Introduction to SAP- System, Application, Product

picture of the varous elements of ecommerce

cloudways.com

Systems, Application, Products (SAP) is the next level of consumer engagement system in the world of marketing today! Let me try and explain the importance of this system to the various corporations today in this blog.

Thoughts

SAP seems to be gaining a lot of importance in the industry today for the most obvious reasons due to what it does for the industry. The idea behind all brands generally speaking is to get the consumers earlier on in their consumer journey. The better the brands can do that, I believe the better their performance would be, hence reflecting positively in its bottom line as well. Due to its performance and the very nature of business, many brands would certainly adopt SAP today but the question also remains whether it is within the brand’s budget, since all these sophisticated systems today cost a bomb! Another drawback of these systems today are to the workforce? Due to the availability of such systems today in the market, it is evident that these systems would handle the work of several employees single-handedly, making the process much smoother, automated and seamless for the organisations. This, in turn, one can see the rise in demand for such professionals who have the knowledge in such systems for implementations and maintenance. Thus today, more and more professionals are striving to learn such expertise in order to gain the market and stay updated since it is the way of the future!

Definition

By definition, SAP is the Systems, Applications, Product in data processing.SAP itself is a german company, known for building enterprise resource planning systems, one of the biggest in the world today. It helps in the operations of everyday business, contains several systems which come together gathering data from the different aspects of the business, hence making the job of the organisations way simpler and hassle free.

How does it help the companies?

Just by the definition and the nature of the business, one can guess the exact service it provides the big organisations who could afford this system? But one has to agree to the fact that, these kinds of systems do in fact make a positive impact on the organisations with big data and resources, more so to make sense of those data today.

Where in the industry does it fit?

The SAP like several systems today namely Marketo, Salesforce and Hubspot are rapidly taking over the market, making a wave for the automation market today. Hence, that also gives rise in demand for the professionals who know these systems or organisations are being trained by these professionals. It is certainly taking a big piece of the pie today in the marketing world. The system fits very integrally within the consumer journey, adding more touch points to the consumer to act on their purchasing behaviour. Apart from the usual practices today, where you have the extra business information, contact numbers, google maps to reach the business locally in search, the system adds buttons to reach the salesperson, dealer, distributor right there on the site, pushing the intent of the target audience just enough to make the purchase and start the relationship with the brand right away! Any true marketer would feel this system is brilliant!

Conclusively, as we delve more and more into the consumer, keeping them relevant, its a matter of time before we hear and see something even more intricate and personal disrupting the industry in all the right ways, adding more value to the customers as well as the organisations in the future!

Source: http://tcrn.ch/2oF4qkT

 

 

 

Impact of security and pricing in a Marketplace

So, we know that today the marketplace is a complex web of sellers and buyers in a digital space, hence the need for online security which eventually impacts the pricing. Think of them as a market in an online space where all buyers start looking for goods they need and would like to buy. The questions where do they go since the number of sellers have increased a hundred folds hypothetically speaking since the online marketplace has given countless more sellers to set up shop and sell their products. Even more so, this space has even given the sellers the power of search marketing, everything they can do with it rightly and target the very specific target audience out there! But having said that, the true power still remains with the buyers, the customers in today’s markets after evolving for a decade of how businesses are conducted, being transformed from the product centric market to being a customer-centric one today. Keeping all these complex marketplaces in mind, the more complex sellers and the buyers online community, has evidently created a bigger market for the security of these businesses, transactions happening online. Hence, the topic of pricing has come about and how it has impacted the marketplace today.

picture of a keypad of a laptop signifying the marketplace existing in the virtual world

thinkapps

The security of the dealings online starts from the very start if you imagine the structure of the e-commerce platform, right from the user (customer)-seller(merchandiser), the middlemen like the wholesalers, retailers(could also be considered the seller) and more essentially the banks who provide the transactions in partnership with the merchandisers, even transactions between the banks themselves in various transactions where needed locally and international transactions if applicable. In all of these dealings, pricing and payments can not be ignored and has to be given highest priority in order to make the sellers and the buyers comfortable in their transactions, so that these people can concentrate on other important tasks in their respective businesses. And like any marketing person will know that in most scenarios, a lot of the percentage of the costings for any business operations eventually trickles down to the end consumers, hence the more the operational costs for a business, the more it would cost for the end consumers in order to purchase. Some of the common insecurities for these financial institutions, businesses would be from internet hackers who specialise in high-end programming to sabotage the system anywhere, insecurities for the sensitive communications between financial institutions and many similar nature business operations. In order to combat these, among several other tactics, there are also the white hat hackers, who specialise in testing huge systems for the big corporations and financial institutions.

