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Tag: 📖 Learning

  • Has Crypto Died as an Investment After FTX’s Collapse?

    The recently unveiled FTX crypto scandal has sent shivers down the spine of the crypto world with crypto prices reaching an all-time low. In October 2021, Bitcoin witnessed a massive peak of over $65,000 whereas now it struggles to conquer the $20,000 mark.

    Thanks to the stunning collapse of FTX, investors are believed to have lost over a trillion dollars since. Not only have crypto prices gone to the ground, but the industry now faces several macroeconomic challenges, market forces, and multiple other scandals.

    What was deemed a spectacular winter of 2022 for crypto inventors suddenly turned into a disastrous week since the news of the FTX scandal. Back in November 2021, there was an explosion of non-fungible tokens (NFTS) in the crypto market with crypto investors deeming Ethereum as the world’s most influential developer.

    But just a year after peak crypto, crypto now lingers at the bottom with Bitcoin and Ethereum believed to have lost almost three-quarters of their value. Moreover, the entire crypto industry once valued at a whopping $3 trillion now sits at a bare minimum of $900 billion.

    Which was widely used as a hedge against inflation has taken a deep plunge leading to investors questioning whether crypto has died as an investment.

    Why Have Crypto Prices Plunged?
    What Is the FTX Scandal?
    How Do FTX’s Troubles Impact the Crypto Market?
    Will Crypto Bounce Back?

    Why Have Crypto Prices Plunged?

    As we mentioned above, a three trillion dollar market now sits in the billions. In 2021, crypto prices witnessed an all-time high. However, just a year later, crypto faced its worst days after having lost over half its market valuation.

    The impact of the FTX scandal can be seen throughout the entire crypto market. Since the incident, the company has officially filed for bankruptcy with founder and CEO Sam Bankman-Fried having already resigned from his post.

    As per official reports, lack of liquidity and mismanagement of funds were the primary reasons why the FTX scandal happened. Moreover, the rapid withdrawal in large volumes by customers has further dipped the value of FTX’s native token, FTT.

    But apart from the FTX saga, here are some of the reasons why crypto prices plunged:

    Regulations

    The money market and regulations have never had a good history and usually don’t get along. The crypto industry regulations are marred by multiple misconceptions and trust issues about the use of digital assets.

    But with crypto having no central authority, every country tends to have its unique set of regulations for the crypto sector and a plethora of policies on what makes crypto a legal payment system. However, the lack of clarity on the matter is the reason why many analysts believe that crypto cannot be mainstreamed anytime soon.

    Following the FTX scandal, analysts believe that governments may further amp up the regulations to enforce strict enforcement laws to improve regulatory scrutiny.

    Scams and Ponzi Schemes

    The lack of regulations around the crypto market has made it vulnerable to scams and several Ponzi schemes. These scams and Ponzi schemes, in addition to market volatility, have led to several events that have compromised market liquidity in turn leading to catastrophic situations.

    Not only did FTX take down its native token FTT, but it also managed to drag down other popular crypto tokens such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and so on. The prices have corrected sharply following multiple liquidations caused by the FTX issue.

    Value of Venture Capital, Private Equity, and M&A Investments Made in Blockchain and Cryptocurrency Worldwide
    Value of Venture Capital, Private Equity, and M&A Investments Made in Blockchain and Cryptocurrency Worldwide

    What Is the FTX Scandal?

    FTX was a digital market-placed launched by founder Sam Bankman-Fried in 2019 to buy and sell digital assets. This launched marketplace soon emerged as an accessible crypto exchange that went on to outsize its origin and found itself becoming a source of mainstream attention.

    By the summer of 2022, the company had made several headlines with its name in the NBA arena. In 2022, FTX managed a whopping $32 billion valuation from some of the most brilliant minds in Silicon Valley. However, a conducted audit concluded that FTX’s books didn’t tally and were completely out of sorts.

    Furthermore, the audit also stated that the company had misused its customer funds with a trading firm for nearly two weeks. This led to a massive fallout shifting the entire business into the hands of the regulators and the cash nowhere to be found.

    What was once valued at $32 billion has now sunk to bankruptcy with its liquidity all dried up due to intense customer withdrawals. Instead of the situation, Binance, the rival crypto exchange that was in the frame to buy FTX, ripped up the non-bidding agreement of buying the company.

    The FTX crash took several major tokens down with them. Not only did the crypto exchange tank in the crypto market, but the company also faced an apparent hack that drained over $600 million from user wallets on the same day.

    Moreover, Bloomberg’s report further states that the company might have limited funds to repay its investors. Founder and CEO Sam Bankman-Fried has officially resigned as the firm filed for Chapter 11 bankruptcy in November 2022.

    The Rise and Fall of FTX, FTT And Alameda Research

    How Do FTX’s Troubles Impact the Crypto Market?

    The first major impact of the FTX scandal is already visible with the entire crypto industry’s massive drop in valuation. Additionally, it has had a profound impact in various ways on the crypto market. Here is how FTX troubles have impacted the crypto market in its entirety:

    • Bitcoin’s value has dropped considerably with the latest amounting to $16,000 as of November 9. Also, bitcoins worth $3.2  billion were taken off numerous crypto exchanges between the 8th and of 15th of November 2022.
    • Furthermore, Ethereum too has dropped below $1,100.
    • A report from Coindesk indicated that Alameda held a huge chunk of Solana which had dropped below $13 on November 9, 2022, respectively.
    • In addition, Solana’s networking applications have also felt the heat following a loss of $700 million in assets.

    Every major token such as bitcoin, Ethereum, and other Defi tokens too has fallen by a much greater percentage than the rest. According to Coinmarketcap.com, the crypto market cap further fell to $831 billion as dated on 17th November.

    Bitcoin recorded its lowest intraday trading volume followed by a massive drop in price and valuation. In addition, Ethereum too was volatile and completely directionless with no price moves. However, it did manage to keep up a steady trading value.

    Will Crypto Bounce Back?

    If crypto has taught us one thing is that the entire crypto market works in cycles. This means there are going to be a few lows before the market finally rebounds. From what we’ve seen so far, the crypto market pattern is definitive enough to tell us that it will bounce back and register new highs.

    However, amid the recent FTX scenario, the future of cryptocurrency seems bleak as analysts believe that the FTX scandal has pushed back the cryptocurrency by at least 5 years. The trillion-dollar industry now sits in the billions and it will be interesting how it will make up for lost time and valuation.

    If history is evidence, then it’s evident enough to state that this isn’t the only time the crypto market has reached a new low. Back in 2011, when barely anyone knew about digital currencies, Bitcoin crashed from $32 to $2 between July 2011 and January 2012 and it wasn’t until 2013 that prices slowly started rallying up.

    This bearish trend was once again visible between 2014 to 2016 when Bitcoin plunged from $1,135 in December 2013 to $175 in January 2015. This was back when Mt Gox, one of the biggest crypto exchange platforms was hacked where hackers stole nearly 850,000 worth of Bitcoin.

    The consequences were severe as BTC dipped to nearly 85% in value and it wasn’t until August 2015 before the market started rallying up once again. Following the 2014-2016 debacle, the 2018 bearish trend saw BTC drop from $19,640 in December 2017 to $3,185 in December 2018.

    Unlike the previous bearish trend, there was more than just one reason that contributed to Bitcoin’s downfall, which sank nearly 84% in 2018. The recent FTX scandal marks yet another bearish trend of 2022. Bitcoin tumbled nearly 8 times in September 2022 before finally picking up the pace in October 2022.

    However, just when people thought the crypto market was stabilized, it was met with the FTX scandal. In addition to the FTX implosion, inflation, and rising interest rates have already led to a level of economic uncertainty in the country. All this is slowly driving investors to sell their risky crypto assets throughout the year.

    But as we said, the crypto market is cyclic and there will be few bearish trends before we witness a trend reversal into a bullish trend.

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    Conclusion

    The 2022 bloodbath has raised significant eyebrows on whether crypto is forever doomed. While pundits believe that it’ll eventually bounce back, financial experts worldwide expect crypto to never recover. Nevertheless, it could take a while before you can see the gains on the existing cryptos in the market.

    Having said all that, crypto remains a vital part of the modern-day market. Despite this year’s major tank, there are several crypto projects in the pipeline that will encourage you to invest. You don’t have to keep your arms folded until these projects go public as you can invest in them anytime.

    Although there are multiple tokens available on crypto exchanges, cryptocurrency as a whole remains a highly volatile market and a relatively risky investment. As an investor, one should always be looking to expand their portfolio. However, high-risk investments such as crypto should always make up only a small part of your portfolio. To tackle this high risk, diversifying your range of crypto tokens is perhaps the best solution.

    FAQs

    Why did the FTX scandal happen?

    As per official reports, lack of liquidity and mismanagement of funds were the primary reasons why the FTX scandal happened.

    Is crypto still a good investment?

    Cryptocurrency is still a high-risk investment and should be approached with caution. Investors should consider their overall portfolio and only allocate a small portion to crypto investments.

    Will crypto bounce back?

    If crypto has taught us one thing, it’s that the entire crypto market works in cycles. From what we’ve seen so far, the crypto market pattern is definitive enough to tell us that it will bounce back and register new highs.

  • What is Business Continuity? | Key Strategies and Mistakes to Avoid

    Imagine an unexpected interruption to your organization’s business activities. It could be an earthquake that destroys a warehouse filled with inventory, an IT incident that crashes your servers, or another pandemic like COVID-19 that forces some of your stakeholders to suspend business operations, which may result in you laying off your workforce.

    You lose money for every minute your business stops or even slows down. Even if you can’t schedule disasters, you can form a plan to mitigate their effects. Whether it’s earthquakes, floods, viruses, server issues, or critical accidents, you want to have procedures in place to recover your business.

    What a lot of people brush off as simple “common or business sense” is actually about taking responsibility and having a plan for business continuity.

    What is Business Continuity?
    Key Strategies for Business Continuity
    Business Continuity Mistakes You Need to Avoid

    How to Write a Business Plan to Start Your Own Business

    What is Business Continuity?

    Business continuity is defined as the capacity of an organization to deliver products and services at predefined levels following an act of disruption or accident.

