Valued at USD 9.68 billion in 2021 and USD 10.23 billion in 2022, the global hearing aids market size is expected to grow at a CAGR of 8.1% to reach a total valuation of USD 17.68 billion by the year 2029. This is despite the industry experiencing a decline of 12.2% in 2020 as compared to 2019. The unsurprising reason for this decline was the global covid-19 pandemic and the severe lockdowns that affected business and commerce at all levels.
The current growth experienced by the industry is attributable to a rising geriatric population and the growing number of patients requiring hearing aids as well as rising incidences of noise-induced hearing loss. According to 2020 reports by WHO (World Health Organisation) on deafness and hearing loss, approximately 1.1 billion people between the ages of 12 and 35 are at risk of suffering from hearing loss due to exposure to noise in recreational settings. The demand for cochlear implants is also rising, especially in children. Healthcare providers are also supportive of early cochlear implantation in an effort to restore hearing. All these factors are highly favorable to industry growth.
A hearing aid is a device that helps improve hearing for an individual suffering from hearing loss. In many countries, hearing aids are classified as medical devices and regulated by respective laws. They were first created in the 17th century in the form of ear trumpets that then evolved into external hearing aids. These devices fit behind the ear and direct sounds in the front of the ear while blocking other noises. It was the invention of the telephone that started the journey of modern hearing aids. The first ever electric hearing aid was created by Miller Reese Hutchison around 1895 and was called the ‘akouphone’. It was only by the late 20th century that hearing aids began to be available commercially. Hearing aids have undergone a quick and technologically heavy evolution with the invention of carbon microphones, transmitters, digital signal processing chips (DSP), and the development of computer technology.
Types of Hearing Aids
There are many different types of hearing aids available in the market. Most of them, however, share similar electronic components –
1. A microphone that picks up sound
2. An amplifier circuit that makes the sound louder
3. A receiver that delivers the sound into the ear canal
4. Batteries powering the electronic parts
The different styles of hearing aids are Behind The Ear (BTE), Receiver In the Canal (RIC), In The Ear (ITE), In The Canal (ITC), and Completely In the Canal (CIC). All these hearing aids come equipped with various features like directional microphones, noise reduction, feedback suppression, wireless connectivity, and direct audio input to help in different communicative situations.
Types of Hearing Aids
Reasons for High Cost
As true as it is that hearing aids are expensive for most people, there are very real reasons behind them.
Research & Development
The process of making hearing aids smaller, more powerful, and more natural sounding involves an R&D process that costs hundreds of millions of dollars and the expertise of electrical engineers, sound engineers, audiologists, computer engineers, programmers, and more. This adds to the final cost of the product.
Professional Services & Other Overheads
Fitting hearing aids on a patient requires a trained audiologist or a hearing aid specialist. These professionals spend anywhere between three and six hours on each individual in an effort to correctly fix a hearing aid. This itself involves a certain cost apart from other overheads like staff expenses, maintaining an office, etc. which add to the final cost of the hearing aids.
Why Hearing Aids Are So Expensive and How That’s Changing
Product Customization
In the ear, hearing aid devices require customization to fit in a particular ear. This takes skill, time, and effort adding to the cost.
Product Return Policies
Hearing aids now come with a money-back policy in case of a product return. However, such returned products cannot be sold to anyone else which means the manufacturer has to absorb the cost of that particular device. This, too, adds to the high price of hearing aids.
Market Penetration and Size
Currently, the market penetration and the size of the hearing aid market are comparatively small. For example, only 1% of the US population uses hearing aids. Combined with the costs involved in developing hearing aids, it is unsurprising that hearing aids are so expensive.
Conclusion
With technology evolving and the market poised for growth in the coming years, there are a few over-the-counter hearing aids available which are under USD 1000. However, it can still take up to a few years before hearing aids are available at a price that is comfortable for a middle-class individual to buy. Time will tell how the industry shapes in the future.
FAQs
What are the different styles of hearing aids?
The different styles of hearing aids are Behind The Ear (BTE), Receiver In the Canal (RIC), In The Ear (ITE), In The Canal (ITC), and Completely In the Canal (CIC).
What are the main reasons of high cost of hearing aids?
Some major reasons for the high cost of hearing aids include:
The estimated number of internet users worldwide in 2022 is 5.3 billion, up from 4.9 billion the previous year. This proportion represents 66 percent of the global population. This skyrocketing speed of the internet has grabbed your attention with free apps, eCommerce growth, and more, thus making your life easier in many ways.
Customer loyalty and frequent purchases are essential for eCommerce’s existence and profitability. When a buyer makes an online purchase, they are influenced by several things. Some major factors that influence the frequent buying behavior of consumers include price, convenience, sentiment, confidence, security, time, after-sale service, return, and discounted products.
Virtual stores also have to understand the new trend in customer shopping behavior, conversion rates, customer retention, frequent purchase trends, and loyalty influenced by the pandemic. The driving forces are usually different. It often turns from luxury to emergency or basic needs. This article will discuss the factors behind online repeat purchases and the metrics to understand how consumers buy repeatedly online.
According to Statista, in the pandemic year of 2020, nearly 2 billion people enjoyed online shopping, with global eCommerce sales exceeding $4.2 trillion. In 2021, it was 2.4 billion, which means nearly 27% of the global population. Despite the slowing growth, total spending by 2025 will surpass $7 trillion.
Retail Ecommerce Sales Worldwide
Some facts to understand consumer behavior in digital stores:
In 2022, retail eCommerce sales were estimated to exceed $5.7 trillion worldwide.
The US eCommerce retail sales are likely to cross $740 billion by 2023, and by 2024, the Indian market is estimated to be worth $111 billion.
Shipping costs, the need to re-enter card information, and the presence of fake or expired discount codes are three prime reasons to abstain from making a final decision or making frequent purchases.
The top 3 reasons for constant online shopping are to shop anytime, find things quickly, and save time.
Shoppers decide on a final purchase based on a clear product image, followed by a product review.
