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Category: Marketing

Digital Marketing

What are Pricing Models and Why Do They Matter?

Posted on by Imarticus Learning

Pricing models serve as an easy way to analyse market data where you can apply its outcomes in the decision-making processes. Marketing leaders determine product pricing strategies by using business pricing models that can illustrate and provide appropriate predictions of different pricing effects on different market conditions.

A pricing model is a theoretically acclaimed method that helps in standardising the product prices or service rates of a business based on deriving a result that stands in the best interest of the company’s growth and profitability. These models are generated by attaining an accurate understanding of a business and the key factors that affect its workflow. You can gain a better understanding of pricing models by joining a sales and marketing leadership program.

What is a Pricing Model?

A pricing model refers to the different methods used by marketers and organisation leaders to generate the correct price limit for their products or services. These models are created after considering numerous substantial factors that impact the profitability of a business, like:

  • The cost price of the products or the maintenance costs of a service
  • Customer feedback of the products including the consumer’s perception of the service and its value
  • Type of the business and its workflow, which can vary from personal services to retail goods. 

A successful pricing model can help a business maximise revenue generation, while the strategies behind the model can keep changing over time and might vary from one product or service or another. You can become a Chief Business Officer if you want to work in marketing and learn more about pricing and other business strategies.

Types of Pricing Models

In general, there are four pricing approaches that are used by brands to establish an appropriate price limit for their services or products, namely:

  • Cost-based pricing models
  • Value-based pricing frameworks
  • Competitive pricing models
  • Dynamic pricing

The different strategies in pricing emphasise different sections of a business model by choosing separate pricing models for different services or products. The seven most commonly used pricing models can be enlisted as follows:

  • Cost Plus Pricing: It is relatively simpler when you calculate the total cost and this model has powerful outcomes. 
  • Value-Pricing Models: It analyses customer feedback and measures the value of the products accordingly.
  • Hourly Pricing Models: This method is primarily used in services rather than products, and typically requires more documentation than the other methods. 
  • Fixed Pricing: It involves setting a fixed price for a time period or individual contracts. 
  • Equity Pricing: This model depends on accepting equity or stocks for the business.
  • Performance-Based Pricing: It relies on the performance of the service or the product to determine its pricing standards. 
  • Retainer Pricing Models: It is a planning model that fixes the price through discussion with the customers before starting with the service. 

Importance of Pricing in Business Models

Pricing models are used to compete with fellow organisations, improve the market shares of a business and create new forms of gaining revenue. They can be used by different sectors of business marketers, ranging from branded organisations to small start-ups. Primary factors that present the importance of using pricing models in businesses can be categorised into five sections.

Profit Margins

Pre-established pricing ranges can directly affect the profit margin of a business, where higher prices generate higher profit margins per unit. However, placing illogically high pricing limits can lead to lower volumes in sales followed by a complete wipeout of the profit. 

Sales Volumes 

Pricing models have an obvious impact on the sales volumes of a business. Considering the effects of price elasticity, an increase in price might cause a momentary fall in sale volumes, which gets balanced with overall high-profit margins due to higher prices. A sudden reduction in the prices can similarly increase sales, but the profit margin depends on its consistency and proportions.

Positioning the Business 

The pricing models help consumers to develop an overview of the business by creating a perceived value of its services or products. It affects the brand value and market image of the business, where high pricing denotes a higher quality. Offering sales and discounts can send out bargain and sale invitations to the customers, while rebates and closeouts might convey a message of poor sale volumes. 

Competing with Shares in Marketing

The prices set by a business directly affect its marketing position by generating competition from fellow organisations and impacting its share volumes in the market. 

Building a Customer Base 

Pricing models of a business assist in framing its consumer base, where loyal customers with long-term business relations might evolve through appropriate price ranges. 

Factors to Consider while Dealing with the Price Model Levels

There are a few aspects to consider while framing a business pricing model, such as

  • Offerable plans or features for the consumers
  • Relation between pricing models and the target audience 
  • Pricing per unit including different costing rates for different services or products
  • Determining the quantity and pricing value of giveaways or discounts
  • Customer expectations and behaviour 
  • Perception of price and quality also determines the expenditure 
  • Availability of alternatives to compete
  • The differentiators in the business model

If you find passion in learning about business models, you can participate in a sales and marketing leadership program to expand your knowledge and skills.

Common Challenges of Introducing a New Price Model

Designing a pricing model needs to be data-driven, understandable, accurate in prioritising the important aspects and precise in aligning the business to generate profitable outcomes. Some of the commonly faced challenges while generating a pricing model are: 

  • Pressure of customer reaction to changes in pricing and business alignment
  • Innovating the value sources might create new delivery systems and alter the pricing. 
  • Changes in the expenditure and management models of a business are caused by supporting product-based growth. 
  • Data access to new pricing models has a better insight, creating immediate alerts on productivity issues that affect the workflow.

Conclusion

Pricing models are important in strategising businesses since it allows you to define the business valuation. It evaluates the pricing ranges creating positive engagement with the customers. The pricing model of a company reflects its cost, competition in the market and brand value. It also initiates planned growth and improves the profitability of the business. 

You can become a Chief Business Officer by joining the executive program in sales and marketing leadership offered by Imarticus, where you can learn more about pricing models and business strategies. 

The Role of Data Analytics in Sales and Marketing

Posted on by Imarticus Learning

Sales and marketing are two of the most important skills recommended by experts and affluent business persons worldwide due to their close linkage with the art of persuasion. The art of persuasion is the main headliner for two of the mentioned careers, and better persuaders often become exceptional sales and marketing professionals. 