    It is the development of plans, strategies, and actions that provide alternative modes of operation for those business operations that, when interrupted, might bring a fatal loss to the organization.

    Planning for business continuity is not a simple tick-box exercise or a rainy-day insurance policy but something that has a measurable value to an organization.

    Operational Business Strategies Worldwide
    Operational Business Strategies Worldwide

    Key Strategies for Business Continuity

    Due to the varying nature of the threats a company faces, like natural disasters as well as man-made ones, it is important that every business have key strategies in place for business continuity. Even the business of doing a garage door tune-up needs to have a proper plan for business continuity management. Some of the key strategies are:

    Business Impact Assessment

    The business impact assessment is a process to identify the data your company has, how it is collected, the location of its storage, and how it is accessed. This determines the critical data and the acceptable amount of downtime in case it becomes unavailable to your customers.

    While most businesses aim for 100 percent uptime, it is not always possible. You should also calculate your recovery time objective in this phase, which is the time it would take to restore your data and applications to a functional state in the event of an emergency.

    Another important thing to keep in mind is that every company should know the recovery point objective, which is the age of data that would be acceptable for your company to resume operations. It can also be called the data loss acceptability factor.

    Risk Assessment

    Risk comes in many forms. Your company might have to face risks at any time. It could be natural disasters like floods and fires or man-made accidents like the loss of communication lines, factory fires, etc.

    In order to tackle these issues, you need to perform a threat and risk assessment for your company. A key component of your plan should be to identify all the potential threats to your enterprise.

    For instance, a regulated company needs to factor in the risk of non-compliance. This can result in hefty fines and a loss of credibility and standing. This is why each risk needs to be articulated and detailed. In the next phase, the enterprise needs to determine the probability of every risk and its potential impact. Probability and potential are key statistics when it comes to risk assessment. After the risks are identified, the company needs to determine the tolerance for each risk.

    What are the most critical issues, and what is the order in which they should be addressed? In this phase, potential solutions are identified and evaluated. Note that this is a dynamic process and needs to be regularly discussed to account for new threats.

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    Communication and Disaster Recovery

    Disaster recovery is the deployment of the workforce after the risks are identified and evaluated. It is about specific incident responses. For instance, one of the fundamental tasks in the aftermath of an incident is to debrief, assess the response, and revise plans accordingly.

    Hence, it is important to have a good communication framework to manage business continuity. In times of crisis, proper communication channels ensure that there are processes for connecting with customers, employees, and other stakeholders. As such, communication and messages must be consistent and accurate and must echo a unified company image.

    Business Continuity Mistakes You Need to Avoid

    Business continuity is the process of ‘planning’, not the ‘plans’ themselves. And implementing a business continuity program is only half the battle; the other half is avoiding things to ensure that their plans to mitigate disasters go unhindered.

    Managing the Wrong Risks

    Humans are notoriously flawed beings, and therefore their risk perceptions are also similarly affected. For example, have you ever wondered why so many people are more scared of traveling by plane than by car, even though the former is the safest mode of transport?

    People apply the same biases to their businesses. According to business statistics, network issues, hardware failures, and power outages account for nearly two-thirds of all business interruptions. However, many organizations completely ignore these risks and invest time and money in exotic issues like cyber attacks and terrorism.

    Therefore, it is important not to concentrate on a narrow set of risks and to employ a formal risk assessment based on practicalities instead of making ineffective emotional decisions.

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    Not Reviewing Continuity Measures

    If your business already has business continuity measures in place, then the next thing you need to do is review these measures on a regular basis. As the risk landscape is constantly shifting, out-of-date measures will certainly leave your company vulnerable to various threats and, in turn, hinder your recovery process.

    Lack of Training

    There is no way to deal with a crisis if the major players in your company are not aware of all the risks your business faces and the actions they need to take in the event of a crisis. A lack of training or awareness can leave organizations vulnerable, no matter how comprehensive their recovery plans are.

    Not only the major stakeholders but also the organization’s staff need to know their roles in a crisis. As they are the first in line in a company’s defense, they are likely to be the ones to first identify a problem and how to stop it before it escalates any further.

    Not Prioritizing

    Everything that a business does is important. From the creation process to the distribution process, every step of the way is important in order to make a finished product or service. However, in the case of an emergency, a company needs to prioritize its activities.

    Failure to do so will result in all the people involved in the crisis pulling in different directions. You can avoid this by having a comprehensive business impact analysis that identifies and maps the systems critical to the continued operation and determines which should be prioritized in terms of budget allocation and risk management.

    This requires you to work smarter, not harder, and ensure that key systems are in place and effectively protected. In case of any interruption of services, these systems must be swiftly recoverable.

    Conclusion

    The way to create a successful business continuity plan is to analyze the impact of a disaster on a business and then create policies and strategies as a response to the impact. It is an outline made to shield the company against internal and external threats, maintain productivity, and have recovery plans in case of any calamity.

    Business continuity management is all about data protection and credibility, the loss of which can be catastrophic to your business. Hence, it should be an important part of your organization’s culture.

    FAQs

    What is Business Continuity?

    Business continuity is defined as the capacity of an organization to deliver products and services at predefined levels following an act of disruption or accident.

    What are some business continuity mistakes?

    Some of the prominent business continuity mistakes are managing the wrong risks, not reviewing continuity measures, not prioritizing, and lacking training.

    What are the strategies for business continuity?

    The key strategies for business continuity include business impact assessment, risk assessment, communication, and disaster recovery.

  • How to Make Your Copywriting Clickable? | Effective Tips and Strategies for Writing Clickable Copy

    In today’s fast-paced digital landscape, it’s more important than ever to make sure that your copywriting is clickable, as it can make or break the success of your online campaigns. With the rise of digital marketing, the stakes are higher than ever before. It’s essential to create copy that not only grabs the attention of your target audience but also compels them to click through to your website.

    According to recent statistics, the average click-through rate for email campaigns is just 2.6%, and the average conversion rate is only 2.35%. That means that out of 100 people who see your email, only 2 or 3 will actually click through to your website.

    With these numbers in mind, it’s clear that making your copy clickable is more important than ever before. In this article, we’ll explore some strategies and tips for creating copy that will drive more traffic to your website and ultimately boost your conversions.

    Ways to Make Your Copywriting Clickable

    What is Copywriting? | How Do You Get Into Copywriting?

    Ways to Make Your Copywriting Clickable

    Here are the most important strategies and tips you must keep in mind to make your copywriting more clickable:

    Clear and Compelling Call to Action

    A clear and compelling call to action (CTA) is essential for making your copywriting clickable. A CTA is a statement or button that encourages the reader to take a specific action, such as clicking through to your website or making a purchase. A strong CTA should be clear, direct, and easy to understand. It should also be prominently placed within the copy and stand out from the surrounding text.

    One way to make your CTA more compelling is to use action-oriented language. Words like “buy,” “Subscribe,” “register,” or “download” are more likely to encourage readers to take action than passive phrases like “learn more” or “find out more.” Additionally, using phrases like “limited time offer” or “exclusive access” can create a sense of urgency that will motivate readers to take action right away.

    An important aspect of making your CTA more clickable is to make it visually appealing. This can be achieved by using contrasting colors, bold text, or an eye-catching design that makes the CTA stand out from the rest of the copy. Using a CTA button rather than a text link can also increase the chances of readers clicking through, as buttons are more attention-grabbing.

    Use Personalized Format

    Personalization is a key factor in making copywriting clickable. When your copy is adapted to the specific needs and interests of your target audience, it is more likely to resonate with them and drive them to take action. Personalization can take many forms, such as using the recipient’s name in the subject line or body of the email or modifying the content to their specific pain points or interests.

    An effective way to personalize your copywriting is to segment your audience and create different versions of your copy for each segment. For example, if you’re selling a product or service that caters to different industries, you can create different versions of your copy that speak directly to the pain points and challenges of each industry. This approach can be especially effective for lead generation campaigns, as it allows you to create targeted content that will speak directly to the needs of your audience.

    Another way to personalize your copywriting is to use dynamic content, which is content that changes based on the recipient’s behavior or other data. For example, you can use dynamic content to show different offers or call-to-action buttons depending on whether the recipient has opened your email before or not. This type of personalization can increase the chances of the recipient taking action. It shows that you understand their behavior and are offering them something relevant to them.

    Use Powerful and Attention-Grabbing Words

    Powerful and attention-grabbing words help to capture the reader’s attention and spark their interest in your product or service. Some examples of attention-grabbing words include, Free, Exclusive, Limited, Guaranteed, Discover, Now, New, Revolutionary, Proven, and Results.

    These words are known to create a sense of urgency and exclusivity, which can motivate readers to take action. For example, using the word “guaranteed” in your copy can give readers the assurance they need to take the next step and click through to your website. Similarly, using words like “discover” or “new” can make your product or service sound exciting and innovative, which can also help to drive clicks.

    In addition to powerful and attention-grabbing words, it’s also important to use them strategically. This means using them at the beginning of your headline or in the opening sentence to grab the reader’s attention right away. It’s also important to use them in a way that’s relevant to your product or service and that aligns with your overall marketing message.

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    Identify Your Target Audience

    Identifying your target audience is an important step in creating copy that is both compelling and clickable. When you understand who your target audience is, you can adjust your message to their specific needs, wants, and pain points. This makes it more likely that they will engage with your content and ultimately click through to your website.

    For example, if your target audience is busy working professionals, you may want to focus on highlighting the time-saving benefits of your product or service. On the other hand, if your target audience is young parents, you may want to focus on the safety and convenience features of your product. By tailoring your message to your target audience, you increase the chances that they will find your copy relevant and valuable.

    Identifying your target audience makes your copywriting clickable by using language and tone that resonate with them. For instance, if your target audience is young and trendy, you may want to use a more casual and conversational tone in your copy. On the other hand, if your target audience is more formal, you may want to use a more professional and formal tone. By using language and tone that appeal to your target audience, you increase the chances that they will engage with your content.

    Use FOMO

    FOMO is a powerful psychological concept that can be leveraged in copywriting to make it more clickable. Essentially, FOMO hits into the human desire to not miss out on something that could be valuable or beneficial. By creating a sense of urgency and exclusivity in your copy, you can motivate readers to take action and click through to your website.

