Marketing

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Is It Time to Rethink Your Pricing Strategy?

Companies differ in their approaches to price setting, but most fall into one of three buckets: cost-based, competition-based or customer value-based. Customer value-based pricing uses data on the perceived customer value of the product as the main factor to determine prices.

However, implementing customer value-based pricing is not easy. Developing a customer value-based pricing program is a multiyear project demanding executive attention and requiring substantial changes in corporate processes.

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Enhancing Relationships With Customers Through Online Brand Communities

Online brand communities can bring customers closer to a brand, generate “buzz” and enhance brand loyalty. Yet, important as online brand communities are to consumer markets, little is known about the role they play in consumer decision-making. Although the popularity of online brand communities as a means of gathering pre- and post-purchase information continues to grow, knowledge about how to effectively manage those conversations remains scant.

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You’ve Got Eight Words To Sell Yourself

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Do your opening sentences get people to pay attention? When pitching a start-up idea, you need to get to the core innovation right out of the gate. When making any kind of presentation, a counter-intuitive statement, surprising fact or arresting story can get people to put their phones down.

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Are Many of Your Customers Unprofitable?

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In the new Summer 2011 issue of MIT Sloan Management Review, marketing scholars V. Kumar and Denish Shah report some intriguing findings from a study they conducted linking certain types of marketing techniques -- those aimed at increasing customer lifetime value (CLV)  -- to stock price increases.

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Can Marketing Lift Stock Prices?

Traditional marketing practices are increasingly viewed with skepticism. In many organizations, marketers struggle to document the return on investment for expenditures; as a result, marketing has less influence in the boardroom — and marketing is viewed as a questionable cost rather than a worthy investment. This article is based on a study that found that certain marketing techniques can influence a company’s stock market valuation — if the techniques increase customer lifetime value.

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Why CRM Fails — and How to Fix It

Customer relationship marketing was supposed to be a “new paradigm” that yieldied more loyal customers and more profit for companies. It hasn’t. Researchers from Cranfield School of Management write that the problem is fundamental: “Most senior management teams have an unbalanced approach to managing marketing investments, and this is particularly evident in the case of CRM.” Their suggestion: successful CRM investment begins with new capabilities to improve customer relationships and then backfills the capital investment as needed.

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Putting the ‘Relationship’ Back Into CRM

Many think that the way to capture value through relationship marketing is to focus on the “good” customers and get rid of the “bad” ones. But there is more to best practice relationship management than maximizing revenues on individual customers and minimizing costs to serve. This article provides guidelines for companies that want to improve the value of customer relationships. For most companies, the transition to a relationship-based approach will require a significant shift in practice.

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Are You Speaking the Same Language As Your Audience?

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Are you dropping the ball when it comes to conveying your ideas – about data, about creativity, about direction, about design – in ways that your audience really understands?

Michael Schrage, a research fellow at MIT Sloan School’s Center for Digital Business, blogged yesterday about the moment when he realized he

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Selling to Many Cultures — Within the U.S.

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International markets have been increasingly important for many U.S. companies, and they are the assumed priority for future growth. Wal-Mart Stores Inc. is representative: In 1998 it obtained 6% of its revenue internationally; by 2008, international revenues constituted 25% of Wal-Mart’s much larger sales base.

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