Customer Retention Strategies
Factors Influencing Online Repeat Purchases
The 4Ps of marketing (product, price, place, and promotion) are not enough to retain customers in the digital market, where the monopoly is fading away with the advent of many new players. Reports have warned that loyalty and retention processes are declining daily. Now, shoppers have become more selective as they do their own research on social media and various other channels rather than making an online purchase blindly. The following are some of the factors that directly or indirectly influence online repeat purchases:
Price
Price is one of the most crucial factors for online customers when making purchasing decisions. Customers are more likely to make repeat purchases if the prices are reasonable, competitive, and offer good value for money. Discounts, promo codes, and bundled offers can also influence repeat purchases.
Convenience
Online shopping provides a convenient and hassle-free shopping experience for customers. If the online store offers a user-friendly interface, easy checkout process, fast delivery, and multiple payment options, customers are more likely to return and make repeat purchases.
After-Sale Service
After-sale service plays a critical role in online customer retention. Customers appreciate it when the online store provides prompt and efficient customer service, including quick resolution of any issues, personalized assistance, and hassle-free return policies. Satisfied customers are more likely to return and make repeat purchases.
Effective Communication for Online Customer Retention
Relationship marketing is a crucial component of retaining loyal customers in the online marketplace. In the Web 2.0 world, two-way communication is an essential force behind frequent purchases. When queries or issues arise, effective communication allows businesses to quickly resolve problems and gain a better understanding of their customers. For eCommerce retailers, it is essential to maintain clear, convenient communication channels to make buyers feel important and encourage future purchases.
Various communication channels can be used, such as verbal, chat, and AI support, to retain consumers. A good communication channel helps to deliver product information, solve queries, and provide customer support. Therefore, the convenience of communication has a significant impact on customer satisfaction, which, in turn, influences the likelihood of repeat purchases.
Personalization in Enhancing Online Customer Loyalty
Personalization is a powerful tool for enhancing customer satisfaction by meeting their specific needs and desires. Online stores can implement personalization in various ways, such as addressing customers by their names, providing customized product recommendations, and allowing users to interact with the website according to their preferences. Personalization is a key factor that influences online repeat purchases by customers.
By tailoring the online shopping experience to individual customers, businesses can create stronger connections and build customer loyalty. For example, Amazon uses personalization to recommend products based on customers’ browsing and purchase history. Such personalization makes customers feel valued and understood, which can lead to increased loyalty and repeat purchases.
Payment Security and Privacy Concerns
Payment security and privacy concerns are significant deterrents for online repeat purchases. Customers are less likely to make repeat purchases if they have concerns about the safety of their credit card details or the misuse of their personal information. To address these concerns, eCommerce retailers must ensure they have robust payment security measures in place and are transparent about their data privacy policies. Logistics providers can also use specific codes to maintain customers’ residential privacy and earn their trust, which can increase the likelihood of repeat purchases.
Leveraging Customer Data for Retention Marketing
Ecommerce businesses can leverage customer data to enhance retention marketing efforts. Tracking customer browsing behaviors and purchase history can provide valuable insights into their preferences, interests, and needs. By analyzing this data, businesses can make personalized recommendations and target customers with relevant promotions and ads.
Leveraging customer data can be an effective way to encourage repeat purchases. For example, Amazon uses customers’ purchases and browsing history to suggest similar products or offer personalized promotions. By providing relevant and targeted recommendations, businesses can keep customers engaged and encourage them to make repeat purchases.
Loyalty Programs
Offering loyalty programs or rewards for repeat purchases is an effective way to incentivize customers to return. This can include discounts, free shipping, or exclusive access to products or events.
Social Proof
Social proof, such as customer reviews or testimonials, can help build trust and credibility for an online store. Positive reviews can encourage customers to make repeat purchases, while negative reviews can discourage them.
Common Ways People Find the Perfect Product
Metrics for Understanding Repeat Purchase Behavior
To understand how consumers behave when making repeat online purchases, online stores can use the following metrics:
Browsing Behavior
According to research, about 74% of customers browse online before visiting brick-and-mortar stores. An online store’s SEO tools, speed, promotional activities, and advertisements influence browsing behavior. These factors are crucial in attracting potential customers and converting them into loyal ones. By analyzing browsing and purchasing patterns, online stores can gain a better understanding of consumers’ requirements and preferences.
Before the advent of internet shopping, only 40% of people had purchase decisions in mind, with others just curious about prices. In the early stages of internet shopping, people jumped from one website to the next to enjoy variety and compare prices. Nowadays, people look for various products and categories on various different sites before making a single purchase. Thus, browsing behavior is a critical metric for online stores to understand and retain customers.
Online Traffic
Internet traffic flow is a useful tool for tracking how customers navigate an online store’s pages and how many times they do so. Billion-dollar eCommerce giants can be identified by their traffic flow. Online stores can use this information to create an optimal navigation path for customers to reach their most popular products or categories.
Page Visits
In the United States, the typical internet shopper spends $3.46 on every visit. The number of pages that customers view during each visit is an important metric to understand customer behavior. Online stores can use this metric to identify the most and least popular website pages and improve their strengths and flaws. A high page-per-visit metric can help increase click-through rates (CTR) and overall conversions. However, it is important to note that only 4-5% of site visitors actually make a purchase, and the number of frequent visitors is even lower. Nevertheless, these frequent visitors contribute significantly to the trillion-dollar eCommerce industry.
Session Duration
The average session time provides a clear indication of how long visitors stay on the eCommerce site. It is a non-sensitive data track process. Longer session times indicate the flow of potential customers toward making an online purchase at the end of the session. This potential mass can drive towards frequent purchases or loyalty. Online store owners can track customers’ travel history from the home page to checkout.
Social Media Influence
More than 330 million people joined the social media addiction club in 2021. Social media addiction can turn into customer loyalty or influence frequent purchases through promoted advertisements, stories, debates, and webinars. Several social networking networks have taken advantage of increased eCommerce demand by adding more facilities, allowing shoppers to browse and purchase products from participating online stores without ever leaving the platform. These platforms are tightly connected with online retail systems, allowing virtual store operators to effortlessly promote their products across omnichannel. In 2021, social commerce accounted for 4% of overall eCommerce sales in the US, as per Statista data.
Tips for Increasing Repeat Sales and Improving Customer Retention
The customer lifecycle looks like this: Reach > Acquisition > Conversion > Retention > Loyalty.
