Archive for April, 2013

Social Media Circle of Trust

Written by Praneetha Aniruth on . Posted in Social Media

Social media is becoming a huge tool for businesses and how they promote their company and brand.We live in a social world where customers want to know the people behind the company and who they are buying from.

Large companies are catching on to this and using social media to their advantage.Communicate with customers on Twitter and Facebook about how they like the new services, flight deals, charges and more. This is huge for your business to know what customers are saying about them and they can quickly respond to those who have questions about their company.

Not only is it important to be a “social” business and communicate but you should want to know what others are saying about your business. Whether feedback is good or bad you need to know what is being said about you so you can adjust or learn how to make your business the best it can be.

Yes, there are some customers you cannot please but as a whole you should care what is being said and that way you can respond to them instead of just ignoring it. Word of mouth is even bigger today than it was before and social media is where it’s spreading like wildfire.

So if you are not in the “social media circle of trust” you should jump in and get started. Start interacting with others and potential customers for your business. Let them see the personality behind your business and what you stand for. You don’t have to have the flashy page like maybe some others do, start small and build from there. Things are changing quick and if you don’t jump in now you will be playing catch up for quite a while.

How can social media help to build brand loyalty?

Written by Praneetha Aniruth on . Posted in Social Media

What is brand loyalty?

Brand loyalty is essentially a consumer’s decision, be is conscious or unconscious, to continually buy from a specific brand rather than going elsewhere. Brand loyalty needs to be built up over time, and though it can be established in a number of ways in today’s world social media can be one of the best tools.

How can I use social media then?

Building an emotional connection is one of the most important parts of establishing brand loyalty. Research shows that consumers with an emotional connection to a brand are four times more likely to return again. This can also lead them to recommend your brand to other consumers, thereby giving you free advertising.

How can I do that?

Creating an emotional connection is all about basing your brand on a simple ethos that you follow through in every way possible.

How can social media help?

By using social media you can reinforce your dedication. You can do this by posting new advisements that drive home your company’s ethos, or providing social media customers with special discounts or products.You can also use social media platforms to get people excited about your brand – the more excited they are, the more likely they are to want to buy from you.

Social media should sit hand in hand with your marketing strategy as a way to promote it and get people excited about it. You can also use it to record information about your customers, which can help you to target the right demographics in the future. This will help to make sure you’re targeting the right audience, which can give you a better chance of improving your brand loyalty.

 

The Success Formula

Written by Praneetha Aniruth on . Posted in Strategy

For us to succeed, we need, only 4 things. Implementing these 4 things is where the challenge comes in.

Commitment.
Commitment involves making a decision to do something.The unfortunate thing is that we have not been told how to make effective decisions. Making a decision is a two part process. We all are very good at the first part, which is actually making the decision. The second part of any decision is to burn all other options! Now you are committed!

Consistency
Consistency involves taking action on a daily basis that will allow you to fullfil your commitments. Consistency is also about integrity. This is where you actually do what you say you are going to do. Consistently exceed expectations and everything will fall into place.

Co-operation.
We cannot do it all on our own! In order to succeed we need the help of others and that is why we network and build relationships. Our networks allow us to reach more people through the co-operation of others. And, through the co-operation of our existing customers we get referrals so that we can help more people.

Contribution.
Contribution allows you to help others connect with people they need to meet. Contribution allows you to assist people who need your co-operation. This is what provides momentum to your networking efforts.

Three Questions to Get Strategic Clarity

Written by Praneetha Aniruth on . Posted in Strategy

What are the goals for the business?

Goals such as becoming the biggest camera distributor or the most trusted financial planner are visionary statements. They are grand goals. They serve well as the guiding principle for the company but lacks substance in terms of specific outcomes. You need to describe the goal using results language. This leads to the second question.

Can you describe the specific outcomes?

Without clearly articulating the specific outcomes, you run the risk of initiating incongruent actions to reach a vaguely defined goal. the approach and the associated costs vary significantly. You need to define the outcomes for your strategy in concrete definitive terms that would guide you create a realistic roadmap. Otherwise, there are so many ways to grow.

How do you know when you reach these outcomes?

It is frustrating when you spend the effort in pursuing an outcome and produce no result. There needs to be some indicators that you can monitor to validate that you are doing the right work. What are these indicators? For example, revenue growth and market share for the camera distributor would be good indicators. Without any measurement, you won’t know if you are moving closer to your goal.

These three questions facilitate a thought process to crystallize the strategy for your business. They set the stage for identifying initiatives that you would undertake to realize the specified outcomes.

The Best Advantage in Business

Written by Praneetha Aniruth on . Posted in Business

Without doubt the best competitive advantage to have is competitive UNIQUENESS. This means the features of your product or service that is unique in the market and your competitors cannot match it. This could mean that your whole product or service is totally unique, or perhaps just certain features of it.

Don’t have a UNIQUE advantage with your product or service? Don’t worry. All is not lost. Plan B is to look at your offering and determine what your COMPETITIVE advantage is, i.e. What do we do/offer to our customers that our competitors also do, but we do it BETTER and we can prove it? This will also provide you with a focus for your marketing and sales efforts and provide a better return on investment.

If no competitive advantage exists, you may need to create one by focussing on the reputation of your company, use of customer testimonials, adding extra value through enhanced service to create a positive reputation.