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What’s your price?

Is it worth the retailers to play with the “pay what you want” price? Shelle Santana explains how much, and why, customers will pay the interesting logic behind it. One finding: Sellers must dramatically change for what other customers are prepared to pay.

Santana found that by subtly influencing the atmosphere, sellers can drastically alter what certain customers are willing to pay, in a series of experiments — including a field experiment where she posed with students as snack bar employees.

Many businesses use the tactic as a campaign to attract new clients, often with a social tie-in as an additional incentive — for example , a restaurant runs a PWYW campaign and donates some of the proceeds to a charity to feed the hungry.

Nonetheless, all PWYW methods are produced equal. Santana analyzed data from a New York pet adoption service, discovering that patrons on average charged below the $150 adoption rate, some charging as much as $260. But the most common ticket price paid was a penny for a PWYW premiere of the documentary Freakonomics. “It got me wondering, why these cases are so different,” Santana says.

Borrowing from literature on social psychology, she conjectured it may have something to do with how the way consumers think about the transaction influences their actions.

Many people are “pro-social” when faced with a decision about how to distribute resources between themselves and others, meaning they are likely to seek an fair distribution of resources, while others are “pro-self,” meaning they are seeking to maximize value for themselves. She asked, will people with pro-social values pay more when presented with a PWYW situation?

Although previous research has shown that consumers are willing to pay more when a portion of the proceeds are donated to charity, research by Santana and Morwitz suggests that such a expensive tie-in may not be necessary.

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What is Happening to Social Media Marketing?

Social media also revolutionized the way we know life. Platforms like Facebook and Twitter magnified the celebrity spotlight, gave rise to new influencers, promoted knowledge flows and became the go-to marketing and customer engagement platform for brands around the world. 

The only thing is, some research and leading thinkers in digital marketing consider that social media is losing their mojo. To delve deeper into this problem, we contacted a range of marketers to gage their views on social media marketing health going into 2020.

Let’s look at a few numbers, first. Buffer ‘s analysis of 43 million Facebook posts showed that the Facebook commitment fell significantly between 2017 and 2018, with the average commitment per picture falling from 9,370 per post in Q1 2017 to just 3,454 per post in Q2 2018, while the average commitment per video fell from 5,486 to 2,867.

Social networking is a large concept, and a number of factors lead to lower engagement rates and click-through rates. Furthermore, some advertisers point the finger at the social media community, rather than the algorithmic shifts that we see from time to time creep in. “I don’t think it’s dying for social media marketing, but I do believe it’s evolving. First of all, it is getting more democratized. Everyone does it.

Many marketers with whom we talked had a optimistic outlook for social media marketing. “I don’t think social media marketing is dying — I think it’s maturing and improving from what it was five years ago,” said High Alpha Marketing Director Drew Beechler. However, Beechler acknowledged that “the buzz around social media has fallen apart and made it more difficult for marketers to use social media in a innovative and strategic way to drive results.”

  • Customize, improve, and improve: “Have a list about any form about market you may think your product or service would be interested in. Define and then describe their personalities as separate audiences. For your advertising the use of these audiences get imaginative and intimate. Make sure that you tailor the ad to fit the needs of these audiences and really show the importance of your brand. 
  • Exhibit don’t say: “We ‘re getting our attention spans shortened. You have to visually capture your audience and you have to do it quickly. When explaining the importance of your company, I suggest using photos. Display it to your audience, instead of asking them why this product or service is so amazing

Lastly, Williamson said, “In 2020, I think that social media marketers will have to move away from jumping on any hashtag bandwagon and try to make content more relevant to people. They ought to think of social media as a one-person dialog rather than a crowd yell. Too many people have made social media too loud on so many soapboxes.

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The potent strategic tool companies should not attempt to control

World Nutella Day, which took place on February 5, inspired over 40,000 Instagram posts as fans of chocolate-hazelnut spreading posted videos, memes, and jars selfies.

