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Time for Holiday Retail Marketing Strategies

Category: Growth Hacks

Time for Holiday Retail Marketing Strategies
Mohab Growth Hacks 0

Time for Holiday Retail Marketing Strategies

The busiest time of the year is back for businesses. Holiday season is expected to retain its past momentum and will likely record bumper sales level again. But, are you and your business prepared to use their opportunity in the best possible manner. While it is advisable to hash out your holiday retail marketing strategies well in advance, but it is not too late. Here are some of the pointers which can help you fine tune your holiday retail marketing strategy.

  • Get a Head Start: you can get an advantage over your competition by starting early. Holiday season entails big crowd so you need to be prepared to handle them. If you are running an online business, you need to ensure that your servers are all set to accommodate incoming traffic. If you do not plan early, your website may break down under the pressure of traffic volume. Apart from this, you also need to plan for proper inventory. This is important for both online as well as offline businesses. While it is not advisable to tie up funds in excessive inventory, but running out of good while there is demand for them can cause even bigger loss to your business.
  • Remain on Your Toes: you may plan early and go for perfect execution, but there will always be circumstances which will require you to go back to drawing board. So, it is important that you keep your strategy simple and flexible as you may be required to change it on a moment’s notice. For online businesses, server outage may be a big issue. You should be prepared to handle any such malfunctioning as and when it arises. Further, there may be unexpectedly higher demand for some products. In such cases, your business should be ready to handle such high volume.
  • Know your Market: in order to design effective marketing strategy, it is important to know all the nuances of your market. Even within your target market, you should be aware of different sub-segments and tailor fit your marketing strategies as per their requirements. For example, while designing your holiday marketing strategy, you may want to ensure that you retain your repeat customers while also making sure that you are able to attract the new ones. Overall, your marketing strategy should account for each sub-segment of your target population.
  • Make it Festive: while it is a serious business, the holiday season is about festivity as well. Be sure that you generate that holiday buzz and give celebratory makeover to your business strategy. For this purpose, you can start with marketing material such as pamphlets and emails. It is imperative that your marketing items are able to create that festivity buzz. You can also tease out the customers by providing them a sneak preview of the goods offered and discounts provided. Design your campaign in such a manner that it highlights a timeline leading up to the holidays in a creative and intriguing manner.
  • Go Mobile: as more and more people are now accessing the web through phones or tablets, it is important to ensure that your marketing strategy is customized for mobile experience. Start with your marketing material to ensure that your promotional emails and advertisements are displayed properly on smaller screens of mobile devices. Optimize your website to load faster on even slower mobile connections. Better still, you can simply go for designing a dedicated app for your mobile clients. Whatever you plan to do, but make sure that you pay due attention to people using mobile phones and devices.
  • Pre Test: it is highly important to go for a pre test run, so as to figure out potential glitches. You can try out different approaches to find the best one and then deploy the selected ones to ensure the best results. You can also tweak your other strategies in response to the results of pre test run. It will also give you a chance to test your discount codes to avoid any last minute issues.

Holiday season may prove to be the best marketing season for your business, provide you carry out proactive strategy and prepare yourself beforehand.

7 years ago
Good Cyber security Habits by Which to Live
Mohab Growth Hacks 0

Good Cyber security Habits by Which to Live

Cyber security is an extremely important concept in today’s interconnected world. The significance of this phenomenon has been recognized through the fact that organizations now carry out formal educational seminars to make its employees aware of dangers in the cyber world and the ways to tackle them. There are certain ways you can ensure the safety of your business and data from cyber frauds.

