Rebranding a business can be a challenge and you need to be prepared for the endeavor before you ever begin. You may want to change your name for various reasons. Maybe the name you chose years ago doesn’t fit the current company culture or products. Maybe you want to remove the personalization of a name or initial included in the original name. Or maybe you want to disassociate with legal issues your company has faced in the past. Whatever the reason, changing the name of your business can help you propel your business into new markets or even just help your customers better understand what you offer. Check out our business name change checklist below to get a brief explanation on how to go about changing the name of a business and rebranding strategies.
Steps for changing the name of a business
Step 1: Determine what’s wrong with your current branding.
Before you begin a rebrand of your company, you must understand what’s wrong with the current branding. Is your name difficult to pronounce, in a foreign language that doesn’t resonate with your customers, obscure, childish, or lackluster? There can be many reasons why a name or branding doesn’t work out. Figure out what’s wrong so you can avoid making the same mistakes in the future.
Step 2: Identify your target audience.
Once you figure out why you want to change the name and branding, it’s time to focus on the customers. Understanding your customers is the first step to successfully marketing a product or service. Who is your target market? If your target customers are children, your name is going to need to be a lot different than if your target customers are college educated blue collar workers.
Create a buyer persona for your company that includes all of the most important information about the ideal customer you want to attract. Consider this a profile of your target customer based on real data that includes items like gender, income, job title, family size, etc. You should give this persona a name and a face so you can imagine this person viewing your brand. For more information about targeted marketing and marketing segmentation check out our articles “What is the definition of market segmentation” and “Targeted marketing, understanding the basics.” Tailor all of your branding and messaging to this desired target market and make sure you always ask yourself this question or similar: “Would Joe/Jill Customer resonate with this ad/image/blog/social media post?”.
Step 3: Brainstorm new business names.
Brainstorm a list of names that are a better fit for your brand. Be sure to check if website domains are available for these names. The worst feeling is coming up with a star-studded, unique name idea, then finding out the domain for that brand is going to cost $10,000 more than you have to spend. Also be sure to research the best names and find out if anyone else in your industry has already taken them. Even worse than missing out on the ideal URL for your website is running into legal issues with your business.
Types of brand names
There are 4 main types of business names: functional, invented, experiential, and evocative names. Each name type can be wildly successful, given the right branding and marketing to go along with them. Functional names usually consist of a description of the company’s product or service. Think Toys R Us and Bank of America. Invented names are made up words or obscure words most people aren’t likely to know. Think Google, Pixar, or Kodak. Experiential names connect to something real but can have a touch of imagination. Think Safari, Netscape, Vanguard. Evocative names use suggestion or metaphor to let the customer interpret what your brand does. Think Amazon, Apple, Hooters.
Step 4: Change your business name legally.
Determine the legal changes that must be made to change your name. This can differ depending on the type of business you own. You may want to change your name entirely with every legal agency, such as the IRS, secretary of state, etc. This may result in a new EIN (employer identification number) for your business. Or you may be able to file a DBA (doing business as) with the new name, keeping the old name legally and using the new name as a front-facing name for your branding. Either way, you must notify the government that you plan on doing business under a different name. Make sure to update your licenses and permits to include the new name if necessary.
Step 5: Update your name and branding.
There are some obvious things that need to change with a name update including a logo, verbiage/content on your website, and physical marketing materials such as signage and brochures. And there are some not so obvious things that may need to change, such as company colors, imagery, and the way you speak to your customers. You may want to hire a professional marketing firm to handle the rebranding process to make sure your logo and other visual assets are on point. You may also want to trademark your logo if you’re concerned about another designer ripping off your design or using it inappropriately, but this step is not necessary in most cases.
Step 6: Communicate with your customers about your new name and brand.
Let your customers know about changing your business name. Returning customers might think they’re in the wrong place or customers who have heard about you with your old name might not be able to find you. Send multiple email blasts to your subscribers with a rebranding announcement, post on social media, and make it obvious on your website that you used to have one name and now have another. Use every channel you can find to let your customers know that they can still get the great product or service they’ve come to love. You can even make a blog post or a page on your website about why you decided to change your name. This not only lets your current and potential customers know who you are and used to be, but it will help users who don’t know still find you when searching for your old name.
Conclusion
Rebranding with a business name change is a demanding and tedious process. Aside from the research and legal changes that must be made, updating your branding everywhere is a lot of work. You must scour the internet for mentions of your old name and redesign every physical marketing material you have. Everything from your website to your business cards must have your new name and branding. That’s why we recommend hiring a marketing and branding professional to help guide you through the rebranding process. If you want to know more about the importance of branding, check out our article “Branding and its role in marketing” for more information.
Does email marketing work?
When our team was just starting out, we had a preconceived notion that email marketing was outdated. We thought, “Why would a business waste hours on creating emails that were going to inevitably be sent to the trash or spam folder?”
Boy, were we wrong. We quickly learned that email marketing was and continues to be a very valuable technique to retain users, keep them loyal to your brand, and guide them through the buying journey.
Email marketing is also a very cost effective form of marketing. A study completed in 2015 by the DMA reported that for every £1 spent on email marketing, an average return of £38 could be expected. This was a huge increase from the £24.93 reported just two years before. There are few strategies or techniques proven to be as successful for return on investment as email marketing.
What is email marketing?
Email marketing is pretty self explanatory. A business builds an email list (hopefully of opted-in candidates), creates emails that drive users to a task, and strategically send those emails to their contact list.
These emails can be weekly or monthly newsletters, new product releases, news, updates, deals, sales, reminders, etc. You can also use programs that send automated emails reminding users of abandoned carts, coupon codes or deals they haven’t used yet, welcome messages, or birthday wishes.
Retain customers and increase brand loyalty
Each email is a reminder that the brand exists and cares enough to reach out to their customers. An email can be a nudge that convinces your user to return to an abandoned cart, an invite to follow on social media, or a deal the user can’t help but return to use. If your brand is memorable, your customer is much more likely to use your services or buy your products in the future.
Email marketing and CRM
Email marketing can be an important portion of your customer relationship management (CRM.) CRM is a strategy that analyzes data about the history of users interacting with your brand to improve your future interactions and maintain a relationship with your customer. By evaluating the customer and their previous history with your business, you can better interact with that customer and more accurately target future users.