The average conversion rate is nearly 3% which is a great concern for small players. The average cart abandonment rate is almost 70%, the final nail in the coffin. How is it possible to get investors’ confidence with such a small final sales rate? A repeat purchase story looks like a daydream for many small players where the rejection rate is 95 times higher than the conversion rate. So, here are some important tips for accelerating repeat sales and improving customer retention:
To ensure that your customers return, make shopping less complicated by building up an excellent mobile shopping experience. You can’t ignore skyrocketing growth of mobile commerce.
Indulge in remarketing or retargeting as it can scale up frequent visitors up to 50%.
As a startup, focus on organic growth than spending on promotion. Startups should focus on thank you call with a customized offer for the next purchase ( no sales call, please), handwritten notes, and, if possible, make some personal delivery also!
Please share stories and the best content on social media, and then publish them on your website’s blog. Try to engage customers with real-life experiences.
Selling intention is secondary for early birds while selling a better experience should be a priority (for retention or loyalty)
When ‘friction’ enters the purchase decision-making process, it reduces the conversion rate. Try to fix friction. Identify lost customers and start a reactivation campaign.
Packaging care is a must even if you have a third-party logistics carrier; it creates first after-sales memory.
Make AI-based data, purchased data, demographic data, and data-driven strategies for good results in retention marketing.
Try to push the FOMO (fear of missing out ) strategy for email subscribers with a discount code. Inject value with a personalized experience.
However, it’s important to note that these tactics may not work equally well for all businesses, and it’s essential to analyze data and adjust strategies accordingly.
Conclusion
In conclusion, the modern consumer is more selective than ever before, making customer retention a challenging task. However, by focusing on building a positive customer experience through strategies such as personalized messaging, mobile optimization, and advocacy marketing, businesses can foster trust and loyalty with their customers. Additionally, leveraging data-driven insights and addressing friction in the purchasing process can further enhance the customer experience. By prioritizing the needs and preferences of their customers, businesses can unlock the key to success and sustainable revenue growth in today’s competitive market.
FAQs
What factors influence online repeat purchases?
Some of the factors that widely influence online repeat purchases are price, convenience, effective communication, personalization, payment security, privacy concerns, leveraging customer data for retention marketing, social proof, and loyalty programs.
How to understand repeat purchase behavior in consumers?
The repeat purchase behavior of consumers can be understood with the help of metrics like browsing behavior, online traffic, page visits, session duration, and social media influence.
What are the five stages of the customer lifecycle?
The customer lifecycle looks like this: reach > acquisition > conversion > retention > loyalty.
Marketing campaigns are usually built around specific objectives that can include brand establishment, raising brand awareness, and magnifying the rate of conversion. For a marketing campaign to be effective, it must encompass integrated marketing communications, media channels, positioning, the process of communication, and touchpoints.
Marketing campaigns promote particular products through different types of media like television, radio, print, and online platforms. They can also include demonstrations, video conferencing, and other interactive techniques. Such campaigns are frequently designed by businesses operating in highly competitive markets as they devote significant resources to generating brand awareness and elevating sales.
The reason for marketing campaigns is to increase sales. Hence it becomes necessary to measure and evaluate the effect of marketing campaigns to ensure that it is reflecting positively on sales. This evaluation can be done through a variety of means including surveys, focus groups, lead generation, web analytics, sign-ups, etc. It is through this evaluation that it can be ascertained that resources are being used wisely and that customer penetration has increased. Additionally, measuring the effectiveness of such campaigns helps businesses track their progress over a period of time.
How to Measure Marketing Campaigns?
Measuring the effectiveness of a marketing campaign is a process that takes careful planning and a strong measurement framework. This measurement framework can provide valuable insights that help businesses to consistently improve.
Setting Achievable and Measured Goals
Setting a goal means defining success, understanding the customer profile, and the way to track progress for that particular campaign. This goal should also be an organic fit to the company’s larger goal. This can be done using the SMART technique:
Specific – A clear and detailed description of what is the end goal
Measurable – through numbers and other defined metrics to record success
Achievable – the goal is challenging but realistic and achievable
Relevant – to the company’s bottom line and objectives
Time-bound – in defining milestones and dates to achieve the desired result
Identifying and Actioning Relevant KPIs
KPIs are those Key Performance Indicators that help in measuring campaign success on various parameters. They also help in making necessary adjustments that further help to improve the campaign as a whole. However, it is important to track KPIs that are related to the campaign objectives as every campaign generates an impressive amount of data for review. Some necessary KPIs to track include –
There are many other KPIs to measure, depending on the final objective of the marketing campaign.
Setting a Time Frame for the Campaign
Establishing a time frame helps to keep the campaign focused and also provides the parameters around which the KPIs can be measured.
The Best Marketing Ever
Implementing Technology in Making a Measurement Template
Technology can offer excellent solutions in creating a template with all the KPIs to track and measure. Some sub-topics to include in such a template can be –
Initial goals
The time frame for the campaign
KPI metrics at various stages of the campaign
Identifying potential issues or known issues
Any unplanned events and their effects
Technology can also further be utilized to gain insights from the KPIs measured and a detailed campaign analysis on its completion.
Conclusion
The way to keep abreast of the performance of a particular marketing campaign is to continue regularly monitoring and refining the campaign to get the best results from it. A marketing campaign, by itself, will only be successful if there are systems built around it to empower it as well as gain insights from it and then use the available data to the best possible business advantage.
FAQs
Why there is a need to measure marketing campaigns?
Marketing campaigns are implemented with the primary objective of boosting sales. Therefore, it is important to assess and analyze the impact of marketing campaigns to ensure that they are effectively contributing to the growth of sales.
What metrics can you use to measure a marketing campaign?
Below mentioned metrics can be used to measure a marketing campaign:
Artificial Intelligence (or AI for short) is definitely taking the world by storm. There are so many technological advances that are making it possible for robots and computers to run everything that humans had to do at one point. While this makes things a lot easier and more convenient, it is also scary in the sense that humans will slowly be replaced by machines and we might see a dystopian world like Horizon Zero Dawn very soon. You can read more about what Artificial Intelligence is on the internet, so for your research, it would be a great idea to look into Spectrum Internet which also allows you to access internet on the road through Spectrum Hotspots so you could figure out how AI is actually changing the world and how even something like your car is somehow connected to Artificial Intelligence.
