Marketing a product or service that is designed, produced and sold as if all buyers were all the same is the typical mass-market philosophy. There is no recognition of the different demands, behaviors or attitudes of buyers, nor is there any attempt to differentiate the appeal of [...]]]>

Marketing a product or service that is designed, produced and sold as if all buyers were all the same is the typical mass-market philosophy. There is no recognition of the different demands, behaviors or attitudes of buyers, nor is there any attempt to differentiate the appeal of the appeal of the product or service among buyers. It vaguely aims at everyone with the same marketing mix and should lead to the lower costs and prices and create the largest potential market.

The major advantage of mass marketing is the cost savings it creates for production, promotion and distribution. The firm is dealing with a standardized product that appeals to everyone within the market for the product or service. Resources do not have to be expended on creating differentiation. Of course the big question is how long can you rely on mass appeal in an increasingly competitive market?

Long-term business success does not rely on cost minimization but profit maximization. Consumers are not all the same and are demanding products and services tailored to their individuality. Thus the notion of market segmentation and segmentation marketing becomes critical to competitive success. This means marketing in such a way so as to target specific markets and fulfill the needs or wants of them via differentiated products or services and differentiated marketing mixes.

The big advantage of segmentation marketing provided it was done properly, is increased profits and in some cases better achievement of organizational goals. Ultimately the form that can improve customer service through segmentation and target marketing can be a more effective competitor, which in turn enables the firm to achieve its organizational objective more effectively.

With the growth of technology and its integration into market research, companies are now getting an insight into the needs and wants of narrowly defined segments and in some cases, individuals. They can then ‘Micro-Market’ to these segments with products and services specifically targeted to their needs.

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How do you evaluate a technology that has completely captured the public’s imagination and spawned thousands of articles in newspapers n magazines? What about a technology that has come to indicate innovation, where the ignorance of how it works is a sure sign of being on the wrong side of [...]]]>

How do you evaluate a technology that has completely captured the public’s imagination and spawned thousands of articles in newspapers n magazines? What about a technology that has come to indicate innovation, where the ignorance of how it works is a sure sign of being on the wrong side of a generational divide? What if that technology so captured the public’s imagination that commentators claimed it would revolutionize culture, education, and commerce?

Such a dilemma confronted the radio analyst in 1992. Radio was the original WWW—Worldwide wireless. When the RCA corporation took this logo in 1920, it saw itself in the business of wireless telegraphy and wireless telephony. It had U.S rights to send telegrams and messages to ships and other hard to reach locations. As part of a settlement following World War 1, the Marconi company of England had been forced to give up its monopoly of the world wireless market and turn the American rights over to the newly formed RCA. Wireless was viewed as a security matter, having little impact on commercial activity.

In 1922, radio suddenly changed from a low cost niche business to a consumer and business phenomenon. It was “top of the charts” and seemed to point the way to the future. The number of broadcasting stations mushroomed from five at the end of 1921 to more than 575 a year later. Starting radio stations was the height of entrepreneurship. Listening to radio became a runaway consumer fad. “Combing the ether” was the hit of the day.

Radio changed business, especially marketing. Radio accelerated economy’s transformation into a mass market. It greatly facilitated the creation of national brands. A firm could launch national marketing campaigns simultaneously, backed by a nationally created image. New product store introductions could be synchronized with advertising campaigns to build consumer interest. Product positioning became more flexible. Business throughout the economy learned to use this new, powerful method of reaching customers.

Radio changed the everyday life of millions of listeners, altering aspects of their lives from church attendance to newspaper reading. A scheduled mass culture emerged. As early as 1923, the happiness boys had become famous as “your Friday night date, from seven-thirty to eight”. Timeslots, lead-ins, and prime time became familiar concepts.

In making the transition from hobby to industry, radio as an industry struggled with the basic requirement of generating a self sustaining revenue base. Providing value to customers created opportunities, but it was necessary to make a profit to sustain a business. Radio had to solve the business model problem. There was a major competing vision. Some argued bitterly against advertising support and commercialization. In many European countries, this stance led to government support of radio. The U.S administration was opposed to government control and pushed for a purely private solution.

