Growthonics https://growthonics.com/ Go-to-service for managing inside sales Thu, 22 Dec 2022 08:57:44 +0000 en-GB hourly 1 https://wordpress.org/?v=6.1.1 https://growthonics.com/wp-content/uploads/2019/04/cropped-growthonics_favicon-1-32x32.png Growthonics https://growthonics.com/ 32 32 Top 5 Recruitment Industries of 2022 https://growthonics.com/insights/top-5-recruitment-industries-of-2022/ https://growthonics.com/insights/top-5-recruitment-industries-of-2022/#respond Wed, 21 Dec 2022 13:19:05 +0000 https://growthonics.com/?p=19868 With the competitive nature of today’s market place nearly every company is at one point faced with the challenge of finding employees with the right skillset that will catapult their business to the next level. This has resulted in human resources managers turning to recruitment services to find the right talent to enhance their workforce. Here are our top recruitment industries of 2022.

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Top 5 Recruitment
Industries of 2022

With the competitive nature of today’s market place nearly every company is at one point faced with the challenge of finding employees with the right skillset that will catapult their business to the next level. This, notwithstanding the constant war for talent, has resulted in human resources managers turning to recruitment services to find the right talent to enhance their workforce.

A professional recruiting firm will help you to easily find the right candidate to join your human resource pool after vetting a host of job seekers. Although nearly every sector was affected by the pandemic, the recovery hasn’t been the same for all given the recession that followed. However, companies have remained resilient in the face of high cost of living to continue looking for the right talent to help improve their bottom line. 

Here are the top recruitment industries of 2022:

1. Pharmaceutical Industry

The Covid 19 pandemic disrupted the pharmaceutical industry resulting in challenges and new opportunities. Today, this industry is one of the hottest around the world with a significant increase in job listings. In the UK, the industry’s overall hiring shot up by 63.93% by October 2022. In the US, the Bureau of Labour Statistics states occupations across physical, life and social sciences are expected to grow by 7% in 2028. The convergence of life sciences and technology means companies are now recruiting professionals with expertise in tech enabled solutions.

2. Hospitality Industry

The hospitality industry suffered $500 billion in losses in the first year of the Covid 19 pandemic. Today the industry is under pressure to meet the surge in travel demand against limited staffing. Companies are in search of talent to streamline operations in what is seen as a regeneration period. Consequently, there are several trends you must look out for that will shape the future of this industry. For instance, creation of a personalised seamless customer journey by leveraging technology and automation of HR to fill the massive gap within the hospitality workforce.

3. Healthcare Industry

Healthcare recruiting isn’t just volatile but also more competitive than ever. Hiring and retaining workers has become difficult after the Covid 19 pandemic. With an industry turnover rate of 25.9%, talent acquisition teams have changed their priorities to attract and keep top talent. This means you need to tailor your recruitment strategy towards the current trends in addition to working with a recruiting firm specialising. Recruiting for healthcare roles means engaging candidates and keeping them interested in your company. Thus, you want to consider options like personalised communication, authentic employer branding and use of tech powered solutions.

4. Life science Industry

The pandemic brought out the best in the Life Science industry. The shift to operating remotely has seen uninterrupted growth in the industry and subsequently the employment base that is key in managing growth. While some industries experienced uncertain times and massive losses life science companies continue to thrive and recruit more staff as they had to expand their talent pools as their needed to fill positions arising due to the growth occasioned by the pandemic disruption. This is a competitive advantage that many industries don’t experience.

5. Logistics Industry

The logistics industry equally experienced an interruption in the supply chain as businesses had to develop new strategies with the move to online purchasing. Before the pandemic, employers within this industry struggled to find workers and it only got worse when Covid 19 hit. Today, with an increase in demand for shipping services the logistics sector is more competitive and busiest than ever. There’s a demand for a range of skillsets particularly in e-commerce distribution experience.

How to Choose the Right Recruiting Firm For your Business

With so many emerging across different recruitment industries, engaging an executive search firm to compliment your recruitment efforts will certainly pay off. These firms will help you find talent that matches your goals and needs. Even then, you must know some best practices to help you decide the best recruitment firm.