Even with hundreds and thousands of new entrants every year, the industry seems to get hungrier by generating more demand. Apart from understanding the dynamics of persuasion, marketing leadership courses often promote the recruitment to read and understand data, another integral part that determines one’s success. While persuasion can be polished, great marketers and thought leaders earn most of their success from being able to read data and predict patterns. 

This blog highlights the close relation of big data and how it plays a pivotal role in determining the success of a renowned marketer or sales professional.

Shifting From Assumptions to Insights

After the digital transformation, the world of sales and marketing witnessed a transformative shift in the last few decades. One of the most sought-after traditional approaches included making educational guesses on the market trend, customer preference, and hoping for success. 

However, with the implementation of data, businesses and marketers worldwide have seen more success across several marketing campaigns. Further, to cement the importance of big data in the current marketing spectrum and ongoing marketing leadership courses, McKinsey conducted several types of research for the same. Per their research, companies that rely on big data are 5-6% more profitable while further enjoying a 15-20% higher return on investment. 

Such research from reputable sources emphasises the role of big data, with the premium institute acknowledging the same and making the needful changes in their marketing leadership courses. 

Role in Optimising Marketing Success

Any action taken by an individual is stored on the word wide Web in a data format. Per the estimates, the current data garage surpasses 64.2 zettabytes in 2020, which is forecasted to increase to around 180 zettabytes by 2025. Everyone can access most information, and these data mainly depict the online action of certain users, groups, or demographic. 

Data are reference points which allow marketers and sales professionals to generate insights for their future or ongoing campaigns. When focusing on selling a particular product or service to a target group, marketers can collect, read and interpret the relevant data pertinent to that specific group. It allows such professionals to create extremely relevant campaigns and content, which ensures exceptional results. It further highlights the requirement for data analytics in a sales and marketing leadership program. 

Enhancing Sales Performance Through Big Data

The use of big data is similarly relevant and important in the sales industry but in a different way. Primarily, well-poised sales professionals are great at objection handling, coupled with persuasion. Big data acts as a cheat code for such individuals, sales professionals can identify such objections, allowing them to prepare beforehand. 

As a headliner, objection handling and using big data to identify and overcome such objections is one of the major subjects, the IIM sales and marketing course focuses on. Furthermore, most of the sales and marketing leadership programs teach this crucial skill.  

Predicting Success

Most of the optimisation is done during a campaign, but big data also applies in accepting or rejecting an idea. This idea can be a product, a campaign, or an online event. Deriving crucial insights from the existing data stores is working incrementally well for such professionals worldwide. 

Furthermore, identifying trends, behavioural patterns, and in-demand products through the accurate interpretation of big data further cements success beforehand. Owing to such insights, marketers are also being able to create hybrid-product combinations, which allows them to serve their customers at a higher level and earn more profit from a single transaction. 

Conclusion

Ensuring a higher success rate, students of different marketing leadership courses are expected to be able to extract, understand and implement the insights gained from big data in their future campaigns. 

As an extremely lucrative field, professionals who can read and interpret data are more likely to succeed in their marketing campaigns when compared to their non-data-savvy peers. Therefore, it is of utmost importance for aspiring students to only consider a sales and marketing leadership program where they can actively learn to use big data. Imarticus offers one such program, which is the Executive Management Programme In Sales & Marketing Leadership, provided under the guidance of IIM Lucknow.

Enrol now to kickstart your journey towards a highly rewarding career in sales and leadership!

AdMob: Mobile Advertising

Posted on by Imarticus Learning

When you download a mobile application from the internet and run it. Do you see advertisements running on the side of the application or on the bottom of the app? If you’ve ever encountered in-app advertisements like the aforementioned, you have experienced the work of ‘AdMob’.

AdMob is a mobile advertising platform that enables developers to run ads within their apps. AdMob was developed by Google and it lets developers generate revenue through their apps using advertisements. This is one of the renowned platforms in the domain of digital marketing.

best digital marketing courses in IndiaIn case you want to become a digital marketer, you have stumbled across the right read. In this article, we are going to delve into AdMob, its history, integration, formats, targeting, as well as revenue generation. Keep on reading to learn more.

History of AdMob

AdMob was founded in 2006 as a mobile advertising startup. It provided ad-serving technology for mobile websites. Google acquired AdMob in 2009 for $750 million. AdMob expanded under Google, offering advanced targeting and ad optimisation. It became a key part of Google’s mobile advertising strategy.

AdMob introduced new features like ad formats, targeting options, and analytics tools. It remains a prominent player in mobile advertising, helping developers monetise apps and enabling effective ad reach.

Integration

Application developers use the AdMob SDK(Software Development Kit) in order to integrate advertisements into their iOS or Android applications. Here’s an overview of how they do it:

  1. Firstly, they register on AdMob and set up their application.
  2. Next, they download the AdMob SDK and add it to their development environment.
  3. Now, they create ad units in the AdMob dashboard for specific ad placements.
  4. After that, they insert the SDK code and ad unit IDs into the app’s code.
  5. When all of the above is done, they customise the ads’ appearance to match the app’s design, test the integration and deploy the app.

AdFormats

Below are the advertisements that the AdMob platform offers:

  • Banner Ads: They are rectangular small ads that appear at the top or bottom of the screen.
  • Interstitial Ads: These are full-screen ads that show between app screens.
  • Rewarded Video Ads: These are full-screen video ads that offer rewards for watching. They often have a timer after which you can skip the advertisement.
  • Native Ads: These are ads designed to blend with the app’s content.