    Here are a few ways you can use FOMO to make your copywriting more clickable:

    Social Proof: Use testimonials, case studies, or social media posts to show that others are taking advantage of your offer. This can create a sense of FOMO as readers see others benefitting from your product or service and want to join in.

    Limited-time offers: By highlighting that an offer is only available for a limited time, you create a sense of urgency that makes readers want to act fast. This can be used for sales, discounts, or even free trials.

    Scarcity: Creating scarcity by highlighting the limited availability of a product or service can also create FOMO. This can be done by highlighting that there are only a few spots left or that the product is running low on stock.

    Exclusive Access: Offer exclusive access to content, promotions, or discounts to those who click through to your website. This can make readers feel like they’re part of an exclusive club and encourage them to take action.

    Note: FOMO is not always a good approach as it might stress out people and make them feel bad if they can’t get access to the offer or product, thus it’s important to use it in the right measure and context.

    Global Social Media Advertising Clickthrough Rate From 3rd Quarter 2021 to 3rd Quarter 2022
    Global Social Media Advertising Clickthrough Rate From 3rd Quarter 2021 to 3rd Quarter 2022

    Write Less Say More

    The most effective way to make your copywriting clickable is by writing less and saying more. This technique is all about being concise and getting to the point quickly, without wasting the reader’s time.

    When you write less and say more, you are able to capture the reader’s attention and deliver your message in a clear and concise manner. This is especially important in today’s digital landscape, where attention spans are shorter than ever before. By writing less, you are able to convey your message in a way that is easy to understand and easy to act on.

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    Use Appealing Visuals

    Using appealing visuals is a powerful way to make your copywriting clickable. Visuals can grab attention and convey information quickly, making them an essential component of any marketing strategy. Research shows that visuals are processed 60,000 times faster than text, and they can increase the likelihood of engagement by 80%. This means that adding visuals to your copy can significantly increase the chances of someone clicking through to your website.

    The most effective way to use visuals in copywriting is to use images that are relevant to the message you are trying to convey. For example, if you’re promoting a new product, including a photo of the product will help to grab the attention of your target audience. Similarly, using infographics, charts, and diagrams can help to break down complex information into more manageable chunks. This makes it more likely that people will engage with your content.

    Visuals like using a countdown timer on a landing page can create a sense of urgency that will encourage people to take action quickly. Similarly, using a limited-time offer or a “limited stock” message can create a sense of scarcity that will prompt people to act now rather than later.

    Highlight the Benefits

    Highlighting the benefits of your product or service is a key strategy for making your copywriting clickable. When potential customers read your copy, they want to know what’s in it for them. They want to know how your product or service will solve their problems or improve their lives. By highlighting the benefits of your offering, you can grab their attention and motivate them to take action.

    Instead of simply listing the features of your product, focus on how those features will help the customer achieve their goals. For example, instead of saying “Our product has a long battery life,” say “Our product will keep you connected all day, so you can stay productive no matter where you are.” This type of language creates a sense of urgency and makes the customer feel like they need your product to achieve their goals.

    You can also use social proof. This means including customer testimonials, case studies, and statistics that demonstrate how your product or service has helped others. This type of evidence can be powerful in convincing potential customers that your product or service is worth their time and money.

    It’s important to remember that benefits are not just about the product or service itself but also about the customer’s experience. Highlighting the convenience, ease of use, or customer service that customers will receive can be just as important as highlighting the benefits of the product or service itself.

    Conclusion

    Making copywriting clickable is essential for any digital marketing strategy. With the rise of digital marketing and the ever-increasing competition, it’s more important than ever to create a copy that not only grabs the attention of your target audience but also compels them to take action. Consider the above-mentioned tips and make your copy clickable.

    FAQs

    What is the average click-through rate for email campaigns?

    The average click-through rate for email campaigns is 2.6%.

    What is FOMO in copywriting?

    FOMO is a powerful psychological concept that can be leveraged in copywriting to make it more clickable. It hits into the human desire to not miss out on something that could be valuable or beneficial. This can motivate readers to take action and click through to your website.

    How can I make my copy clickable?

    You can make your copy clickable by identifying your target audience, using a clear and compelling CTA, a personalized format, powerful and attention-grabbing words, FOMO, appealing visuals, and highlighting the benefits of your products or services.

  • How to Increase Your Retention Rate With A/B Testing

    Are you struggling to retain customers and keep them coming back for more? A/B testing may be the solution you need to boost retention and drive revenue. In fact, according to a study by HubSpot, almost 17% of marketers use A/B testing to improve retention on landing pages.

    In this article, we’ll provide you with the knowledge you need to conduct successful A/B testing and increase your retention rate. So don’t miss out on the potential gains—start A/B testing today and watch your retention soar!

    What is A/B Testing?
    What is Retention?
    Things to Consider While A/B Testing to Increase Retention
    Example to Understand and Conduct A/B Tests to Increase Retention
    Tips for Successful A/B Testing to Increase Retention

    A/B Testing | A Real-Life Example

    What is A/B Testing?

    A/B testing is a process that allows you to compare two versions of an online website or mobile application. This can be used to improve the user experience for your users and increase retention.

    A/B testing is commonly used to test changes in website functionality, such as changing the color of a button or adding a new feature. However, it can also be used to test changes in content, such as adding text or images to a page.

    The goal of A/B testing is to see which version of your website or app performs better and reveals the most important information about what your users want. This will help you determine what elements should be changed on your site so that you can improve user engagement and retention rates.

    A/B testing can be conducted in many different ways and for many different purposes, but the most common way is to randomly split visitors into two groups, and then present each group with one version of your site. You then measure how long people spend on each version, how many people convert from one version to the other, and how often they make purchases.

    What is Retention?

    Retention is the process of keeping customers coming back to make repeat purchases, and it’s an essential component of any successful business model. By retaining customers, businesses can reduce customer acquisition costs, increase revenue, and build long-term brand loyalty. It’s a major concern for any business, but especially one that sells digital products.

    It’s a particular challenge for eCommerce websites. A lot of people don’t realize that when they make an online purchase, they are not just buying a product but are also buying an experience and that experience can be quite challenging to maintain.

    A/B testing helps increase retention by proving which version of a page works best for your audience. You can test different copies, colors, or layout changes to see which one best serves your customer’s needs.

    Things to Consider While A/B Testing to Increase Retention

    Most Common A/B Tests by Testing Areas
    Most Common A/B Tests by Testing Areas

    The following are some of the most important things that you need to keep in mind while you conduct an A/B test to increase retention:

    Define Your Goal and Hypothesis

    Defining a clear goal and hypothesis is important in A/B testing. It helps to establish a clear direction for the test and ensures that the results are meaningful and actionable.

    A goal is a specific outcome that you want to achieve through A/B testing. For example, the goal of a test might be to increase the conversion rate on a landing page. Without a clear goal, it’s difficult to know what you’re trying to accomplish with the test and how to measure success.

    A hypothesis is an educated guess about how a change will impact the goal. For example, if the goal is to increase the conversion rate on a landing page, the hypothesis might be that changing the color of the call-to-action button will increase the conversion rate. A hypothesis helps to guide the test and provides a framework for interpreting the results.

    When a goal and hypothesis are clearly defined, it makes it easier to design the test, interpret the results, and take action on the findings. Without a clear goal and hypothesis, it’s difficult to know what changes to make and how to measure success.

    What Are You Going to Test and Where?

    The second most important thing to consider is understanding why you’re conducting the test, what variables you’re going to test, and where you’re going to test them. This is crucial for ensuring that the test is conducted correctly and that the results are accurate and actionable.

    Understand Why: Understanding the purpose of the test is crucial to determining the right variables to test and the desired outcome. For example, if the goal is to increase retention, then the test should focus on elements that directly impact retention such as website navigation, user interface, and content.

    Understand What: The variables that are chosen to be tested will determine the outcome of the test. It’s essential to choose the right variables that will have the most significant impact on the desired outcome. For example, if the goal is to increase retention, then testing different call-to-action buttons or headlines may have a bigger impact than testing different background colors.

    Understand Where: The location of the test is also crucial in A/B testing. For example, if you are testing a website, it’s essential to test the changes on different devices and browsers to ensure that the results are consistent across all platforms. Additionally, if the test is being conducted on a mobile app, it’s essential to test the changes on different operating systems and devices. This way, you can be sure that the changes will have the same impact on all users.

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    Create the Variations

    Creating a variation in A/B testing allows you to compare different versions of a website to see which one resonates most with your audience. By creating a variation, you can make small changes to a website, such as changing the layout, content, or messaging. Then test those changes with a portion of your audience. This allows you to see which changes have the biggest impact on retention and ultimately improve the overall performance of the website or app.

    By creating multiple variations, you can test different theories and see which one performs the best. This allows you to make data-driven decisions and optimize your website or app to better meet the needs of your audience.

    A Proper Plan to Conduct the Test

    Proper planning is essential for successful A/B testing. Without a clear plan, businesses risk implementing changes that may not have the desired impact, wasting time and resources.

    The first step in planning for A/B testing is to identify the goal of the test. This could be increasing retention, improving conversion rates, or boosting engagement. Once the goal is clear, businesses can then choose the element of the website or app that they want to test.

    Next, businesses should decide on the metrics they will use to measure the success of the test. This could include retention rate, conversion rate, or engagement metrics such as clicks or views.

    Once the goal, element, and metrics have been identified, businesses should then decide on the variations they will test. This could include different layouts, colors, or wording. It’s important to keep in mind that the variations should be small so that the impact of the change can be accurately measured.

    Finally, businesses should decide on the sample size and duration of the test. The sample size should be large enough to provide accurate results, but not so large that it becomes too costly or time-consuming. The duration of the test should also be long enough to provide accurate results, but not so long that it becomes too costly or time-consuming.

    Example to Understand and Conduct A/B Tests to Increase Retention

    Which Ecommerce Elements Undergo A/B Testing?
    Which Ecommerce Elements Undergo A/B Testing?

    Here is an example of an eCommerce store that specializes in selling outdoor gear. The company noticed a decline in repeat customers over the last few months and aimed to increase retention. They decided to conduct an A/B test on the homepage of their website, with the goal of identifying a small change that could have a significant impact on retention and conversion rates. Here are the steps they followed to conduct a successful A/B test and improve retention:

    Step 1: Identify the goal – The goal of the A/B test was to increase retention.