Here is a list of some of the common best practices to help you find the best recruitment firm:

 

Ultimately, your goal should be making the most of executive search services offered by an executive recruiting firm that is in tune with the current trends in your industry so they can help you meet your staffing needs.

Are you a Recruitment Company and looking for more leads? Contact Growthonics today.



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Top SaaS Companies of 2022 https://growthonics.com/insights/top-saas-companies-of-2022/ https://growthonics.com/insights/top-saas-companies-of-2022/#respond Mon, 19 Dec 2022 17:22:26 +0000 https://growthonics.com/?p=19829 In 2021, the average number of applications that businesses used stood at 110. This, even as there was an emergence of new SaaS products with the industry projected to grow to $716.52 billion by the year 2028. This article gives an overview of what a SaaS company is, its features and a list of top SaaS companies of 2022.

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Top SaaS Companies of 2022

There has been a steady rise in the need for cloud-based services and storage especially as more businesses embrace digital services. In 2021, the average number of applications that businesses used stood at 110. This, even as there was an emergence of new SaaS products with the industry projected to grow to $716.52 billion by the year 2028.

 

This article gives an overview of what a SaaS company is, its features and a list of top SaaS companies of 2022.

What is a SaaS company?

A SaaS company refers to a business that deals in software that provides a service or services to its customers. They can either be business to customer (B2C) or business to business (B2B). SaaS companies create software that they continue to develop and update as well as provide support services to their business clients. Users paya subscription fee to access and use the software.

Software-as-a-Service (SaaS) companies are providing cutting edge solutions that enable businesses to collaborate, increase productivity levels and satisfy their clients’ needs. Most SaaS companies offer their services through the internet, via mobile apps, and cloud-based services among others. SaaS products are designed to help businesses improve efficiency, save money and minimise friction between teams.

Even then, businesses must choose the right SaaS products if they must harness these benefits.

What are the Features of a SaaS company?

Most software companies are embracing the SaaS model since it offers recurring revenue that is predictable. For users, the flexibility of pay as you go efficiency and the ease of on demand scaling. SaaS companies are characterised by the following features:

1. Easy extendable marketplace of integration.

SaaS products are easily extendable through software development kits (SDKs), open application programming interfaces (APIs) or native integrations. They also need to have a marketplace or catalog where customers download the integrations they desire.

2. Cloud hosting

One of the features that sets SaaS companies apart is their ability to leverage cloud technology in delivering software solutions. As such, it’s easier to scale up, monitor consumption and end subscriptions where necessary.

3. Scalability and flexibility

SaaS software applications should be easily scalable so you can deploy it for a small team or large enterprises with thousands of users with ease.

4. Easy implementation with no maintenance efforts

This is one of the major reasons companies prefer SaaS companies as you can easily implement them without integration or set up as the SaaS provider offers training support and in some cases help you manage implementation. Additionally, they also implement over the air updates via cloud.

5. Straightforward pricing

SaaS companies offer a predictable pricing model where they have a price point for certain features that may change with the number of users you’ll onboard.

Top 10 Software as a Service (SaaS) Companies in 2022

1. Hubspot

This is a Customer Relationship Management (CRM) platform for sales, marketing and customer support teams. This marketing automation software includes multiple features like list segmentation, email marketing, paid ad tracking, social media management, and landing page builder among others that enhance business intelligence.

2. Microsoft

Microsoft continues to make inroads in the SaaS field making a departure from its initial perpetual license-based apps that are not under its Microsoft 365 suite targeting both individuals and organisations. This includes desktop tools like Excel, Word, Powerpoint, OneDrive, Skype and Outlook. A Microsoft 365 subscription also gives you access to SaaS products that are web-native like Teams and SharePoint.

3. Salesforce

This collaboration platform makes it possible for teams to collaborate with other members of their teams and customers. This customer relationship management (CRM) platform supports contact management so businesses can track their interactions with customers and easily access customer data. This is in addition to providing communication tools, automation abilities, lead management, email campaigns, file sharing and the ability to connect with customers on social media channels and enhance social media marketing. The versatility of salesforce is such that it can be tailored for different industries and businesses of different sizes.