A CRM system can be invaluable to a business and there are many to choose from that can be integrated into your website and analytics. Our go-to is a free CRM by Hubspot. It’s simple to install, easy to use, and best of all, it’s totally free. IntellaSphere is another CRM with a free option worth noting. They also have paid tiers with features that may be valuable to your business.
How do you build an email subscriber list?
It can be vastly important for a business to build a subscriber list. These users opt in for future promotional ads and can be used again and again, as long as they stay subscribed. You can advertise the benefits of becoming a subscriber on your website or you can automatically opt in users who sign up or make an account on your website.
The first step to building a subscriber list is to create a sign-up form on your website. You can build a pop up that directs users to sign up when they first view the site, or you can pepper it around the website, in blogs, on social media, or even paid ads. Even placing a sign up form at a physical event or tradeshow can add more subscribers to your list. The strategies are up to you and the avenues you see fit to best advertise your newsletter.
Incentivize subscriptions
Entice users to sign up by offering an incentive for the use of their email. No one wants to sign up for spam. This can be a deal, discount code, free product, important or useful articles or information, contest entry, etc. The sky's the limit. Just make sure what you’re offering is enough to encourage users to sign up. Don’t bait and switch. You’re likely to lose the subscriber if they don’t receive what was promised.
Why you shouldn’t buy email lists
You may receive offers to buy email lists, though we don’t recommend this because it’s a shady tactic to email users who haven’t blatantly opted in to your ads. In a worst case scenario, it can get your mailing platform account, email, or even the entire domain shut down by Icann.
Don’t get sent to spam!
If an email gets flagged as spam, all other emails you send that user will be sent to spam, losing a valuable subscriber along the way. If enough of your emails are marked as spam, Google and other email platforms may mark your entire email as a source of spam and direct every email you send straight to spam folders. It’s also likely to affect other people using the same servers as you to send the email. This is just a bad move for everyone involved. You may also waste money on emails that aren’t even real or useful. The best technique is to offer a benefit and let the subscribers come to you.
Where should my emails direct users?
Your emails should direct users to satisfy your goals. If your goal is to increase users’ time on page, sending them to a blog article may be advantageous. If the goal is to increase sales, sending them to your shop page or a specific product could help. If you want to get more likes or followers on social media, sending them to some great content on your profile may be just the boost you need. Each email should have a goal and the links in your email should drive all users to attain your goals.
Compelling Calls to Action
Be sure to use powerful CTAs (calls to action) in your emails and make them really obvious. You could use “buy now” or “learn more,” but those CTAs don’t really invoke a strong feeling in your user and are less likely to convince your user to click than a CTA that makes them curious to see what’s behind the button. A stronger CTA in this case would be “take the test and find out…” or “discover your true…” or “get your free…” I like to make my links bright, unmistakable buttons so they can’t be missed.
When should I email my subscribers?
All the time. It may seem like spam to you, but reminding your users your brand exists is vastly important. Monthly or weekly newsletters are pretty reasonable and are unlikely to overwhelm a user as long as the content is valuable. Use these to update your user on new releases and sales, events, etc.
Sometimes you can get away with multiple emails a week if you’re offering something worthwhile or reminding users that “time is running out” on a great deal, though you can definitely lose subscribers this way if you do it too often.
How can I send many emails without seeming spamy?
The best strategy to send many emails without scaring away subscribers is to offer valuable content in your emails. Users are likely to stay engaged if they are receiving great deals or information they actually want to use.
Your emails must also employ attention-grabbing or enticing subject lines and excerpts, otherwise they can get lost in their sea of emails. Also ensure your emails are clear, visually pleasing, and free from spelling or grammar errors. Spelling and grammar errors are usually a quick indicator of spam mail.
What mass email platforms can I use?
There are many options for mass emailing platforms. Mailchimp offers 2,000 contacts with 10,000 free emails a month with paid plans for users that need to send more. Hubspot CRM free marketing tools offer 2,000 emails per month with a paid upgraded version. Constant Contact offers unlimited emails starting at $20 a month, so it’s a great contender to consider for a business that needs to send a lot of emails for a small investment. Most platforms offer customizable templates and make designing custom emails fast and easy. These platforms also give analytics on the campaigns and customers.
The price and feature differentiation between platforms is vast. The paid plans for Mailchimp start at $9.99 and the paid version of Hubspot’s marketing tools cost $800 per month. The services provided by each platform overlap and vary, so it’s really up to you and your needs to determine what platform will be best for your business.
How do I track campaigns?
Your chosen email platform should do most of the work. You can use their analytics and integrate them with your CRM to really dive deep into the data. The email platform should track open rate and click through rate on its own.
And adding unique tracking codes (UTM) to your emails can help you record the customer’s journey. A UTM tracking code is a URL that redirects to your landing page so you can track which users are coming from your email. Without a UTM tracking code, it’s difficult to identify which users that visited your website came from the email.
Depending on the platform and features, you can also A/B test your emails to determine the successfulness of each email structure, offer, call to action, etc. This is also valuable for categorizing your subscribers. If you find some users are more likely to buy, complete a desired action, or just interact more with specific types of emails, you can separate them from the main list and market to them differently than the rest of your subscribers.
Conclusion
Email marketing is an invaluable tool for many businesses. Its low cost and high return on investment makes it one of the best tactics you can implement to retain customers and boost conversions. At Symphysis, we highly recommend implementing an email strategy and offer consulting to help your team make the most of your email marketing strategies. Contact us today to speak with one of our consultants.
Market segmentation is one of the initial marketing strategies that ensure a smooth and actionable flow of marketing decisions in your business. This article guides you through the basics of market segmentation as well as provides tips and strategies for its successful implementation.
Contents:
What
is Market Segmentation (with examples of marketing segmentation)?
The
importance of market segmentation.
Types
of market segments
The
segmentation process
Best
tips for market segmentations
Conclusion
What is Market Segmentation?
Market segmentation is the process of categorizing potential and actual customer base, into various categories such as age, sex, location, preferences, income, etc. This ensures better targeting, increased ROI, conservation of marketing budget, and aids in broadening the product range and variations.
For example, a shampoo may be sold in sachets, tubes, or bottles, targeting different income groups. Similarly, most bigger fast food chains sell various local flavors for different countries they operate in to cater to the flavor palette of the region. Selling a product with different scents, such as deodorant, is appealing to segmented market based on their preferences.
Market Segmentation clarifies your market’s needs. Targeting is where and how your budget should be applied based on the market segmentation. Segmentation is also greatly helpful for individual marketing campaigns, as it can guide you on how to apply various campaigning strategies on different demographics of customers.
