Target Marketing 101

If you are a business owner wondering how to make your marketing dollars work harder, then target marketing is your answer.

If your marketing campaigns are targeted to segments of the community who are a perfect fit for your product, then they are much more likely to purchase from your business.

If target marketing sounds like a plan of attach for your marketing budget, then here are some practical tips on how to go about doing that.

Step One Segment the market

Cutting up the market pie can be done a number of ways: by geographic location or demographic characteristics perhaps. Segmentation means that, instead of sending your message to a crowded hall, you can pitch your product to a group of attentive listeners in a quiet room.

When thinking about marketing messages for your segmented marketing, ask yourself the following questions about your audience:

 

  • Where are they from?
  • Which demographic do they belong to?
  • What do they like/dislike?
  • What can they afford?
  • What

do they need/want to know?
 

Step Two Get in position

Once the market is divided into smaller, perhaps more manageable categories, the next step is for your business to carve out a position within each market segment.

Determining how your product or service is perceived in the segment can be the difference between being the preferred choice or last resort when a customer is in search of a particular product/service.

The important thing about actively positioning your own product or service is that the process will occur regardless of whether it is self-initiated or not. When businesses fail to carve out their own position, they are pushed into a restrictive corner by the rest of the competition, which can be hard to reverse once it has occurred.

Consider these elements of market choices to help you develop market position for your business:

 

  • Pricing: Whether the offer is a luxury item, extreme value for money or somewhere in the middle, you must define what position of the market you are in. Failure to do this can confuse potential customers, as an expensive item being marketed as ridiculously cheap will not make sense and the brand will instantly lose credibility.
  • Quality: A word that can be used far too liberally, but is an important factor that wins (or can lose) customers. Consumers are increasingly critical and discerning of the marketplace, so if you use the word quality, that is exactly what customers will expect.
  • Service: Place emphasis on service if you offer exceptional additional services and support. This is an important point of difference that can define your position in the market.
  • Packaging: Package to impress. This can make a strong statement and tie up your brand image and position in the market nicely but ensure it sends the message you intended.

 

Step Three Ready, Aim, Fire!

Target marketing executed successfully can boost the overall effectiveness of your marketing budget, focusing on segments that are more suited to your product’s function or service.

Ultimately customers are more responsive to marketing that is directed at them, designed for them, and catered to their needs.

Jo Macdermott is the Chief Marketing Consultant at Next Marketing in Melbourne. She has 15 years of marketing experience, is a Certified Practising Marketer, and is a sought after marketing media commentator. Her team at marketing agency Next Marketing can help you devise a marketing strategy, implement a social media plan, and her highly talented graphic designers work alongside her marketing pros to build a solid marketing plan that will help you attract more customers, expand your business, and build momentum for many months to come.

 

Use Social Media Marketing To Attract New Clients

The goal of using social media marketing is to find people, business contacts, and potential customers. This goes for any business that you plan to implement online marketing techniques.

There are numerous techniques and marketing campaigns online that can help you achieve this, but you must be wise and choose the right one.Social media marketing is quickly emerging and establishing itself as the best way to attract clients for, both online and offline companies.

This is why I am writing this article today, to help boost your efforts and help you explode your income! Before I begin, let me just give you one little piece of advice – always keep an eye on your competition, try to identify their successful strategies so you can copy them and copy their success.

TIP! Combining printed advertising with online marketing is always a good idea. Most people like to get a little preview so they can get a better understanding of what they are getting themselves into, use this to your advantage.

If you harness the power of social media marketing, it can explode your income fairly quickly. You can organize a photo contest among the users of your products. Offer them a prize and announce that the requirements are to make a creative photo, featuring your product or company logo and share it online. This will attract new people and, possibly, bring you more clients.

Always use social media buttons in your posts. Try to include “retweet” button at the beginning of your post, allowing your readers to share your content on their social profiles. Call to Actions are very important.

