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Business Terminologies or Something?

written by: AGASA, HERSHELLE HANNAH Before hopping into the world of digital marketing, one must be aware of the terms that are frequently encountered for an aspiring business owner in the world of online...

DIGITAL MARKETING PLAN

It is a document that outlines the marketing goals of your business, acting like a road map to the goals. This document includes details such as strategies, timelines, channels, and budget, so that businesses can use this as a guide on how to connect with their target audience with ease.

ACTION PLAN

It is a detailed document with a description of specific actions required to achieve a certain goal. In terms of business, the action plan acts as a checklist of tasks and resources needed to complete a project, forming a foundation for any business strategy, guiding the business from the start up to its desired goal/s.

BUSINESS MODEL CANVAS

It is a management tool in business that enables you to visualize the key aspects of a business or product. This model includes the following:

1] Customer Segments – It is the practice of dividing a customer base into distinct groups based on shared characteristics, as it refers to whom the business is creating value for.

TYPES OF CUSTOMER SEGMENTS:

Mass Market

Niche Market

Segmented Market

Diversified Market

Multi-side Platforms

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2] Value Propositions – It is a statement that briefly explains and convinces a potential customer to buy a product or service from a particular business.

ELEMENTS OF THE VALUE PROPOSITION:

Newness

Performance

Customization

Brand or Status

Design

Price

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3] Channels – They are the methods and routes through which a company delivers its value proposition to customers.

THINGS TO CONSIDER IN CHANNELS:

Product

Market

Middlemen

Company

TYPES OF CHANNELS:

Sales Force

Web Sales

Own Stores

Partner Stores

Wholesaler

Retailer

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4] Customer Relationships – It consists of all the customer interactions along the journey of the business.

TYPES OF CUSTOMER RELATIONSHIPS:

Personal assistance

Self-service

Automated services

Communities

Co-creation

Dedicated personal assistance

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5] Revenue Streams – They are the different ways a business earns money.

TYPES OF REVENUE STREAMS:

Asset sale

Brokerage fee

Subscription fees

Renting/leasing/lending

Licensing

Advertising

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6] Key Activities – They detail any activity the business is engaged in to make profit; represent the link between value proposition and the needs of the customer segments. It is perhaps the easiest to define in companies that create products or are built around solving customer problems.

TYPES OF KEY ACTIVITIES:

Production

Problem solving

Platform/networking

Partnership

Service

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7] Key Resources – They are the vital assets a business needs to function and succeed; specifically what value propositions, distribution channels, customer relationships, and revenue streams require.

TYPES OF KEY RESOURCES:

Physical

Intellectual

Human

Financial

Natural

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8] Key Partners – They are the partnerships between individuals or organizations that collaborate with a business to achieve mutual goals or improve operations.

TYPES OF KEY RESOURCES:

Strategic alliance

Joint ventures

Cooperation

Buyer-supplier

Franchising

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9] Cost Structure - It is a representation of a business’s costs to produce and/or deliver its goods and/or services.

TYPES OF COST STRUCTURES:

Cost-driven – keeping costs or expenses down (e.g. low-cost airlines, fast-food chains, generic drug manufacturers)

Value-driven – creating more value in the product itself, not necessarily producing it at the lowest possible cost (e.g. luxury fashion brands, jewelry brands or luxury hotels)

Fixed costs – remain unchanged (e.g. rent, salaries)

Variable costs – fluctuate with production levels (e.g. raw materials, shipping)

Economies of scale – cost decreases as production increases. Higher volume? Lower the overall cost per unit! (e.g. bulk buying, mass production, mass market)

Economies of scope – cost decrease by investing in businesses related to the core product (e.g. restaurants offering combo meals, tech companies producing different devices)

GLOBAL STRATEGY

It addresses various critical aspects to ensure consistent and effective operations across diverse markets. Below are the components that must be taken note of when applying global strategy into your business:

Culture: Learn about and respect the local traditions, holidays, and ways of life.

Language: Use the local language to talk to customers or adapt your messages for them.

Payments: Make it easy for people to pay using their local money and common payment methods.

Brand: Keep your company’s identity consistent everywhere, but tweak it for local tastes if needed.

Values: Stay true to what your company stands for while respecting local beliefs.

Visual Identity: Use the same logo and style worldwide, with small changes to suit local designs.

Research and Insight: Study each market carefully to understand what people like and need there.

KPIs: Set clear goals for success, both for the whole business and for specific countries.

Now that you've read through the entire post, congrats! I know it's a big wall of text at first, but if you are truly dedicated into bringing yourself out there and make your first step in the digital marketing, may this information be of good use!

[prismscollegeblog]

Grocery-Focused FormFills

written by: AGASA, HERSHELLE HANNAH

A leading established supermarket chain (name confidential) located in the UK is offering through a white-label agreement (which is contract allowing a party to rebrand and sell a product or service developed by another party as their own in a particular place). But still, they have encountered challenges than the conversion levels that they were expecting. These obstacles include incorporating financial services on a grocery-focused website, and the suffering of their purchase funnel.