    Step 2: Choose the element to test – The element chosen to be tested was the homepage of the website.

    Step 3: Choose metrics to measure – The metrics used to measure the success of the test were retention rate and conversion rate.

    Step 4: Decide on the variations – The company tested two variations of the homepage. Variation A had a banner promoting the sale of outdoor gear and Variation B had a banner promoting the company’s loyalty program.

    Step 5: Decide on the sample size and duration – The sample size was 50% of the website’s visitors, and the test ran for two weeks.

    Step 6: Conduct the test – The test randomly directed 50% of the website’s visitors to either Variation A or Variation B. The metrics were measured and tracked over a two-week period.

    Step 7: Analyze the results – At the end of the two-week period, the company analyzed the results of the test. They found that Variation B, the banner promoting the loyalty program, had a higher retention rate and conversion rate than Variation A.

    Step 8: Implement the winning variation – Based on the results, the company implemented the loyalty program banner on the homepage permanently.

    By following this process, the company was able to identify a small change that had a significant impact on retention and conversion rates. By conducting an A/B test, they were able to make an informed decision on how to improve their website, resulting in increased retention and revenue.

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    Tips for Successful A/B Testing to Increase Retention

    1. Clearly define your goal: Before starting an A/B test, it’s important to have a clear understanding of what you’re trying to achieve. Whether it’s increasing retention, improving conversion rates, or boosting engagement, make sure your goal is specific and measurable.
    2. Choose the right element to test: Not every element of your website or app is suitable for A/B testing. Choose elements that have a direct impact on your goal, such as headlines, buttons, or images.
    3. Use metrics that matter: Choose metrics that are relevant to your goal and will give you an accurate picture of the results. For example, if your goal is to increase retention, use metrics such as the number of repeat visitors or the time spent on the site.
    4. Keep the variations small: The goal of A/B testing is to find small changes that have a big impact. Keep the variations small so that the impact of the change can be accurately measured.
    5. Use enough sample size: The sample size should be large enough to provide accurate results but not so large that it becomes too costly or time-consuming.
    6. Test for a sufficient duration: The duration of the test should be long enough to provide accurate results but not so long that it becomes too costly or time-consuming.
    7. Analyze the results: Once the test is complete, analyze the results and look for patterns. Use the data to make informed decisions about future changes.
    8. Keep testing: A/B testing is an ongoing process. Keep testing new variations and refining your website or app to improve retention, conversion rates, or engagement.
    9. Test one variable at a time: When you’re testing multiple variables at once, it can be difficult to determine which one caused the change in results. Make sure you’re testing one variable at a time.‌‌
    10. Analyze both short-term and long-term results: Don’t forget to analyze the results not only in the short term but also in the long term, this way you’ll know if the changes you made are sustainable or not.

    Conclusion

    A/B testing is the best way to help you increase retention and improve your bottom line. By making small changes and testing them with a portion of the audience, you can see which changes have the biggest impact on retention. By following the tips outlined above, you can ensure that A/B testing efforts are effective and efficient, resulting in the best solution to provide the best results.

    FAQs

    What is A/B testing?

    A/B testing is a process that allows you to compare two versions of an online website or mobile application. This can be used to improve the user experience for your users and increase retention.

    How can A/B testing help in increasing retention?

    A/B testing helps increase retention by proving which version of a page works best for your audience. You can test different copies, colors, or layout changes to see which one best serves your customer’s needs.

    What should you consider while A/B testing to increase retention?

    The most important things that one must consider while conducting an A/B test to increase retention include defining your goal and hypothesis, understanding what you are going to test and where, creating the variations, and having a proper plan to conduct the test.

  • IKEA’s Winning Formula: An Analysis of IKEA’s Marketing Strategy

    Ingvar Kamprad, a 17-year-old carpenter, founded IKEA in 1943. IKEA is a well-known global brand today. It began with the sales of pens, wallets, and jewelry to satisfy consumer needs at reasonable costs.

    Today, IKEA focuses mostly on ready-to-assemble furniture, kitchenware, and home furnishings with the same motto. The introduction of furniture in the business model was done after five years of its inauguration.

    IKEA now operates with 422 stores in 50+ markets. IKEA is a well-known furniture brand that has an extensive customer base in Europe with over 70% of its stores. Recently it launched 19 new stores. With recognizable logos, campaigns, and advertisements, Ikea has set a strong brand example with its marketing plan.

    IKEA’s success may be attributed in large part to its high-quality goods, reasonable prices, and DIY assembly philosophy. Additionally, the company’s marketing plan is customized to be among the best in the industry, which also helps.

    IKEA Target Audience
    IKEA Business Model
    IKEA Marketing Strategies

    IKEA Target Audience

    IKEA Website
    IKEA Website

    IKEA caters to the specific functional requirements of each target market, with a focus on people between the ages of 16 and 34. It has offerings for bachelors, singles living alone, newly married couples, families with children below 6, Older couples, the labor force, students, professionals, etc.

    It caters to the requirements and preferences of a specific client segment that values affordability.

    IKEA provides customized options to the client based on their shopping taste and also frequently repositioned the products and services in order to let the customer experience each and every detail of their products. With ongoing popularity, it is not inappropriate to say that IKEA reflects minimalism through its products.

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    IKEA Business Model

    They employ a price-leadership tactic. Low prices serve as the primary pillar of the IKEA vision, business strategy, and philosophy. IKEA products are a spotlight for people looking for deals.

    The foundation of its whole business strategy is pricing its product as affordably as feasible. IKEA’s business strategy is centered on its goal of offering a wide selection of well-designed, functional home furnishings at prices that allow as many people as possible to afford them.

    Number of IKEA Stores Globally in 2022
    Number of IKEA Stores Globally in 2022

    IKEA Marketing Strategies

    One of the most profitable sellers of home furnishings and accessories in the world is IKEA. The business has established a solid name for its chic, cost-effective products and cutting-edge marketing techniques.

    Product innovation, improving the customer experience, digital marketing, and sustainability programs are among IKEA’s primary marketing methods. These tactics aid in ensuring that Ikea can continue to serve customers’ demands ethically while still being competitive in the market for home furnishings.

    IKEA maintains its position as a market leader and is well-positioned for expansion in the future by utilizing these basic methods.

    1. Brand Identity

    IKEA Logo
    IKEA Logo

    The brand employs a consistent and easily recognizable theme. The blue and yellow logo with the bold font was first published in 1967 and it has been consistent over the years.

    The product names and colors are also easily recognizable.

    It has also remained consistent with its original mission of high quality at affordable prices. IKEA which started as a seller of pens and wallets has grown into a globally acclaimed furniture store but stays strong about its mission. “To create a better everyday life for the many people”.

    You must build your brand in a way that makes clients choose you over rivals. IKEA is extremely focused on this. Its goal is to take leadership of every household. IKEA puts the customer and the product first, something that many companies struggle to do.

    If you produce what your clients desire, you may establish a strong brand identity. Your brand should be reflected in all of your actions. IKEA uses this tactic in its marketing. You won’t have to think too hard to recognize this as an IKEA advertisement if you’ve been following IKEA for a long time

    IKEA boldly displays its cultural history, from the national colors of Sweden painted on its buildings to the delectable meatballs served in its store cafeterias. It’s better to flaunt your heritage!

    Delivering a cohesive experience to your audience is made easier by brand consistency. It gives your offerings authenticity, increases customer confidence in your business, and distinguishes you from your rivals.

    Because of its strong brand image, IKEA is quickly recognized. It has put in countless hours to create its reputation as one of the biggest furniture manufacturers in the world. Today, before consumers look at the products, it is the name that draws them in.

    2. Product Innovation

    The key to IKEA’s commercial success is its product design. To produce well-planned, subtle, and useful goods, it draws on the democratic approach and the distinctive Nordic style. Consequently, in addition to being aesthetically pleasing, its homeware is also created to meet the demands and preferences of its target market.

    IKEA furniture is well-liked by consumers due to its appealing designs and customization options. They fit into a tiny flat with ease and give your space a trendy, airy appearance.

    IKEA supports versatility, individualization, and mix-and-match furniture modules. The secret to this achievement is the union of affordability and sustainability.

    Keep in mind that you are essentially expelled into a warehouse after meandering around IKEA’s eye-catching showrooms. The company’s supply chain is streamlined and end-user prices are decreased by outsourcing some of the logistics and assembly to customers.

    An excellent product design balances visual appeal and usefulness just perfectly. It ought to live up to your customer’s expectations and provide the value it guarantees.

    3. Clever packaging

    What do you think helps IKEA provide quality products at much lesser prices than their rivals?

    It’s their flat packaging!

    It helps the business save on raw material costs of close to $175,000 and transportation costs of $133,000 annually.

    Furthermore, by letting consumers assemble the furniture themselves, IKEA is able to deduct a percentage of shipping costs from their prices.

    The flat packaging serves two purposes. Firstly, it reduces overhead costs and reduces the price of products. Secondly, its unique packaging makes it easily identifiable.

    The company first developed flat packaging to save money and space, but subsequently, it evolved into its hallmark design. It now intends to increase the number of sustainable solutions to further cut costs by 50% while enhancing its brand.

    Despite being a minor aspect of your company’s operations, product packaging may significantly affect your earnings and brand reputation. Your packaging style may reduce costs, promote your brand, and boost sales all at once.

    4. Vast User Insights

    One Shared House 2030 - A playful research project by IKEA and Space 10
    One Shared House 2030 – A playful research project by IKEA and Space 10

    While some companies use chatbots to interact with their audience, IKEA uses them to learn more about its consumers. Instead of publishing dull surveys to acquire data, the research team instead offers engaging questions to make its audience’s experience entertaining.

    It makes the most of visuals and user interactions to collect updated information about its target market.

    One Shared House 2030 is a survey that is a prime illustration of its insightful market research methodology.

    IKEA conducted an interactive study to gauge public interest in shared living space design. Not only did it receive a significant response, but it also discovered that by 2030, about one in three city dwellers will likely choose co-living.

    In order to better understand its customers’ demands, IKEA uses digital media, sophisticated technologies, and interpersonal interactions.