Social Media Marketing Is All About Engaging People

Also, try to engage in conversation with people in your market whenever you can. It will strengthen your reputation and make you more credible. It will give you a better input into what they are doing, so you can pick up some good techniques and incorporate them into your business.

Social media marketing is good but word-of-mouth can also be a powerful technique and bring good results, if done properly. In order to master this technique, you will need to get good and engaging content. You need content that will appeal to people outside your market as well.

Always try to make yourself as clear as possible, be friendly and use humor. Because, if you use too many technical terms, people outside of your market might not understand you, and if they don’t understand what you have to say, they will certainly not become your customers.

Before you launch a new product, try to create a buzz. Let your followers know what you are planning to do and start preparation a big launch for your next event via social marketing.

If you create enough buzz and get people interested, presenting them with a new product will be a lot easier and you will get a much higher percentage in conversions.

TIP! If you want your social media marketing to be successful, try making special offers reserved only for your followers. If your social media profile is the only place to get your special offer, people will have an incentive to follow you and share your social profile.

There are a lot of social platforms you can use for your social media marketing, so you need to look for the most popular ones. YouTube is certainly one of them. You can use YouTube to quickly set up your campaign but you must set your profile correctly, fill it with useful information and linking it to your personal blog and other social sites you use.

Social media marketing has a great power and the ability to propel your business to great heights, but you must find proper mentors and a solid method to follow! If you put in enough effort into your social media marketing you can be successful and make money, but the question is do you have it in you!

 

Financial Data Management Is Increasingly Challenging

The term “big data” is typically used to describe extremely large sized data sets. Financial data management has come to the forefront as service firms looking at ways to control data more effectively. The amount of data continues to grow on an exponential basis, while regulatory requirements force firms to take proactive approaches for issues such as risk management.

Business Climate

More users inside financial firms continue to require access to growing data sets to help uncover market opportunities, product development possibilities and customer trends. Financial reference data has become particularly critical with regard to risk factors and regulatory reporting aspects.

Data management has always been a challenge for capital markets. As such, the industry has spent literally billions of dollars on a collective basis in an attempt to create accurate and complete datasets.

This so-called “golden copy” has improved, particularly for certain asset classes. However, data sharing across financial institutions remains a challenge. Business units often prefer to refer to their own specific set of data for calculations, which makes business-wide data analysis extremely difficult.

Unstructured Data

There are increasing numbers and types of unstructured data for collection, analysis and storage. For example, traders who are interested in the latest news concerning specific companies and industries have developed useful tools to analyze real-time news. Many advanced trading operations have also developed tools to assist in decision making.

More financial reference data is also transmitted using a variety of digitized sources such as video, audio and social media outlets such as Twitter. As a result, some firms have tried to devise various ways in order to analyze these massive amounts of data. Firms have also begun analyzing data from documents, websites, surveys and search traffic, among many more digital media outlets.

Regulatory Issues

For risk management and regulatory issues, users must look at data from across the entire business. Often, it needs to be compared to data from both markets and other data sources. As terabytes have grown into petabytes, the existing structures of relational databases are having difficultly keeping up.

Wall Street financial institutions are continually searching for more effective ways to handle larger data sets. Big data techniques are also being used to manage advanced analytics and regulatory compliance.

Providers of larger databases also offer a wide variety of products at customizable price points based upon applications, data set sizes, processing strength and other variables.

In short, the price tag for developing financial data management systems is high. However, in the interest of technological science, open source developers are working diligently on big data solutions for financial institutions.

 

Banks and Financial Institutions Embarking Towards More Predictability

The future of banking and financial services has become more unpredictable. This industry is facing high-profile challenges and difficulties due to increasing business and customer demands. Researchers and technology teams are doing their level best to divide more budgets to banking services and applications so that financial institutions can better serve the growing needs. Today, competition is intensifying to build firm trust and confidence among customers. In this sphere, banks need to think positively and need to develop solid strategies that can support banking operations as well as customers.