Segmentation can be made on the basis of one or more of the following:
Demographic Segmentation.
This includes variables such as age, gender, level of education, level of income, family status, etc. This is the most popular type of segmentation as it helps businesses of all sizes and types to organize their audience into smaller and easier segments.
Geographic and cultural Segmentation
Geographic segmentation, when done on a wider level, becomes cultural segmentation. Geographic segmentation can consist of anything from suburban to international level. For example, larger fast food companies serve local flavors of their products in each country they operate.
Behavioral Segmentation
Behavioral Segmentation relies on learning a buyer’s existing purchasing patterns to divide them based on factors such as retailer preferences, usage occasion, purchase frequency, etc.
Psychographic Segmentation
Psychographic
Segments consists of divisions based on social or personal characteristics such
as lifestyle choices, interests and opinions, personality, values, etc.
It is important to know what your market is before deciding what part of it you need to market to and how. Conducting proper marketing and industry research with adequate research tools and strategies is the first step towards effective segmentation.
Determine on what basis you will be dividing the market.
For local businesses, smaller criteria such as demographic and psychographic data could be valuable.
Conduct online and offline research about the actual statistical distribution of your target demographic.
Next step is to gather data about your potential customer base. This can be done online or offline with marketing strategies and online tools like MyBestSegments, USA GOV statistics, or traditional questionnaires, surveys, and focus groups.
Establish your customer base.
It is best to express the number in a relative term like in percentages or a pie chart. You should focus on marketing to the segment which is most likely to purchase the products/services as initial testing.
Best tips for market segmentation 2019
Be dynamic with trends and market needs.
Segments, especially those based on behavioral and psychographic tendencies, are more likely to be dynamic in nature. It is advised that you keep updating and revising your marketing segments when necessary.
Make sure your data is measurable and comparable.
Data should be presented in relative and quantitative terms. Data from various segments should also be comparable to each other, in case the need for grouping arises. For example, if people from a different geographical location move to another place and their consumption habits are changed, the data between the two should be comparable such that now they can combined into one segment.
Be realistic about your marketing approaches towards each customer base.
It is advised to appeal to the beliefs and lifestyles of each individual segment. The customer should ideally derive a sense of belonging towards your brand, which is achieved mainly by appealing to their belief, lifestyle, and cultural choices.
Group similar segments together.
You should keep the number of segments to a number as low as possible so that the process of segmentation becomes easier and actionable. For example, suppose you have two segments with people who are interested in sports and people who are active at gyms. You can combine them under one category as people interested in physical activities.
Conclusion
Marketing Segmentation, when done correctly, could be the key to a long chain of successful and profitable marketing decisions and increased ROI. Not only does it help target your customer base, but helps in every aspect of decision making for your business. Therefore it often becomes important that all personal and professional efforts are put into its planning and execution.
We
can help!
Symphysis believes in marketing from the ground up. With our team of dedicated experts we can help in locating your ideal market, segmentation, campaigning, search engine optimization, and creating your own successful brand. For more information call or text @+1 (425) 390-4738 for a free initial consultation
Search Engine Optimization (SEO) is one of the most crucial online marketing strategies in 2019. However it can be a really hectic and challenging process without proper preparations. Below is our top picked SEO checklist for launching a successful website in 2019.
Contents:
The Importance of Search Engine Optimization in 2019
Simple yet effective 10 point SEO checklist for launching a website in 2019
Conclusion
The Importance of Search Engine Optimization
The importance of SEO can be determined in terms of discoverability and Goodwill. Given the cut-throat competition these days, it has become a necessity to stay current in every aspect of business to increase your brand’sgoodwill and gain a competitive advantage over other businesses in the industry. It is very effective when it comes to boosting your organic revenue since it drives more potential customers towards your brands via search results.
10 point SEO checklist for launching a website in 2020
1. Install Google Search Console and Google Analytics on your website to track performance.
Google Search Console Webmaster Tools for Search Engine Optimization
Google Search Console (formerly Google Webmaster tools) allows users to check indexing status and optimize visibility of their websites. It measures your site’s search and ranking performance and suggests methods to improve these metrics.
Google Analytics is Google’s free reporting marketing tool that monitors and reports in-depth data about the traffic on your website. It measures things like age, gender, interest, device and location of your audience. It also provides reports on bounce rate (the rate that measures the percentage of people leaving your website after visiting one page) and suggests ways to address the issues leading potential customers to leave the site.
2. Make sure to polish your landing pages.
Landing pages are the pages that show up on Google’s search results when someone conducts a search. A landing page is the first page a user visits on your site, so it needs to lead the user toward your desired page or action.
In the previous point I talked about bounce rate. Google lists it as one of the most important ranking factors, among other things. It is very important to have an interactive and user-friendly UI (User Interface) to keep users your website for a longer period of time. It's also important to link your pages to create a web of connections that lead your users throughout your website to increase the time on site.
3. Reduce Load Time
Perhaps the biggest factor when it comes to bounce rate is loading time. Studies have shown that people do not wait more than 10 seconds for a web page to load before leaving a website. Moreover, data released by Googleshows that 53% of mobile users leave the site if it takes more than 3 seconds to load. Therefore, it is important to reduce loading time by methods such as image optimization, removal of leftover code, cutting down on external scripts, making use of caching systems, etc.
4. Optimize loading time and landing pages for mobile devices
Approximately 60% of all Google searches are conducted on mobile devices. Google also claims to place mobile compatibility as one of the major SEO ranking factors. The length of time users wait for a page to load is reduced on mobile devices compared to computers, hence it is necessary for a website to be compatible for mobile devices and maintain an attractive mobile interface.
5. Follow the proper keyword research and target highly specific searches
Every search consists of keywords that (hopefully) link the user to relevant information. For new websites it is advised to focus on more specific keyword strings (also called long tail keywords). These are the strings of words that direct users who are looking for something very specific to your website. This ensures improved targeting and is cost efficient.
For example, an article about your product could include terms like "Where to buy..." or "...in Seattle" to rank higher in searches using those specific keywords.
Check out our list of best free and paid SEO tools to learn how and where to conduct keyword research.
6. Link to relevant internal and external webpages in your content.
On page optimization includes factors such optimization of title tag, meta description, image optimization, URL optimization, keyword optimization, and Backlinking.
Title tags should be short and to the point. All sources will tell you a different number, but search engines may not read past 50-60 characters or around 9-12 words of the title tag. Your main keywords should be at the beginning in case the end of the title is not read.