    Your marketing plan is built on the foundation of your preliminary study. It enables you to develop a data-driven action plan and comprehend your prospect’s demands.

    While traditional surveys do yield useful information, IKEA has shown us that there is another, more effective approach to identifying our customers’ problems.

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    5. Excellent In-store Experience

    An Example - A Mock Kitchen Made in IKEA Store at Renton
    An Example – A Mock Kitchen Made in IKEA Store at Renton

    IKEA excels in product displays and understands how to present products in the best possible way to increase sales.

    In order to stimulate decorating ideas and promote impulsive purchases, it carefully arranges the best-matched objects in mock rooms.

    It gives guests a memorable experience that entices them to return by having aesthetically pleasing décor and first-rate customer care.

    IKEA’s structure, in contrast to typical stores, has a single-route architecture that guides you step-by-step through its full product line. There is a cafeteria to take short breaks while on a shopping spree! The cafeteria has delicious food to make the shopping experience more memorable.

    The design purposefully takes the shape of a maze to maximize product exposure and extend visitor stay.

    6. The food Court Experience

    The IKEA store has lavish Swedish restaurants in all their stores. The IKEA Restaurant offers delicious food at great prices, making it a great place to visit for a quick snack or a leisurely meal.

    The food court features an array of Swedish-style dishes, local specials, and a range of healthy, organic, and vegetarian options that cater to the whole family. Whether you’re looking for something tasty on the go or a cozy spot to enjoy some delicious food with friends and family, the IKEA Restaurant is sure to have something for everyone.

    This tactic accomplishes two goals at once: it gives consumers a positive shopping experience and lures in new customers who come to the restaurant to check out the store. Additionally, it serves as another source of revenue.

    7. Content Marketing

    IKEA Catalogue 2021
    IKEA Catalogue 2021

    To stand out from other furniture businesses, IKEA has always turned to its content marketing approach.

    The attention-grabbing substance of all of its advertisements, whether they appear in print ads, television commercials, or social media posts, stands out. In order to create advertisements that catch people’s attention and motivate them to purchase its products, it combines humor, creativity, and its brand core values.

    To boost its brand, IKEA also makes significant investments in direct marketing. It has been successfully employing one of its most popular tactics, the product catalog, for the past 70 years.

    One of the most difficult components of marketing is surely regularly producing content, especially hilarious material. But it also produces three times as many replies as other forms of advertising.

    8. Adapting to advancements in technology

    IKEA has transformed from a modest Swedish retailer to a global brand by keeping up with trends and embracing new technology.

    In order to make its products more accessible to its audience, it has revolutionized the retail experience over time by digitizing its processes.

    It has always employed newer technology like Augmented reality(AR) and Virtual reality (VR) to provide a better customer experience. These technological advancements help customers check out the products, their functionality, and their use in the customer’s space.

    People download its 3D modeling program mostly to visualize their ideal home.IKEA can upsell its low-demand products by inspiring consumers to redecorate the area, one of its most effective marketing strategies.

    Conclusion

    IKEA’s marketing strategy is multifaceted and effective. They prioritize offering low prices to their customers, while also promoting self-serve shopping, introducing new innovative technology, focusing on the food court experience, providing more accurate packaging, etc.

    Additionally, IKEA has made a significant investment in digital marketing to stay relevant and reach a wider audience. All of these elements combine to create a unique brand identity for IKEA that resonates with consumers around the world. Overall, IKEA’s marketing strategy has been successful in establishing them as a global leader in home furnishings and retail.

    FAQs

    Who is IKEA’s target market?

    IKEA’s target market is the global middle-class group and those falling between the 20-34 age group.

    What is IKEA’s unique selling point?

    IKEA’s most unique selling point is its low prices on unique and flat-pack furniture that can be easily delivered to different locations.

    Who is IKEA’s biggest competitor?

    The biggest competitor of IKEA is Walmart.

    How does IKEA engage with its customers?

    IKEA follows multiple ways to be in touch with its customers. Some of the common ways used by IKEA are to visit them at home, be in touch through an online platform, present them with in-store options, and also through the IKEA family. IKEA also uses AI and virtual reality to make the process more fruitful.

  • Emerging Drone Startups In India

    The Drone Industry in India has recently flourished due to various uses in the Defence sectors along with civilian and commercial organizations. One of the major Defence Laboratory in India DRDO (Defence Research and Development Organisation has invested greatly in the Research and Development of Drones with a focus on the needs of Indian Defence scenarios.

    In India, Revenue in the Drones segment amounts to $23.62 Mn in 2023. The market will show annual growth of 8.12% (CAGR 2023-2027). The drone volume is expected to amount to 100,000 pieces by 2027 and will show a growth of 14.6% in 2024.

    Revenue in the Drones Segment in India from 2014 to 2027
    Revenue in the Drones Segment in India from 2014 to 2027

    Modern drones are easily accessible, and the market is full of brilliant flying machines. If you’re looking to buy a drone, then you have to know the functionalities and features of the drone.

    Drones are of major use in:

    • Assisting aid agencies during humanitarian crises and disaster management,
    • monitoring wildlife activity, animal tagging, and conducting anti-poaching patrols,
    • helping farmers with their fields with a simple bird’s eye view of their field,
    • providing a new perspective to journalists.

    Thus, there is a huge spike in the use of drones in sectors like GIS Mapping, Topographical Surveys, Industrial inspections, Powerline inspections, pipeline inspections, railway line inspections, etc.

    Here is a list of the Top Drone Startups in India which have gained acceleration in the past few years:

    Aarav Unmanned Systems
    Aero 360
    IdeaForge
    CRON Systems
    DeTect Technologies
    Drone Tech Lab
    Indrones Solutions

    Aarav Unmanned Systems

    Founders Vipul Singh, Yeshwanth Reddy, Suhas Banshiwala, and Nikhil Upadhye
    Founded in 2013
    Headquarters Bangalore

    Aarav Unmanned Systems Homepage
    Aarav Unmanned Systems Homepage

    AUS builds autonomous drones that come with ease of operation and can be operated by any user without any specialized training. AUS is the undisputed leader of commercial drones in India as it has served key players across private and public sectors. Aarav Unmanned Systems has also developed and designed Nayan, a quadrotor for developers and researchers.

    AUS claims to be performing 3D mapping & Image Processing, precision agriculture, geographical mapping and survey, aerial photography, disaster/event management, and defense surveillance.

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    Aero 360

    Founders Pragadish Santosh
    Founded in 2017
    Headquarters Chennai

    Aero360 Homepage
    Aero360 Homepage

    Aero 360 provides end-to-end drone solutions for enterprises including Turnkey services, Drone tool kits, Data Processing and analysis, Training, and consulting Drone repair services. It also provides high-resolution aerial images & videos to enable better scoping, assessment, planning, surveying, design, inspection & maintenance decisions.

    It provides extensive local support for repairs & maintenance through a network of drone repair centers for your Drones. The company also provides solutions including data acquisition, processing, and analysis globally through Pilot Partner Network & Centralised Data Processing for your projects.

    IdeaForge

    Founders Ankit Mehta, Rahul Singh, Ashish Bhat, and Vipul Joshi
    Founded in 2007
    Headquarters Mumbai

    IdeaForge Homepage
    IdeaForge Homepage

    IdeaForge was founded in 2007 by Ankit Mehta, Rahul Singh, Ashish Bhat, and Vipul Joshi and is engaged in the development of unmanned aerial systems that offer usability to user-centric innovations and designs. The organization is also a licensed manufacturer of UAVs approved by the Ministry of Defence. It also provides the flexibility to customize products for an array of requirements.

    Its first product, Netra, is a man-portable autonomous UAV for intelligence, surveillance, and reconnaissance of moving and fixed targets. It also offers Netra V series autonomous and a man-portable small unmanned aerial vehicle that weighs less than 3 kgs.

    CRON Systems:

    Founders Tushar Chhabra, Saurav Agarwal and Tomer Ktzenellebogen
    Founded in 2015
    Headquarters Delhi

    CRON Systems Homepage
    CRON Systems Homepage

    A defense technology startup, Cron Systems was founded in the year 2015 by Tushar Chhabra and co-founders Saurav Agarwal and Tomer Ktzenellebogen, which builds Multi-sensor enabled intrusion detection systems and drones, and perimeter defense equipment. It is a leading provider of sensing products and perception software that brings vision to UAVs, automobiles, mapping, security, and other industries to enhance situational awareness.

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    Indian Border Security Force also installed several Cron laser walls along borders to keep a vigil on intrusion attempts across Indian borders. Cron also holds top strategic partners and investors which include YourNest Venture capital, Techstars Adelaide, and Cisco Launchpad. CRON systems offerings also include the Kavach series of advanced multi-sensor scanners and SenseEdge perception software.

    DeTect Technologies:

    Founders Daniel Raj David, Harikrishnan AS, Karthik R, Tarun Mishra, and Krishnan Balasubramanian
    Founded in 2016
    Headquarters Chennai

    Detect Technologies Homepage
    Detect Technologies Homepage

    DeTect Technologies was founded by Daniel Raj David, Harikrishnan AS, Karthik R, Tarun Mishra, and Krishnan Balasubramanian in the year 2016 in Chennai with a vision of providing infrastructure services to the industrial sector including drone-based monitoring of critical infrastructure.

    The company focuses on developing products that help in predicting the maintenance of oil and gas pipelines and predicting leakages. DeTect also develops a semi-autonomous drone called Noctua for the inspection of boilers and other O&G components.

    Drone Tech Lab

    Founders Biswajit Dey, and Ritesh Kanu
    Founded in 2014
    Headquarters Kolkata

    Drone Tech Lab Homepage
    Drone Tech Lab Homepage

    The company Rchobbytech Solutions Private Limited has been greatly functioning and is excelling by offering outclassing products and services. The company manufactures Agricultural Drones, Pesticide Spraying Drones, Crop Monitoring Drones, Surveillance Drones, Drones Cameras, and Photography Drones.

    Being a service provider, the company has gained expertise in offering Drone Manufacturing, Aerial Photography, Surveillance Drone, and Digital Photography services to customers. The company has also gained expertise in offering Drone Manufacturing, Aerial Photography, Surveillance Drone, and Digital Photography services to customers.

