Pricing strategy is a complex aspect of doing business.
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To buy or not to buy? For many consumers, the price of a product is one of the biggest influences in their decision to purchase. It makes sense. Most people love the feeling of satisfaction that comes along with getting a good deal. For business owners, determining the right price point can be one of the trickiest parts about the product launch process. If you price your products too low, customers may question their quality or wonder what the catch is. If you price them too high, it’s likely to drive potential buyers to a competitor’s business.
Chances are if you’ve been in business a while, you have a good sense of how your customers perceive your overall brand and what they expect in terms of pricing. You may have a tried and true pricing strategy in place already. Regardless, it is always a good idea to test out different price points with your audience to determine which will result in the most sales conversions. The data you gather may surprise you. Here are a few strategies for using market research to identify the best price for your products.
The Heartbleed bug has created a huge security scare.
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Last week, internet users around the world were rocked by the announcement of a serious security bug. Referred to as Heartbleed, this security flaw has impacted secure transactions around the web. Major sites were affected, and users’ passwords and personal information were compromised. Although the announcement was just made, the security gap has gone undetected for a few years. As a result, there’s been confusion about what this means for your individual security and what steps you should take to ensure your data is protected. Here’s a closer look at Instant.ly’s situation specifically, as well as some additional recommendations to help you learn more.
Local marketing raises brand awareness.
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Marketing your new business can be a full-time job in and of itself. With the number of marketing channels out there, it’s easy to get overwhelmed and default to a “be everywhere” strategy in an attempt to reach more customers. Unfortunately, being everywhere can leave you feeling stretched too thin, burnt out, and less than satisfied with the overall foot traffic your efforts are generating. If you’re just getting started, it’s better to focus on a few key channels in order to increase your brand awareness with a local audience. Here are four strategies that can help you streamline your marketing efforts to reach new customers in your community. Continue reading
Brand awareness is the best way to attract customers.
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If you’re a business owner, chances are you’ve probably heard of top of mind recall. For those who are unfamiliar with the concept, let’s review it briefly. Top of mind recall happens when your product is so strongly associated with your brand that it’s the first thing that comes into your customers’ minds when they’re asked about a particular category. To better understand the concept, let’s take a moment and do some quick word association. If I say “fast food,” which restaurants come to mind? McDonald’s will most likely be first on your list. This is a great example of top of mind recall. Continue reading
Entrepreneurship is fraught with roadblocks and challenges.
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The start-up life certainly isn’t for the faint of heart. Starting a business often means working long hours and sacrificing time with friends and family, often for minimal profit at the beginning. Recent data estimates that up to 80% of businesses fail within the first year and a half. While the pressure of entrepreneurship definitely contributes to the high percentage, poor planning does as well. Many business owners start things up without laying out a clear and realistic plan ahead of time. If you’re thinking about starting a business, market research can help you with the planning process. Here are three key questions to consider when getting started.
Nivea’s mobile for men campaign.
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The men’s skincare market has grown considerably over the past decade. Previously, a quick trip to the local pharmacy might yield a few product options for men seeking aftershave or moisturizer. Typically, these products were interspersed with a wide array of items geared towards women. Today, the shelves of your local pharmacy probably look a little bit different. There’s likely a large section dedicated to men’s skin care products, from different brands of aftershave and moisturizer, to several options for soaps, deodorants, and shaving creams. Here’s how one popular brand used smart market research to help capture more of the growing men’s skin care market, and what you can learn from their case study. Continue reading
Will Burger King’s new mobile payment app help it reign supreme?
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It’s no secret that mobile payment platforms are beginning to take hold in the fast food industry. Several restaurants are testing pilot programs to get a better sense of how this particular type of mobile integration will fare with customers. The idea of an integrated mobile payment option for quick service restaurants makes sense. After all, the goal of many of these restaurants is to provide convenient, fast service to customers. Mobile payment platforms may help them accomplish that goal by cutting down on long lines, effectively reducing customer wait times. But there are a number of platforms and features available for businesses that are interested in using mobile payments to improve their level of service. Continue reading
Sharktank lets entrepreneurs perfect their pitch.
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ABC’s Shark Tank has taken television by storm. With nearly 7 million viewers tuning in each Friday evening, the show is one of the network’s most popular reality TV series. If you’re not familiar with it, the basic premise is as follows: hopeful entrepreneurs are placed in front of a panel of self-made millionaires (the Sharks). They are given the opportunity to pitch their products to the Sharks in the hopes of obtaining capital for their business.
Those who watch the show regularly can attest that these Sharks mean business. They have no qualms about asking entrepreneurs in-depth questions about everything, from their company finances to what differentiates their product from competitors. Business owners who are unfamiliar with certain aspects of their company and industry usually don’t stand a chance at making a deal with the Sharks. The same can be said for entrepreneurs who are pitching venture capital firms outside of the reality television spectrum. Here are a few strategies for using market research to create the perfect pitch that will help you along in your search for funding.
Mobile surveys keep you in touch with customers.
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We’ve frequently discussed the importance of collecting feedback from your customers. Mobile surveys are a highly effective way to track what you’re doing well and where you can make improvements to enhance your business. If you regularly collect feedback from your customers in this way, you’ve probably noticed something. Sometimes even the simplest change to your survey template can have a dramatic impact on both your response rates and the quality of your responses. Various factors can influence the results you’ll receive, from your survey design and timing, to question wording and format. Here are a few ways to ensure your next mobile survey is a success. Continue reading
Priceline’s mobile app enables customers to find great fares. Image source: Priceline.com
Window or aisle seat? It’s the age-old question for air travelers. If you’re a frequent flyer, you probably have a strong preference for one over the other. Depending how often you fly, your preferences may extend to which rows you like to be seated in for flights, which time of day you prefer to travel, and the availability of certain amenities on board your aircraft such as wireless connectivity. In an effort to create a more useful experience for mobile customers, Priceline has recently partnered with tech company Routehappy. Here’s what the partnership means for travelers, and here are some takeaways for your business. Continue reading