Meta description is the small block of text that appears beneath the title of your page on a search engine result. Search engines read this, but so does the consumer. Together, relevant titles and meta description should guide users to your link over another web page.
Image Optimization is the process of using appropriate file types, sizing images appropriately, and filling out the meta information for the image to reduce load time and bounce rate. Search engines like to deliver relevant information quickly, so a page with a faster load time with the image alt tags filled out may outperform its competitors.
URL optimization should follow the format of website/category/relevant webpage. For example the URL for Wikipedia’s webpage on Marketing Strategy is https://en.wikipedia.org/wiki/Marketing_strategy, simple yet comprehensive.
Keyword Optimization in on-page SEO refers to writing content with well-researched keywords that are relevant to the contents of your website. Search engines will rank your website higher if your page contains relevant information to the search, especially long tail keywords.
Backlinking is still one of the most important SEO ranking factors. Linking back to credible sources helps Google crawler find your site as well, creating a web of content search engines can connect and learn from. It also increases your chances for getting linked back from other websites as it makes it easier to find your content. You should link your own and others' sites whenever it is relevant.
8. Focus on local ranking factors for small and medium businesses.
For a website interested primarily in local targeting, local targeting factors such as long-tail SEO, local link-building, Google reviews, locality based bounce rate, etc. should be given priority.
Neilsen MyBestSegments is a brilliant and creative tool for medium and small scale enterprises. You can analyze a local area’s consumption habits and demographic details, along with shift in consumption habits and trends as well. It is good for launching a targeted marketing campaign locally. It can also be helpful for competitor analysis to a great extent.
9. Add a robots.txt file to your website and maintain a XML sitemap
Robots.txt file is how Google crawler finds and lists a site. It tells crawlers what to list and what not to list. Google ranks web pages and not just websites. XML sitemap becomes relevant here because it is essentially a directory of all the pages on a site. It makes it much easier for crawlers to find out your website and rank your pages accordingly.
10. Produce relevant and quality content.
Now that you have managed achieved a click to your landing page, the next important step is to keep the user there to improve your bounce rate. Even if the user doesn't make a purchase, their time on page is valuable and could result in higher search engine ranking.
To keep a user on your page you must offer them superior value via your blogs, offers, etc. A user isn't going to stay on a page for very long if it isn't offering something of value.
Especially if you are blogging and/or producing content, it is necessary that the keywords that lead to your site are relevant to the actual search queries of your audience and are not simply a case of keyword stuffing. In any case, Black Hat SEO is not recommended since Google is vigilant about SEO tactics that try to cheat the system and will penalize your site if need be.
Conclusion
Google claims to have hundreds of factors when it comes to ranking. However the above listed SEO strategies and tools have proven to be repeatedly effective. It is important to stay dynamic and optimize your content as fresher ranking factors are introduced.
Search Engine Optimization is a lengthy process that never really ends. However with expert guidance it can be used to the best of your interests.
We Can help!
Symphysis maximizes the
number of times you appear in organic search queries. Our SEO team begins by reducing
loading time, improving image quality, removing leftover template code,
implementing analytics, all while improving keyword ranking. For more information
and a free initial consultation, call or text @ +1 (425) 390-4738.
We have written about various marketing strategies and tools in our previous articles, however there are certain distinctions when it comes to marketing for small businesses. These may be budgeting limits, limited area of operations, and difference in targeting and potential market. This article specifically guides you through marketing strategies and techniques for small businesses.
How isMarketing for small businesses different from other types of marketing?
Best marketing tools for small business.
Online marketing for small business.
Conclusion
How isMarketing for small businesses different from other types of marketing?
These are important in cases of all large, medium, and small enterprises. However there are some crucial difference when it comes to actual marketing between small and medium, and large enterprises. These include:
Type of capital and sources of funding. Larger enterprises usually involve some form of equity or shared funding, including large partnerships. However small enterprises often consist of a single main owner and assets belonging to the single owner. Therefore small enterprises face a limited budgeting issue when it comes to making investment decisions.
Ownership and decision making. Major enterprises are usually owned by equity distribution or some form of large partnerships and are controlled by a board of directors. Small enterprises usually comprise of a single owner or a small partnership. Therefore while there is a comparative shortage of capital, they triumph at quick decision making and therefore have a higher flexibility when it comes to making decisions in response to the changes in the marketing/ industry trends.
Area of operation. Small businesses have limited area of operation, therefore marketing strategies such as targeting and advertising become relatively easier and cheaper. There is also a vital role of word of mouth marketing when it comes to marketing for small enterprises. Goodwill is geographically limited, therefore it is important to maintain a modest social presence.
Best marketing tools for small business.
Here is our list of top picks for best online and offline marketing tools for small businesses. Click herefor a more comprehensive list of marketing tools.
Nielsen MyBestSegments. Neilsen MyBestSegmentsis a brilliant online marketing research tool for medium and small scale enterprises. You can analyse a local area’s consumption habits and demographic details, along with shift in consumption habits and trends. It is good for launching a targeted marketing campaign locally. It can also be helpful for competitor analysis to a great extent.
USA GOV statistics . USA GOV statistics culminates data released by Federal Agencies on various topics such as agriculture, education, transportation, energy, etc. It can be used for geographical targeting and modifying marketing tactics as per industry needs. It is a good tool for local targeting as it conveys reliable official data.
Business Cards. Investing in businesses cards is a must for small business. Small business need to establish connections. In case you meet people with potential growth opportunities and lucrative deals providing business cards is a cheap and professional way for conveying your presence in the market.
Direct mailing. Maintaining a local mailing list can be a really effective tool when it comes to marketing for small businesses. It is important for small businesses to attract new customers, but it is way more important to maintain their established customer base. Therefore a mailing list for subscribers with mails regarding updates to the business and discounts/offers can go a long way in keeping your customer base satisfied. However spamming must be avoided as no one likes junk mail.
Sales Promotions. Sales promotions differ from advertisement in the sense that they do not promote the product itself, but include some extra benefits with the sale of the product. For example schemes like BOGO (buy one get one), discount on higher quantity of purchase, lucky draws with purchases, free shipping, etc.
Engagement, Not Aggressive Selling. Aggressive Selling, focusing on immediate sales by advertisement rather than building up a customer base, usually only works to increase sales in the short term. It is a huge obstacle for a firm looking to acquire market share from an established market. Customer Engagement on the other hand is an essential. As is evident by the ever growing need of a good Customer Support, engagement and reliability on the organization from the customer’s side helps build the brand, occasionally faster than any other marketing method.