Back to Artificial Intelligence, here are some ways that Artificial Intelligence might have an impact on society and how things would look in the future:
Jobs will be replaced
One of the greatest threats that humans will face is the fact that their jobs will be replaced by machines. Through the introduction of Machine Learning and Artificial Intelligence, there will come a time when humans will be completely replaced by machines, computers, and robots to do their jobs. For instance, with the introduction of ChatGPT, nearly everything can be done as long as there is a human mind present to give the commands to the software, the rest you leave to the software. For instance, if you are a software engineer, you can ask it to write code for you and in a matter of minutes, the software will be able to do that for you. This puts a lot of people at risk of losing their jobs but always remember that even Artificial Intelligence needs a human mind that can give it the direction to start.
People Might Become More Productive
Now that we have machines working for us, people might actually become more productive than they already are. The reason why we become less productive is that we eventually get tired and we lose motivation to work, which results in less work getting done. However, now that we have Artificial Intelligence and machines working for us, we can just give commands to the machines and the machines can get the work done for us.
This would naturally make people a lot more productive since all they have to do is give the command to the software and then possibly compile the results if the software doesn’t do that.
The Improvement of the Healthcare Sector
Artificial Intelligence can drastically improve the healthcare sector in ways that we had never thought of before. Using Big Data could potentially save the pharmaceutical industry around $100 Billion dollars every year. Hospitals and clinics could add Artificial Intelligence to their systems that could keep track of appointments so they could send reminders to patients about their appointments. Similarly, Artificial Intelligence can also be added to smartwatches that can automatically contact hospitals in case of emergencies, such as the Apple Watch can read your vitals and convey them to your doctor in times of emergencies. At the same time Artificial Intelligence can also effectively cut down on a lot of costs and can help save lots of money that can be invested into improving the already existing systems.
Reductions in Errors
What people usually aim for is precision, which is really hard to get if you are only relying on human effort. In order to make things a lot more precise and free from errors, it would be a smart idea to incorporate Artificial Intelligence into industries. Since the software would work on machine learning and algorithms, whatever you tell the software and the computer to do, it will do it as accurately as possible. All Artificial Intelligence has to do is gather data that it can pick up from algorithms and then use that data to make sense of whatever it is told to do. In this way, the errors are reduced as much as they could be and the process that you finally get is very accurate.
Privacy is Supposedly an Issue
Nearly every device is connected to the internet which eventually paves way for data to be stored in the Artificial Intelligence database. It is a well-known fact that Artificial Intelligence needs its data from somewhere and the data is extracted from the usage of people, which means your data isn’t as safe as you would think it is. The sad part is that many people aren’t even aware of the fact that their data is vulnerable and it may be used to improve the database of Artificial Intelligence systems.
Wrapping Up
While AI is something that is making life a lot easier, it is also something that is creating the risk of privacy issues and the fact that data isn’t as safe as it should be. Therefore, one should be too careful while using the internet so that you don’t end up adding too much information to the internet.
Financial planning at the beginning of the financial year is a crucial step that can take you a long way in managing your finances throughout the financial year. You can have a clear idea of your financial situation and based on it, you can prioritize and achieve your goals and maintain stability even in tough times. Let us find out some of the most important factors that can help you manage your finances better in FY 2023-24.
Know your Credit Standing and Maintain a Healthy Credit Score
It is also advisable to check your credit score and credit report regularly and try and maintain a healthy credit score. Most credit bureaus charge you a fee if you intend to get credit score regularly. You can check your credit score on a monthly basis at finance aggregator platforms such as Paisabazaar and stay updated about any deviation in your credit score.
Paying your credit card bills and EMIs is one of the most crucial things that can help you have a good credit standing, reduce your overall debt burden and avail more credit easily in case the need arises. Also, checking your credit report at regular intervals can help you find out any discrepancies in payments or reporting and take corrective action on time.
In order to utilize your funds efficiently, try and analyze where you stand in terms of income and expenses. Know your essential and non-essential expenses, try and eliminate non-essential expenses and set up a budget. Also, try and pay off your debt obligations first, particularly high-interest debts to reduce your overall debt burden. This can in turn help you save more and invest the same in wealth-building investment opportunities. Moreover, when setting up a budget, do remember to factor in inflation and put aside funds for incidentals and emergencies.
Plan Investments and Start at an Early Age
Once you decide upon a budget, plan your investments according to your risk appetite and investment capability. Moreover, start investing at an early age to get the maximum benefits of compounding. Try and incorporate both life and health insurance in your financial plan as it will result in wealth generation as well as offer protection. It will also help avoid a dent in your savings in case of unforeseen events.
Remember to review and monitor your investments regularly and reduce or increase investments as per their performance. Ensure that you consider inflation when making investments and choose those which help your funds grow faster than inflation so that you can meet your financial goals. Try and invest in instruments that also help you build a corpus for your retirement and have a financially secure future.
Smart Planning of Taxes
Smartly planning your taxes early on in the financial year can help avoid hurried decisions and unnecessary tax deductions. For instance, for FY 2023-24, individuals whose income does not exceed Rs. 7 lakh will not have to pay income tax in case they opt for the new tax regime. However, in case your income exceeds the taxable bracket it is advisable to plan and make investments considering the rebates and exemptions available across different investment instruments.
For example, if you have a daughter below the age of 11, you could open a SukanyaSamriddhiYojana account for her which will not only help you save tax but also offer higher returns than most other small savings schemes or maybe invest in NPS which offers an additional deduction of Rs. 50,000 under Section 80CCD (1B) over and above the Rs. 1.5 lakh deduction available under Section 80C.
Moreover, you can spread these investments since you have a complete year to invest the amount. You must also remember to keep in mind your current financial situation, long-term and short-term life goals, your credit portfolio and the prevalent macroeconomic conditions when you begin tax planning for the financial year.
Even though the points mentioned above may look like basics of personal finance, but if we adhere to these pointers, we can not only manage our credit properly but also have significant savings by the end of the year 2023-24.
Have you ever been in a situation where you find yourself baffled by a misunderstanding until you discover that while the people around you are all using the same phrase or the same term, it means something very different to each of them? Such is the case with the term “cause marketing.”
People tend to interpret this term differently. Everyone enjoys taking advantage of the “Buy One, Get One Free” promotion. But think: what if you buy a product and come to know that you also bought humanity into society for free? This is what cause marketing is!