AdTargeting

AdTargeting is a key feature of AdMob that enables advertisers to deliver targeted ads. It offers various targeting options, including:

  • User Demographics: Advertisers can target ads based on user demographics such as age, gender, and language preferences. This allows them to tailor their ads to specific audience segments.
  • Interests and Behavior: AdMob leverages user interests and behaviour data to serve ads that align with users’ preferences and past interactions. By understanding user behaviour, advertisers can deliver more relevant and engaging ads.
  • Location Targeting: AdMob provides location-based targeting, allowing advertisers to deliver ads based on users’ geographic location. This enables businesses to target specific regions or cities with localised offers or promotions.
  • Contextual Targeting: AdMob supports contextual targeting, where ads are matched to the content or context of the app. By analysing the app’s content, keywords, and user engagement, AdMob delivers ads that are highly relevant to the app’s context, improving user experience.
  • Remarketing and Custom Audiences: AdMob offers remarketing capabilities, allowing advertisers to target users who have previously interacted with their app or website. Additionally, advertisers can create custom audience segments based on specific criteria to reach more specific user groups.

Revenue Generation

Developers earn revenue through AdMob in various ways:

  • Cost Per Click (CPC): Developers earn money when users click on these ads.
  • Cost Per Mille(CPM): This is the revenue generated on the number of ad impressions (per 1,000 views). So if you’re a developer who enables advertisements and it is viewed by 1000 users, then you get a certain amount of revenue.
  • Cost Per Acquisition (CPA): This is the revenue that is generated when users perform specific actions. These actions include installing another app or making an in-app purchase after clicking the ad.

Developers can choose revenue generation methods that align with their app’s goals. AdMob offers performance metrics and reporting tools to track ad performance, including CTR, impressions, earnings, and other relevant data. This helps developers monitor ad effectiveness and optimise revenue generation.

Conclusion

Digital marketing and mobile advertisements have taken today’s world by storm. Almost all service-based and product-based companies are leveraging digital marketing and mobile advertisements to generate revenue.

Running advertisements through services such as AdMob is something that every digital marketer should be familiar with. If you are looking to become a digital marketer then a digital marketing course is something that should actively help you achieve your goals.

This is why Imarticus Learning has tied up with IIT Roorkee to curate a digital marketing course that would guarantee your success as a digital marketer. The Advanced Certification In Digital Marketing And MarTech By IIT Roorkee is an all-inclusive course that runs for a duration of 18 weeks. You will learn from the basics of marketing to the complex topics such as media planning, buying and more. Do not miss this opportunity, enrol yourself in this programme and pave your way to becoming a successful digital marketer.

Effective Strategies for Customer Retention and Loyalty Marketing

Posted on by Imarticus Learning

Every brand vies for customers’ attention in this digitally-inclined world, making it arduous. This can be done by implementing multiple brand strategies or conducting a marketing mix aligned with the company’s aims. Retaining customers requires great effort and time to gain the consumer’s trust. Hence, a strong focus on customer retention becomes crucial for a business’s success. One can apply multiple strategies to improve customer retention, including more face-to-face interaction or working on the buyer-brand relationship. 

This article will answer the prevalent question of ‘what are the strategies for customer retention companies can adopt’ and suggest a few CMO Training Programs to level up your career.

What does customer retention mean?

Customer retention refers to the metric organisations or businesses use to measure their customer’s loyalty over a time period and their overall success. Different strategies and tactics are implemented to boost the overall retention of consumers for the company. Using a proper strategy for customer retention ensures that they remain loyal to the brand over a long period of time.

Customer Retention Rate formula: 

The customer retention rate (CRR) is a specific component representing the retained customer percentage for the brand over a specified time-bound period. Given below is the formula to determine the CRR- 

CRR = [{E-N} / S],

Here,

E represents the number of customers the brand holds at the closing of the period,

S represents the number of customers the brand holds at the initial measuring stage, and

N the number of new customers that the brand acquired.

Important Strategies to Improve Customer Retention

Customer retention and loyalty marketing are crucial to sustainable and flourishing businesses. While gaining new customers is significant, zeroing in on retaining existing customers can yield better yields and cultivate a loyal customer base that promotes your brand image. Here are a few successful methodologies to accomplish this:

 Customised Experiences

Tailoring your communications to customer requirements and behaviour can fundamentally uplift their association with your image. Use data analysis to grasp their buying history, inclinations, and socioeconomics. Leverage this data to make customised item suggestions, selective offers, and designated marketing efforts that reverberate with every customer.

Unmatched Customer Service

Offering unique customer service solutions is the foundation of customer retention. Including ideal and sympathetic responses to customer queries and problems can contribute to a pleasant overall experience with a long-term impact. Satisfied customers will remain loyal and recommend your products or services to others.

Loyalty Programmes

Executing a meticulously planned loyalty programme can entice customers to make them want more. Offer rewards like discounts, limited period offers, free products, or selective admittance to loyal customers. The pride and acknowledgement that comes from amassing rewards boosts rehash buys and improves customer commitment.

Multi-channel Engagement

Draw in your customers using online entertainment, email, in-person, and telephone channels. Consistency in providing information and the capacity to cooperate through their favoured channels influences consumers’ general insight. Be responsive and congenial, cultivating your areas of strength for association and dependability.

Help Customers Getting Associated With the Brand Positively

Creating a brand association can be an uphill task, especially when a company initially creates a brand name. This is followed by creating brand awareness leading to brand association with customers. Develop a positive outlook to entice customers into partnering with you.

Surveys and Feedback

Routinely look for customer feedback through surveys, feedback and audit structures. This shows that your brand values feedback from the market. Follow up on this feedback to improve your products, services, and customer experience.

Content and Guidance

Offer interesting and instructional content that resonates with your target customers’ needs to connect and engage them with your products or services. This could incorporate how-to guides, tips, industry experiences, and much more. 

Selective Offers and Exclusive Discounts

Reward your loyal customers with discounts and offers. This makes them feel appreciated and esteemed, empowering them to keep selecting your brand over other potential competitors.