Online Marketing. Some small businesses are often cynical about the importance of online marketing given the differences audience scale at a local level. However given the state of marketing dynamics and a customer base driven primarily by online reassurance, it has become important for every kind of business to maintain an online presence. According to a study conducted by GE capital retail bank,87% of customers who shop locally prefer to research their choices online before making a decision. This makes it essential for your brand to be visible online.
Branding. Branding, even locally, goes a long way for business growth and development. Especially for a business dealing in generic or everyday use products, brand distinction and goodwill helps a lot in acquiring a competitively greater market share.
Online marketing for small business.
Online marketing is a modern day competitive necessity. Even for small businesses, it has become important to maintain a stable digital presence. With advertising services like Facebook’s local market listing, it has also become easier to target and advertise specifically to your ideal potential customer base.
Apart from online advertisement, there are two other major online marketing strategies: SEO and Social media.
Search Engine Optimization is a sequence of strategies and methods used to by a website so as to increase its search ranking. For example, an owner of a bakery in Seattle would optimize their website content to appear in searches for "Bakery in Seattle." There are various methods and techniques of search engine optimization listed in ourdetailed articleSearch Engine Optimization.
Social Media is another excellent way to maintain an interactive customer base. Posting about current trends and connecting to your customer base online can help improve your business’s goodwill and even attract more customers. You can also use it for sales promotions or Pay Per Click (PPC) advertisement.
Conclusion
The most important points are to understand the dynamic of your local market, change and accustom to the needs of your audience as necessary, offer products of some customer value, and market to potential buyers only. Do not let the failure stories discourage you since entrepreneurship is all about facing and beating challenges. Once you understand what works for your market, marketing strategies become clearer. However in case of higher growth prospects and more complex market structures, professional assistance is recommended.
We Can Help!
Symphysis specializes in market structure and strategy. Every day we meet clients from around Greater Seattle for one-on-one training and consultation. Our marketing services extend to businesses of all sizes, family and enterprise. For more information, call or text @ +1 (425) 390-4738.
Marketing is an ever-changing and tedious process, however it is impossible for a business to gain Goodwill and Brand Recognition without proper marketing. Marketing is essential for gaining a competitive advantage. Planning and running targeted campaigns stick with the customer and drive them towards your brand. This article provides a beginner’s guide for creating and running such campaigns.
Contents
What is a Marketing Campaign?
The Marketing Checklist.
Where to run a marketing campaign.
Tips to ensure the campaign’s success.
Conclusion
What is a Marketing Campaign?
A marketing campaign is a sequence of promotional activities that a business undergoes to achieve a particular goal. Therefore it is different from marketing in the sense that while it implies all aspect of marketing, it is a goal-oriented and temporary strategy to boost your customer base, such as discounting, sales promotion, or an advertisement campaign. It can also be of various forms depending on the needs of the business.
Throughout the course of running a business, a brand may try out many general and specific marketing campaigns. Each one’s length and budget depends on the business’ current needs. Therefore certain temporary and long term variables need to be considered before launching a campaign.
The Marketing Checklist.
The following are certain perquisites to ensure a successful and profitable marketing campaign:
Industry analysis
Industry analysis is the process of analyzing various aspects of an industry, such as where your business fits in into the market, its growth and profit potential, the state of competition, what marketing tactics are useful for the product line, etc. It is essential since it defines the potential liquidity, solvency, and profitability for you and your competitors in the industry. It focuses on analyzing market trends and therefore also helps your business prepare for any future shift in economic patterns of the market.
For detailed information on Industry Analysis click here.
Competitor analysis
Competitor Analysis comes after Industry Analysis, which establishes which industry you will be competing under. But while Industry analysis is more generalized, competitor analysis focuses more on how the existing firms in the industry function, as well as any potential firms joining. It focuses on analyzing your competitors’ producing, distributing, and marketing strategies and narrowing down which ones would work best for you.
For detailed information on competitor analysis click here.
Structuring
A strong structure is essential for good management and budgeting. Decide on what platforms you will be advertising through (social media networks, billboards, SEM, etc), what promotional methods you will be using (advertising or discounts or lucky draws or a combination of these and more), and for how long the campaign will run. In this step you also define the reasons for the campaigning, that is why are you running the campaign in the first place. For example, campaign goals could be clearing up excess stock or increasing traffic on your website.
This campaign
duration can vary as well, such as it may be for a specific time period or
until certain quantity of sales is made.
Targeting
Targeting is the most important perquisite for any kind of marketing. It is advertising and promoting your product or service to a particular and predefined set of customers, who are the most likely to purchase the product. It ensures your promotional efforts reach only those who are most likely to buy the product, therefore generating more sales and increasing return on investment.
For more details and tips on targeting click here.
Resourcing
Resourcing is calculating and defining how much your marketing budget is and where it will be spent. It’s an extension to structuring which emphasises on assignment, such as where your funds will be spent, who will be running each aspect of the campaign, how much time will each resource (monetary, human, or other) spend on the campaign, etc. It is important to assign human resources who are experienced in their particular fields to manage a large campaign.
Budgeting
While budgeting is a common term, it is a game changer when it comes to marketing budget decisions. There are a lot of factors that go into budgeting for a campaign, like time period (structuring), demographic based distribution (targeting), where you will be advertising and to how (resourcing), etc. It is the process of assigning and defining the funds towards a particular variable of the campaign.
Where to run a marketing campaign.
Now that you have checked all the perquisites, comes the step where you have to decide where, how, and when you will be running the campaigns. This can be derived through industry and competitor analysis, based on what form of media distribution works for firms like yours.
The PESO Model
No, we aren't referring to the currency of Mexicao, we're talking about a common approach to marketing reach. PESO (Paid, Earned, Shared, Owned) is a model for how you should organize your outreach opportunities. Below we will break down the PESO acronym and explain what each means, and a little on how to use them. These are typical marketing channels where your campaign can be promoted.
Paid: Display and Billboards advertisement, Pay Per Click (PPC) marketing, paid influencers, Sponsorships, etc.
Earned: PR and marketing, Media Coverage, etc.
Shared: Word of mouth marketing, Social media presence, forums and referrals.
Owned: Marketing on your own blogs and websites, your social channels, newsletters and email campaigning.