4. Adobe Creative Cloud

This set of services and applications from Adobe provide access to a cluster of software you can use for photo and video editing, graphic design and web development.

5. Shopify

As an ecommerce SaaS platform, Shopify serves both retail businesses and online stores with a point-of-sale system. Shopify seamlessly integrates into websites, helping companies to manage their inventory so they can meet customer demands efficiently and ensure customer retention.

6. Slack

Slack is one of the SaaS applications designed for collaboration among teams. This platform lets users message each other, create channels that are topic or project based and archive conversations. Slack offers multiple features that include voice and video calls as well as sharing videos, photos with the team.

7. Xero

This nifty cloud based accounting software connects businesses with financial data, advisors, bookkeepers, and customers in real time. It also includes other financial management features like payroll, invoice management, bank connections, VAT returns and bank reconciliation.

8. Zoho

Zoho is a project management suite offering productivity enablers and business tools accessible via the SaaS model. The company offers several solutions that are independent and are deployable as standalone units as well as a SaaS based digital operating system that is unified. This platform is handy workplace collaboration, marketing, human resources and IT service management. In addition, you can also create customisable solutions via Zoho Creator.

9. MailChimp

This email marketing platform is designed to help marketing teams to easily automate emails, segment audiences, send newsletters and reach out to their target audiences. It also presents the capability of creating and hosting landing pages.

10. Asana

This is another project management tool that makes it possible for teams to work together online, while managing tasks and projects as a group. Remote and distributed teams can access Asana and tap into the potential of a collaborative work environment. That’s not all, as a team collaboration tool, project managers can also input tasks, assign responsible parties and due dates as well as establish goals.

11. Zendesk

This SaaS platform is a customer relationship tool that make it possible for users to engage with a customer base, offer customer service and set up automated responses based on the concerns and questions raised through the software. This SaaS application has a provision for installation of its software on a mobile application or website. This way customers can connect with the company’s customer service teams through chat, email or phone. In addition, the call routing feature assigns support tickets and calls to specific agents based on specific customer needs.

12. Dropbox

This is a cloud storage service for storing files so you can access them whenever you need them across different devices. You can share files with others through drobox links regardless of whether its collaborative work or personal data. This SaaS tool can hold all kinds of data.

13. Box

This cloud content management system works on mobile application and a desktop. This application lets you store and share files with other users. You can also edit documents while in group. Dropbox is handy for both individuals and enterprise software company.

14. Freshworks

 This is a provider of end-to-end business solutions for small and mid-sized organisations. This SaaS business model gives you access to all the tools your need to employee and customer engagement, from IT service management tools and human resources enablers to enterprise telephony, CRM and customer chatbots. It also incorporates a marketplace and AI capabilities where you can choose from a range of integrations.

15. Webflow

If you’re looking to build a website then this cloud platform will come in handy. Enabled with drag and drop capabilities, Webflow lets you design, build and host websites without any code development by automatically generating CSS, HTML and Javascript via customisable components.

Looking at the events of the past three years, doing business the SaaS way is the new normal that ensures you have recurrent subscription-based revenue while enhancing service delivery and nurturing stronger customer relationships. The SaaS market is not slowing down so it’s incumbent upon businesses to restructure and tap into the benefits that SaaS businesses offer. 

Are you a SaaS Company and require lead generation support? Contact us today.

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What Is Data Planning? https://growthonics.com/insights/what-is-data-planning/ https://growthonics.com/insights/what-is-data-planning/#respond Mon, 19 Dec 2022 10:28:28 +0000 https://growthonics.com/?p=19812 Running a data driven marketing campaign is crucial for regular monitoring of performance. Marketers must tap into data collected to gain insights on behaviours, preferences, tastes and habits of their target audience before making changes that will improve their conversion rates. This is where data planning comes in.

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What Is Data Planning?