Community Building

Make a community around your brand where customers can interact with one another. This can be through internet-based gatherings, virtual entertainment gatherings, or in any event, facilitating customer-selective occasions. Building a customer-centric community can help consumers stay connected with the brand and instil a sense of loyalty.

The Bottom Line

A few approaches and strategies might work better than others depending on the type of organisation you own, for example, a physical area versus a web-based store, its size and target audience. Whether you shape a brand profile or opt for promotions, fostering the right customer retention strategies for your business is significant.

If you are inclined toward making a career in management, check out the CMO Training Program, such as Imarticus’s Executive Certificate Programme For Strategic Chief Marketing Officers, to upskill yourself against the competition.

Learn the ropes of customer acquisition, retention and development tactics from industry experts and enhance your professional profile to fit the role of a CMO.

A Guide to Customer Funnelling and Consumer Journey

Posted on by Imarticus Learning

The customer funnel depicts a customer’s entire path, from initial awareness and interest to consideration and conversion. It extends beyond the purchase stage, encompassing ongoing engagement and advocacy. 

A sales & marketing leadership programme can help aspirants learn the basics of the customer journey and how to use customer funnelling to nurture leads and close deals.

Advantages of Customer Funnelling

  • Simple and clear understanding: The customer funnel is a simple concept that can be effectively tracked. It provides a straightforward visual representation of the customer journey.
  • Attracting a broad audience: It helps draw the attention of a large number of people to your company. As prospects progress through the stages, qualified leads are generated.
  • Building target groups: It enables the gradual formation of target groups, starting with a broad audience. It filters out less interested individuals, leaving those with a higher potential for conversion.
  • Tailored marketing: It guides marketers in tailoring their efforts to specific target groups. Addressing each segment’s unique needs and preferences enhances the overall effectiveness of marketing campaigns.

Consumer Journey

A client or consumer journey refers to interactions, offers, and channels guiding prospects or clients through your product/service range.

It can vary in duration depending on the complexity of your offerings. Some journeys may be brief, while others may be more extensive due to multiple product options or service levels.

The consumer journey involves:

  • Funnelling: Creating structured pathways guiding prospects towards specific actions or conversions.
  • Email communication: Using personalised and targeted email campaigns for nurturing and maintaining ongoing communication.
  • Text messages: Engaging prospects and clients through direct and timely text messaging platforms.
  • Voicemails: Leave thoughtful voicemails to follow up and provide additional information or offers.
  • Website presence: Establish an informative and interactive website, a central hub for prospects to explore your offerings.

Essential Stages of the Consumer Journey

Let’s explore the consumer journey stages through an example of someone looking to buy a new smartphone:

1. Awareness

The individual realises their current smartphone is outdated and doesn’t meet their needs anymore. They search for the latest smartphone models online and read reviews and articles about top brands and features.

2. Consideration

They narrowed their choices to two leading smartphone brands following extensive research. They compare each model’s specifications, prices, and customer feedback to make an informed decision.

3. Decision

The person purchases the smartphone from Brand X due to its excellent camera features, positive customer reviews, and a limited-time discount offer.

4. Retention

After using the smartphone for a few weeks, the individual receives personalised emails from the brand, offering tips on optimising the device’s performance and exclusive access to new software updates. It enhances their overall experience and loyalty to Brand X.

5. Advocacy

Impressed with the smartphone’s performance, the person shares their positive experience on social media, recommending the product to their followers. One of their friends sees the post and asks for a direct link to purchase the same smartphone.

The example shows how a consumer progresses through the journey stages, from becoming aware of the need to purchase, examining possibilities and finally becoming an advocate for the company.

How to Improve the Consumer Journey?

Sustaining successful marketing outcomes requires continuous optimisation to meet evolving consumer expectations.

Regularly reviewing and refining your consumer journey is essential to ensure a seamless and satisfying experience.

Here are the key stages to focus on:

Stage 1: Reach

Effectively target your audience by leveraging customer data, including voluntarily shared zero-party data.

Create audience personas for targeted ads on platforms like Google and social media. 

You’ll build a more robust and engaged contact list by reaching the right people. Remember to collect only necessary data and avoid gathering unnecessary information.

Stage 2: Acquisition

Prevent customer loss by avoiding irrelevant messaging to newly acquired customers. Impersonal and generic email marketing can lead to a high customer unsubscribe rate.

Instead, ask customers about their preferences or offer a self-service content model for topic selection. Maintain customers’ trust in your brand by avoiding irrelevant messages.

Stage 3: Conversion

The conversion stage is where marketing and customer service converge. Collaborate between departments to ensure a smooth customer experience.

Implement channels like live chat to remove obstacles to purchasing and gather valuable data. Identify areas for website improvement and address frequently asked questions.

Use consumer data to create post-chat email automation, enhancing overall experiences and fostering robust and enduring customer relationships.

Stage 4: Retention

Leverage consumer data for personalisation during the post-purchase phase. Focus on collecting data that enables tailored product recommendations and content to keep customers engaged and retained.

Combine consumer interests, purchase history, and segmentation techniques like eRFM or lead scoring to create unique pathways for highly targeted customer segments.

Personalise marketing messages and offers based on customer data to drive relevance and conversions and cultivate consumer loyalty.

Stage 5: Loyalty

The loyalty stage aims to make consumers feel valued and deepen their connection with your brand.

Optimise earlier stages of the consumer journey to establish trust and demonstrate commitment to responsible data usage and privacy.

Invite loyal customers to participate in review panels or join loyalty programmes, encouraging a more vital investment in your brand.

This approach increases the likelihood of customers choosing your brand over competitors.