A company may choose any combination of the above depending on the campaign’s goals. However it is important to be dynamic and change according to the need of the environment. Some important management efficiency based factors come into play. These are-
Make A Checklist.
Use the campaign checklist. It is important to have a structured and laid out plan before starting.
Prepare To Pivot
Your campaigns must be dynamic and ready to shift course at a moments notice. The realm of marketing is ever changing and you don't want to be caught with an outdated strategy. Some of the worlds most successful brands have come out of campaigns that were quick to make a pivot. This might be an essential element of survival for your company, campaign, or content in general.
Agile Decision Making
Be quick in decision making. It goes without saying that quick and effective decision making is one of the most important building blocks of a marketing campaign. In the case particular marketing strategies are not working out, you should be vigilant enough to either change structures and redefine the campaign depending on the specifics of the campaign.
Keep track of performance. Midway evaluation is also one of the important strategies. You should maintain a journal recording day to day, or even hour to hour performance of your business, defining variables such as what time does the campaign work best, what kind of people it is most likely to affect, how much you are spending for each aspect, etc.
Conclusion
A marketing campaign is a temporary project aimed at boosting business sales, however a successful campaign can help grow a business exponentially. That is why successful companies run a plethora of specific campaigns throughout the year. It often becomes important that all personal and professional efforts are put into its planning and execution.
We
can help!
Symphysis believes in marketing from the ground up. With our team of dedicated experts we can help in locating your ideal market, segmentation, campaigning, search engine optimization, and create your own successful brand. For more information call or text @+1 (425) 390-4738 for a free initial consultation.
A lot of research and evaluation work goes into running a successful marketing campaign. From targeting to keeping up with the industry’s trends, it is necessary to do proper research before launching a campaign. There are certain tools and methods to help with that. We have presented our top picks for best marketing tools in 2019.
Content:
Why marketing research is crucial for your business
Top ten best marketing tools in 2019
Conclusion
Why marketing research is crucial for your business
In our previous blog best free and paid SEO tools 2019we listed our picks for best SEO tools in 2019. While SEO has become an integral part of marketing, marketing research still stands its own ground. Marketing is a much wider and dynamic concept than SEO. It involves researching not only to generate traffic and build an online audience, but also to keep up with industrial and competitive dynamics. It is also crucial in building your brand, as it is with marketing that most initial B2C (business-to-customer) interactions occur.
These marketing research tools will present better potential customer base data, so as to facilitate targeting and ensure efficient use of your marketing budget.
Top
ten best marketing research tools and strategies in 2019
American Fact Finder
American fact finder is a tool which can be used for general census collection as well as for targeting. Its filtering service allows you to sort out data by age, sex, race, location, etc. It provides the data about the following.
One of the most popular and renowned marketing tools in our list, SurveyMonkey can be used to create and conduct online surveys. These can be generic or specific depending on your need. While they offer a free package as well, much better targeted and in-depth, and long term surveys can be conducted by subscribing to their premium packages.
Survata is a paid form-building website with a twist. After you have finalized a survey form, their employees can (for a small fee) analyze the questions and provide feedback for targeting and industry/market relevance.
Make My Persona is a creative targeting tool that generates a persona for your potential customer. They create semi-fictional profiles about your potential buyers using real market and industry data. It inputs your existing customers to provide an ‘ideal’ image of the potential buyer.
Neilsen MyBestSegments is a brilliant and creative tool for medium and small scale enterprises. You can analyze a local area’s consumption habits and demographic details, along with shift in consumption habits and trends as well. It is good for launching a targeted marketing campaign locally. It can also be helpful for competitor analysis to a great extent.
Userlytics offers a beta testing platform to test any kind of media, from videos and banners to apps and websites. It records and shows beta users’ interactions- what they interact the most with and how long, including a screen recording feature for videos. Their pricing starts at $2900/year.
Pew Research Centre is a comprehensive online marketing tool that provides data on various topics like marriage statistics, immigration statistics, social media usage, demographic distribution, device based ownership, etc. It provides all these tools for free with a user friendly interface and relevant charts for visualization.
The official Government statistics website culminates data released by Federal Agencies on various topics such as agriculture, education, transportation, energy, etc. It can be used for geographical targeting and modifying marketing tactics as per industry needs.
So far we have talked about online marketing strategies, however certain offline methods can be really useful for marketing research as well. While these tools showing data about customer behavior are useful, they may not represent the full extent of the data at times. Therefore, some businesses may prefer more personal research.
In-person surveys are one of the most popular of such methods. One can ask people from a locality to answer survey questions on streets or organize focus groups. A focus group is a great tactic to assemble a group of individuals to share their opinions and answer questions about certain topics like consumption habits, preferences, criteria for choosing one product over another, etc.
Conclusion
Proper research is essential for any successful marketing campaign. Therefore it is always advised to conduct and invest in proper researching beforehand. Once you have become accustomed to the industry, you can use these tools for a significantly improved campaign. However, it is recommended to get expert help for professional marketing.
We can help!
Symphysis believes in marketing from the ground up. With our team of dedicated experts we can help in locating your ideal market, segmentation, search engine optimization and create your own successful brand. Call or text @+1 (425) 390-4738 for a free initial consultation.
Formulation of a strong and successful marketing plan is of utmost importance for any marketing campaign to be a success. Marketing mix is a tool used to formulate such strategies that yield all-round, long term results.
Contents
Marketing Mix: Definition and Importance
The Four P's of Marketing
The Marketing Process (How to use Marketing Mix to your advantage)
Conclusion
Marketing Mix: Definition and Importance
Marketing Mix is a guide which can be used to form successful marketing strategies. It was developed to ensure an all-rounder approach before forming marketing tactics. The four Ps (Product, Price, Place, and Promotion) cover all functioning areas of a business, hence this tool helps businesses take a more comprehensive marketing approach.
It can be defined as the culmination of the major forces of market, namely product, price, place, and promotion. It helps achieve your marketing targets, as marketing mix functions as a monitoring variable to such goals by defining a table of progress, divided under relevant heads. For example, place mix can be used to monitor how far the reach of your product is physically, and how the expansion of the same is going.
The Four Ps of Marketing
Product
Product is any good that a business offers for sale, or any services it is ready, willing, and qualified to provide under such circumstances deemed contractual by expression or conduct. In other words, Product is anything, real or psychological, that a business is ready to provide for monetary gain. As a marketing Mix, Product is an essential element as it is necessary to understand the product, and therefore its market conditions for any business to go about a successful marketing campaign.