  1. Create Awareness: the first step in ensuring the cyber security is to make all the users aware of cyber attacks, their consequences and the ways to avert them. Many times, employees believe that cyber security is the responsibility of IT department. However, this is not true as most of the cyber threats mainly arise due to certain actions taken by employees outside the IT department. It is important to empower your employees to ensure that they carry out best practices. This exercise should be undertaken by businesses of all sizes and sectors. With elevated awareness, your staff can become a major force in averting cyber attacks.
  2. Use Technology: since cyber threats have become more prevalent due to advancement and proliferation of technology, it is only sensible that the same technological tools are used to fight against it. First step in this direction is to institute Two Factor Authentication system which is also known as 2FA, to access enterprise resources. The first factor is generally the password generated by the user while second factor is delivered through electronic means such as text message or email. In certain cases, you may choose to use biometrics as second measures. Such biometrics may take form of finger print or retina scanning.
  3. Healthy Online Habits: in order to ensure that your employees are following the guidelines, it may be important to set up certain filters. These web filtering tools may restrict access to specific websites or URLs. Further, these filters may also help in managing the links opened by the employees. However, the first step in this direction should be to educate the employees about safe practices. They should be counseled to not click on unknown links sent through emails or texts. The employees should be advised to limit their web surfing to safe sites only as many dodgy websites are known to implant virus on computers which may sabotage the entire corporate network.
  4. Make Passwords Stronger: employees should be educated about the importance of stronger passwords. The passwords are required to be not just long but also complex to provide appropriate kind of security. Ideally, it should be a combination of letters, numbers and special symbols. Further, the passwords must also be changed frequently. Employees should be advised not to share their password with anyone within or without the organization. It should also be noted that unique passwords should be created for different services and not repeated.
  5. Install Updates: in cyber world, threats arise on daily basis. In order to provide protection against them, most of the apps and websites push constant updates. It is highly important that all such updates including security patches should be installed on regular basis. Keeping the apps and programs updated ensures that you have reasonable security against various cyber threats. Proper attention should also be paid to updating default privacy settings. All the devices and accounts used in a firm should undergo this exercise.
  6. Make Cyber Security Practices a Habit: while organizations may institute various policies to ensure cyber security, it is equally important to ensure that these policies are followed by the employees in a prompt and regular manner. Employees should be aware that they do not leave sensitive information lying around. Further, this type of information should be shared with only concerned people and not everyone else. Organizations should carry out periodic checks to see that the policies are being implemented. The employees should also be educated about such practices on regular basis.

As most of the businesses now have online presence, it is important to ensure that your business as well as your clients are secure against online threats. By following some simple rules, you can have a blanket of safety against cyber attacks and keep your data safe from such threats.

7 years ago
Subscription Economy: Business Impact of Rapidly Changing Consumer Needs
Mohab Growth Hacks 0

Subscription Economy: Business Impact of Rapidly Changing Consumer Needs

Technology has changed the way businesses are conducted. This is primarily due to change in consumer needs and perceptions. Technology has brought newer avenues to the customers and has offered them more choices. One of the most disruptive innovations facilitated by technology is the proliferation of subscription economy. This mode has changed the way consumers pay for different products and services. It also means that the businesses are now able to better handle their cash inflows and improve their liquidity.

What is Subscription Economy

In simple words, it may be defined as the practice of businesses to offer subscription to their customers. This implies that instead of charging a lump sum amount to the customers, the goods or services are provided in lieu of periodic payments. Such periodic payments are called subscription and the model is known as subscription services model. Currently, many companies are moving away from traditional model towards subscription economy due to change in consumer taste and needs.

Under this business model, the consumer is willing to use the goods or services on periodical basis instead of making a one-time commitment. While the payments under this model are expected to be made regularly, the plans may be customized to best meet the individual requirements of the consumers. However, it should be noted that the model has proved to be so successful that it has not only been implemented in B2C segment, but also in B2B sector. It is likely that by 2023, 75 percent of the companies dealing in direct selling will adopt subscription model for their clients.

Subscription economy may have different meanings for different businesses as firms may choose to implement their own versions to suit their requirements and resources. The main types of subscription economy models are a) Pay as you Go, b) Curation model c) Replenishment model and d) Access model. Pay as your Go model is simple and hence highly popular. Under this model, the consumer is charged for periodic delivery of goods and services. Since it takes away the worry to remember the need to renew, the model is also known as convenience model.

