Here’s the online buying journey of Jack, who does most of his shopping in the retail channel. Indeed, retailers are eager to discover the online buying habits of Jack. That’s for a good reason, because of all the new media, consumers are dramatically shifting both their media usage patterns and how they utilize different media sources to get the information they seek 1. As a result, it influences when, where, and how Jack chooses his brands.
In fact, the online buying journey of Jack today is markedly different from his buying journey about a decade ago. About ten or more years ago, Jack had to search the local ‘Yellow Pages’ directory to find retailers who kept the products that he wants. Jack’s buying journey at that time was a linear process with a beginning and an end with a couple of events, in sequence, in between.
Continue reading A Customer’s Online Buying Journey in the Retail Channel
For ages now, marketers relied on the sales funnel to get insight into their potential customer’s thought process, challenges, and decisions. Indeed, the sales funnel is academically grounded in the marketing funnel, AIDA model (Attention + Interest + Desire + Action model), and the hierarchy of effects model 1. It’s no wonder that one of the first models I’d to master early in my marketing studies was the AIDA model…
The ADIA model is thought of as a linear process which starts when the customer is becoming aware of a need and ends when he/she purchase a product or service to satisfy the need. The model derives from consumer psychology and specifically the cognitive journey a customer undertakes when buying a product.
The way that the sales funnel is commonly described graphically is shown below:
Continue reading Is the Sales Funnel Relevant in Predicting Buying Behavior of Digitized Customers?
You’re battling in vain for months now to get someone or somebody to buy into your groundbreaking business idea. Indeed, you’ve spent lot of time and money to get funds from your bank, other banks and small business development institutions. Sadly, there’s not a glimpse of hope, not even an invite for an interview. Giving up hope, you’ve decided to terminate your project. However, luckily for you, someone suggested that you should apply to get funded by angel investors. Wow, what a break! That intervention has changed your life for the better…
So, are angel investors the solution for small businesses and start-up funding problems?
Who are Angel Investors?
Continue reading Are Angel Investors Divine Interventions or are they Devils in Disguise?
Many successful businesses got funded by a venture capitalist (VC) when starting-up. After all, it seems that VCs have lots of money to invest. In fact, in 2018, the value of VC investments in the United States amounted to approximately 99.5 billion U.S. dollars (Statista).
So, if can’t get enough money to get your business started, but you’ve a (really!) great business idea, then getting a venture capitalist to invest may be a sound idea…However, VCs have, just like all other funders, loaners and investors, their own criteria and standards they use to evaluate investment opportunities.
And there’s a good reason why VCs are so picky on where to invest their capital. Tomer Dean from TechCrunch not long ago interviewed a well-known venture capitalist. The VC had the following to say about the success rate of start-ups:
Continue reading How to get a Venture Capitalist to Fall in Love with your Business Idea
Commercial banks hate giving business loans to small businesses. Indeed, it’s almost impossible for a start-ups and micro businesses to get funded by commercial banks. That’s because banks avoid giving money to what they perceive as ‘risky’ business…
How so? Dr. Paul Smith, Lead Researcher of the “Inaugural South African SMME Access to Finance Report 2017”, found that startups and micro businesses are the most undeserved in the formal business market and therefore represent the largest funding gap.
Start-ups and small businesses mostly do not need large amounts of money to get their business going. Sadly, this may be a major obstacle for them to get funded…
In fact, according to Dr. Smith’s report, is the appetite of funders to loan smaller amounts significantly less than the appetite for them to approve larger loan sizes. Yet 44% of the total SMEs funding requests are for amounts less than R250 000. As a result, whilst many funders claim to offer funding for requests under R1 million, most SMEs battle to raise funding in this range Dr. Smith concludes.
So, what can SMEs do to get business loans from commercial banks?
Continue reading How easy is it for SMEs to get Business Loans from Commercial Banks?
We should ready ourselves to be self-employed. Most alarmingly, the digitization of the businesses has obsoleted millions of jobs. In fact, this is happening right now in the financial sector of South Africa. As a result, a couple weeks ago, one of the four universal banks in South Africa announced that it will close 91 branches. That will leave about 1200 employees without a job.
The bank can hardly be blamed for closing its branches. I mean, when last did you visit your bank? If you’re looking for something to blame, you need to look no further than the digitization of the banking sector. Also, the entry of new digital players has challenged the status quo in the market, said Jorge Camarate, Strategy& Partner in PwC’s financial services division recently in ITWeb.
The digital disruption in the banking sector will sadly continue to cause more job losses. And this is happening across industries. So, 1200 bank employees will soon face the reality of surviving without their salaries.
As a result, the retrenched employees, especially the breadwinners, may have no other option to be self-employed.
What does it mean to be self-employed?
Continue reading Being Self-Employed – One of the Consequences of the Digital Disruption
So, you think that the future of marketing is nothing but digital? Also, that artificial intelligence, big data, augmented reality and social media marketing are the big trends? Maybe for now they are, but the future of marketing is about a century and a half away. At that time, marketing will also be about satisfying the needs, wants and desires of 150 year olds…
Of course you should think by now I’m busy losing my marbles! I mean – we’ll be considered fortunate (or unfortunate for some) if we reach our 100th birthday. However, Jeff Glor reporting for CBS, recently suggests that some of the babies that are born today may well live to enjoy their 150th birthday.
To illustrate: In 1850, the average human lifespan was 43 years. Now it’s closer to 80. Indeed, the mortality of older populations has sharply decreased during recent years in most western countries 1. But what is the highest that our lifespan can go?
In fact, the longevity record is held by Jeanne Calment of France, who was 122 years old when she died in 1997…
Continue reading The Future of Marketing – taking care of the Needs, Wants and Desires of 150 Year Olds
When something, like a blog, a video or other content is going viral on the net, it is big news. Why? Because everyone is sharing it and talking about it. And, when it’s huge, there’s no stopping of it. But, as with everything that becomes huge, it has a good side and a bad side.
So, it must be the dream of every professional publisher of online content that his or her content goes viral. Just think of all the page views, the back-links and subsequent money, monies from Google Ads and other affiliates… Wow!
Then it’s just about creating something to going viral. Easy, really? Not so…
What does it mean if something is going viral?
Continue reading Get Your Online Content Going Viral
Innovation in companies, almost like income tax and death, is unavoidable. Indeed, companies that neglected or failed to innovate are sadly no longer with us. Or, for those not innovating, well, it’s just a matter of time…
In fact, innovation is part of our DNA. After all, we were, since we’ve started using shelters and tools, inventors and innovators. Indeed it took some extraordinary innovations, starting way back many millennial ago, that brought us where we’re now.
Innovation is something we must keep doing – especially in companies – where the stakes are high.
What is innovation?
Continue reading Innovation in Companies is an Unavoidable Reality
One of the oldest and most effective forms of communication that can lead to customer acquisition is word of mouth (WOM) marketing 1. For this reason, referral marketing, which makes use of WOM, is getting to the forefront again.
Numerous studies have proven that referrals are the most trusted form of advertisement. To add to that, referrals are created by happy customers, who are usually willing to spread word-of-mouth about your business for free, according to Megan Mosley in G2Crowd.com.
In the previous marketing regime of mass marketing communication, cold calls and mass mailing have lost their efficiency. Also, now in the age of digital marketing, companies are interacting more directly with their customers, not really giving them a chance to speak good about your business…
But are your loyal and satisfied customers communicating their patronage with their community and so helping you to get new customers? There is a real opportunity for businesses to invest in referral marketing campaigns.