To solve these issues, the supermarket commissioned UX research through a UX company and one-to-one consumer studies. Thanks to this, they were able to identify the complications with user journey, such as:

unclear navigation

insufficient assistance for filling form fields; and

unclear error signposting

These were the problems that pushed potential customer into giving up on buying the product. Therefore, the business took charge on making changes to ensure:

clear and specific signposting

simplicity throughout the funnel

Thanks to these, the supermarket increased conversion by 40%, leading to significant sales and revenue increase. All of this was achieved through the principle of specificity.

Key Lessons on Form Specificity

Forms should be specific to avoid user frustration.

Users often struggle to understand errors when they're unable to complete actions.

Clear phone number format is crucial. Highlight errors in one field to avoid user confusion.

Understanding these aspects can lead to a successful conversion funnel.

Case Analysis Time!

The mention of the white-label agreement gave me the impression of something sketchy amidst this business scenario at first read, but with research on what it helps has helped me understand that it basically allows the company it has partnered it to rebrand or sell their product or services as their own in a certain place. Though these changes in the business were the reason why the aforementioned problems rose in the first place. The business conducted means to solve their problems, like doing research on user experience for example. That way, they were able to also collect information that they need from the perspective of their users, not only the issues that they have encountered, but also make solutions to resolve, allowing their business to be a success thanks to specificity.

If I were to suggest other solutions, it would either be one or more of the following:

If there isn’t enough assistance with filling up the form, implement autofill and smart form features, as well as real-time validation.

Rather than a long form, break the website in simple and easy-to-understand steps, and also use a progress bar so that the users will know how far or close they are to their errands.

Make a mobile-friendly version of the website so it is easy to access on the go, reducing unnecessary filed to make the process quicker to complete.

Have the website send follow-up notifications to remind users and offer incentives like discounts or free deliveries to motivate the customers.

At least that's what I would suggest! If there was a chance that this would become a reality (or if it already is, then yay!) then may it benefit to the grocery-users out there!

[prismscollegeblog]

CONTENT MARKING: BALUT – by AGASA & FAELMOCA

Balut is one of the most well-known, if not bizarre street food that exists in the Philippines. Asian cuisine already has its neat share of exotic delicacies, so it’s not surprising that this type of food is found in other Asian countries, such as China, Cambodia, and Vietnam.

What makes “balut” unique?

Unlike its egg-based counterparts, balut is made from fertilized and boiled duck eggs that have been incubated whilst being surrounded by warm husks of rice or sand in a matter of 14 to 18 days. It is best served warm, with a pinch of salt, optionally with a vinegar or a spicy dipping sauce.

Despite its peculiar preparation method, it is still a delicacy worth trying, especially if you’re someone (local) who grew up with eating this as a child, a tourist who bravely dares to try out new things, or a food blogger or enthusiast who aims to spark interested in fellow foodies to pursue and find balut.

Is balut still relevant in the present times?

While the tradition of balut is still prevalent, there are a few instances wherein people of the younger generations are either uninterested or anxious about eating this food item. As far as I am aware, balut is widely appreciated by the older generations, marking it as more than an exotic part of Philippine cuisine. In short, balut is a part of Philippine’s heritage and creativity, continued to be cherished by its uniqueness and nostalgia.

[Author 1’s Note: I don’t eat balut too often, nor am I actively looking for it, but I understand how people would love to eat it whenever fate allows it.]

Normally, balut is marketed through word of mouth, with the street vendor travelling from neighborhood to neighborhood, local markets, cultural events, exportation to foreign countries, and in other cases, product diversification. But who’s to say it can’t be successful in being marketed online?

How can balut be effectively marketed?

Considering how the current age of technology has businesses relying on digital marketing, we believe balut can prevail in the same field, if done properly. Such methods include:

Create a Social Media Presence: Start with platforms like Facebook, Instagram, or Twitter. Regularly post engaging content related to your business, such as product photos, behind-the-scenes glimpses, and customer testimonials.

Content Creation: Start a blog or create videos related to your industry. Share tips, tutorials, and stories that showcase your expertise and build trust with your audience.

Online Reviews: Encourage satisfied customers to leave reviews on platforms like Google, Yelp, or Facebook. Positive reviews can boost your credibility and attract new customers.

Collaborate with Local Influencers: Partner with local influencers or micro-influencers who can promote your products or services to their followers.

Utilize Hashtags: Use relevant hashtags on social media to increase the visibility of your posts and reach a broader audience.

Engage with Your Audience: Respond to comments, messages, and reviews promptly. Building a strong connection with your audience can lead to customer loyalty.

For example, perhaps we could discuss the cultural significance of balut, and how it is prepared, so that other people can be knowledgeable about the hard work that goes into the creation of this exotic delicacy.

In conclusion, the spirit of balut should not be easily forgotten, considering how it’s one of the building blocks on what makes our country’s dishes special. It’s something that the oldies can enjoy and reminisce about, and for the young ones to try out and appreciate as a part of their platter.

What’re you waiting for? Go outside and buy balut! Or if you’re not from around the Philippines, come here and try it for yourself!