Curation model is mainly used by the businesses which provide personalized goods or services instead of the mass ones. This model allows the consumers to discover new products by sampling them, instead of committing to them in the first go. Such subscription boxes are especially popular in food and beauty segment. Replenishment model, on the other hand, is more suitable for goods and services related to regular, day to day life. With such subscription model, the customer can automate the delivery of their consumables. Access based model offers need based access to goods and services on payment of periodical fee.

Impact on Business

Subscription economy has impacted the businesses in a prominent manner. Subscription model implies that businesses are now required to remain in constant touch with their clients since one time interaction is now converted into periodic interactions. The businesses are now required to be more savvy with their customers as every interaction with them forms the foundation for the next one. It is also more important now to keep the customers engaged and interested in your products as they may choose to switch their loyalty if there is any slack in the services. While this factor can keep the businesses on their toes, it also provides them the opportunity to innovate and grow.

With subscription model, the firms can make their cash flow more predictable, allowing them to better manage their liquidity and funds. The higher predictability of the cash inflows let the firms undertake better planning for their future endeavors. Subscription economy also helps the firms by reducing their customer acquisition costs. Further, the firms can also personalize or customize their marketing strategies to best suit their client base. The model is helpful for the clients as well since they are not forced to make lump sum payments.

Conclusion

Subscription model is here to stay and for the ultimate success of this model, it is important for businesses to have a robust and reliable payment processing system. Such system should be able to handle frequent payments in an efficient manner. With such payment systems, the firms can boost their sales and client base.

7 years ago
5 Ways Startups Can Drive Massive Organic Growth
Mohab Growth Hacks 0

5 Ways Startups Can Drive Massive Organic Growth

Achieving organic growth is one of the most important targets for any startup organization. This target can prove to be a tricky one as startup organizations may have to compete with bigger players in the industry, without similar resources.  However, this should not be a cause of despair as there are multiple ways in which an organization can drive robust organic growth with minimal resources at their disposal. Here are some of the tips which may aid your business to achieve its full potential.

Understand the Concept: In order to attain your goal of strong organic growth, first of all, you need to be clear about the scope of this concept. Organic growth is the growth which is achieved by harnessing the internal resources of the firm. Such resources may range from better marketing practices to responsive customer care facilities. Organic growth may be directly contrasted by the growth achieved through acquisitions and mergers. Due to this reason, it is a little trickier and more time consuming to accomplish high organic growth and it requires a specific strategy.

Remain Aware of Emerging Trends: You may be competing against firms that are armed with lots of cash and resources, but this fact should not hinder your growth plans. While bigger businesses have the advantage of possessing established customer base, startups have the distinct freedom to design innovative strategies. You can use the latest technologies for designing sales plans to ensure that they best meet your requirements and resource constraints.

Think Long Term: As risky as a startup can be, it is not a speculative activity. You should have a long term vision for your endeavor and this long term vision should be a guide for setting up the strategy for driving organic growth. The emphasis on a longer horizon will allow you to look past immediate gains. It will also stop you from taking short cuts which may provide immediate gains but may hamper long term sustainability. For a startup, it would make sense to invest in strategies which are designed for the long term.

Take Personal Interest: Giving a personal touch to your organic growth strategies may work wonders as this approach may help you in designing unique plans. When your interest in achieving organic growth goes beyond mere commercial gains, you are in the position to take alternative approaches. It will also allow you to give personal branding to your plans. Taking personal interest in the execution of these strategies will also increase the likelihood of these plans succeeding.

Build a Core Team: The achievement of explosive organic growth rate is a team effort. No one person can attain this goal on their own. In order to ensure that your plans are executed in the best possible manner, you should build a team consisting of people with common vision and goals. These people will bring different expertise to the table which will allow you to take a more holistic approach towards the design of the strategy. The operations of a startup require more commitment, so make sure that your team members are on the same page.