picture of computer and a mobile phone with a key to portect the data inside

commercedynamics.com

Some of the important elements of the impact on pricing could be namely due to the following;

  1. Digital Divide-  the significant digital divide between the demographics who have well-established internet providers and connections and the demographics who do not sufficient standard of internet providers, hence this divide creates a shift in balance more inclined towards the demographics with better intern provides and services, in spite of the same charges in both demographics
  2. Consumer market and B2B market- in both these markets the key are the customers, hence it is always the aim to get the customers earliest in their consumer- journey, in order to nurture the consumers appropriately according to each customer since every customer is also different and unique
  3. Utility- this element talks about how the consumers are served eventually with respect to prices, convenience of purchasing, finding their intended products online, the speed of the process and the trust the consumers put in the product or brand, the better the utilities of one business, the better the results for the business
  4. Personalised- this is the emphasis on the personalization of the products today as per the consumers, hence the emergence of niche markets online today, where some products or brands only serve a small fraction of the consumers who also turn out to be loyals eventually.
  5. Participatory, Peer-Peer, communal- this gives emphasis on the channels which make the brand more engaging with the consumers, there is a lot of conversions between the consumers, hence also leading to advocacy of the brand products making up for a healthy community for the brand and its products
  6. Multi-channel- in today’s day and age, multi-channel marketing is of vital importance, since the consumers can be found anywhere from a laptop to their workstations on a desktop to their tablets or their mobiles hence making the market a multi-channel one, hence brands need to think hard about where to find their target audience and serve them where they are and not what the brands think? All of this can be found out through the online data.

Conclusively, the security of the marketplace and the pricing are both very important elements of the online space today and more and more investments are being poured into this space by corporates and government bodies to make it more secure.

Glimpse into bitcoin and digital currency

The other in my E-Commerce graduate class, we were briefly introduced to Bitcoins, digital currencies, cryptocurrencies and the community it survives on and its future! I am sure many of you might be wondering what these are? I thought it would be an interesting topic to write briefly on, as far as my knowledge goes and what I have read in the past few days and what I think about it currently? Hence, written by an amateur for amateurs, so to speak who have not heard of the terms!

Source: BERLIN, GERMANY – FEBRUARY 15: In this photo illustration model Bitcoins standing in front of Dollar bills on February 15, 2016 in Berlin, Germany. (Photo Illustration by Thomas Trutschel/Photothek via Getty Images)

Imagine sometime in the future, if there is a market of buyers and sellers who deal with digital currencies, which can be further used by all those in that community to purchase and sell things! That means no paper currencies and no middle-men really. What happens today is that if one wants to buy something, one goes to the market and pays either through a credit card/debit card or cash, which are all legitimate modes of payment. It is also worthy to note that not all countries have the same use of credit cards and debit cards as it in the United States, there are many countries who even today depend on cash heavily at several point of sales which are again also changing fast. But I would keep my discussion limited to the United States. So buyers and sellers, exchanging goods and services digitally without the need for middle-men, who would otherwise take a fraction of the price, which would make the goods or services more expensive for the sellers, who would eventually pass the burden onto the buyers, hence the vicious cycle carries on. This is exactly what the cryptocurrencies do! There is a community online in the virtual world as we know it, who deal with these cryptocurrencies today. So the future is already here!

Bitcoins

The most popular cryptocurrency which is in circulation today, being mined as we speak! It was introduced as free from any central authority which means that it does not come from any government neither does it have any one or body of owners, hence meaning it is not a legal tender, but transferable electronically and instantly, with very low transaction fees. These facts themselves are mind-boggling to know!! Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet.

community botcoin

Source: https://bitcoin.org/img/video/video_wuc.jpg

What’s a transaction in Bitcoin?