It was free publicity for Nutella maker Ferrero, which nearly squandered the chance when it sent a cease-and – desist letter in 2013 to the fan who began World Nutella Day. The organization backed up, and finally accepted its beloved product’s day of honor.

Organizations devote substantial resources to plan focus groups and collect customer feedback. But, according to Frank Nagle, an assistant professor of strategy at the Harvard Business School, and Sonali K. Shah, associate professor of strategy and entrepreneurship at the University of Illinois, businesses that grow, help or even just observe their fan groups stand to gain valuable insights and create loyalty at a much lower cost.

What Do User Groups Matter To Strategy in a New Working Paper? , Nagle and Shah address the benefits, disadvantages and challenges that businesses are dealing with as they forge user group connections.

User groups can distinguish deals from a company by promoting creativity, improving branding and recognizing recurrent issues. User groups may also reduce costs by offering limited product support – especially for phased-out products and services – or informal recruiting and training support.

Organizations who have yet to connect with user groups but are interested in leveraging additional sources of creativity outside their R&D should set up easy methods to leverage user input. A company may historically provide a suggestion box to engage users but this is one-way communication. In comparison, it would be more effective to create an actual group where users would communicate with each other and the business – and the business can 

interact with users.

Organizations should recognize and clearly observe established cultures, too. They may ultimately interact regularly with the culture, or even create their own, based on what they know.

Companies should bear in mind that societies are regulated very differently from companies. User groups function beyond the company’s borders except in cases where the group is organizing around the core goods of a company––and therefore companies cannot regulate groups by conventional hierarchical methods. We will set rules for attempting to manipulate behavior. Nonetheless, doing so requires that businesses understand and abide by the values of the culture.

A lack of direct control can scare enterprises — and managers in particular — but the difference between success and failure can be that.

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The importance of Marketing

Everything you need to learn about the meaning and value of marketing. Marketing is regarded as being the most significant or critical practice in our society. 

Marketing has gained social significance as the mission of establishing and providing living standards to society is entrusted to it.

Marketing studies market demand that is varied and diverse on a continuous basis. Marketing is the critical connection between producers (producers) and consumers (consumers). Keeping output and consumption wheels continuously going or running at their optimal speed is primarily the obligation.

In an organization, marketing is one of the most critical practices. This is relevant not only as a promotional operation in organizations; marketing has positive consequences for the company, which go beyond profit making.

Marketing just doesn’t sell. Marketing is not just an enterprise feature either. Marketing is much more complicated than selling, and being just a part of business. Regis McKenna said in a path-breaking article ‘Marketing is everything,’ ‘Marketing today is not a function; it is a way of doing business. It’s about incorporating the consumer into product creation and creating a structured engagement mechanism that will create substance in the partnership.

Marketing helps businesses keep up with rising consumer habits, fashions and desires. This works largely because it is a daily practice to determine customer needs and desires and development in existing goods and the launch of new products is a continuous process. Marketing thus allows customers to get quality goods and services

Marketing plays a significant part in the economic growth. Different marketing functions and sub-functions, such as advertisement, personal sales, packaging, transportation, etc., create employment for a large number of people, and stimulate business growth.

Marketing fosters public perception of the items. Marketing provides a win-win scenario for both customers and the company. Product / service awareness is created among people with the aid of marketing, thus making them able to recognize their needs and fulfill them.

A large number of job opponent units are created due to various marketing activities such as advertisement, personal sales, packaging, transportation etc. In recent years, several authorities have stressed the importance of marketing in a developing economy. Marketing will allow producers to produce marketable goods by providing them with standards, quality criteria and product specifications.

The marketing is consumer-oriented, as it implies today. The marketing cycle aims to meet the customer needs after deliberately and objectively carrying out a business re-search. A well-designed strategy goes before marketing. Marketing is not an economic practice that can only be considered essential to a producer; but the crucial role that marketing plays in a country’s economy today demonstrates that modern economic growth depends heavily on the marketing functions of industrial units.