Price
Pricing decisions affects a lot of variables, from directly affecting profit margins and gains, to indirectly affecting growth, promotion, and everything up to the survival of the business. Under oligopoly market however, there is only minimum pricing liberty. Any price fluctuations and a business is bound to lose or gain customers immediately, at the price of lower sales or lower profits (respectively). Therefore a concrete understanding of the type of market along with knowledge about the industry and competition is essential before making pricing decisions.
Place
Physical availability of the product is also very important. It is basically following the concept of being ‘at the right place, at the right time’. Ideally Place Mix should define where your potential customers are most like to wander into; this includes online shopping portals such as Amazon.
Promotion
Through our previous articles we have always emphasised on the value of offering superior value as the key element of promotion. Promotion is basically a culmination of activities undertaken to acquire market share. Various methods such as advertisement, Public Relations, sales discounts, etc. are included under promotion. Promotion Mix looks to guide these activities, such that maximum ROI is obtained from the promotional efforts.
The Marketing Process
(How to use Marketing Mix to your advantage)
To form an effective Marketing Mix that suits the requirements of your business and yields maximum results, we suggest taking the initiative for careful and constructive planning. This includes the process of industry analysis (click here), competitor analysis (click here), and advertisement analysis, as well as defining your marketing goals under the subheads of Marketing Mix and keeping a maintained checklist for the same. When implying Marketing Mix as a marketing basis, you should ask yourself the following questions:
What are the products I will be dealing in? (Product Mix)
What industry will I be working in? (Promotion/Product Mix)
Who are my competitors? (Product Mix)
What are competitors marketing strategies, and what strategies work best in my market? (Promotion Mix)
How will I offer superior value to the customer in order to gain market share? (Product/promotion Mix)
How will I make sure that my good are in stock according to demand?(Place Mix)
Where should my goods be distributed so that they have maximum potential customer reach? (Place Mix)
What will I charge for the products? How will it differ from others and what are the offers/discounts/possible loses that will be collateral to my pricing decisions? (Price Mix)
Upon answering the above
questions, the best thing would be to lay down the respective goals in relevant
headings and proceed with it.
Any market form is dynamic and ever changing, therefore a limitation of Marketing Mix is rigidity. You must be prepared for such changes, expected (in accordance to past changes in the industry) or unexpected.
Conclusion
While Marketing Mix is a comprehensive marketing tactic, it has some of its flaws that should be accounted for beforehand. It is a good approach for Startup businesses (click hereto learn more about startup marketing). It should be used as a guide rather than as a rigid to-do list, describing your long term goals while dealing with variables as they come along.
We can help!
Symphysis believes in marketing from the ground up. With our team of dedicated experts we can help in locating your ideal market, segmentation, search engine optimization and create your own successful brand. For more information call or text @+1 (425) 390-4738 for a free initial consultation.
Marketing these days is heavily reliant on social media, networking, and the internet. One of its popular aspects is Search Engine Optimization, which is governed by its own tactics and strategies. One of the most important aspects of SEO is Link Building. For a more details on SEO, visit our Search Engine Optimization article.
What is Search Engine Optimization?
What is Backlinking?
Backlinking and its relevance in 2019.
The Problem with Backlinking Spams (Tiered Backlinking)
Footnotes
What is Search Engine Optimization?
The main objective of any website is to drive traffic toward its content. There are two primary ways to inrease web traffic. The first option is advertisement: paying websites with decent traffic to make your content discoverable to their users. But the obvious flaw with this is the fact that the audience attracted is often temporary, and that new startups and small organizations cannot invest a great deal in such advertisement.
The second and more effective way of generating long-term organic audience for your content is Search Engine Optimization. Search Engine Optimization is the process of customizing your website in a manner that when a user does a generic or specific search, your website with relevant content shows up first. Generally, users click on the first website they see therefore increasing the traffic on your website.
What is Backlinking?
Backlinking is the most effective white hat(1) (though it can be of Black Hat(2) nature as well), Off-page(3)Search Engine Optimization technique. It basically works by linking (or referencing) one page on the internet to another. SEO preference is given to pages with greater credibility, and if your site has been featured in other websites of relevant content, SEO bots such as Google Crawler(3)find their way from that website to yours, ranking your website (with more links) above the rest.
For easier explanation think of it as a web. Google crawler crawls all the way from the edges to the center. The more the edges, the stronger its center will be according to Google Crawler, and it will feature the website in the center (that has been linked to on other relevant sites) higher on search results.
Another factor playing a key role in Backlinking is Keyword Optimization. To rank higher, the web page must feature repetitive (but not spammed) usage of relevant keywords that users are using to find information.
Backlinking and its relevance in 2019.
According to Linkresearchtools.comGoogle confirmed that link-building or backlinking is still its #1 ranking factor along with quality content. However Google has also been valiant in identifying spam building and can penalize websites for cheating the system by banning its ranking forever.
According to moz.com, a study conducted by Perficient Digital which took in consideration over 26,000 queries (an increase by 9,000 queries in comparison to its previous year’s study) showed a strong increase in correlation between link building and SEO ranking. Under the study, a scale of -1 to 1 was chosen. Digits in negative representing an inverse or opposite correlation, 0 representing no correlation at all, and anything above zero showing a positive relationship.
Keeping in mind that Google claims to use over 100 ranking factors, any score above 0.2 should be considered of heavy value. The study showed a high correlation of 0.293. Read the Moz report for more information here.
Source: Moz.com
Conclusively, according to research and Google reports, link building is still one of the most important, if not the most important, factor involved in search ranking. It is one of the best methods to gain credibility about the content and gaining traffic as well. By increasing the number of reference there is a strong chance of gaining visitors from such links.
The Problem with Backlinking Spams
(Tiered Backlinking)
As mentioned above, search engines reserve the right to reduce the ranking, or even completely remove the website listing if they see foulplay. These ranking dynamics are ever evolving and are actively vigilant in finding such spam. One popular variant of this is Tiered Backlinking. Under tiered backlinking a person with multiple websites links them through one another tier wise. For example, suppose you have nine websites (A, B, C, D, E, F, G, H, I) and A is your primary site. In tiered backlinking you would reference website B in D, E and F; and website C in G, H, and I. And then you’d link site A to B and C, which are more credible and relevant to your main site. Google Crawler will eventually find its way from site I to A, assigning it multiple backlinks. And hence greater ranking.