It’s interesting to find out what is a transaction in Bitcoin? That simply means that a value has been transferred electronically between bitcoin wallets, which is also included in the blockchain. It is also now relevant to find out what’s a blockchain? An open distributed ledger which records all transactions between two parties very efficiently, verifiably and permanently as explained according to Wikipedia. The creation of blockchain was done specifically for the bitcoins back in 2008 by a Sakashi Nakamoto. A fun fact is that the real identity of the inventor itself is a mystery and there are several debates over the true identity of the inventor.

Why?

I am sure by now, after additional reading on the topic of bitcoins, cryptocurrencies, several will be doubting the credibility itself of the new digital currency as I have since I was first introduced to the concept. If it’s not a legal tender in the first place, how and why will people be accepting this form of payment? Then why is there a rather fast-growing market for it? If the so-called community of cryptocurrencies can not be gratified presently with any goods or services, then why will people still see it as a valuable asset and invest more and more in this specific system? Many of the answers to the questions asked above are quite simply put as our professor said, “there are the believers!” This has to make up for something substantial since the growth of the believers has certainly been increasing at a phenomenal rate over the years and the conversations around the cryptocurrencies have also been gaining more and more conversations online and in the traditional markets all over the planet.

Conclusively, the future of these digital currencies will certainly have to watched closely or one will miss out on a growth opportunity from right under ones nose!

 

AMP- Golden ticket to the Advertisers and Marketers of today!

Introduction to AMP HTML BY GOOGLE

As one can imagine, the internet is a funny place and a very challenging one if one wants it to be! It is astonishing how the internet changes every day, every month and every year. The practices which are happening today and are proved to be rather successful could very well be talk of the past next year, completely extinct! Like many practices online, one such practice is in the field of search! Let’s not discuss the authority on which search engine makes the rules and why etcetera, etcetera, since we all know and are quite comfortable with it, Google of course! So, Google towards the starting of  2016, began another great innovative search tactic called AMP(accelerated mobile pages), the reasons for it are kinda of getting around now in 2017, as many industry experts are familiar with the term, but it wasn’t the case a year back when many didn’t know that’s where again Google had the task of educating people, which it did of course! In lay mans terms, as the term suggests, it refers to all the pages on the mobile-web which have the capability to download faster than the other non-AMP pages due to the change in its mechanics, here the operative word is mobile!

Current Online Habits

As the world is shifting towards a more mobile-centric world, so are the traditional business practices, from the traditional surfing the web on their laptops and their fixed desktops to now mobile, hence the centre of attention has become the mobile instruments. Today the market needs to give mobile all the attention since this is where the end consumers are spending most of their time searching, surfing or just chatting with their peers, family or friends!

example of a site link with AMP magnified

AMP

It is safe to say that the AMP project by Google is certainly one for the future, where it solves the exact need of the end consumers, where they are present instead of other- way around. AMP is simply the stripped down version of the mobile web with the language used in the web pages called HTML- now called HTML AMP, works on the open source and downloads 15%-85% faster compared to the non-amp mobile pages. It is able to do so because of getting rid of any third-party scripts, which makes the pages heavier initially, thus taking time in downloading. The AMP version is free of all that, and Google had made sure of the same with all the advertisers who are on the platform today. It is also said according to Kissmetrics that an ideal user gets rid of the page which takes more than 3 seconds to download, hence this is where the AMP platform will work wonders!

picture of the amp feature on the mobile devices

source: http://bit.ly/2lrdw3p

 

What it means for the Advertisers, Marketers?