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The evolution in Advertising through the years

In the modern era advertising bears no similarity to the Mad Men portrayal — the advertising Don Drapers have been replaced by big data and the people who deal with it. Professor John Deighton, author of the case “WPP: From Crazy Men to Math Men (and Women),” and Sir Martin Sorrell, founder and group chief executive of WPP and the protagonist in the case, address how WPP has proven popular in the modern advertising world order, where algorithms and robots reign.

Advertising in the digital age bears no resemblance to the Mad Man image, but those who are in the industry today may argue that we are in the midst of the next Golden Age, one marked by the delicate balancing of art and science, innovation and analytics. Today we’ll hear from Professor John Deighton, the speaker, and Sir Martin Sorrell, the narrator, in the case study, entitled “WPP: From ‘Mad Men’ to Math Men (and Women).” (Note editor: this case is not yet open to the public.) I’m your host, Brian Kenny, and you’re listening to Cold Call.

We have undergone two revolutions, two evolutions. The former was at Saatchi, the latter at WPP. The plan was developed very much around four foundations, or four values. The first is horizontality, which is a horrible term, but it’s just about trying to create one business. That’s one of the major differences because we’re multi-branded, mostly for coping with consumer issues, whether they’re in packaged products, vehicles, pharmaceuticals or whatever they happen to be. So, first is horizontality. Develop one business, instead of 12, 13, 14 verticals.

Second, it’s fast-growing markets, a third of our sector. Asia, Latin America, Africa , the Middle East, Central and Eastern Europe, as the next billion customers must come here.

Third, digital is nearly 40 per cent of our business. You go back four years or so ago, 10 per cent of fast-growing markets. Today, they are a third. Digital has been essentially nil and is now approaching 40 per cent of our business, I would suggest.

Last but not least, data is analogous to physical. Which is our company at 25 per cent. Five billion of our sales out of $20 billion come from first-party estimates. This is not something that we buy from other nations. This is the material we deal with our customers on. It could be panel data, custom data, semi-syndicated data, syndicated data which we create with our customers.

These four pillars of theory are the policy that we are actually running.

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What makes a strong social media strategy?

He argues in A Social Strategy that the real world comes with such social behavioral conventions that prohibit people from saying what they really want to say or behaving as they really want to act. Successful social media sites are encouraging us to bend the rules. In short, inacceptable actions in the offline world in the online environment may be perfectly acceptable.

LinkedIn alleviates the offline normative constraint by offering us plausible deniability,” says Piskorski. While the boss might be worried that you’ll get a job via the web, the boss also knows that LinkedIn makes you a more productive employee. “So he or she lets you remain on the platform, so there’s no breach of the standard.”

So then there’s the world’s second-most-visited website, Twitter. “Facebook helps us to conquer the norm and not be nosy,” says Piskorski. “It does so by making us look at other people’s profiles, without ever making those people know their content has been viewed.”

The first technique, which he terms “internet strategy on social networks,” uses social media to distribute marketing messages and search for input from customers. The second approach, “private policy on social media,” is to steer clear of direct broadcasting in favor of helping clients develop and improve relationships with one another. Such partnerships are in exchange for free for the clients performing various tasks for the company.

A social strategy, on the other hand, tells people not only to transmit, but also to organize connections between them. So if the organization promotes such relationships, it can go back to those it has supported so say, “We want you to do more for us now.” That quid pro quo is at the core of an successful social policy.

Start-ups can use social strategy, too. Yelp, which publishes consumer-written reviews of local businesses, rewards the ability of its most prolific writers to meet other prolific writers at face-to – face gatherings — something that many of them enjoy. The authors in exchange are inspired to create even more content for Yelp free of charge.

The key is to create a plan that helps both the company and the social connections of consumers at the same time.