Worldwide banking and financial institutions are investing prudently in their channel networks. They are keenly investing in e-commerce, wealth management programs, mobile banking and new payment strategies. Moreover, they are continuously thinking in reducing risks, increasing customer satisfaction, addressing the advancement in financial market trends, exploring the ways to capitalizing on growth with effective payments strategies.

Most banks are also thinking forward to effectively harness the grand power of their existing customer and cross-channel information. This will simply enhance profit margins and help in taking better decisions. It also helps to meet the growing customers’ expectations. Undeniably, banks are putting their customers at the center of all IT and business decisions. This will help them to bring more customer-centric products and regain trust.

Banks are also offering effective solutions that support evolving customer needs such as:

1. Catering secure and interactive technology

2. Revolutionizing the customer experience

3. Using the socially acceptable to definitely enable payments innovation

Through such efforts they want to bridge the gap between IT and business. It will tend to cut future risk, foster innovation, bring stability, regain confidence and meet banking compliance.

Furthermore, worldwide banking and finance industry is paying increasing attention to customer experience. They are measuring their services and business applications against expectations and level of delivery. They are busy in reducing complaint rates and are continuously pleasing their customers. They are keeping complete vividness and integrity in transactions and service delivery models. They are also modifying their service systems (insurance technology, banking technology) as per the changing regulatory compliances and management trends.

In essence, banks believe in mobile and social networks for better service delivery. This will help them to become fully operational, agile and technologically enhanced. This will help them in re-engaging their customers and meet their demands. Nevertheless, banks have successfully established call centers to support customers and improve their interaction. This will improve service quality, bring predictability and allow banks to seamlessly deliver financial products to the business community.

FST Media produces the most successful banking technology conferences, insurance and financial services conference, roundtables and publications for the banking and finance, insurance and wealth management sectors across the Asia Pacific region. With management experience in conference production, journalism and business development, FST Media prides its reputation on unparalleled access to senior financial services executives.

 

The Marketing Mix in Plain English

The Marketing Mix

is probably the most thrown around term in marketing, but like many commonly used phrases, there are plenty of people out there who have no idea what it actually means! 

A Very Brief History

To understand the importance of this phrase in the marketing world, it is necessary to have a look at its history. In 1948 James Culliton used the term mixer of ingredients to describe the increasingly important role of the marketing manager. Five years later Culliton’s associate, Neil Borden, coined the term marketing mix in his 1953 American Marketing Association presidential address.

It wasn’t until 1960 that the Four P’s that make up the marketing mix were introduced by E. Jerome McCarthy. Then four years later, Neil H. Borden’s article The Concepts of the Marketing Mix popularised the term. Today, the marketing mix or the four P’s form the foundation of the marketing process.

The Four P’s

 

    • Product: The first of the mix is product. This, of course, refers to the physical product or intangible service that is being offered to the consumer. However, it is slightly more complex than that. Marketers consider the product not just as the tangible object but also the packaging, services, and the benefit that makes it of value. It also refers to the expected life cycle of the product and the points of difference between it and its competitors.
    • Price: Quite simply, this refers to the price a consumer pays for the product and how something is valued. There are many different ways to price a product based on the value of the product, the market and uniqueness of the product.
    • Place: Whether in store, online, or via phone, place refers to the way we purchase a product. This can also be referred to as the distribution channel. Often something that sells well online won’t be as profitable in a store and vice versa; it’s all about finding the right mix of place and product.
  • Promotion: Four distinctive rudiments make up the promotional aspect of the marketing mix:

 

1. Advertising

2. Public Relations

3. Personal Selling

4. Sales Promotion

As with each of the four P’s, what is important as a marketer is finding the right mix of promotional aspects for the product.

Extended Marketing Mix

More recently, three more P’s have been added to the mix to meet the needs of contemporary marketing. These extra aspects are primarily concerned with the consumer’s judgement of the service of product.

They include:

 

    • People: Referring to staff. Appropriate recruitment is a necessity to delivering good service. The skills of staff are a reflection of the product, making recruitment an important part of marketing.
    • Process: This is in reference to the efficiency of service and the processes that make good service possible.
  • Physical Evidence: While a service is intangible, there are physical cues that consumers pick up on and use to draw or confirm judgements. These include furnishings, brochures, packaging, uniforms, and more.