Customer Funnel vs Consumer Journey

Some of the primary differences between the two are:

Customer Funnel Consumer Journey
Definition A marketing model outlining the steps customers take to make a purchase decision and become a customer. A holistic view of a consumer’s entire experience with a brand, from the initial awareness stage to post-purchase interactions.
Focus Acquiring new customers and guiding them towards making a purchase. Understanding and enhancing the overall consumer experience and fostering long-term relationships.
Scope Limited to the stages leading up to a customer’s purchase decision. Encompasses all touchpoints and interactions throughout the customer’s relationship with the brand, including the pre-and post-purchase stages.
Goal Conversion of leads into customers. Building loyalty, customer retention, and advocacy.
Marketing Focus Attracting and converting potential customers. Creating a seamless and positive experience at each touchpoint, from discovery to advocacy.
Importance Essential for lead generation and sales. Crucial for building strong customer relationships and fostering brand loyalty.

Conclusion

Understanding and effectively implementing customer funnelling and consumer journey strategies are crucial for driving business growth and success. Companies can enhance their sales and marketing performance by optimising the customer’s path from initial awareness to becoming loyal advocates.

Consider enrolling in Imarticus Learning’s Executive Management Programme in Sales & Marketing Leadership programme by IIM Lucknow to kickstart your career in the field. 

Visit Imarticus Learning for more information on the IIM L executive programme.

Here’s Why Using Search Intent Can Shape Your Digital Marketing Strategy

Posted on by Imarticus Learning

In this technological era, businesses and brands are going online. Nowadays, customers do not depend on businesses to provide a marketing funnel. Instead, they prefer to conduct their research about which product/service is better.

Search engines are the primary solutions for customers to look for any brand or service. Business owners should know about search intent as it is responsible for boosting ROI and driving online engagement. Read on to know how search intent can shape digital marketing strategies.

Understanding search intent 

Why is a user searching for anything on a search engine? Search intent is the reason that compels the user to search for anything on search engines. Customers may enter a search query for buying something or they may be interested in visiting the website.

Customers may also search for a query just knowing more about any product or topic. Based on the search intent of customers, brands implement their digital marketing strategies. For example, if the customer wants to search for the best antivirus in the market, one cannot show them a landing page in SERP. Instead, digital marketers will directly promote the antivirus product as the search intent suggests that the customer is willing to buy.

Significance of search intent 

 Many businesses pay for digital marketing courses so that their employees can know more about search intent. Online marketplaces and platforms rate search intent highly among digital marketing elements. If someone is an expert in understanding the search intent of customers, they are likely to get a lucrative job offer in the digital marketing industry.

Search intent is important because it helps in understanding the expectations of the customers. One can provide relevant responses to users on search engines if search intent is understood.

Search engines also rank web pages based on the search intent. For example, Google understands the search intent of customers and shows them results based on that. If someone is offering a relatable response to the user’s query, their web pages can rank higher in the SERP.

Relevance is the key formula in digital marketing to gain success. Many digital marketing courses skip search intent as they don’t consider it an important SEO element. Contrary to the belief, understanding search intent is of utmost importance for ranking higher in the SERP.

 How to learn about search intent?

Traditional colleges and institutions do not have ample courses for digital marketing. Also, the recent COVID pandemic led to the suspension of physical classrooms for digital marketing. Young enthusiasts have traversed to EdTech platforms for learning digital marketing.

Many working professionals who didn’t know much about search intent have looked for certification in digital marketing. Aspirants need to choose an effective online course that covers all the aspects of digital marketing in 2021. Imarticus Learning is a reliable EdTech platform that can help in getting a certification in digital marketing.

Why choose Imarticus for a digital marketing course? 

 Imarticus provides a PG Program in Digital Marketing which is preferred due to the following benefits:

  • The online program in digital marketing comes with 100% placement assurance. Students will receive quality placement assistance from Imarticus Learning.
  • From SEO to affiliate marketing, all the aspects of digital marketing will be covered in this course.
  • Simulated and capstone projects will help students to learn several practices in the digital marketing industry.

Conclusion 

As more and more businesses are shifting online, the demand for expert digital marketers is rising. A digital marketing course that covers search intent and other principles can help kickstart a career. Online digital marketing courses can help in learning from home amidst tough times. Start your PG program in digital marketing now!

High Ticket Sales vs. Low Ticket Sales: Definition, Examples and Best Practices

Posted on by Imarticus Learning

Achieving business success can be difficult despite the wide availability of sales and marketing strategies. Overlooking the potential benefits of minor adjustments in marketing strategies leads to unnecessary challenges for entrepreneurs looking to scale their businesses. Optimised marketing and sales strategy can ultimately lead to effortless growth and a higher ROI. 

Two frequently considered business models are high ticket and low ticket sales, each with advantages and challenges. Understanding the differences between these models is vital to make informed decisions driving growth and achieving financial goals.

So, which business model holds the key to scaling a business? 

This blog will describe high ticket and low ticket sales in detail, offer illustrative examples, and discuss how a sales & marketing leadership programme can help elevate a business’s overall marketing strategy.

Understanding High Ticket Sales and Low Ticket Sales

High ticket sales refer to luxury products or services sold at premium prices. These items typically cost over $1,000 and require personalised attention, follow-up, and longer sales cycles. While high ticket sales offer advantages like higher profit margins, increased brand prestige, and deeper customer relationships, they also have drawbacks such as longer sales cycles, a smaller customer pool, and higher risk.

In contrast, low ticket sales involve cheaper products or services with a price tag under $100. These sales require less effort from the seller, resulting in quicker sales cycles and a larger customer pool. Low ticket sales offer advantages like a more extensive customer base, lower risk, and faster sales cycles. However, they have lower profit margins, limited prestige, and often result in more transactional customer relationships.