In simple words, cause marketing is nothing but a marketing technique opted by the brand whereby it does well by doing well.
Spending on Corporate Social Responsibility By Leading Indian Companies Listed on the BSE
What is Cause Marketing?
In simple terms, cause marketing is a kind of marketing where a for-profit organization does marketing in a way that contributes to its profits as well as helps in the betterment of society.
Cause marketing is corporate social responsibility (CSR) in nature because a company opts for a promotional campaign that fulfills more than one objective simultaneously. Some of the objectives include:
Increasing profitability
Bettering society
Customer satisfaction
Cause marketing implies the existence of a partnership between a business and a non-profit organization, which is also called cause-related marketing.
It is a marketing strategy whereby the fundraising needs of a charitable cause are undertaken by a brand for the benefit of both parties.
Significance of Cause Marketing
Cause marketing is significant in increasing exposure and awareness for both for-profit and non-profit organizations. Some of the most important benefits of cause marketing include:
Positive reviews of the company and press coverage
Cause marketing is regarded as a more favorable option for public reputation. Studies say that most consumers prefer to associate with brands that are linked to a good cause.
Non-profit organizations opt for cause-related marketing techniques as they have the chance to increase awareness of the cause, increase fundraising, and get public support.
Forms of Cause Marketing
The following are the most common forms of cause marketing that must be considered when the marketer is preparing a marketing strategy:
The “Proud Supporter” Method
In this method, the company or the brand gives a flat donation for a specified cause to a non-profit organization. This donation is not tied to the sales of the product.
Donation With Purchase
This approach is one of the most common ones. A donation is triggered in terms of a percentage for each package that is sold within a stipulated timeframe.
Coupon Redemption
A company or a brand donates the amount as per the mention on the code or label provided along with the purchase or which has been redeemed in-store or via any other means.
Donation With Consumer Action
This method does not involve a purchase action. Rather, the company donates a fixed amount of money when the consumer takes a particular action (e.g., sends a viral gift, hosts an event, designs the package, etc.).
Dual Incentive Method
This is a method of promotion in which a company provides an incentive to drive consumer donations (e.g., a donation match, a product coupon, or a discount).
Buy One, Give One (BOGO) Method
BOGO is incredibly popular as it has a greater social impact. In this method, a donation made by a company is measured in terms of comparable social impact.
For instance,
A piece of clothing bought = a piece of clothing donated.
Volunteerism Rally
This method provides an opportunity for both localization and personalization. Volunteerism encourages promotion among the consumers who devote their precious time to supporting some or other social cause for which they are also rewarded with complementary goods or services.
Example: Disney’s “Give a Day, Get a Disney Day” campaign
Starbucks launched the #WhatsYourName campaign in early 2020, with the goal of depicting a transgender person’s transition as they try on a new name. Starbucks is depicted in the commercial as a safe place to do so. Starbucks’ partnership and collaboration with Mermaids, a nonprofit that assists young transgender and gender-diverse people, enabled the campaign to grow because it was well-informed.
Nihar Naturals Shanti Amla Hair Oil – Marico India
Nihar Shanti Amla Oil Advertisement
A famous television commercial casting Vidya Balan for Nihar Shanti Amla hair oil donates a fraction of the amount to promote the education of underprivileged children education. Nihar Shanti Amla has been successful throughout consistently by offering dual benefits of getting great-looking hair as well as doing good for society by promoting children’s education.
P&G India
P&G Shiksha
P&G India brought up a project called ‘Shiksha’ in partnership with CRY (Child Relief and You) and Sony Entertainment Television. This project has undertaken the tasks to educate underprivileged children. The campaign has focused working on building schools for easy access to education. Thus, has been consistently fulfilling the aim depicted by the tagline – “Padhega India toh Badhega India”. Every time you choose a P&G product, a part of the proceeds go towards educating underprivileged children.
The above-stated examples depict that cause-based marketing campaigns are the perfect method for a business enterprise to flourish.
Customers often like to get an overview of the company or brand they choose to buy a product from. They get attracted to and choose such companies that are concerned about societal issues. They begin their buying journey by visiting the brand’s website or watching its social media activities and stopping by if they find that the brand stands for certain principles. This makes the brand more approachable and preferable. Thus, cause marketing, when done right, proves to be one of the strongest factors in building a brand community.
FAQs
What is cause marketing?
In simple terms, cause marketing is a kind of marketing where a for-profit organization does marketing in a way that contributes to its profits as well as helps in the betterment of society.
What are the benefits of cause marketing?
Some of the most important benefits of cause marketing are increased revenue, improved social relations, increased customer satisfaction, increased brand recognition, the betterment of society, and more.
Why do non-profit organizations opt for cause marketing?
Non-profit organizations opt for cause-related marketing techniques as they have the chance to increase awareness of the cause, increase fundraising, and get public support.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Text Blaze.
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Text Blaze – Vision and Mission
Streamline work anywhere – Users create their own mini-productivity apps (slash commands) that work anywhere using a suite of closely integrated, easy-to-use tools.
The mission of Text Blaze is to provide a user-friendly and efficient solution that enables users to automate text insertion and expand shortcuts with ease.
Additionally, the company is committed to maintaining high standards of data privacy and security, ensuring that its users’ sensitive information is always protected.
Text Blaze – Market/Industry Details
Text Blaze’s target market includes professionals, educators, and students who use web browsers as a primary tool for work or study. The company aims to provide a cost-effective and user-friendly solution that meets the needs of its target market while also standing out in a crowded marketplace.
Any employee that works in front of a computer and does repetitive tasks – Customer Support, Sales, Recruiting, Operations, Doctors, Teachers, Small Business owners, etc. In other words, anyone that uses any type or productivity software ($100bn market).
These employees are constantly squeezed to push productivity and quality, and they want to be able to control their own work to minimize low-value work and to get ahead.
Text Blaze – The Idea and Starting up
The idea for Text Blaze originated from the personal experience of its co-founders, Dan (CEO) and Scott (CTO), who recognized the time-consuming and repetitive nature of typing commonly used phrases and text snippets. They identified a need for a tool that could automate these tasks and streamline workflows, which led to the development of Text Blaze in 2016.
Scott and Dan had worked together at Google creating enterprise software for sales and support teams and saw firsthand the friction and low-value work created by the discrepancy between how productivity software is built and how users would like to work.