Running a data driven marketing campaign is crucial for regular monitoring of performance. Marketers must tap into data collected to gain insights on behaviours, preferences, tastes and habits of their target audience before making changes that will improve their conversion rates. This is where data planning comes in.

What is data planning?

Data planning involves projecting the need for specific data, the sources, method of data collection and storage, data processing, presentation, distribution and data security. Data planning seeks to establish:

All these questions are important if you want to make the most out of data planning. Even then, capturing all these can be a challenge in the absence of a data management plan.

What Is a Data Management Plan?

A data management plan (DMP) is the formal document that outlines how you’ll organise, manage, share and preserve the data you collect before launching your research project. Data management plans a beneficial to data planning in many ways:

Equally important is a data collection plan that is a well thought out approach to collecting data as it describes the exact steps you must follow when gathering data while ensuring everyone is on the same page.

Benefits of Data Planning

Data planning presents an opportunity to explore data management at the start of a project. Here, you get a chance to balance long term and short term goals so the decisions you make early in the project don’t have a negative impact on the ability to not only find but also use the data you collect in the future.

Here are some advantages of data planning:

Steps to Effective Data Planning

Although most marketers underscore the value of data driven decisions, they don’t know where to start. A report by Experian found a top priority for marketers is using data to understand the needs and attitudes of customers. At the same time, it’s also a challenge.

You will agree with the fact that every brand strategy should be data driven and customer focused. Thus, data planning offers the opportunity for marketers to transform their wealth of data to a meaningful executable strategy to promote better decision making and building long lasting relationships with customers.

If you don’t know where to start with data planning, here are 5 steps to help you create one:

1.  List all decisions you’ve made based on opinions

Are there any decisions though made based on opinions as opposed to data? Break it down and categorise them according to department and job position for easy management. It’s good to brainstorm this list with the help of your sales and marketing teams. You can add new items over time.

2.  Rank the decisions according to their importance

Not all decisions carry the same weight. Attach a value to each decision and relate this value to your business, then prioritise them. Pay attention to all costs involved like technology, labour and opportunity cost. Though you need to be careful so you don’t get caught up in exact numbers instead work with estimates.

3.  Identify all the data sources though need for each decision

List three to five most important decisions though need to make and map out data sources that help solve them. Check if those sources are accessible within your organisation. This is another opportunity to brainstorm with your team so they all share their ideas especially regarding solving your decisions. If the data that is available isn’t analysable the build processes to transform it.

4.  Identify gaps to be filled

Think must also identify any gaps that require to be filled to make a decision or decide if you can do without them. Assess if you need to reach out to third party data vendors or make an educated guess and carry on with the analysis

5.  Create your data collection plan

When you’ve got key decisions that must be data driven and gaps to be filled, you need to create an appropriate execution framework. You’ll need to identify:

Summing it Up

Data is powerful since it minimises guesswork when making crucial marketing decisions. The rise in the use of data analytics and reporting platforms means anyone can manipulate data and interpret the outcome. Businesses and marketers who use data planning to inform their planning and prioritisation of strategies will certainly have better outcomes in their job performance, resource management and their bottom line.

Need support with your data? Contact Growthonics today.

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Growthonics in The Manifest’s Top 5 Most Reviewed Global Consulting Companies 2022 https://growthonics.com/insights/growthonics-in-the-manifests-top-5-most-reviewed-global-consulting-companies-2022/ https://growthonics.com/insights/growthonics-in-the-manifests-top-5-most-reviewed-global-consulting-companies-2022/#respond Mon, 28 Nov 2022 17:00:19 +0000 https://growthonics.com/?p=19672 2022 marks a great achievement for Growthonics. According to The Manifest, we are in the Top 5 global leaders and most reviewed vendors in the consulting industry. The Most Reviewed Company Award on The Manifest highlights the top 15 companies that have received the most number of new reviews in the past 12 months.

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Growthonics in The Manifest's Top 5 Most
Reviewed Global Consulting Companies

We can’t believe that almost a decade has passed since Growthonics started. Time indeed flies fast when you’re enjoying providing top-tier B2B Lead Generation and Data Management services for some of the finest companies in the industry.