 

The Mix

It is only by mixing the right proportions of each aspect that we are led to good marketing. Sometimes the best solution only occurs through trial and error, but it is important to consider the way each one can benefit the product.

Jo Macdermott is the Chief Marketing Consultant at Next Marketing in Melbourne. She has 15 years of marketing experience, is a Certified Practising Marketer, and is a sought after marketing media commentator. Her team at marketing agency Next Marketing can help you devise a marketing strategy, implement a social media plan, and her highly talented graphic designers work alongside her marketing pros to build a solid marketing plan that will help you attract more customers, expand your business, and build momentum for many months to come.

An Overview of Canada’s Economy

Canada, the second largest country in the world, has a huge amount of natural resources and one of the best economies in the world. Constantly growing manufacturing, mining and service sectors has turned the Canadian nation from a rural economy to industrial and urban one.

Around 70% of Canadians are involved in the service industry which makes it leading industry sector of Canadian economy. Oil and logging industries dominate in the primary sector because Canada has the second largest oil resource in the world after Saudi Arabia and vast majority of the forests. Sub sectors of the forest industry are solid wood product manufacturing, pulp and paper product manufacturing, and forestry and logging. This sector employs more than 200,000 Canadians and brings more than $20 billion a year to the Canada’s economy. Oil and gas sector attracts approximately $80 billion. Also, the automotive industry is the largest manufacturing sector in the country. Due to NAFTA agreement Canada is one of the biggest exporters of automobile equipment and goods.

Canada is not accidentally in G8. Let’s see a few more points of its economy.

World Trade Organization.

Canada is a member of the World Trade Organization (WTO) since January 1, 1995 because international trade is one of the main parts of the Canadian economy. Canada’s economic growth depends on the access to global markets for different goods and services. The USA, China, European Union and many other countries are trade partners of Canada but most products are exported to the USA, which makes it main trade partner of Canada.

Canadian GDP and NAFTA.

Both GDP (Gross Domestic Product) and GDP per Capita have been growing since the North American Free Trade Agreement (NAFTA) was signed by the governments of Canada, Mexico, and the United States creating a trade bloc in North America. The agreement was signed by leaders of mentioned countries, and took effect on January 1, 1994. Since that time Canadian GDP has grown incredibly and continues growing. In 2009 GDP went down because of the global crisis but in 2010 the drop was compensated and in 2011 and 2012 GDP has been constantly growing.

Banking system.

During the global financial crisis at the end of the last decade the Canada’s banks were relatively stable. While US banks were collapsing Canada did not have any bank failures. Therefore its banks system was rated as the most sound in the world. There are six largest Canada’s banks which are in the list of the best banks in the world: Royal Bank of Canada, Canadian Imperial Bank of Commerce (CIBC), TD Bank Financial Group, the bank of Nova Scotia, bank of Montreal and National Bank of Canada.

Public Debt.

Public debt of Canada is constantly growing. At the beginning of the previous decade it was roughly $500 billion and at the end of 2012 it was more than $600 billion which is around $17,000 per citizen. For comparison, every US citizen owes more than $52,000. Comparing to the USA Canada’s public debt is much lower, but anyway it always grows.

Investors.

Investors play a very important role in the economic growth of any country. Therefore Canada has Foreign Investment Promotion and Protection Agreement (FIPA) with more than twenty countries: Russian Federation, Poland, Egypt, Thailand, Venezuela etc. Such agreement obligates both countries to respect foreign investors and investment. In addition, on September 9th 2012, Leaders of Canada and China signed FIPA. As Prime Minister Stephen Harper told a new trade agreement between Canada and China had the potential to create thousands of jobs and strengthen important trading ties between the two countries.

Canadian healthcare.