As for the AMP site, although Google has the authority like mentioned earlier in the blog, I for one, certainly believe that this is done for the better of the advertising and marketing world out there! In order to cut the clutter where the advertisers will never stop advertising, and the number of markets will keep growing, this new feature by Google will certainly separate the true marketers and advertisers from the rest, in the sense that since in the end, it does serve the end consumers, but the advertisers and marketers have to do the homework, fix their mobile pages in order to integrate this unique feature, it’s left with all of us, digital marketing enthusiasts, evangelists to see, which are the bunch of marketers or advertisers who truly adopt this change and how fast do they do that, the faster the better, I say? Did I forget something, oh yeah! Google too recognises the effort of one with the AMP feature and ranks it higher in its SERPs, hence do I need to say any more? Also if one brand actually thinks about it, the AMP would also solve a great problem and add an advantage to it. Why is a business in the business, to sell something or the other, but eventually for one primordial reason, to make $$$$ hence how does one do that online? That should start with people searching for them, going onto their website and making conversions, hence $$$$. The AMP would eventually increase the speed of the pages downloaded which would result in more page views, hence more ad views, hence significantly increasing the probability of conversions!

Sources:

  1. http://www.mustips.com/implement-accelerated-mobile-pages-amp/
  2. https://searchenginewatch.com/2016/02/22/what-will-googles-accelerated-mobile-pages-amp-mean-for-marketers/

 

Startups at New York University

 

Startups taking over the world today with several innovative ideas, are things of the future even though a very small fraction of the startups are successful. 15th annual NYU venture was another one of these events showcasing great innovative ideas in one evening.

Venture Showcase, Startups, NYU

15th Annual Venture Showcase, NYU

  1. Bridge the Gap

Bridge the Gap is an independent online platform which connected businesses with a highly skilled community of working mothers. After a conversation with Erin, a representative on their behalf, I gathered the following;

History- The idea behind the project has been there for several years through personal experiences by the founder, as told by Erin. But they have started doing some solid groundwork only in the past couple of years raising roughly 20-30k through family and friends.

Idea- The idea was to connect the highly skilled community of women in general who might have left the workplace now, in order to take care of their families and kids, who would now like to get back to work, but unfortunately there have been a time- gap and are not able to connect back with work, hence this is where ‘Bridge the Gap’ comes in and connects them with the businesses around.

USP- One of the differentiator is that the women who would be hired through them would not need any benefits, hence very cost-effective to the businesses and they will be working on project-basis only, hence all could be temporary and utilised by the company for specific purposes.       

Future for Search- They are initially connecting only through organic channels, hence not spending for search now.

Roadblocks- An abrupt idea of connecting with the community out there? Not visible socially. Revenue model was unclear? Business model is a marketplace. Although I believe in the idea but they certainly have a challenge going ahead connecting the women with the appropriate businesses they might desire? How are they going to make themselves visible out there? All these tasks sound simple but will take considerable time.

  1. GO BOX

Idea- Allows the use of reusable containers to replace the wasteful takeout food packaging. Professionally sanitised, supplied to vendors and placed in drop boxes after use. Convenient drop boxes in corporate locations including a mobile app.

            Target Audience (TA)- Thy start with the corporate houses, where the total number of employees is large, hence they can make some good margins. Although, the reusable containers would be sanitised after use, there are several doubts with hygiene.

Roadblocks- Though the target audience is corporate houses, how many individuals would be comfortable with using a utensil for lunch and then giving it back for cleaning, to be used again the next time around? What’s the composition of the reusable utensils? How long does it take for the utensils to be sanitised? What’s the process and what is used to clean the utensils? Another point to consider is that until now, the plan has maybe worked for medium size businesses, what about the large size businesses? I also felt that the team was not appropriately represented since there was no one from the suppliers and manufacturers side at the event.

  1. TABU

Idea- Mobile app which enables users to open and close their tab at bars. Includes geolocation and POS integration to make the process simpler for the user.

TA- bars in the city

Competitors- There are several competitors who run similar applications for restaurants.

Revenue model- downloads of the application, service used commission based?

Questions raised- Limited to the list of bars TABU has on their list. Forcing the consumers to use the application, not a good idea! How will the bar owners feel about this application, how does it impact their businesses? Lots of questions unanswered or unclear about in the process of integration into the real world. Although they have been able to raise capital through family, friends and some angel investors, utilisation of the capital would be the real challenge for TABU. Another big challenge seems to be the process, the technology integration behind the user interface, how that would work smoothly?

Conclusively, startups are great ways to share and collaborate legit business ideas, but it is also important to remember to start the whole idea with the target audience in mind and not where the idea or product wants to be?

Cookies of the marketing world today!