Which is the Best?

Considering your target audience, strategy, and revenue goals is crucial when deciding which approach is better for your business. 

High ticket sales work best for businesses with higher profit margins, exclusive positioning, and personalised customer relationships. They are ideal for catering to a niche market willing to invest in premium products or services. 

On the other hand, low ticket sales are more suitable for businesses looking to reach a broader customer base, achieve faster sales cycles, and offer more affordable options. They work well when targeting price-sensitive consumers and focusing on high-volume sales.

The choice between high ticket and low ticket sales depends on the business goals, target market, and value proposition of the products or services. Some businesses can even adopt a hybrid approach, offering a mix of high and low-ticket items to cater to different customer segments and maximise revenue potential.

High Ticket Sales vs Low Ticket Sales 

High Ticket Sales Low Ticket Sales
Definition Includes high-cost and luxury products/services usually sold for high prices Includes cheap products/services with comparatively lower price tags
Price Range Usually over $1,000 Usually under $100
Customer Pool A smaller pool of potential buyers due to a higher price range A larger pool of potential buyers due to a lower price range. Mainly impulse buyers
Profit Margins High (80-150%) Comparatively low (20-40%)
Risk Higher risk Lower risk 
Sales Cycle Longer sales cycle as it requires more consideration from customers. Shorter sales cycle as it requires less consideration.
Inventory Replenishment Rate Comparatively low as they sell few ‘expensive’ items Comparatively high as they sell a lot of ‘cheap’ items
Brand Upliftment Elevates brand to a more exclusive level, appealing to high-end customers May not carry the same level of brand value to its customers
Customer Relationships Requires more attention and personalisation, leading to deeper customer relationships More transactional relationships with customers
Revenue Impact Each sale can result in a significant revenue boost. More sales are needed to achieve the same revenue boost.
Suitable For For a scalable online business and ideal for higher revenue goals Easier to start and operate and suitable for mass sales
Competitors Industry best, bigger companies  Numerous small and big companies

Low Ticket vs High Ticket Sales – Best Practices

Follow these best practices for effective implementation of high ticket sales and low ticket sales:

High Ticket Sales

  • Identifying the target audience: Define your buyer persona and gain a clear understanding of their motivations, pain points, and needs. It will help customise your approach and establish connections with potential high-value clients.
  • Building your reputation: Establish your expertise and reputation in online groups and communities relevant to your industry. Engage in valuable conversations and position yourself as a trusted authority.
  • Filtering prospects: Use strong filters to focus your efforts on qualified leads with the potential to become high-value clients. It will save considerable time and resources.
  • Empathy and relationship building: Approach high ticket sales with empathy and prioritise building relationships over immediate sales. Understand the client’s needs and provide personalised solutions.
  • Follow-up: Implement a follow-up process to nurture relationships and stay top-of-mind with potential clients. Persistence and consistent communication can help close high-ticket deals.
  • Training your team: Equip your sales team with the necessary skills and knowledge to effectively engage with high-value clients. Provide training on consultative selling and relationship-building techniques.
  • Focus on nurturing: Once a high-ticket sale is made, prioritise nurturing the relationship with the client. Offer exceptional service and support to ensure client satisfaction and foster loyalty.

Low Ticket Sales:

  • Value proposition: When marketing low-ticket sales, it’s crucial to highlight the value and benefits your products or services offer. Communicate how they fulfil customer needs.
  • Effective marketing channels: Opt for marketing channels like email, organic search, and social media to generate leads efficiently for your low-ticket offerings.
  • Addressing customer concerns: Identify and resolve potential customers’ doubts or worries about your low-ticket offerings. Provide reassurance and emphasise your products or services’ value and quality.
  • Customer satisfaction: Showcase testimonials or case studies from satisfied customers who have chosen your low-ticket offerings. Highlight the positive experiences and outcomes.
  • Upselling opportunities: Explore possibilities for offering additional products or services to low-ticket customers, increasing their overall spending and potentially introducing them to higher-ticket offerings.
  • Streamlined sales process: Streamline the sales process for low-ticket offerings, minimising friction and ensuring a seamless and user-friendly purchasing experience.
  • Scalability: Focus on the scalability of your low-ticket sales model by automating processes and leveraging systems to handle larger volumes of transactions efficiently. 
  • Diversify revenue streams: Consider diversifying your revenue streams by offering complementary low-ticket products or services that align with your target audience’s needs and interests.

Conclusion

Entrepreneurs can succeed in sales strategies by developing leadership skills and understanding effective sales and marketing techniques. Excel in sales and marketing roles and focus on leadership development with Imarticus Learning’s Executive Management Programme in Sales & Marketing Leadership, offered in partnership with IIM Lucknow. This IIM L executive programme provides a comprehensive understanding of sales and marketing principles, helping professionals transition to leadership roles. 

For more information, visit Imarticus Learning today!

Factors To Consider For Choosing The Right Product Management Certification Course

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Benefits of Product Management certification course

Are you looking to boost your career in product management? Do you want to stand out from the competition and be recognized as an expert in your field? If so, then a Product Management certification course might be just what you need. In today’s competitive job market, having a certification is essential. It can give you the edge you need to land that dream job or get that well-deserved promotion.

best product management course

A Product Management certification course prepares you to become a successful product manager. This course provides a complete understanding of various aspects of product management. These include market research, product development, pricing strategies, and marketing. By completing this certification, you gain credibility. Thus, enhance your career prospects in the field of product management. The benefits of taking a Product Management certification course are plenty. You gain expertise in a high-demand field. This increases job opportunities and earning potential. The course teaches you to effectively manage and launch successful products in the market.