For a time, a private solution did not look promising. By the end of 1924, 581 broadcast stations were operating. Many of these stations found it impossible to be profitable, and by mid 1926, stations were failing at a rate of almost 15 percent per month. At the same time, consumers continued to rush to purchase new radios. Ultimately the emergence of national networks combining local and national advertising made radio profitable.

Internet marketing and commerce show many of these same uncertainties, potentials and impact. The internet changes the way companies connect to their customers. It expands the opportunities for branding, innovation, pricing and selling. It leads to new ways of thinking about time and distance and opens up new distribution channels and markets.

Fundamentally, the internet forces every business to think carefully about the benefits it provides to its customers. It encourages new thinking and innovation.

1. Convenience: Customers can order products 24 hours a day wherever they are. They don’t have to sit in traffic, and a parking space, and walk [...]]]> i-marketing is a hot topic especially in these days of instant results. The reason why i-marketing has become so popular is because they provide three major benefits to potential buyers:

1. Convenience: Customers can order products 24 hours a day wherever they are. They don’t have to sit in traffic, and a parking space, and walk through countless shops to find and examine goods.

2. Information: Customers can find reams of comparative information about companies, products, competitors, and prices without leaving their office or home.

3. Fewer hassles: Customers don’t have to face salespeople or open themselves up to persuasion and emotional factors; they also don’t have to wait in line.

i-marketing also provides a number of benefits to marketers:

1. Quick adjustments to market conditions: Companies can quickly add products to their offering and change prices and descriptions.

2. Lower costs: On-line marketers avoid the expense of maintaining a store and the costs of rent, insurance, and utilities. They can produce digital catalogs for much less than the cost of printing and mailing paper catalogs.

3. Relationship building: On-line marketers can dialogue with consumers and learn from them.

4. Audience sizing: Marketers can learn how many people visited their on-line site and how many stopped at particular places on the site. This information can help improve offers and ads.

Clearly, marketers are adding on-line channels to find, reach,

Communicate, and sell. i-marketing has at least five great advantages. First, both small and large firms can afford it. Second, there is no real limit on advertising space, in contrast to print and broadcast media. Third, information access and retrieval are fast, compared to overnight mail and even fax. Fourth, the site can be visited by anyone from any place in the world. Fifth, shopping can be done privately and swiftly.

The Internet is a powerful tool for strengthening relationships. By offering customers content and time value, E-Marketing has opened new vistas for marketers. The greatest feature of the digital economy is that it enables the E-Marketer to eradicate man traditional barriers before entering new markets. These barriers include economies of scale and geographic positioning. The innate strength of an E-Market comes not from the seamless flows of goods and services from the producer to the customer but in the geometrically increasing returns from converging ideas and technological change the strength of online communities has never been so great, and companies have used them to develop new markets. Notice how Linux distributed free on the Net has been able to build up a faithful customer base. Ultimately here also the marketer has to realize that nothing sells as well as a good product. But the beauty of the Internet is that it offers constant opportunities for product enhancement based on continuous customer feedback. Companies who have tuned their business processes to incorporate these customer responses have been able to leverage the power of the Web to gain competitive advantage.

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• Graphical banner advertisements, pop-ups and text based ads are online ads that are placed on third-party websites that link back to your website. [...]]]> In addition to optimizing your website and increasing your site traffic through search engines, consider advertising on third-party websites and in search engines using a combination of banner advertisements and text links.

• Graphical banner advertisements, pop-ups and text based ads are online ads that are placed on third-party websites that link back to your website. The ads are designed to encourage users to click through to your site to learn more and, ultimately, to buy. These ads can be set up for a fee – pay -per- click, pay-per-lead, pay-per-sale – or they can be part of a reciprocal ad exchange with an online “partner,” where you place your partner’s ad on your website in exchange for your partner doing the same.