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    Indrones Solutions

    Founder Pravin Prajapat
    Founded in 2015
    Headquarters Mumbai

    Indrones Homepage
    Indrones Homepage

    The company provides intelligent data using drones. Data collected from a drone’s view using required sensors help you to take a necessary decision about your construction project, industrial premise, historical architecture, agricultural field, or any other land. Indrones solutions also like to consider UAVs as a tool that can be used, by soldiers to gather real-time situational awareness, by a surveyor to get better data, by a farmer to assess crop health, and by filmmakers to bring in shots that were never possible before.

    While being a revolutionary tool, UAVs also need to be easy to use, affordable, and most importantly, reliable, and safe. The sensors in drones can estimate dimensions like the breadth and height of any structure like a water tank or warehouse giving us an approx idea about the volume.

    Conclusion

    Innovation has made us believe that great things can happen and will happen. People around the world are innovating new and exciting things that will make our lives easier. Every entrepreneur has a firm belief to make this world a little better. This has led to some exciting and emerging innovations. Drones are one of them. Be ready to get a parcel delivered to your doorstep by a drone in the future. Isn’t it exciting? This has given rise to a lot of startups that investing their time and energy in making wonderful drones. Let’s wait and watch what new device or machine gets innovated in the future.

    FAQs

    Are drones allowed in India?

    UIN for drones mandatory: No drone can be owned or operated in India unless it has been allotted a Unique Identification Number (UIN), which will be issued by the DGCA.

    Are drone cameras banned in India?

    According to India’s national aviation authority, the Ministry of Civil Aviation, flying a drone is legal in India, but we recommend being aware of and compliant with the drone regulations listed below before doing so.

    Are drones worth buying?

    If you wish to enhance your photos and/or videos, are looking for unique ways to simplify the way you do business, or are just searching for a fun weekend project, then a drone may be worth your time and money. The decision to purchase your very own drone can be difficult, especially if you’re on a budget.

    Do I need a license for a drone in India?

    All drones except those in the Nano category must be registered and issued a Unique Identification Number (UIN). A permit is required for commercial drone operations (except for those in the Nano category flown below 50 feet and those in the Micro category flown below 200 feet).

  • Understanding the On-Demand Business Model With Its Application to Sell Customized Products/Services

    As said, “Success is not final and failure is not fatal”, Businesses nowadays have grown exponentially. Business organizations and their players ought to play by the rules while being ferocious at times whenever required. The willingness to take extraordinary chances assists them in achieving more than those who play safe.

    With immediate actions, the need for getting immediate services is also dominating the market. With the introduction of on-demand businesses, the immediate supply of a service is expected.

    Startups like Zomato, Ola, and Uber are dominating society due to their on-demand business model. But what is meant by an on-demand business model and how one can create their own print-on-demand business are shared below.

    What Is an On-Demand Business Model?
    Examples of On-Demand Services
    Impact of On-Demand Business Model
    Application of On-Demand Business Model to Sell Customized Products and Services
    Tips for Marketing Customized Products More Effectively

    What Is an On-Demand Business Model?

    The on-demand business model has revolutionized the way businesses work. It has replaced the traditional business models (i.e., B2B, B2C, C2B, C2C) a lot quicker than predicted.

    It is nowadays becoming the choice of customers, because the on-demand business model is focused on speedy deliveries, enhancing convenience for the sellers as well as the customers, accuracy in the services provided, and most important maintaining healthy competition through delivering quality goods and services.

    This model may be defined as how businesses rely on various social media platforms or any other websites or applications to deliver their products and services to their end users.

    It enables the users to get hassle-free access to the services provided by the business without getting into contact with a support professional or any staff to avail of the services, instead, the customer or user can do it themselves manually through any of the following means depending on the type of business.

    For Example:

    1. Ola and Uber use the application as their means to deliver their respective services to their end users. An individual can book a cab from their mobile phone and the cab service arrives at their doorstep instantly.

    2. Flipkart, Myntra, and Amazon use applications as well as websites to deliver their services to their customers. Customers can buy products online through these portals and the products are delivered to them in no time.

    3. Small-scale retailers as well as wholesale sellers use the Facebook marketplace and various other social media websites to advertise their products for sale.

    Examples of On-Demand Services

    On-demand Delivery Service

    Examples of On-Demand Delivery Startups
    Examples of On-Demand Delivery Startups

    It is a way of delivering the demands of the customers instantly to lure customers. These types of solutions are best suited for customers who want a quick, accessible, and simpler way of shopping for their needs. Most e-commerce platforms are reliable on this model to enhance their responsibility toward customer satisfaction.

    On-demand Transportation Services

    On-Demand Transportation Service Example

    Transportation plays a great role in creating the demand for any product or service offered online. Let us suppose two companies are offering similar kinds of products, but the customer will be inclined towards the company that delivers the product faster than the other. Hence, transportation is a critical aspect of any business.

    Another aspect of utilizing such types of business models is Uber and Ola. They have revolutionized the way taxi and cab facilities used to work in the market. Now an individual can book a book from their mobile phone with utmost transparency of the costs and avail of the service in no time.

    The transparency of the cost has also enabled people from getting to struggle for bargaining the fare. All these factors combined have created a much more trouble-free experience for them altogether.

    On-demand Food Services

    On Demand Food Services Example
    On-Demand Food Services Example

    If an individual is stuck in a situation where cooking food is not an option and traditional ways of cooking seem harmful to the environment, the on-demand food services are the saviors.

    Some startups operate globally and are creating an environment where people do not have to struggle with hunger anymore and take out the time from their busy schedules to plan and go to a restaurant. Instead, order food online and it is delivered to your step.

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    Impact of On-Demand Business Model

    The above graph shows the Estimated Revenue of an On Demand Service Industry in US Billion Dollars for three alternate years
    The above graph shows the Estimated Revenue of an On Demand Service Industry in US Billion Dollars for three alternate years

    This model has left a drastic impact on how businesses work. It has enabled businesses in understanding that getting access to deliver their services is a much more productive approach than ownership.

    Earlier businesses used to work on the principle of ownership but nowadays things have revolutionized to the extent that customers prefer services that are quickly delivered to them or even available at their fingertips. With the increase in demand for such types of services, businesses must constantly struggle and keep on working on ways to improve their services to stay on top of the list for their customers.

    For example, consider that a product is available on Flipkart, and it takes 5 days to get it delivered to the customer’s location. A similar product is available on Amazon, and it gets delivered within 1 or 2 days. Then the customer would prefer buying it from Amazon even if the product is a bit costlier than Flipkart.

    The above example proves that Amazon is more efficient than Flipkart in delivering products to its end customers. This suggests that Flipkart, to retain its customers, must focus on improving its mechanism for the delivery of its products and services.

    The on-demand business model has also increased competition in the market. With the help of this model, owning a business and running it smoothly is no more a hassle, from setting up the firm to developing a delivery mechanism, it is all very accessible and under budget.

    Application of On-Demand Business Model to Sell Customized Products and Services

    Working of an On-Demand Business Model
    Working of an On-Demand Business Model

    With the availability of millions of products and services online, customers do not prefer buying or using similar types of products. They are always in search of things that are unique in nature.

    Hence, customized products and services play a great role in enhancing the experience of customers. While selling customized products, the business additionally drives-in customers’ loyalty by enhancing the satisfaction level of the customers.

    Roadmap to this guide:

    Choose what to sell

    One of the most difficult tasks in selling customized products is to choose the most profitable items in the markets that are also in high demand. With the gradually changing needs and demands of the customers, it is difficult for a seller to choose what sort of item would be best to sustain the business.

    These items must be evergreen, trending, and profitable at the same time. Businesses should focus on targeting a specific market in order to grab genuine customers rather the generalized ones.

    For starters, ideas could be drawn from other leading websites already running in the market that could be their potential rivals. The on-demand business model would assist the business in this regard.

    Choose the platform to offer customized products

    The traditional ways of selling and marketing products are long gone. People have now learned that new ways such as the on-demand business model are a lot more effective in selling products. The core belief is to emphasize more accessibility than ownership.

    Nobody wants to stand in queue and wait for a taxi, no one wants to wait for weeks to get their parcel, and no one wants to cook, when and if these services are just a click away. Every business nowadays wants to focus on developing applications or relying on e-commerce platforms for showcasing its products and services.

    Incorporating mobile applications and websites into their business models is an essential and reliable option for businesses if they want to grow exponentially. On a similar note, selling customized products would be much more convenient if the above-mentioned means are utilized.

    Choose the most effective delivery partner

    It is very critical to find a popular and reliable partner to collaborate with to deliver products to their destination in a transparent, simple, quick, and trouble-free manner.

    Automate the workflow

    Automation in any work done is in high demand these days. People love to see tech around them. Working with AI-enabled services not only gives an extraordinary experience to the business as well as the end-users yet additionally enhances the productivity of the tasks.

    AI-enabled services at warehouses enable the supervisor to manage the stocks efficiently and locate the vacant spaces that need to be refilled again with the stocks. AI-enabled tools that are managed by the backend helps in comprehending the categories of item that are high in demand.

    By executing automation, businesses can undoubtedly get orders, characterize work processes and occupations, produce tickets, plan out works, oversee, and follow them, and get them finished for definite deliveries.

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    Tips for Marketing Customized Products More Effectively

    Creating official pages across all the social media platforms and staying up to date with the trend. Sharing blogs regarding their products and services, news, or any sort of update regarding the business to keep the customers engaged with it.

    Additional to the above point, being responsive to almost all the genuine comments of a customer over any post is critical to developing a healthy relationship between the customer and the firm. The website should be search engine optimized to gain traffic.

    Collaborate with big e-commerce platforms to increase the awareness of the brands. Paid marketing campaigns are also a good strategy to gain popularity in less span of time.

    Become more competitive while also showcasing the uniqueness of your product as compared to the competitor’s products. Identifying the target audience and making up the marketing plans accordingly also helps in effectively increasing the marketing of customized products. Keep refining the plan from time to time and induce necessary changes required with respect to time.

    Conclusion

    On-demand business is one that works to provide services to its customers as per their needs. There are many types of on-demand businesses seen in common places. One of the best examples of an on-demand business is the ride-sharing business “Ola”.