Text Blaze’s goal was to empower these users to eliminate the low-value work and optimize their workflows.
Scott left Google and started Text Blaze. Initially as a side project. Dan was advising while still working at Google, and a little later joined full-time. We then went through YC, raised a Seed round and built the team.
Text Blaze – The Product/Service
Text Blaze allows users to save smart text snippets and insert them anywhere on the web using keyboard shortcuts.
Users start with plain text snippets that help them eliminate repetitive typing. Text Blaze intuitive, easy to start using and free forever. They start saving hours a week within seconds and they love it. We have a perfect 5-strat rating in the Chrome web store and reviews such as “where was this all my life?” and “this is amazing”.
From there, Text Blaze takes users through a journey that allows them to gradually automate larger portions of their workflow by creating “smart” templates that work everywhere with placeholders (form fields), conditional business logic (if/then), formulas and even integrations with other apps to read and write data from/to these apps from anywhere.
Snippets can be shared and teams use them to align on shared comms and allow the entire team to work smarter.
Text Blaze – Founder/s + Team Details
Text Blaze Co-founders
Scott Fortmann-Roe has a Phd in Environmental Science, Policy and Management from the University of California. Worked as a Engineering manager at Google before starting Text Blaze.
Dan Barak has an MBA from the Wharton School. Worked as a Senior Product Manager at Google.
The team is fully remote and global with members from India, Kazakhstan, Egypt, Malta, Dublin and the US.
Text Blaze – Name, Tagline, and logo
Text Blaze Logo
Text Blaze – Business Model and Revenue Model
Text Blaze is a freemium PLG company. The basic product is free forever and has some feature limitations (but no usage limitations).
Text Blaze Pricing
The Pro plan is for individuals and costs $2.99 a month. The Business plan is for teams and Businesses and costs $6.99 a month per user.
Text Blaze – Launching Company
The first 100 users found Text Blaze on the Chrome Webstore. For a pretty long time, the CWS and word of mouth were the only acquisition channels.
Text Blaze – Marketing Campaign
Content marketing: Text Blaze regularly publishes blog posts and tutorials on its website to educate users about the features and benefits of its product. The company also uses social media platforms to share its content and engage with users.
Referral program: Text Blaze offers a referral program that incentivizes users to invite their friends and colleagues to use the product. For each new user referred, both the referrer and the referee receive a discount on their Text Blaze subscription.
Paid advertising:Text Blaze has used paid advertising on platforms such as Google Ads and Facebook to target users searching for productivity tools and related topics. The company has also experimented with influencer marketing to reach a wider audience.
Like any company, Text Blaze faces a range of challenges as it grows and evolves. Some of the challenges that Text Blaze may face include:
Competition: The market for productivity tools and browser extensions is highly competitive, and Text Blaze may struggle to stand out in a crowded field.
User acquisition and retention: As a freemium product, Text Blaze needs to attract a large user base to generate revenue from premium subscriptions. At the same time, the company needs to retain its existing users and encourage them to upgrade to paid plans.
Technological changes: Text Blaze may need to adapt its product to keep up with technological changes, such as updates to web browsers or changes in user behavior.
Text Blaze – Future Plans
Text Blaze’s future plans include becoming a fully remote company, generating $1-2 million in revenue, and expanding its user base to over 200,000 users. The company aims to become close to profitable, with a net revenue retention (NRR) rate of around 150%.
To achieve these goals, Text Blaze plans to expand its reach to every screen, including desktop and mobile devices, and continue adding building blocks such as integrations, automation, and report building. The company’s focus is on enhancing user experience and adding value to its product.
If you’re inspired by Text Blaze’s success story and want to create your own Chrome extension, this article on building and promoting a Chrome extension is a must-read.
FAQ
What is TextBlaze ?
TextBlaze is a productivity tool that allows users to create custom text snippets or templates that can be inserted into any text field or document. These snippets can include frequently used phrases, email responses, code snippets, or any other text that you find yourself typing frequently.
What does Text Blaze do?
Text Blaze is an application software that helps businesses/users to save time and increases quality by automating repeated typing tasks anywhere on the web. Users save text snippets and insert them anywhere using predefined keyboard shortcuts.
Does text blaze work with Gmail?
Text Blaze works on Gmail, Google Docs, LinkedIn, Salesforce and wehereever else on web.
Does Text Blaze work in Word?
You can insert Text Blaze shortcuts on any Windows application or website (as long as the site is on a Chrome browser). You can use Textblaze in Outlook, Slack, Notion, OneNote, or Word to save time.
Finally, people can transform their website, wikis, spreadsheets, or knowledge base into a ChatGPT-like bot answering queries about their product. IngestAI.io ‘s powerful and intuitive platform lets you create an AI-powered knowledge base within minutes. Seamlessly integrate it into your website, Slack, Discord, WhatsApp, Telegram, MS Teams, or even directly through IngestAI API endpoints, as we enable you to deliver highly personalized and engaging chatbot experiences to your customers.
Get a bird’s eye view of your data with IngestAI’s comprehensive dashboard
IngestAI sets the bar for chatbots by combining powerful AI technology and a user-friendly interface. With a ChatGPT-like chatbot that comes embedded with your Q&A interface, your business can significantly enhance its knowledge delivery speed and relevancy. This translates into more productive employees and highly satisfied customers.
Experience the full potential of IngestAI’s AI-powered knowledge base in a variety of use cases, including a Virtual Learning Assistant, Search Engine for Technical Support Agents, Customer Support Q&A, Competence Center Support or Intelligent Chatbot 24 x 7 Assistance.
In today’s fast-paced and competitive environment, customers expect instant, accurate and personalized solutions to their problems. With traditional support systems, businesses are finding it increasingly challenging to keep up with these expectations.
However, with IngestAI’s advanced AI-powered knowledge base, businesses can now create sophisticated and engaging chatbots that deliver personalized and accurate solutions to customers in real-time. With a powerful chatbot designed to solve your unique business challenges, your company can offer a better customer experience, significantly increase its efficiency, and ultimately save valuable time and money.