Have you ever wondered how do all these companies representing big brands advertise to you? How does sometimes, we receive emails from brands we might have half -heartedly sometime in the past bought a small item and then completely forgotten about them? How do brands online track you all over the sites you have been surfing? A little creepy no doubt but this is the power of the information and technology age! A few decades ago, such things would be alien to even mention in a group discussion, but now this is the way of life for millions of us, every day!

lady holding the mobile while at the laptop emphasising on the digital life

Credit: FirmBee/Pixabay

This phenomenon comes from the word, cookies! According to Wikipedia, originally coined by web browser programmer Lou Montulli. it was derived from the word magic cookie, further derived from fortune cookie, a cookie with an embedded message inside. The concept of the cookie in our digital lives does the same thing. While we are surfing various websites, the sites themselves drops a packet of data (cookie) on our computer, hence leaving a trail behind, which could be tracked in the future. Simple enough to understand, right? The wilder part is that these cookies can be hidden in the URL (unique resource locator) of the sites you are surfing, hence pretty much helpless for the person who is surfing and trying to get job A and job B done before rushing off to his or her appointment! Little does he or she know that their computer is being tracked for the future by the websites they might have visited.

diagram to show the simple concept of cookies

Credit: Wikipedia

This same practice of dropping cookies on the user’s computers is most popular amongst the advertisers. The advertisers are able to track several of their leads this way and are able to gather as much information as possible about their prospective and current customers. When a cookie has the same domain as the URL, it is called the first party cookie and when the URL and the cookie have different domains, it is the third-party cookies, usually in case of the advertisers who provide banner ads on the websites, which when clicked drops the cookie on the system. These cookies can then further track the behaviour of the users, the sites they have been visiting, when have they logged in and many such activities done by the user on that particular system. This can further be tracked to other systems, the user might be using at office or any other place where he or she reveals his or her identity anyhow, whether through a previous site or any social accounts such as facebook, LinkedIn. Then there are super cookies too, which is mainly with the top-level domain such as .com and .co.uk. These domains usually have some security issues and are blocked by the most of the browsers. The other types of cookies or rather the jobs that can be done by them are namely tracking, zombie ( these are cookies that are recreated after deletion by being placed in multiple locations on either client-side or the server-side), session management cookies and personalization. Hence, it is easy to say that the world we live in today is one which is totally interconnected, it’s your perspective, how you would want to look at it? I personally feel it is a brilliant one, the digital age we are living in, the cutting edge technology which is available today and it will only get better, considering, of course, the fact that it all contributes towards the growth of the human knowledge and shared beyond boundaries.

Knowing all that we know about the cookies and how these are used in today’s market to track everyone online, there are of course some genuine concerns for the security of millions of users out there who don’t feel comfortable with this business. But knowing things that can be done with the help of these cookies, it can safely be argued that the buyer’s personalisation has also in recent times been taken into serious consideration, hence more and more importance given to the end-consumers than the products themselves as traditionally done.

web security keypad emphasising on the secuirty of the web during online marketing

Conclusively, leaving with some thoughts; what are the extremes to which these so-called cookies, which are very prevalent today in the marketing world, would be allowed to go in one consumer’s life? Although there are some securities set up to avoid the cookies or delete them, it is still arguably debatable and there are no clear grounds set on them?

8 elements for a successful business!

In today’s day and age, making the decision to do business is one thing and having all the resources to run a successful business is another. If you are a start up and have decided t to start a business, it is imperative for you to do your much-needed homework before you even launch your business. To do that, it takes months or even years to set up your business, get all the resources ready to kick in. So, let’s talk a little bit about some of the most vital elements to consider while you start doing your homework!