    The on-demand business works with the minimum possible time to complete the consumer’s needs. Hence, the business model of on-demand services also needs to be planned accordingly. The above article contains a guide on how to get started with customized products selling on-demand business models and other relevant information.

    FAQs

    What is customized selling?

    Customized selling is an option preferred by manufacturers where a selling style is coordinated with customers’ selling patterns as well as the requirement of the situation.

    What is personalized print on demand?

    Print-on-demand is a process where a manufacturer complies with the customer to print white-label products with the selected brand design.

    What is an on-demand business model?

    The on-demand business model comprises the fact that the essential things are delivered to the customers at the most appropriate time of their need. It works on the basic principle of three factors speed, accessibility, and convenience.

    What are some examples of on-demand companies?

    Some of the best on-demand companies are Uber, Airbnb, Upwork, etc.

  • An Ultimate Guide to Understanding the Service Marketing and Its Types

    Have you ever encountered facilities that have repeatedly saved the day? Take a look; you’ll notice that you’re surrounded by a variety of important services. You may be accessing this article via Wi-Fi.

    Have you recently placed an order for sneakers for an event the following day? Did you ever transfer cash to a brother in another nation with just some Snaps? These are mostly a few of the key services. As a result of all this, I’d like to talk about what service marketing is and the intricacies that it encompasses.

    What is Service Marketing?
    Service Marketing Mix
    The Paradigm of Service Marketing
    The triangle – Types of Service Marketing
    Common Strategies Used in Service Marketing
    Perks of Service Marketing
    Common Issues of Service Marketing

    Strategies for Marketing a Service-Based Business

    What is Service Marketing?

    It pertains to the use of a variety of techniques to predict a customer’s wants for an abstract item. As a result, it suits their needs to get the most out of their purchase. Marketing services differ from products. It’s difficult to persuade customers to buy services and to price intangibles.

    Service marketing emerged as a separate branch of marketing in 1980. The field basically consists of the unique characteristics of services combined with the strategies for marketing physical goods. Some of the most common examples of Service marketing are facilities provided by hotels, health services sold by doctors, nurses, and other hospital staff, etc.

    Service Marketing mix

    The 7P's of Service Marketing
    The 7P’s of Service Marketing

    It is a collection of strategies used to incentivize clients to purchase services. An offshoot of the 7Ps of service marketing.

    Product

    Product plays the most crucial role in service marketing. It is the prime thing that an owner sells to their customers. It can be as simple as a hotel room with a bed. The prime difference between product marketing and service marketing is that the product itself stands for the service. The service that a firm would like to see. Since services are abstract, we can consider the item and the method to be assets.

    Price

    Prices can be very much similar to the competitors. But the prime focus with prices in service marketing is to keep up the service quality with similar charges as of others. Surprisingly, when it comes to services, clients tend to equate a premium cost with good quality. And they also prefer to have a complete comparison of the prices between the service they receive and the price needed to pay.

    Place

    Consumers’ convenient access to a service. Basically, the place stands for the location where service is received. It also plays an essential role in determining the customer’s review of the service. The best example to understand this is the saloon where customers go to receive their service.

    Promotion

    Promotion is equally essential to educate customers about the services. It can be in the form of television ads or verbal promotions done by customers. Promotions help customers understand services and provide an easy way to contact the company.

    People

    People who are participating in the service’s transfer. Employees are most commonly used, but consultants and past clients may also be used. Service organizations have a special focus on their people in order to have beneficiary support there. This step is also somewhere related to internal marketing.

    Physical evidence

    The setting or location that surrounds the area where service is provided. Any measurable aspects that aid or notify the service. The importance of physical evidence is to primarily shape the mind of visiting customers. The best example of this can be taken up when a customer visits the bakery, the smell of freshly baked products is presented as evidence of the taste and freshness of their products.

    Process

    Processes, mechanisms, and activity flow happen when a client and a company engage and are all included in the process. The process is the step that is fully detailed and has all required steps formed together.

    It all comes down to identifying the perfect mix of elements to render a service marketable. The middle point is defined as a spot at which all 7 strategies are in harmony. Assume we switch from a low-cost to a premium airline. We’d have to assess the cost and all of our other strategies.

    More folks are needed to provide personalization, as this is what higher-end clients expect. We must alter our procedures so that each person gets more time and support.

    Consider a high-end hotel for an example with their 7ps.

    • Product: Hotel suites
    • Price: Variable depending on indoor space.
    • Place: Hotel venue, an app for butler service.
    • Promotion: Advertisement on hotel-related booking sites. Personal selling.
    • People: Managers, admin staff, and so on.
    • Process: Room reservation, check-in and check-out, and so on.
    • Physical evidence: Before and after your stay, you will receive excellent service. Blog.

    The Paradigm of Service Marketing

    Service classification:

    It appears that service sectors are more tricky than industrial sectors. The services can be objective or subjective, focusing on folks or products. They are divided into four groups predicated on their applicability.

    1. People Processing Services

    It pertains to the client’s physicality at the venue to receive services. The best example of this is the presence of a client at a saloon in order to get their hair styled.

    2. Product/Possession Processing Services

    These services are linked to a particular item or its ownership, with the client having little or no engagement. The best example to understand this is the recycling of waste, laundry work, repair, maintenance work, etc.

    3. Mental Stimulus Processing Services

    They are those that impact mental capabilities, perspective, and way of life. Prime examples of these are television shows, advertisements, radio shows, etc. For each of the customers, these services will be perceived differently whereas, on the other hand, there is no presence required of the customer at any certain place.

    4. Information Processing Services (Data)

    This is a distinct type of asset — in which data is used as an item or informatics. The best concept to understand this is the banking service where once the information is added to the computer, then the required process is wholly carried out by IT without the need for the presence of the customer. Some other examples to understand this can be computer programming, legal services, etc.

    Customer-oriented Classification:

    In the service sector, personalization is more important than in the industrial sector. When operating as a provider, the wants and perceptions of the clients are prioritized.

    1. One-time action

    It’s a one-time action. Because it is abstract and irrevocable, it must be ideal and supplied correctly. A company needs knowledgeable and talented staff to offer services since a bad review can lead to adverse media exposure that harms the firm’s image and equity.

    2. Service as a process

    The method is essential in the service sector. All the steps that a customer has to undergo in order to receive that facility must be well looked after by the organizations. The steps should also be rechecked and filled with a positive attitude in order to give an easy path to the customer till the final step.

    3. Speed and Accuracy

    Customers prefer uninterrupted service. As a result, the speed at which the service is offered is an important criterion overlooked by the customers while selecting a service. Majorly customers are in need of a speedy service with the utmost accuracy.

    The triangle – Types of Service Marketing

    Types of Service Marketing
    Types of Service Marketing

    It refers to the interaction between the supplier and the buyer. As we all understand, establishing relationships is critical to the success of any business. The triangle essentially explains this bond.

    Internal marketing

    Internal marketing works in the internal system of a firm in order to strengthen it. The training of the staff, staff appreciation for their good work, etc. are all included in this step. Strategic planning involving staff is a part of the internal marketing of a firm.

    External marketing

    It boosts brand visibility. Direct marketing tactics are used in this promotional strategy to lure more clients. The process that involves boosting brand visibility like reaching out to the target audience by means of advertisements, websites, social media platforms, etc is all included in external marketing.

    Interactive marketing

    It entails communication between workers and clients. Workers support clients with multiple purchases and answer their questions, and we can claim that they aid them in the buyer decision-making phase. This enhances customer retention of a specific brand.

    Common Strategies Used in Service Marketing

    • One of the most effective service marketing techniques is word-of-mouth advertising. Clients who are happy with the service discuss their positive experiences with others to gain new clients for the business. Some businesses even offer discounts for referring others.
    • Buyers must be suitably educated about the facilities being offered by the firm. A thorough explanation increases demand and revenues. As a result, if folks are fully informed about the item, they will purchase it.
    • Because folks are reluctant to use new brands, an in-depth demo of the item must be provided via social media. For instance, to seek admission, free coaching sessions must be provided for one day.

    Perks of Service Marketing

    • The relationship between the client and the business grows through this, so it performs a vital role in user contentment through after-sales facilities.
    • Client contentment, also known as the client retention method, increases consumer commitment to the brand.
    • The service industry is enormous. It involves schooling, health care, interaction, hospitality, finance, health coverage, and logistics.
    • It enhances people’s quality of life and fosters economic growth by helping the economy, which primarily involves employing a lot of people, thereby reducing the joblessness crisis. It’s now a part of each segment of the Indian economy.

    Common Issues of Service Marketing

    Service marketing involves promoting intangible offerings such as experiences, expertise, and advice. Unlike tangible products, services cannot be touched, tasted, or seen before purchase, which makes service marketing a unique challenge. Here are some common issues of service marketing.

    Abstract

    People can grab and see an item and exchange cash for what they want and use at home. In contrast, they only view the outcomes of a service, but that is not often quick. Clients must have confidence that they’ll get the intended outcomes for their cash. It can never be shown, only provided. The client is unaware of the services until they use them.

    Costs

    You must be viable, so study the rates of many rivals to determine what your target clients anticipate you to pay. Then evaluate your prices to see if you can match your prices while still profiting from that cost. Consider integrating advanced options with your facilities to separate your business and raise the overall price.

    Interdependence

    Buyers participating in the manufacture and distribution of services. It is inextricably linked to the supplier. This can not be an issue every time, but it surely can be an issue to look at a certain step.

    Heterogeneity

    It is impossible to standardize services. The expectations, perspective, presentation, and contentment will vary hugely. Suppliers should strive to provide high and stable performance by hiring good and eligible staff.

    Perishability

    Services are provided, devoured, and then disposed of. After the usage phase, you realize if the services provided were adequate or not.

    Venue

    This indicates the venue of the service. The client forms a viewpoint about the service firm predicated on how he deems the location. Clients form their opinions based on the ambiance of the establishment.

    People

    A service firm’s existence and use of relevant personnel is its cornerstone. If a service sector wants to carve out a niche for itself, it must prioritize hiring the proper personnel. Interpersonal skills coaching must be included. Alongside this, having the proper mindset, acumen, and expertise all contribute to customer contentment.

