How To Include Pinterest Into Your Marketing Strategy Plan

November 23rd, 2022 by admin No comments »

Pinterest is a new social media platform and business owners can use it to leverage their marketing gains. This is a network that helps participants share images with one another in an easy and exciting way. Pinterest is a social network that’s quite different from Facebook and Twitter. There are a set of rules which apply hence making sure the best practices are applied.

Incorporating Pinterest into your business marketing strategy plan is very important. However, there is a need to ensure that there exists a good marketing plan for your business before you take into account the use of a new social media marketing strategy. If you don’t have a well crafted marketing plan in place, you may not achieve the full benefits.

Pinterest is one of the easiest to use social media platform available today. Those who don’t know how to use this network can read or watch tutorials which are available on the web.

How can you use Pinterest profitably?

There are many ways in which Pinterest could benefit your business.

You can promote your products easily using this network.
You can upload the images of your physical products and share them online with your prospects.
Pinning can be used to make sure that your products get the attention which they deserve.
The pin boards has a gifts section which attracts many people.
With the happy pinning feature you stand a better chance of using it to help you stand out of the crowd.

Also, bloggers have found an easier method to highlight their blogs. They are now in a position to make a visual directory of all the content which they write and publish on the web. You could also carry out comprehensive market research and share videos. You can also use your pins to find out about the people who follow you by checking their profiles and getting to know what they do. This will help you tailor your content in the right way.

The Four Phases of Small Business Strategy Planning

April 13th, 2022 by admin No comments »

There are a host of definitions for strategy. Rather than trying to be comprehensive or creating a definition that tries to be the authoritative source, I’ll use a simple definition of strategy for my purposes. Strategy is a plan of action designed to achieve outcomes. That’s it. This definition is loyal to best tenants of strategy as well; be flexible, nimble and leave options until you reach the appropriate time or level to add further definition.

The process of defining the desired outcomes is usually incorporated into the concept of strategy planning. In an agile and well-led organization, execution is also wrapped into strategy so that the plans can stay flexible, updated, and resources can be used to increase success.

The best, most refined, and most successful strategy model has evolved from ancient China, was updated in Prussia, and has slowly been creeping into the business world. There are four steps to the process and I prefer to keep them all under the strategy umbrella to help leaders reach the planned outcomes. The iterative sequence is: setting goals, planning, actions, and outcomes.

In setting strategic goals, you must consider what outcomes you desire for your business. Assuming that you are in business to earn revenue, you must link your outcomes to needs that your customers have in order to capture that revenue. The best source for setting goals is your business mission, values, and vision statement. Provided you have a well thought out statement, your goals should flow directly from your mission and vision. What do you desire? What outcomes are you seeking? Where do you want your business to go? These are all important questions to ask. Additionally, you’ll want to conduct analysis and hypothesis testing of your assumptions to ensure you have goals that have a reasonable chance of success.

At the business level, goals should be general and short. For instance, you might set a goal of establishing a presence in a new market and capturing $2M in revenue within 2 years. Then you might develop a new layer that adds more strategy and assigns responsibility to different segments of your organization. In the above example, you might divide the revenue responsibilities between two business units and also assign sales and marketing targets. Each of these units might then break their sub-goals down further to responsible units or people. At each decomposed level, they would be informed as to the goals of the parent organization and overall business so they understand the overall context of the strategy.

When strategic goals have been formulated and assigned, planning begins. The business conducts an analysis of the environment, competitors, their own capabilities, their customers, and any other areas critical to the goals. They also assign resources to the different sections and identify people that will be responsible for achieving the outcomes defined in the strategic goals. They might also place constraints on the same, for instance certain segments of the market might be defined as unattractive.

With the goals, analysis, and resources/constraints in hand, the units and people responsible for the outcomes begin planning how they will reach the goals. The planning at the business level will be high level, as were the goals. As the planning cascades down through the organization, the plans will become more detailed at each level. Care must be taken in planning to ensure that only enough detail, not too much, is built into the plans.

As each layer of plan is created, there is a back and forth communication and evaluation of the plans until a level of confidence is reached. Care must be taken that planning doesn’t become such a long process that opportunities are missed while creating the perfect plan to take advantage of them. The old adage: a good plan executed now is better than the best plan executed too late is even more valid today given the speed of information in our society.

The final component of planning is establishing how to measure success. Using key performance indicators (KPIs) is a useful manner to track progress towards goals and helps leadership avoid micromanagement. When using KPIs, typically only three to five will be chosen at each level. They are selected because they are the most critical indicator to success. For instance, and airline trying to raise its customer satisfaction ratings and rankings identified one KPI, aircraft departure timeliness and subordinated all actions to ensuring that they could meet that goal. It’s also very helpful to have few KPIs as it keeps managers from trying to micromanage every detail instead of leading.

When the plans have been cascaded and completed, the flow moves into action. It is in the action phase that the outcomes and goals are reached. The plans come to life in the action phase. It is also the action phase where the plans begin falling apart. When you are writing your plan, conducting your analysis, creating goals, cascading the process, etc. it is easy fall into the assumption that when you launch the plan, it will proceed as written. Wrong. In the military, it is assumed that no plan will survive the first contact with the enemy. What that means is that when you’re planning, you are making assumptions and even though you’ve conduced a robust analysis, it won’t be perfect. In business, your clients, partners, competitors, economy, technology, and any other variable won’t behave as you’ve predicted. Some may be close, but there will be wrenches throw into your machine.

Business Success Using Marketing Research

March 29th, 2022 by admin No comments »

Launching your product? Want to know what the market is all about now? What does the data say about the current market status? Is it a good time for your product to be launched? Will the audiences perceive your product? How different it is from other products? These questions might arise in your mind always. For that there is a solution which is called Market Research.

What is Market Research?

It is the process of assessing the market for the launch of new products with conducting a thorough research directly with the consumer. This lets the company to identify its target market and gather statistics and data from the opinions gathered from consumers regarding the product. Market Research are mostly done by the companies itself or through third parties who are experienced in the market research field. A lot of marketing strategies can be used for market research such as surveys, product testing and directly approaching the consumer groups for their opinions regarding the product.

Now the question is What is the need for Market Research?

The purpose of doing market research is to assess the market related to the product or service to gather results how the consumers will react to the product. The companies may try to find out what the consumer likes and what not and where does their product stand between these and how to make it better so that the consumer perceives it. They can remodel the product according to that and bring about changes to the actual product so that it fares successfully in the market after its launch.

How is market research done?

Market Research requires a lot of strategies and plans to be implemented to bring out fair amount of results for the company. The companies develops variety of steps with proper planning. It gathers information regarding the market and the company must analyze the data that has been collected to look after the relevant data that can be used later on to bring modifications to the product.

What is the use of Market Research results?

The company which is planning to launch its new product must conduct the market research to find out consumers views and also data regarding the product. These data helps the companies bring changes to the new products. If the company thinks that any alterations is required to bring to the product which may result in bringing success to the product right before or after the launch. To catch the consumers eyes the companies use this data and statistics to make sure the product is worth showing interest for and the consumers will be in benefit.

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