Let’s explore some key factors to consider for a product management course.

7 factors to consider before enrolling in a Product Management certification course

Before enrolling in a Product Management certification course, there are several factors that you should consider. These factors will help you determine if the course is the right fit for your goals and needs.

1. Reputation and accreditation

Research the reputation and accreditation of the certification program. Look for programs that are recognized and respected within the industry.

2. Curriculum and course content

Review the curriculum and course content to ensure that it covers the necessary skills and knowledge you need to develop as a Product Manager. Look for courses that provide a comprehensive understanding of product development, strategy, and marketing.

3. Instructor Expertise

When choosing where to learn product management, it’s crucial to thoroughly investigate the qualifications and experience of the instructors. It’s not enough for them to simply have theoretical knowledge – you want to learn from professionals who have real-world experience in product management. This will ensure that you are gaining practical insights and learning from their successes and failures in the field. Look for instructors who can provide examples of their past projects, achievements, and industry recognition, as this will help validate their expertise and enhance your learning experience.

4. Flexibility and convenience

Consider the format and schedule of the course. Determine if it fits with your current commitments and lifestyle. Online courses may offer more flexibility, while in-person courses may provide more networking opportunities.

5. Support and resources

Find out what kind of support and resources are provided during the course. Look for programs that offer mentorship, community forums, and additional learning materials.

6. Cost and value

Evaluate the cost of the certification course and compare it with the value it will bring to your career. Consider the return on investment and whether the course is worth the financial commitment.

7. Alumni network and job placement

Research the alumni network and job placement opportunities provided by the certification program. A strong network and job placement support can enhance your chances of finding a job or advancing in your current career.

The Product Management certification course you choose should align with your career goals. By considering the above factors, you can make an informed decision.

Elevate your career with the ultimate product management certification course

When considering a product management course, there are a few factors to keep in mind. Look at the course curriculum. Make sure it covers essential topics like market research and product development. Consider the qualifications and experience of the instructors. You want professionals who have real-world experience in product management. Also, think about the course format. Do you prefer in-person classes or online learning? Choose a format that suits your learning style and schedule.

Investing in a product management certification course enhances your credibility. It also opens doors to new opportunities and a higher earning potential. Imarticus Learning offers a wide range of learning programs designed specifically for young professionals like you. We have an easy-to-use interface and expert-led courses. Don’t miss out on this opportunity to invest in yourself and take your career to the next level. Visit our website today and start your journey toward success.

Top Indian Start-ups That Are Taking Over the World

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India’s startup scene has been witnessing remarkable growth, with over 61,000 startups recognised as of January 2022, positioning it as the world’s third-largest startup ecosystem, closely following the US and China. The government’s ambitious initiative, Startup India, fuels this progress, which fosters a culture of entrepreneurship and encourages youth to become business leaders.

Paving the way for the younger generation, these startups offer enticing opportunities for individuals to work and gain valuable experience in their chosen domains. 

In this article, we will delve into the world of Indian startups, shedding light on ten trailblazing companies that have not only achieved billion-dollar valuations but continue to revolutionise industries with their ingenuity and vision. We will also offer a brief glance into the significance of IIM executive courses and how the right executive program in sales and marketing and skyrocket your career!

Top 10 Startups in India

Cred

Established in 2018, Cred is a Bangalore-based startup offering a unique platform for paying credit card bills and earning rewards. Valued at $2.2 billion, the 2-year-old company boasts over 6 million customers, targeting affluent clients and gaining significant attention.

BoAt

BoAt is an Indian-origin brand renowned for its top-notch audio devices and smartwatches. It has gained global recognition, securing a place among the top 5 audio system manufacturers due to its exceptional product performance and durability.

Nykaa

Nykaa is a prominent online beauty and fashion e-commerce platform offering wellness and beauty products at competitive prices. Falguni Nayar, a former investment banker, founded the platform, which has grown into a complex business. It was valued at $1.2 billion, raised $25 million in March 2020, had more than 5 million active users per month, and had more than 55 retail locations.

Zomato

Zomato is an online food delivery service startup founded in July 2008 by Deepinder Goyal and Pankaj Chaddah. Initially known as Foodiebay, the platform began when the founders noticed the challenges faced by employees in ordering food. Despite starting small in Mumbai and Kolkata, Zomato rapidly grew, and with their team’s dedication, they overcame the challenge of expanding nationwide. Today, Zomato boasts over 5000+ employees worldwide, making its success story truly remarkable.

Paytm

Paytm is an Indian business solution that provides an e-commerce platform to assist with financial services such as online payment. IFounded in 2010 by Vijay Shekhar Sharma, the platform boasts approximately 20 million active customers, solidifying its status as one of the top international fintech companies.

Meesho

Meesho, founded in 2015 by IIT-Delhi Graduates, is a reseller platform revolutionising e-commerce distribution by empowering homepreneurs to sell products via WhatsApp, Facebook, and Instagram. With a valuation of $2.1 billion, the company raised $300 million, attracting investors like Facebook. As an ecosystem for small businesses, Meesho facilitates online marketplace connections, logistics, order, and payment management. 

Groww

Groww is a Bangalore-based startup offering a user-friendly mobile app and web platform for investing. It aims to democratise investment for the commoner in India, attracting users from smaller cities who had not invested before. The company’s popularity also makes it one of the top startups to work for in India, as it plans to channel its revenue into new products and talent recruitment.

Razorpay

Razorpay is a full-stack financial solutions company based in Bangalore. With a user base of over 300 million, Razorpay aims to revolutionise money management for online businesses. Recognised by YCombinator in 2015, it secured funding of $120,000. Having left Microsoft and Schlumberger, the founders launched Razorpay with the help of startup oasis, addressing the need for a suitable payment system for companies accepting payments in India.