• Paid advertising in search engines. Above, we mentioned briefly that some search engines offer marketers the opportunity to buy guaranteed search engine listings through the purchase of keywords. Google, for example, has a paid solution called Adwords – think of it as pay-per-click advertising in its simplest form. Google allows advertisers to bid for  “sponsored links” – paid listings across the top and down the right side of Google’s search results – on a per-bid basis. As an advertiser, you decide  what keywords you want to “bid” on, how much you are willing to pay per click back to your website, and how much you are willing to pay in total per day – USD $1? $10? More? Less? It’s completely up to you. Paid search engine listings are a quick, cost-effective way to get your site into search engines, without the wait associated with “natural” ranking.

Publishing on Third-Party Websites

Another, often overlooked, but cost-saving method of marketing your business online is by publishing editorials in third-party e-zines, e-newsletters and on information-based websites. Just as editorials in offline media can help position you as an expert in your field and drive readers to your website, providing articles written (or ghost-written) by you to targeted online media can also drive traffic to your website, often with no out-of-pocket expense. Just remember to include a short biography that outlines what you do and a link to your website at the bottom of each article you publish.

Permission Marketing Using Email

Permission-based email marketing can be a low-cost and very effective component of your web marketing strategy. It can help to build a relationship between your business and target market, and can drive traffic back to your website. Email marketing can consist of direct email blasts and sales letters, personalized autoresponders, and/or email newsletters.

If you have the budget and don’t have the time, you can certainly hire a freelancer or a firm to conceptualize, develop and publish your email messages for you.Although, for many small businesses, the costs associated with fully managed solutions are simply too high. The advantage to email marketing is that you can choose a do-it-yourself option, where you do all of the work, or part of it yourself, saving hundreds, even thousands of dollars.

Self-Publishing Using Low-Cost Internet Tools

There are a number of very easy to use self-publishing solutions available to small businesses. The costs of these tools are low – from USD $20 per month and up – and they are usually offered at a monthly or per-1000 email rate. The solutions are hosted entirely online, allowing you access from any computer connected to the Internet. Further, they are designed for small business owners with little technical knowledge. At a minimum, they offer a database, where you can house and manage your email addresses, a selection of HTML templates for your email messages, the ability to import your own templates, plain-text options, testing functions, and added extras such as customizable auto-responders and forward-toa- friend and unsubscribe features. You may even find an email publishing tool designed specifically for your industry. For example, the real estate industry has a number of do-it-yourself and fully managed email newsletter solutions available, some of which even include “canned” articles that users can choose to include in their own newsletter.

Here are some popular self-publishing solutions to consider:

• Constant Contact – www.constantcontact.com

• MyMailOut.com – www.mymailout.com

• Topica – www.topica.com

• Microsoft – www.microsoft.com/smallbusiness

The Problem with Spam

It must also be noted that more and more email marketers are struggling with spam filters, which are designed to protect email users from unscrupulous and unsolicited advertising. The problem arises when spam filters do such a good job that they succeed in filtering out legitimate marketing messages that email recipients have requested to receive. Unfortunately, as spam proliferates, as it undoubtedly will, the filters will only become better, causing email marketers to scramble to devise new ways to get their messages out to the public.

Ensuring High Delivery Rates

The easiest way to ensure that your emails will be delivered is to get permission from your client base to market to them through email. Getting permission is critical, particularly since new privacy legislation was introduced in 2004, which regulates how businesses collect, store and use their customers’ personal information. This includes email addresses.

Getting permission may mean asking in advance if you can send emails for a specific purpose, and requesting that your email address be flagged as legitimate in the recipient’s list to ensure your messages bypass any filters s/he may have installed. Currently, it also seems that HTML emails are becoming caught in spam filters more readily than plain-text emails. This may mean that a simple, plain-text email containing a link to an online message is the most effective  method for getting your message out. Alternatively, you can test your email messages for deliverability using software such as SpamCheck (http://spamcheck.sitesell.com) which checks your emails’ subject lines and body copy for filter triggers.