 

Our story started in 2015 when Growthonics was established to support and transform sales teams to drive revenue better and enable accelerated growth. We evolved with the times implementing and using the best tools and strategies to grow our client’s businesses. In these challenging time we have continued to deliver amazing value to our clients, enabling them to leverage our expertise.

 

So much so, this year we celebrate another breakthrough as we stand out as a leading company in the global consulting industry. 

The Manifest is a business news and how-to website that compiles and analyses practical business wisdom for innovators, entrepreneurs, and small and mid-market businesses.

 

According to The Manifest, Growthonics is one of the global leaders and most reviewed vendors in the consulting industry. The Most Reviewed Company Award on The Manifest highlights the top 15 companies on each listing page that have received the most number of new reviews in the past 12 months.

 

One example of our success, a travel management company hired us in January 2022 for lead generation services. Due to the pandemic, the client had to let go of their sales team and did not have anyone to generate leads for their business. They wanted to try something different, and a lead generation company would be a new and exciting project.

 

“We have seen a great response on the emails Neil has been composing. We have also had a number of conference calls and we have some strong leads that we hope will transition in to account wins.” – Commercial Director, Travel Management Company

Are you looking for a reliable and effective company that provides a host of consulting and lead-generation services? Contact us today!

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Data Analytics vs Data Science https://growthonics.com/insights/data-analytics-vs-data-science/ https://growthonics.com/insights/data-analytics-vs-data-science/#respond Sun, 27 Nov 2022 15:49:48 +0000 https://growthonics.com/?p=19680 Data analytics and data science are indispensable to your business if you want to stay ahead of competition. These two technologies have gained popularity with the surge in the reliance of big data to make key decisions. As more organisations and businesses recognize the value of big data and statistical analysis in decision making, so does the demand for these two technologies continue to grow.

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Data Analytics vs Data Science

Data analytics and data science are indispensable to your business if you want to stay ahead of competition. These two technologies have gained popularity with the surge in the reliance of big data to make key decisions. As more organisations and businesses recognize the value of big data and statistical analysis in decision making, so does the demand for these two technologies continue to grow.

 

Yet, most people tend to use them interchangeably, owing to the evolving nature of data analytics and data science . This is mostly because of their linkage with big data. The reality is that there’s a stark difference between the two.

In this article, we give you an overview of data analytics and data science and how you can leverage them alongside big data to take your business to the next level.

Data analytics vs Data Science

Have you stopped to think about how your business can make sense of big data? Well, you first need to distinguish between data analytics and data science.

What is data analytics?

Data analytics is all about data collection, organisation and maintenance. But that’s not all. Analytics also involves the use of programming, mathematical and statistical knowledge and other techniques to gain actionable insights from the data in your possession. This means you need to engage a data analyst to identify trends and solve problems presented by data. Even then, data analysts don’t drive the decision-making process. Professionals working in data analysis respond to requests coming from decision-makers.

What is data science?

Data scientists use maths, programming and statistics to make sense of structured and unstructured data to drive organisational strategy. They’re skilled in data modelling, use of algorithms, data mining and machine learning to automate processes. Data scientists have specialty industries they work in, so they offer context to the raw data.

Where then is the convergence between data science and data analytics? The impact of these two fields on how you conduct business is that they work closely with your product development, sales and marketing, finance, information technology departments and business leaders to spot issues, understand consumer behaviour, identify trends, and offer solutions that inform strategic decision making.

Data Analytics Vs Data Science: How do they Compare?

Data analytics and data science are similar in several ways. They both use data to give perspective into an organisation’s operations that is crucial for decision making. These two technologies are in high demand despite overlapping in many ways. Here are some of the ways in which both fields are similar:

1. Technical skills

Both data science and data analytics require proficiency in programming skills, statistics, data visualisation tools and modelling. Professionals in this field must have a methodical approach to project management and problem solving.

2. Colossal volumes of data

Professionals in data analytics and data science work with vast volumes of data points. These may include low quality data that requires cleaning, maintaining and organisation to ensure accuracy in analysis.