This field has a few problems. Firstly, it is a lack of physicians and nurses. Patients can wait for a visit of the doctor more than a month. This can cost somebody a life. The second problem is the cost of the medical care. Of course, all serious cases are covered by Medical insurance and generally health of Canadians is protected, but people can pay that Medical insurance organization more than 40% of their budget every month.

Unemployment Insurance.

It is important to highlight because during the global crisis which started at the end of 2007 a lot of people around the globe lost their jobs. 240,000 Canadian workers lost jobs during just first two months of 2009.

Over the last 30 years employment insurance (EI) of Canada had several changes. Canadian government has made a few different cuts of EI since 1980s. Duration of benefits, amount of money paid and qualification periods have been cut during this period of time. In 2008 the government created several employment insurance pilot programs which influenced positively the Canadian economy and increased the citizen’s income. Under such pilot program people can have part time job while they are on claim without a deduction from their benefits.

Canada Pension Plan.

Canada Pension Plan (CPP) is also a strong part of Canadian economy. Canada Pension Plan, CPP Investment Board, Quebec Pension Plan (QPP) and Old Age Security (OAS) are all programs to provide secure and wealthy lives for retired people.

In conclusion it is worth to say that globalization made all more connected and the growth of Canadian economy mostly depends on the growth or failure of its neighbor economy, the US, which currently has a recession. However, as the Prime Minister Stephen Harper told, once: Canada will emerge from the global recession before any other country and in a stronger economic position than ever. Actually, we can agree with him since Canada has the potential to do so.

 

The Start of 2013 Finds More Countries Searching for Rare Earth Metal Supplies Outside China

News of further initiatives has emerged at the start of January 2013 to find secure supplies outside China of the rare earth metals that are so important to the future of clean technology and the manufacture consumer electronics.

A Polish mining group specialising currently in copper and silver has announced plans to purchase exploration licences in a number of countries in order to explore for rare earth metals.

The chief executive of KGHM Polska Mied said the intention was to become a “multi metal” company and that the group felt it had a responsibility to supply the Polish and European markets.

The US Department of Energy (DOE) has granted $120 million towards the setting up of a new research institute the Critical Materials Institute (CMI) at the Ames Laboratory in Iowa. The new research facility will bring together academics, researchers, four DOE national laboratories and private sector companies to look at ways of making rare earth metal supplies more secure domestically.

Therefore it is likely to focus on improving mining and production processes, researching how rare minerals can be used more efficiently and on how they can be recovered and recycled more effectively from discarded products.

Now that Lynas, one of Australia’s biggest rare earth metal mining companies, has now started processing ores at its new plant in Malaysia following a lengthy battle with environmental activists who appealed to the Malaysian High Court to have the temporary licence for the plant withdrawn, Australia is being predicted to become one of the world’s major suppliers. More deposits are likely to be mined in the country, which is estimated to have more than 6% of available global supplies.

The most recent entrant into the ongoing search is the West Indian island of Jamaica, whose Science, Technology, Energy & Mining Minister, recently announced to the country’s Parliament that Japanese researchers believed there were high concentrations of rare earths in the residue (known as tailings) from its ailing bauxite mining industry.

The Jamaican minister reported that the researchers, from Japan’s Nippon Light Metal Co. Ltd. also believed that rare-earth elements could be efficiently extracted from the red mud, as it is called. The country’s environmental and planning agency has already approved a pilot programme to examine the potential of a commercial operation but it has yet to be examined by other government departments. Nippon Light Metal Co has agreed to invest $3 million in the pilot project.

Japan was perhaps the leader in 2012 in the search for other sources of rare earth metals after China announced reduced quotas for the global supplies of rare earths early in the year, prompting complaints to the World Trade Organisation from Japan, the USA and the EU. China was then supplying approximately 97% of global supplies.

This encouraged the search for other sources of the crucial minerals with potential deposits identified in Greenland and parts of Africa, and supply and processing agreements being signed between Japan and companies in Kazakhstan and India.

The situation has also stimulated initiatives to recycle the metals from discarded products such as electric vehicles and consumer electronics in Japan and in the EU.