  1. value proposition
  2. revenue model
  3. market opportunity
  4. competitive environment
  5. competitive advantage
  6. market strategy
  7. organisational management
  8. management team

value

To begin the thought process, Value Proposition is one of the most vital element to ponder upon. What is it that you are offering the end consumers? Does your value proposition really fill the need of the consumers by the end of the day or is it just another firm added to the list of several firms out there serving the same need, in which case it is unlikely that you would survive very long in the cut-throat market where innovation is considered as important as the heart to the human! Your value proposition should be unique or something which fills the untapped need of the consumer somehow, in which case your very first step is good to go!

dollar-sign1

source: https://m.popkey.co/aeda2b/mzOpy.gif

Your revenue model is another important element in the long list of checklists. This simply tries to answer the question of how will the business earn me money? There are several models out there, and you will have to figure which model suits your plan best?There are subscriptions models like the several magazines, online music subscriptions, advertising subscription models like many of the online sites do such as Google where every brand wants to advertise on Google since it is pretty much half the market and avoiding them is avoiding half the search market online, transaction model like several of the e-commerce sites out there, sales revenue model which are followed by the retail stores, affiliate marketing model also known as performance marketing where several brands affiliate themselves to different brands and take leverage, in turn getting traffic and footfalls to their online websites and stores respectively. Conclusively, these are some of the revenue models but the big question is which type of model suits your nature of business, which could even be a mix of two, three of them.

opportunity

Market-Opportunity entails questions like what kind of market sizes exist in the relevant market you are planning to get into? One is have an idea of what kind of market one wants to get into and another is the reality what really exists out there? It is important for the business to know the difference and not jump into your market without any knowledge and without much-needed homework done successfully. It is always better to be realistic and knows the market as it exists today, avoiding all future failures. The market opportunity also entails the existence of some market niche, which is rare to find but a true treasure if found! One should nurture the niche markets and do their due-diligence in order to grow their business in it and more importantly protect their business in the challenging environment of niche markets!

competitive-advantage

Next in line would be the question of competitive environment and competitive advantage? The questions related to these would be namely who else occupies your intended marketspace? This could be direct or indirect competitors in the same environment, also what influences the environment that you could take advantage of and what is it that you can offer to the market space which will be different from what already exists, which makes up for your competitive advantage? The competitive advantage could be thought on different lines such as could you have the first-mover advantage in the market? maybe have some complementary advantages that could be added to the market, giving you an upper hand on that! maybe think of the leverage eg. Amazon had on the online market with its loyalty program for the longest time, its prime membership rewards taking the market by storm and capturing maximum subscriptions. another good example would be Uber, which thinks innovatively, taking a huge chunk of the transportation consumer market with different services suiting all wallet sizes!

focusing_on_strategy_123rf

Market strategy is next which needs to be considerable thought since this could also make or break your business! Question- how do you plan to promote your business in order to attract the right target audience(TA) for your business? it is important to know your TA, to study them as much as possible, so you can target them with customised messages and serve them where they are found, meaning to reach your TA where they reside, the channels they are most fond of and used to? It is important for the business to reach their audience where they reside and not vice-versa. This will make the audience comfortable with the brand and eventually adopt them, turning into loyal customers in the long run, which should be the ultimate aim of every business!

Organisational development involves how the firm’s structure should be set up from the inside in order to carry out the business smoothly? how the firm should organise work on the inside? One could safely say that the organisational development is like the skeleton of the organisation without which there wouldn’t be any framework to its existence! This would also determine the efficiency of the organisation, how well they work on the inside giving optimum results?

The management team involved questions related to the leaders, what kind of backgrounds should the company leaders have? This would determine the leadership strategy, hence impacting the entire labour force in the company for the better or for the worse. The kind of leaders who lead the company would determine if the company will eventually have a strong management team or a weak one! In most cases, the qualities and management styles of the top most leaders are adapted or rather has a trickle down effect to the entire workforce.

Conclusively, these important elements of the business model should be given most importance before launching any business to be successful!

4 shifts in the E-Commerce platform

I believe the inevitable shift of importance from the business itself given to the consumers today in the business of e-commerce is one which has been predicted for the longest time and rightly been a long overdue as well. there have been several predictions in the e-commerce ethos given by several experts out there in the field but here are some of the things I strongly agree with as time will tell!