Swiggy

Swiggy, India’s leading food delivery platform, has become synonymous with convenience and satisfying cravings at home. Operating in 27 cities and partnering with over 40,000 restaurants, the Bangalore-based company recently raised $800 million in funding, valuing it at nearly $5 billion. With a target market of 50 million users, Swiggy’s rapid growth has earned it unicorn status, competing vigorously with established players.

Udaan

Established in 2016 by Amod Malviya, Sujeet Kumar, and Vaibhav Gupta, Bangalore-based startup Udaan focuses on B2B industries, facilitating collaboration and networking between manufacturers, traders, retailers, and wholesalers. With major brands like Boat Lifestyle and ITC onboard, Udaan boasts over 3 million users in 900 Indian cities. Expanding into the B2C market with its app, Pickily, Udaan competes with brands like BigBasket and Swiggy, offering FMCG products to customers.

Conclusion

In conclusion, the Indian startup ecosystem is thriving, with several remarkable ventures leaving a significant impact. From tech giants like Zomato and Paytm to disruptors like Meesho and Groww, these startups exemplify innovation and vision. 

As the competition intensifies, these startups embrace challenges supported by strategic executive leadership. For professionals aspiring to lead and excel in this dynamic landscape, an Executive Programme in Sales & Marketing Leadership from Imarticus, under the guidance of IIM Lucknow, can equip them with the knowledge and skills to navigate the complexities and drive success in this exciting realm.

Importance of SEO Research and SEO Integration

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Search Engine Optimisation (SEO) is one of the key tools one needs to acquire to become a digital marketer. SEO can be regarded as the backbone of most brands due to its viable and cost-friendly methods to reach customers effectively.

It is generally known to be a practice which increases the quality and quantity of traffic to a particular website via search engine results. A soaring rank is gained by the website with greater visibility online, leading to more availability of customers.

SEO Research gains most of its importance from keywords. Through such research, there are certain optimal keywords which are in high demand according to consumer requirements. These keywords allow for boosting the website rankings bringing in a larger audience.

Integrated SEO refers to the utilisation of content to gain higher ranks on sites such as Yahoo, Google, and Bing. These rankings can be found in leads, increased traffic, greater visibility, and revenue.

How is SEO Research performed?

There are certain steps which can be followed to perform SEO keyword Research, mostly applicable in digital markets. Let us discuss these steps in more detail.

Creating a list of relevant topics depending on the type of business

There should be certain general topics to choose from to find the most suitable one. For regular bloggers, having 5-6 topics in mind always comes in handy for day-to-day requirements. These ideas should be thought of in the perceptions of the buyers or the target audience for greater clarity.

Filling of topic buckets with required keywords

best digital marketing course

Once you have selected over 5-6 topics, it is now important to identify the keywords which are suitable for consideration. The target audience will conduct all searches related to these 1-2 selected terms. The greater point underlying this step is to think of phrases which will be considered by potential customers which would make easier selection of the keywords.

Another way of selecting the keywords is to figure out which keywords are already being searched. To perform this step, certain website analytics software such as Google Analytics and Hubspot’s Sources Report can be highly helpful. After drilling down the traffic sources of these websites, keywords can be identified more proficiently.

Understanding the Role of Intent in keyword research

User intent can be regarded as one of the major factors to gain a proper rank on search engines such as Google. Nowadays, the webpage is supposed to solve the problem a searcher is planning to work on rather than simply carry keywords used by the searcher him/herself.

Although it is easy to consider a few keywords in terms of face value, to become a digital marketer, one has to understand the different meanings of these keywords. Since the intent of such keywords is connected to the ranking potential, one has to be extra careful with the targeted keywords.

Analyse other search terms

If there is a dilemma with more suitable keywords related to a specific topic, search for more related terms over digital spaces such as Google. Several suggestions related to the original input are visible across such spaces, making it easier for a digital marketer. If any other potential keyword is found, that can be put to use.

Usage of other research tools for keywords

There are other research tools as well as SEO tools that are ideal for finding the most suitable keywords concerning the topic. Some popular research tools are as follows:

  • Google Keyword Planner
  • Ubersuggest
  • Ahrefs
  • SECockpit
  • Keywords Everywhere
  • Moz
  • KWFinder

What are the strategies for SEO integration?

SEO integration is one of the best marketing strategies to achieve good quality, long-lasting results. There are a few strategies for an integrated approach to SEO. These steps are as follows:

  • It is important to check if the website is up to the required standard. Even if it’s not updated, please check on the inner workings to see if everything can work smoothly without challenges.
  • If one wants to become a digital marketer, he/she should construct certain analytics for progress. Data traffic and attributing numbers are highly critical to ensure efforts in such situations.
  • Social media also plays an important role in these situations. Sites such as Facebook, LinkedIn, and Twitter lead to driving traffic in similar ways to SEO. Social media shares also play a role to achieve a rank via pages.
  • Content creation can also be considered one of the greatest strategies in the present context. High-quality content ranks at the top of search engines, generating several leads.

The advantages of SEO are evident only if the optimisation is implemented in a strategic and deliberative way. Hence it is proven that websites can be SEO optimised and user-friendly by using the integrated approach.

Conclusion

Learning about the role of SEO Research and SEO integration can be best acquired from a digital marketing course. The Advanced Certification in Digital Marketing and MarTech by Imarticus is the best course for understanding the fundamentals of SEO. The application deadline for this course is 14th July and classes will take place for over 4.5 months. Taught by professors from IIT Roorkee, this digital marketing course will gain you placements in top companies such as Dentsu and Accenture. To know more about this course, visit Imarticus Learning.