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    Conclusion

    To summarize, it’s a marketing strategy in which a firm endorses abstract, indistinguishable, but perishable facilities. It is conducted through a variety of projects due to the evolving international service industry.

    Furthermore, it is very distinct from product advertising and requires some considerations. It’s piquing interest as more facilities, such as schooling, banking, and tourism, have emerged as famous products.

    FAQs

    What are the 4 types of service marketing?

    The 4 main types of service marketing are creative marketing services, designing services, promo products/ personalized services, and digital marketing services.

    What are the 7 ps of marketing?

    The 7 Ps of marketing a product, price, place, promotion, physical evidence, people, and process.

    What is an example of service marketing?

    Some example of service marketing is professional services, tourism services, banking services, etc.

    What are the 5 principles of marketing?

    The 5 principles of marketing are Product, Price, Promotion, Place, and People.

  • The Comprehensive Guide to Effective Channel Management

    As companies strive to increase revenue and gain a competitive edge, effective channel management has become a crucial component of their strategy. Channel management involves identifying, cultivating, and maintaining relationships or communication with partners and customers who help sell a company’s products or services to others.

    By utilizing this approach, businesses can improve customer satisfaction, boost sales and increase brand visibility in the market. In this article, we delve into the concept of channel management and its significance for companies aiming for growth and success in the current business environment.

    What Is Channel Management?
    Why Is Channel Management Important for Your Company?
    10 Channel Management Strategies You Can Use for Your Company
    Most Commonly Used Channel Management Tools
    How Can You Effectively Manage Your Channels?
    The Future of Channel Management in Businesses

    What Is Channel Management?

    Channel management is the process of coordinating and optimizing the distribution of a company’s products or services through various sales channels, such as online marketplaces, brick-and-mortar retail stores, direct-to-consumer sales, and more.

    The goal of channel management is to maximize revenue, minimize costs, and ensure a consistent brand experience across all channels. This involves activities such as setting pricing strategies, managing inventory levels, monitoring channel performance, and maintaining relationships with channel partners.

    Why Is Channel Management Important for Your Company?

    By carefully selecting and managing the various channels through which a company distributes its products or services, it can maximize its reach and optimize its distribution.

    This can involve identifying the most effective channels for your company’s products or services, and maximizing their potential. Additionally, it can involve creating a clear strategy for each channel, and regularly reviewing and adjusting the approach as needed. By doing so, your company can improve its reach and accessibility to customers, and can increase its sales and profitability.

    With channel management tools and software, you can create the right decisions with real-time data, it gives you an advantage over your competitors and helps you to save your time, etc.

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    10 Channel Management Strategies You Can Use for Your Company

    Channel management requires an understanding of customer preferences, an analysis of current and potential sales opportunities, and an understanding of competitors’ strategies and capabilities. Here are 10 channel management strategies that businesses can use to create long-term relationships and drive sales growth:

    1. Differentiate Your Channels

    Make sure each channel has unique offerings to differentiate them from each other. This will avoid confusion and create loyalty among customers. Differentiating channels also allows the expansion of the reach of the audience.

    2. Strategize for Market Expansion

    Have specific strategies for expanding your presence in each channel. Analyze current market share and opportunities for expansion. One can also have a closer inspection of the strategies used by competitor platforms while creating one for the self.

    3. Analyze Performance

    Track the performance of your channels and analyze any changes or trends. If a particular channel is performing poorly, look into ways to adjust or optimize it. However, while looking for a poorly performing one, giving an equal amount of attention to the better-performing channels is also important.

    4. Evaluate Channel Partners

    Identify the right distributors, resellers, and partners to ensure their upselling efforts are having a positive impact on sales numbers. For a better selection, one can prepare a list and then sort from them as per the requirements.

    5. Understand Competitors’ Strengths and Weaknesses

    Become familiar with the strategies of your competitors and strive to understand how they manage their channels. Also, taking the knowledge of tools and services used by them can be a good point to consider while learning about their strategies.

    6. Optimize Visibility and Accessibility

    Make sure customers can find your products or services and have easy access to them. Keep this in mind when designing a website, creating content, executing promotions, and engaging customers.

    7. Integrate Channels

    Ensure the channels you use are in sync with each other and customers can have consistent experiences across all of them. Having perfectly synced channels can provide great help in executing a better business plan.

    8. Leverage Technology

    Take advantage of available technology to monitor channels and make it easier to move data between them. The web has a number of applications and software that can help in easy channel management. One should not forget to use them for better management.

    9. Focus on Personalization

    Create an experience tailored to each customer by personalizing how you communicate with them and addressing their unique needs. Each business has its own need, hence using personalized methods is way better than directly following the path set by others.

    10. Provide Good Customer Support

    Make sure every channel has good customer support, so customers can easily get their questions answered and access help. One can also take the help of an online chatbot that can help with easy customer management.

    By using these channel management strategies, businesses can create successful long-term relationships with their customers and ensure they get the most out of each channel. It takes time and effort, but the results are worth the effort.

    Most Commonly Used Channel Management Tools

    Top channel management tools
    Top channel management tools

    Distribution Software

    This type of software is used to manage the distribution of products or services through various channels.

    It typically includes features such as inventory management, order processing, and shipping and tracking.‌‌ Some of the best examples are NetSuite ERP, ShipStation, QuickBooks Commerce, etc.

    Sales Force Automation (SFA) Software

    SFA software is used to manage and optimize the sales process, from lead generation to closing deals.

    It often includes features such as customer relationship management (CRM), lead tracking, and sales forecasting.‌‌ Some of the best examples of SFA software are Teamwork, Salesflare, PipelineDeals, etc.

    Marketing Automation Software

    Marketing automation software is used to automate and streamline marketing tasks, such as email campaigns, social media marketing, and lead generation.

    It can help companies save time and resources by automating repetitive tasks and providing insights into marketing performance.‌‌ Some of the marketing automation software examples are Tidio, HubSpot, Sendinblue, etc.

    Channel Partner Management Software

    This type of software is specifically designed to help companies manage their relationships with channel partners, such as resellers and distributors.

    It can include features such as partner portal management, lead sharing, and commission tracking. Some of the channel partner management software are PartnerStack, Allbound, ImpartnerPRM, etc.

    Overall, these tools can help companies manage their channels more effectively and efficiently, enabling them to better serve their customers and grow their business.

    How Can You Effectively Manage Your Channels?

    Effective channel management is essential in ensuring the successful delivery of products and services from the company to its customers. It ensures that the organizations can ensure that their marketing and sales efforts are effective and successful.

    It is key that organizations have effective channel management strategies in place to maximize their sales potential and maintain efficient business partnerships.

    Identify The Most Effective Channels for Your Business

    This will depend on your target audience and the type of products or services you offer. For example, if you are a B2B company, LinkedIn may be a more effective channel than Instagram.

    Develop a Clear Strategy for Each Channel

    Once you have identified the channels that will be most effective for your business, you should create a clear strategy for each one. This should include goals, a content strategy, and metrics for measuring success.

    Regularly Review and Adjust Your Approach

    As with any marketing strategy, it’s critical to regularly review and adjust your channel management approach. This will help you stay on track and ensure that you are using the channels that are most effective for your business.

    Use Tools and Technology to Manage Your Channels

    There are many tools and technologies available that can help you manage your channels more effectively. These include social media management tools, email marketing platforms, and analytics tools.

    Engage With Your Audience on Each Channel

    To be effective, your channel management strategy should include a plan for engaging with your audience on each channel. This could include responding to comments and messages, posting regular updates, and running promotions or contests.

    Important attributes helpful in customer experience can be made better with effective channel management
    Important attributes helpful in customer experience can be made better with effective channel management 

    By following these tips, you can create an effective channel management strategy that will help you reach your target audience and achieve your business goals.

    Effective channel management can also help a company to optimize its distribution and reach more customers and can improve its overall efficiency and profitability. Additionally, channel management can help a company to maintain healthy relationships with its channels, and address any challenges or opportunities that may arise.

    The Future of Channel Management in Businesses

    The future of channel management is likely to be shaped by several emerging trends, including the following:

    1. Increased use of digital channels: As more and more consumers turn to the internet to shop, companies will need to focus on developing and managing digital channels, such as e-commerce websites and social media platforms, to reach and engage with customers.

    2. Continued globalization: As the global economy continues to integrate, companies will need to adapt their channel management strategies to account for differences in consumer preferences, cultural norms, and regulatory environments across different regions and markets.

    3. A stronger emphasis on customer experience: With increased competition and changing consumer expectations, companies will need to focus on providing a seamless and personalized customer experience across all channels to retain and attract customers.

    4. Rise of omnichannel marketing: Omnichannel marketing refers to the use of multiple channels, such as brick-and-mortar stores, online platforms, and mobile apps, to provide a consistent and integrated customer experience. This approach will likely become more relevant as customers increasingly expect a seamless and consistent experience across different channels.

    5. Increased use of data and analytics: As the amount of data generated by customers and channels continues to grow, companies will need to use data and analytics to gain insights into customer behavior and preferences, and to optimize their channel management strategies.

    Altogether, the future of channel management will likely be characterized by a continued shift towards digital channels, the need to adapt to a global and increasingly competitive marketplace, and the growing importance of customer experience and data-driven decision-making.

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    Conclusion

    Businesses are looking for ways to establish and maintain successful relationships with their customers, and a key way to do this is through effective channel management strategies.‌‌

    To ensure successful channel management, there are several key steps to consider. These include researching the target market and the characteristics of the products or services, identifying the most effective channels, creating a clear strategy for each channel, and regularly reviewing and adjusting the approach as needed.

    Additionally, it is important to stay up-to-date with the latest trends and developments in the industry, as this can help to ensure that the company is taking advantage of the most effective channels. By following these steps, a company can ensure that its products or services are widely available and accessible to customers, and can improve its overall efficiency and profitability.‌‌‌‌

    FAQs

    What is channel management also known as?

    Channel management is sometimes also referred to as marketing management.

    What is the importance of channel management in marketing?

    Channel management allows the creation of a direct pathway for the marketing and selling of products or services offered through them.

    What is the need for channel management?

    Chanel management is essential for forming a connection between customers, supporting third parties, different vendors, etc. They establish direct communication with customers in each channel.