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The field of radiation therapy plays a crucial role in modern healthcare, ensuring precision in cancer treatment while maintaining the highest safety standards. Regulatory compliance, quality assurance, and technological integration are vital components of this industry, directly impacting patient outcomes and operational efficiency. Hospitals and healthcare facilities must navigate stringent guidelines set by regulatory authorities, ensuring adherence to protocols that minimize risks and optimize treatment accuracy. With advancements in radiation therapy, the industry continues to evolve, emphasizing automation, digital compliance tracking, and personalized treatment plans.
Priya Jacob has contributed to these advancements through her work in compliance and operational efficiency in radiation therapy. She has been involved in compliance initiatives ensuring adherence to Atomic Energy Regulatory Board (AERB) guidelines, which resulted in successful audits with no non-conformance reports. Her work on workflow enhancements in quality assurance, reduced treatment planning turnaround time by 20%, improving the timeliness of patient care. By refining dosimetry procedures, she helped minimize material wastage and reduce operational costs associated with quality assurance equipment. Additionally, the quality control measures contributed to improving treatment accuracy by 10%.
Beyond compliance, her efforts have played a role in increasing operational efficiency. The facility where she worked was able to treat 30% more patients annually without compromising safety standards. This was partly due to the integration of critical systems such as Eclipse 13.6, Aria 13.6, and Brainlab iPlan RT, which reduced data transfer errors by 40%. She also developed training programs for radiotherapy staff on compliance and standard operating procedures. “Internal audits initiated under my supervision contributed to maintaining operational continuity and readiness for external inspections”, she says.
Developing site-specific quality assurance protocols for advanced radiotherapy machines, including Varian Trilogy, Novalis Tx, and Tomotherapy HiArt and aligning them with national standards was a major task. She worked on compliance documentation processes that improved report submissions and license renewals with AERB. Her experience in dosimetry audits using devices like IBA Blue Phantom II, Sun Nuclear ArcCHECK, and Gafchromic film analysis has been applied to efforts to improve treatment accuracy. Additionally, she completed over 500 annual treatment verifications in line with national standards.
Working with a range of equipment, including Varian Clinac, Trilogy, Novalis Tx, Bhabhatron II, and Nucletron HDR Brachytherapy, requires extensive calibration and documentation. The changing regulatory landscape also posed challenges, which she addressed by implementing a compliance-tracking system that allowed quick updates and minimized discrepancies.
Jacob has also worked on educational initiatives, developing hospital-wide training materials on compliance best practices for radiation safety professionals and technologists. The research includes “Hybrid IMRT for BCT: A Quantitative and Comparative Study with Other RT Treatment Techniques.” She also presented a poster at the Breast Oncology 2014 International Conference on Multidisciplinary Management of Breast Cancer in Kochi, Kerala.
In conclusion, automated quality control systems could enable early detection of deviations, improving treatment accuracy. Centralized digital monitoring systems may also enhance consistency in adherence to treatment standards across multiple facilities. Additionally, individualized quality assurance tailored to specific cases could provide more precision and safety. Priya Jacob’s work highlights ongoing efforts to improve compliance and operational efficiency in radiation therapy, contributing to advancements in patient care and safety.
Writers often complain about their unsuccessful content performance. But what if we say that it may not be the writer’s content whereas it is the content headlines that are the reason for poor content execution?
Let’s understand this with the 80/20 rule of headlines. Do you know that 8 out of 10 people just analyze the headlines and then decide whether they want to read the content or not while only 2 out of 10 people read your content?
The very first impression of any write-up is its headline. That’s why writers should always pay extra heed to enhance the quality of content headlines. However, writing a compelling headline can be challenging, and sometimes it’s hard to know where to start. That’s where headline analyzer tools come in. These tools can help you evaluate the effectiveness of your headlines and provide feedback to optimize them for success.
How to Write Irresistible Headlines?
In this blog, we’ll explore some of the best headline analyzer tools available, including their features, benefits, and how they can help you improve your writing skills and create more engaging content. Whether you’re a blogger, content marketer, or writer, these tools can help you take your headline writing to the next level and stand out in the crowded digital landscape.
Let’s see what these tools are and explore their exclusive features.
It is the headline of an article that attracts the audience’s attention and makes it stand out from the rest. Below is a list of some of the best tools to analyze your headlines that will help you derive the best possible results for your content:
CoSchedule Headline Analyzer
CoSchedule Headline Analyzer – Best Headline Analyzer Tool
One of the best Free headline analyzers in demand is the CoSchedule Headline Analyzer. You just need to enter the headline in the given space, CoSchedule will automatically leverage all the valuable insights about the headline. This tool analyzes your headlines and gives you a score out of 100, based on factors such as length, word balance, sentiment, and more. It also provides suggestions to improve your headlines. It also presents the overall SEO score and headline performance score.
Standout Features:
Suggestions from the word bank include common words, uncommon words, and emotional words that can perform well on SEO.
Presents headline word count, character count, and the type of list under which the headline falls.
It also distinguishes the headline based on its skimmability, clarity, and sentiments to ensure that headline doesn’t spread any nasty message.
It evaluates the headline based on grade levels to find out to which grade students find the headline digestive.
Advanced Marketing Institute Headline Analyzer
Advanced Marketing Institute Headline Analyzer – Best Headline Analyzer Tool
Advanced Marketing Institute Headline Analyzer is also known as Emotional Marketing Value Headline Analyzer. Analyzing factual human emotions and interpreting them through the content headline can do wonders for your content marketing. That’s why this tool lays extra stress on evaluating the emotions illustrated through the headline. You can simply enter your headline in this analyzer for the best results.
Standout Features:
It is the best tool for copywriters who perform their marketing based on feelings or sentiments.
It provides an overall score to judge whether the headline has achieved emotional value or not.
It classifies the type of emotion interpreted in the content. For instance, this content headline is classified under spiritual emotion.
Sharethrough Headline Analyzer
Sharethrough Headline Analyzer – Best Headline Analyzer Tool
Sharethrough Headline Analyzer notifies that there are a lot of factors to consider and take care of while writing headlines. It provides a bunch of features that should be included in headlines that make it stand out from others. For instance, it releases impressions and engagement scores along with multiple suggestions.
This tool analyzes your headlines based on various factors such as length, structure, grammar, and more. It also provides suggestions to improve your headlines and make them more engaging.
Standout Features:
Displaying average headline quality score, engagement, and appearance rates.
