EFG Marketing Solutions, Inc. – Boost Business Effectively

Posted by ExternalContributor on Dec 30, 2009 in Other Views | 5 comments

Businesses built for profit purposes are under pressure by their owners to make money. Sometimes the type of business or the condition of the market for that business is a strong factor in how much money a business will make. Otherwise, a business may need to study marketing tactics from EFG Marketing Solutions, like market segmentation, to boost and improve profits.

Market segmentation is a very precise process. It involves looking at a particular market and analyzing the consumers within. The consumers are then divided up into segments. The segments are approached differently according to the variables that they were divided by and are how the segmentation marketing method helps increase profits.

When the process of market segmentation begins, a business must help the process by identifying the right consumer base or customer market. Analyzing customers that have no interest in the business is a waste of money. The business must also see what it expects from these consumers. Does it want a service or a reputation or respect in their field? Last, the business must ensure that they are in line with their consumer base’s wants and needs. Do they have what these people are really truly looking to pay money for?

For a segment to be correctly defined, it must follow certain traits or have specific characteristics. Segments must be both homogenous within themselves as well as being heterogeneous to other segments. The similarities and differences of consumers will help the business create the best strategies on retaining and satisfying customers.

When a segment is defined by market segmentation as being homogenous, it has specific traits that are unique to just that segment. Different things can decide what traits a segment is characterized by. Demographics, industry and other factors help to show a segment’s traits. All of the consumers with a segment will have things in common with the other consumers in their segment, says EFG Marketing Solutions.

Different consumer segments must also have heterogeneity from other segments. The use of market segmentation will help in demonstrating this. Consumers of one segment will not have traits in common with consumers of another segment. Retention programs are best suited to specific market segments. If there is an overlap, profits may be spent unnecessarily on retention programs that suit multiple segments but are not specifically segment oriented.

One of the big goals of using marketing segmentation is that of creating appropriate retention programs or schemes. Once segmentation has defined a segment, three important questions come up. One question for the business to ask is if this customer segment is at risk of canceling services from the business. Another is if it is worth keeping this segment pleased. A third question is how best to retain the consumer base of that segment.

According to EFG Marketing, market segmentation will match up customers with historic retention records with those who have similar attributes. The retention tactics to use with future similar customers have to do with the segment those historic customers fit into. As well, a business can focus on a specifically profitable segment group if it deems it necessary. Using these EFG Marketing tips can be very profitable for the entire consumer base a business has.

EFG Marketing Solutions – Growing Your Business The Effective Way

Posted by ExternalContributor on Dec 30, 2009 in Other Views | 1 comment

The marketing mix is the first thing taught in most business classes, according to EFG Marketing Solutions. One cannot run a successful business without knowledge of it. However, many small business owners or entrepreneurs have not had the formal training to know what is meant by this term. The phrase was invented fifty years ago to describe what should be instinctual for those in business. The phrase is still used today, though the definition and its importance will never be replace or irrelevant.

In simple terms, the four P’s defines the marketing mix: Product, Price, Place, and Promotion. Some argue that the fifth P is ‘packaging, ‘ but for the sake of brevity, we’ll focus on just the four. The product is exact what one’s business sells or provides, be it a good or service. Price is what you charge for this good or service. Place refers to where it can be bought and where it would be most needed. Promotion is how you get word out about your product.

The product is possibly the first step. One must fill a void in the current market in order to be successful. What good or service is not being employed? Or what good or service is being incorrectly or poorly employed? The product, especially for small companies, is a very creative and personal choice and requires much attention to stay on top of the competition.

Price is where things get really complicated because there is so much to think about. How much does it cost you to make or provide the product? If you’re going to make a profit, you have to charge more than what it costs you. But how much is too much? If there is competition, do you sell your product cheaper than there’s? How does that reflect on the quality of your product? How do consumer expectations fit in? Are there cheaper alternatives for customers?

Place means: where can this product be bought? Is it regionally specific? Can it be bought online? Who is the target group most likely to buy it, and is it being sold in places they would visit?

Promotion involves advertisements for the product. It also means getting people talking about it. Viral advertisement is often worth more than any TV commercial could be. Once again, one must think of their target market and how they will learn about the product in the first place.

According to EFG Marketing Solutions, the four P’s are starting to be replaced by the four Cs: consumer, cost, convenience, and communication. Cost and communication is essentially the same thing as price and promotion. Consumer is thought to be a better definition than product because the term consumer means you’re looking at the buyer and what you can supply for them, not merely what you can make in terms of yourself.

Convenience is a new concept to the marketing mix that is hugely influential in the success of a product. Place is part of convenience. The desired consumer has to be able to get to the product in order for its purchase to be convenient. But you must also think of any processes one must go through to get the product. If it requires any other products to make it work (batteries not included, e.g.), and what the general mindset is about such a product, says EFG Marketing.

EFG Marketing is a locally owned marketing company for Fortune 500 clients. Since 2005, EFG Marketing Solutions, Inc. has provided professional and reliable results to their clients. Others may come and go, but for nearly five years their clients have counted on their presence every day to improve their bottom line.