Set Tangible Goals: Setting up tangible goals has several benefits. First, it will force you to think through plans. It will also aid in the quantification of the goals, which is a prerequisite for setting up concrete plans. Merely saying that you want to achieve high organic growth rate is not helpful. For proper strategies, you need to specify the rate of growth you want to attain. The plans required for 10% growth are drastically different from the plans required for achieving 50 percent organic growth rate. So, set up the goals in concrete and quantitative terms.

Review and Improve: The plans for achieving organic growth rate are not set in stone. You should periodically review your plans to ensure that they remain on the right path. After critical evaluation of the strategies, appropriate changes should also be brought about in a prompt manner.

Achieving organic growth is vital for a startup. While there is no one size that fits all plans for attaining high organic growth rate, the above pointers may come in handy.

7 years ago
The Secrets to Effective Business Networking
Mohab Growth Hacks 0

The Secrets to Effective Business Networking

In today’s super-connected world, networking is of utmost importance for promoting your business. The process of networking basically involves interacting with a varied group of people in order to form mutually beneficial relationships. While the art of networking does not come natural to many people, it can be easily learned and honed. Here are some of the tips to help you connect with other people and network better to take your business to new heights.

  • Expand Your Horizons: Generally, attending industry conventions and meetings are touted as good networking options. However, the focus on your own industry may prove to be limiting in today’s world. In order to create more meaningful networking relationships, you should step out of your industry borders. When you interact with people from other industries as well, you become aware of broader trends and may even discover new synergies which may have not been exploited by your competitors.
  • Give First: While networking is considered to be a mutually beneficial relationship, it is important that you don’t overdo the ‘taking’ part. Make sure that you clearly state the advantages you can bring to your collaborator. This will help both of you in creating a more meaningful relationship. This approach will also ensure that your network lasts longer than the networks which are created with a lopsided approach. So, it is important that you are able to bring more to the table, helping build a cordial environment.
  • Customize Your Networking Plan: There is no one networking plan that will work for all. You should design your networking strategy as per the industry you are in. Further, the life stage of your business will also have a strong influence on your networking pursuits. If you are looking to expand your business internationally, then it is advisable to join cross-border chapters of your target organizations, instead of being a part of local centers.
  • Design Your Elevator Speech: This refers to a concise and clear statement of introduction. The concept is especially important for networking as you need to grab the attention of your target in a short period of time. Instead of rambling on and on about yourself and your business, you should prepare a short speech which can provide the vital information to your new acquaintances. The ideal length of an elevator speech should be around 30 seconds and it should contain all key information.
  • Ask for Mentorship: You can easily elicit a positive response from people when you seek their advice. It provides a soft start and helps make your new contacts feel more comfortable. With this type of opener, you can put your new acquaintance at ease, helping them understand your requirements in a better manner. Further, you also get to keep your options open. For example, if you are looking to start a venture in a new market, ask them for marketing advice. This way you can get some unique and creative ideas.
  • Follow Up: All these endeavors are in vain if you are not following up with your leads and contacts. This is important not only for new contacts but also for older networks which may need some reviving. You should ensure that you periodically get in touch with your collaborators and keep them aware of the latest happenings in your professional life. With this step, you can ensure that your relationship with them remains fresh. Whenever you meet a new contact, make sure that you send them a thank you note, to show appreciation for their time.
  • Remain Active: Networking is not a one-time endeavor, but rather a continuous process. Your network has to keep evolving with time. The art of networking should become a part of your personality so that you are able to connect with people, irrespective of the set up. Some of the best contacts are generally made at unexpected places and through chance encounters. Always keep an open mind and friendly approach towards people and you will be able to grow a meaningful network in no time.

The art of networking is a useful skill that can help you tremendously in your professional life. With the above tips, you can not only start your network but can also nurture it with a long term approach.

7 years ago
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