Tiered Backlinking
However this does little in building any organic audience for your website, as there is usually limited traffic on secondary sites in the first place..
We
Can help!
Search Engine Optimization can be a tricky concept to understand and even trickier to tackle. Symphysis maximizes the number of times you appear in organic search queries. Our SEO team begins by reducing loading time, improving image quality, removing leftover template code, implementing analytics, all while improving keyword ranking. For more information, call or text @ +1 (425) 390-4738.
Footnotes
White Hat SEO techniques refers to methods such as better UI (User Interface), Keyword Research and Optimization, Speeding up the load time, and attracting backlinks from reputable websites are the main methods of white-hat SEO.
Black Hat SEO techniques include keyword stuffing (Including repetitive chosen keywords in your content), content scraping (Republishing your RSS links to different sites for backlink generation), comment spams (on different comment-enabled websites with links backing to your own website), cloaking (Showing different content to visitors and search engines), etc. Ranking Bots such as Google Crawler do not appreciate such techniques and can identify and punish sites using them.
Off Page SEO techniques include everything you do online to drive traffic that is not on your website or relating to display of actual content. These include (but are not limited to) Social Media presence, Guestblogging, and Backlinking.
Google Crawler is Google’s inter-site navigation block that navigates through various backlinks on different sites to a particular site.
Business Planning is the most important factor to consider for launching a successful startup business. Industry Analysis is that part of business planning which deals in determining which sectors of the market (industries) you will be dealing in. This brief article explains the basics of Industry Planning with a beginner’s in-depth approach.
What is Industry Analysis?
The Importance of Industry Analysis
Most effective industry analysis strategies (SWOT and Porter’s
Five Force Analysis)
Things to keep in mind while choosing your industry
(Industry Analysis)
Footnotes
What is Industry Analysis?
Before starting actual business processes it is important to find out where your business fits into the market, its growth and profit potential, and the state of competitors dealing in similar products and under similar circumstances. In other words, to target new potential customers, industry analysis can be used as a tool to break down important factors influencing your target market.
The Importance of
Industry Analysis
Efficient Industry Analysis shows effective management and acts as a foundation for long-term growth and survival of the business. Industry Analysis defines the potential liquidity, solvency, and profitability for you and your competitors in the industry. It focuses on analyzing market trends and therefore also helps your business prepare for any future shift in economic patterns of the market.
Most effective industry analysis strategies (SWOT vs Porter’s Five Force Analysis)
SWOT (Strengths, Weaknesses, Opportunities, and Threats) and Porter’s Five Forces (Competitive Rivalry, Supplier Power, Buyer Power, Threat of New Entry, and Threat of Substitution) are the two most talked about Industry Analysis strategies.
It is evident by their definitions that SWOT analysis focuses more on internal factors while Porter’s Five emphasizes on external forces. SWOT analysis defines the potentials and capabilities of a business, what it can and cannot do and which chain of actions that it undertakes will be most lucrative. Under this an equity analyst is expected to jot down and deal with a business’ internal Strengths and Weakness in direct relationship to its external Opportunities and Threats. Hence it tells an entity about its own competitive advantages and disadvantages. Therefore it focuses on determining profitability, along with focusing and analyzing solvency and survival potential of the organization.
Source: Mindtools.com
Porter’s Five Forces, on the other hand, tells an analyst about competition within their industry, along with an industry's weaknesses and strengths. Professor Michael E. Porter of Harvard Business School coined this strategy as part of his book "Competitive Strategy: Techniques for Analyzing Industries and Competitors."
This strategy can be used for a more comprehensive analysis of the external factors of the industry. Its main objective is determining profitability prospects for an organization.
The five industry analysis forces that make up the industry as identified by Porter are:
Competitive Rivalry
In the center of it all, Competitive Rivalry is the power of established businesses in an industry that your business needs to deal with. Effective and efficient analysis of Competitive Rivalry becomes a major force since such existing businesses already possess a greater fraction of market share and resources in the industry.
Supplier Power
More supplier power is less desirable for your business. If there is greater demand for producer goods(1) in your industry than their availability, the suppliers are in a greater position to bargain for higher prices. Simultaneously acting forces of demand and supply, if negative, which is likely under such a scenario, leads to lower profitability prospect for the business
Buyer Power
Buyer Power, aka demand, consists primarily of demand function:(2) variables such as the demographic distribution, number of customers, taste and preference, price sensitivity (price elasticity), etc.
Threat of New Entry
If you are an established firm, industry analysis is still necessary since modern market is dynamic is nature, thus entering and existing in an industry is a repetitive occurrence. Such businesses look to acquire market share from you by offering greater value in their products or their presentation, by advertising implied superiority.
Threat of Substitution
Substitution
effect is the tendency of buyers to switch from one product or a similar
product’s brand to another. A substitute product is
one that may offer the same or similar benefits to a buyer as a product from another
manufacturer/industry. An industry with a higher threat of substitution is less
likely to yield higher rates of profitability.
Things to keep in
mind while choosing your industry (Industry Analysis)
Three major variables to keep in mind before initialising
an Industry Analysis are following-
The Stakeholders
Stakeholders(3) are parties that have something on stake with the business. For example, equity investors or the government. Their policies and preferences should be kept in interest while forming a business plan in the industry.
Competitors
Your existing competitors and their policies/ business structures / producing or purchasing patterns greatly affect and define your own business model. For example, for a startup it is best to adhere to existing, fairly profitable practices than going overboard with experimentation. You can read more about startup marketinghere.
Distribution
Supplier power included, this defines the range of distribution, demographically targeted, and therefore the resulting buying patterns. Distribution patterns define the prospects of growth by showing the targeted market, effective distribution systems, and sales prospects.
Another factor under ‘distribution’ is
the distribution of resources. How
limited resources are distributed among your competitors and you, such that
maximum profits could be yielded, is another factor to be kept in mind while
performing Industry Analysis.
We Can Help!
Symphysis specializes in market structure and strategy. Every day we meet clients from around Greater Seattle for one-on-one training and consultation. Our marketing services extend to businesses of all sizes, family and enterprise. For more information, call or text @ +1 (425) 390-4738.
Footnotes
Producer Goods are goods used in the production process (manufacturing) by the producer. These are not meant for end use and are rather a means to an end.
Demand Function is the culmination of various factors affecting demand for a commodity/service, like price, taste, taxation, weather, etc.
Primary stakeholders of a business are owners (shareholders in case of a company), customers, employees, suppliers, and government.
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