  1. It’s very interesting to find out that since the evolution of e-commerce giants like amazon, e-bay and the likes has come to the surface battling it out for their own piece of army(customers) through the most innovative ways to capture their customers’ minds (top of mind awareness), it’s been a rollercoaster for each of the competitors as a financial drain, fight for the most intelligent brains in the market and all in all providing the best and most ideal environment to grow in along with the organizations, all of which starts and ends with $$$.

ecomm_evolution

2. Content is king: content is finally getting its due since its inception or rather since it’s been considered important in the whole picture! thanks to the several algorithm adjustments by Google, it has improved the SERPS, ranking the web pages rightfully according to the relevance, authenticity and authoritative content out there on the web. this has also been good news for any business out there small or medium in attracting the audience and ranking high on the SERPS solely on the basis of its original powerful content! It must also be noted that ranking high in the SERPS doesn’t happen overnight instead takes a long time building its authority and credibility. On the other hand, the bigger organisations will also have to go through the same drill when it comes to SERPS, hence the earlier one starts, the better it is!

digital-marketing-still-content-is-king-or-not-850x445

3. Cashing in on the micro-moments: interestingly enough, though the cash flow in an organization is very vital for the growth of the organization, in today’s e-commerce environment, banking in on the micro-moments experienced by the vast consumers have also started playing an important role in capturing the right audience, eventually also true evangelists for the organization, believe it or not! The moments are simply where the customers are at the time of dispersal of the content, it is most ideal to reach the customers where they are instead of making the customers come to the information (content) which is simply considered a failure of the whole practice which will result in the minimum result 🙁 Instead it is vital to reach the customers where they are on whichever channel they might be on? to understand the mood of the customers and bank on that precisely, the more accurate you are, the better you can market! Conclusively, to study the micro-moments of the consumers insightfully and smartly giving the right boost to the growth of the organisation in providing marketing its product or services.

micromoments-vendiagram-v2

4. Consumer fragmentation a challenge and an opportunity: unlike the traditional way of studying consumers, where the traditional organisations used traditional media simply targeting them through print media and television, the consumers today has evolved! Today the market has realised the true importance of the consumers out there, hence making it a real challenge for all brands out there to fight for the same lot of audience! Though the market sounds small, but it is because the preference of the consumers has grown immensely, the consumers have finally started thinking rationally, intelligently about their needs and preferences, and since the organisations and brands have also realised that, it is up to them to capture the audience intelligently too! Hence, the audience has been fragmented by infinite folds, and it is left to the brands and organisations to change the minds of the consumers in their favour through their several innovative ways!

Concept of ‘freemium’ case study

pandora_ios

‘Freemium,’ this is just another example of how vast the digital space is today, this one for the audiophiles out there!

Having read the introductory chapters and the case study on Pandora the surprising internet radio, music streaming app and its several competitors like Spotify etc etc, I just wanted to share some thoughts I had on the subject!

  1. Concept of Freemium

It’s interesting to find out how the leading brands in the industry of online music providing services, music streaming did everything they could or rather are doing everything they can in order to sell more and make more bottom line dollar figure? the concept of freemium would probably fit into one of the business models to make that happen, and of course, there have been several of the brands which had evidently done very well and are managing even today very successfully the concept of freemium. Some brands worth mentioning would be the professional networking site Linkedin, online storage site Dropbox to name a few.

The concept of Freemium, when you offer some service online free for a while, post which you intend to enroll the individuals in your paid subscriptions, doesn’t necessarily work everytime as seen through the brand Ning, company dedicated to creating your own network online, at first started with the concept which it failed at, swiftly switching to the paid subscription part, at which it surprisingly succeeded later on. Several of the online music streaming services such as Pandora, Spotify, Apple music have practised the freemium concept to capture audiences across the market.

  1. Does it work for your brand?

Maybe the concept also needs to connect with your brand, the very nature of the offer you are making out there? Some questions certainly need to be looked into, what are the target audience out there, online looking for? what are they talking about in the online forums, communities? how much will the freemium concept connect with your target audience and will they value your offer not only while they have it but even after the trial period has expired? will they enrol in your program in a heartbeat? how can we make that brand really identify with the target audience? As a marketer, I would like to think that the brands wich have really stood out in this case study and concept of Freemium such as Pandora, Dropbox, Linkedin have certainly done their homework even before they got anything out there online, hence the clockwork success which followed, if I may say so, of course, nothing comes without minor setbacks if any at all in the process!