Pointing out the strengths and weaknesses of headlines makes you aware of what to use and what not to use to make a headline strong in the future. For instance, if you are using passive words such as confused, doubt, guess, and almost then it falls under the weaknesses section.
It suggests the components you can include to enhance the quality of the headline such as adding a celebrity name or asking to talk about the body of the content.
Headline Analyzer by Capitalize My Title
Headline Analyzer by Capitalize My Title – Best Headline Analyzer Tool
Headline Analyzer by Capitalize My Title is one of the outstanding headline analyzer tools a content writer can ever get. Not only the overall headline score, this headline analyzer also leverage various other scores which clarify if there is anything more or less that should be added to the headline. The tool also provides suggestions for improving your headline, such as adding power words, improving readability, and adjusting capitalization.
Standout Features:
It provides a readability score which clarifies that the headline is understandable by which group of audience.
It offers Flesch-Kincaid Readability Score and also identifies weasel words, power words, and common words for further evaluation.
It offers SEO scores along with word count and character count that can perform well on almost every platform, including Google, Facebook, Twitter, LinkedIn, and even emails.
Another prominent tool on the list is the Headline Analyzer by MonsterInsight. The tool will help you drive more traffic and attain better ranking in search results by helping you write the most attractive SEO headlines. The tool tells you about your headline by rating it on a scale of 1 to 100 and at the same time, offers suggestions for improvements.
Standout Features:
It analyzes your headline on the basis of word count, character count, and word balance score.
Its feature of word balance analyzes your headline on the basis of four main factors. These are power words, emotional words, common words, and uncommon words.
It helps you analyze the sentiment of your headline, whether it’s negative, positive, or neutral.
It also enables you to see a search preview of how your headline would look on the Google search results page.
It has the ability to analyze headlines in different languages, including English, Spanish, French, and German.
BlogAbout by IMPACT
BlogAbout by IMPACT – Best Headline Analyzer Tool
Powered by IMPACT, BlogAbout suggests SEO-friendly headlines that interpret the type of blog. It is more inclined towards generating fresh headlines based on several parameters. It provides a variety of prompts and suggestions to inspire your writing and help you create content that resonates with your audience.
What you need to do is to put the keyword in the fill-in-the-blanks section. After that, BlogAbout will generate a bunch of headlines in a minute based on your blog’s keyword. Moreover, you can even refresh the page for more opt headlines if you are not satisfied with the presented ones.
Standout Features:
It generates miscellaneous titles based on numerous factors and considerations.
It categorizes the titles into several sections interpreting different opinions.
It helps people in understanding what to write and which keywords they should target by giving suggestions.
Portent’s Content Idea Generator – Best Headline Analyzer Tool
Portent’s Content Idea Generator can leverage headlines for content, blog posts, videos, or podcasts. This ultimate headline analyzer tool is well known, especially for generating creative headlines. The tool generates headlines and ideas that are often humorous and unexpected, encouraging users to think outside the box and explore new ideas and concepts. So, if you are looking forward to developing some entertainment or fun and engaging content, the Portent Headline Analyzer can work well for you.
Standout Features:
The tool has a simple and easy-to-use interface, allowing users to generate new ideas quickly and easily.
The ideas get automatically saved in the history for further review.
The titles generated are always recreational and fascinating which quickly catch the reader’s attention.
Users can enter keywords and topics to generate new ideas that are relevant to their area of interest or expertise.
Answer The Public
Answer the Public – Best Headline Analyzer Tool
As its name suggests, Answer The Public answers the public about the headline performance based on multiple facets. It presents suggestions for the headline based on prepositions, questions, comparisons, and alphabetically.
Answer The Public is a popular keyword research tool that can also be used as a headline analyzer. The tool helps content creators generate ideas for their content by analyzing search queries and suggesting related topics and questions that people are searching for. The tool provides a score based on how well the headline performs, and suggests improvements that can make the headline more effective and engaging.
Standout Features:
It interprets its suggestions through easily digestible images.
It organizes keywords and headline recommendations from a to z.
It furnishes multiple results on the basis of comparisons, prepositions, and questions.
Conclusion
Hence, this was all about the best tools to analyze your headlines in 2023. Using a headline analyzer tool can help you create more effective headlines that attract readers and generate engagement. Every tool has its significance and specialty. By analyzing different aspects of your headline, such as length, word choice, emotional appeal, and structure, these tools can provide suggestions and feedback to improve your writing skills and optimize your content for success. You just need to choose the type of niche and select the headline analyzer tool accordingly.
For instance, a Portent’s Content Idea Generator is for fun and engaging blog posts whereas technical content headlines can be judged by CoSchedule Headline Analyzer. By choosing appropriate SEO-friendly headlines, you can surely master the content performance statistics and rule the content on every search engine.
FAQs
What is a headline analyzer?
A headline analyzer, as the name suggests, is what analyses headlines. It simply analyses your headline and provides insights about its readability, SEO, and sentiment. A headline analyzer highlights the unwanted words and provides suggestions for improvements.
What are the best headline analyzer tools?
Some of the best tools to analyze headlines are:
CoSchedule Headline Analyzer
Advanced Marketing Institute Headline Analyzer
Sharethrough Headline Analyzer
Headline Analyzer by Capitalize My Title
Headline Analyzer by MonsterInsights
BlogAbout by IMPACT
Portent’s Content Idea Generator
Answer the Public
How can I create a compelling headline?
The following are some of the tips that will help you create a compelling headline:
Use power words and avoid confusing words
Create an appropriate word balance
Pick the right sentiment
Try to keep it under 60 characters
Always aim for a 70+ headline score
What are some benefits of using a headline analyzer tool?
Using a headline analyzer tool can help you create more effective headlines that capture readers’ attention and generate engagement. It can also help you improve your writing skills by providing feedback on different aspects of your headline, such as length, word choice, and emotional appeal.
Can a headline analyzer tool guarantee the success of my content?
No, a headline analyzer tool cannot guarantee the success of your content. While it can provide helpful suggestions and insights, the success of your content ultimately depends on many factors, such as your audience, your topic, and the quality of your writing.
Can headline analyzer tools be used for social media posts?
Yes, many headline analyzer tools can be used for social media posts.
What factors do headline analyzer tools typically evaluate?
Headline analyzer tools typically evaluate factors such as length, word choice, emotional appeal, structure, readability, and keyword usage.
