to creating brand positioning and transmitting the right message, brands must act with empathy. Whole Foods is one of the brands that not only understands its…
Some brand positioning principles apply to every business no matter the size of the business, category or target market. Principles that help business owners and marketers to better define the brand and make sure they are following the best approach to reach specific areas and consumers. The 4 A’s model is similar to the 4 P’s model with the difference that the 4 A’s principles are created from the customer’s…
When it comes to branding, there is no limit on the amount of creativity a business must devote to make its brand stand apart from the competition. As Maya Angelou said “You can’t use up creativity. The more you use, the more you have”. Moreover, when you create, define and position your brand, you need to also make sure it satisfies consumers’ needs and wants. Here are some questions you…
The market targeting topic resembles very much with the popular social media meme: “You can’t please everybody out there, you’re not on Avocado”. Brands can’t connect with all customers in large, broad, or diverse markets, therefore, they need to identify the market segments they can connect and serve effectively. Brands need to understand consumer behavior and identify what makes each segment unique and different. Identifying the needs and sending the…
Running a business has its ups and downs. Being an owner or working for a brand can be quite challenging but rewarding at the same time. No company can function without its brand and product/services offered. Brand and product management might seem to be the same concept but they are quite different. The Brand No matter what your company has to offer, you need to define your brand. Design a…
Social Media is more than meets the eye. Besides impressions, engagement, likes, and comments, marketers always pay attention to what’s behind these metrics. As I mentioned in my past article, marketers and business owners should dedicate their time and energy to drive organic reach and stay away from fake followers. There are so many other ways to increase your social media presence and drive real engagement. This takes us to…