3. Communication skills

Data analysts and data scientists must present their findings to colleagues in other departments. This calls for them to communicate clearly and effectively.  

Differences Between Data Analytics and Data Science

The main difference between these two fields is the scope. A data scientist does a lot more than a data analyst despite working on the same data sets. As such, professionals pursuing a data science career will in most cases start off as data analysts. Here are some of the notable differences between the two:

1. Data management and manipulation

While a data analyst will stop at collecting, storing, maintaining and analysing results, a data scientist will go further in manipulating the data using more complex tools like machine learning and algorithms.

2. Responsibilities

Data analysts are keen on spotting trends and solving problems while their counterparts model data to identify opportunities, make predictions and support strategy.

3. Questions and answers

Data scientists will look ask possible questions and find the best answers. Conversely, data analysts will receive questions and analyse data to provide solutions.

Data analyst vs Data Scientist: Which way to go?

If you’re in the dilemma of determining data science vs data analytics you’ll do well to begin by recognising that the two are two sides of one coin. Data analytics is a branch of data science, the latter being an umbrella term. Data science combines various disciplines that include computer science, mathematics, information science, artificial intelligence and information science. As such, you need both data science and data analytics to make sense of big data and make significant strides in improving business intelligence and helping you put your business ahead of your competition.

 

Need help with your Data Management? Contact Growthonics today to learn how we can help.

 

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What Is First, Second- and Third-Party Data? https://growthonics.com/insights/what-is-first-second-and-third-party-data/ https://growthonics.com/insights/what-is-first-second-and-third-party-data/#respond Mon, 21 Nov 2022 16:46:23 +0000 https://growthonics.com/?p=19648 Data is one of the key drivers of any successful marketing campaign. The kind of customer data guaranteed to benefit you the most will depend on your marketing goals and the prevailing circumstances. In this article, we give you an overview of what is first, second, third-party data, their differences and how you can effectively incorporate them into your next campaign.

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What Is First, Second
and Third-Party Data?

Data is one of the key drivers of any successful marketing campaign. So it’s no surprise that the internet is awash with data that keeps flooding back and forth. This data is organised, integrated, and activated with specific marketing strategy and different set rules.

 

Even then, the kind of customer data guaranteed to benefit you the most will depend on your marketing goals and the prevailing circumstances. This calls for you to know different types of data, where you can access it and how to use it.

 

In this article, we give you an overview of what is first, second, third-party data, their differences and how you can effectively incorporate them into your next campaign.

What is first party data?

This is information businesses collect directly from their customers from their own online and offline customer data platform that include social media platforms, the company website, email, SMS, call centres, beacons, CRM, mobile apps, or surveys. It’s easy to confuse first party data for zero party data because they’re similar in many ways. Some examples of first party data are purchase history, demographics, website activity, sales interactions, email engagements, customer support feedback, time spent on the website, support calls, behaviours, and interests.

 

Businesses can collect first party data at no cost with the company that owns it requiring no consent from customers. Using first party data makes it possible to personalise experiences for your customers and only display to them relevant ads. You can also segment and monetise the data via a data management platform.

How to Use First Party Data in Marketing

First party data is highly valuable because you get it directly from your customers, so you’re guaranteed accuracy and relevance to your business. It’s unlikely that you’ll experience privacy concerns when handling first-party data because you own it and know where it came from. Here are some of the ways your business can benefit from first-party data:

How to Collect First-Party Data

First-party data collection requires you to activate a pixel on your website that will then receive data on activity on your site and an integrated audience management platform that is also known as a data management platform (DMP). You can also use data from other databases like customer relationship management systems, your email list or when customers make a purchase on your website.

What is second party data?

Second party data is someone else’s first-party data. For instance, when a potential business partner shares with you the data they’ve gathered it becomes second party data. You can use it to enrich your database or for audience targeting. Second party data can be from sources your partner owns including apps, websites, surveys, and other offline sources.

Second party data gives you access to information about customers’ potential interests in your products hence, accounts for a small group. In terms of what makes second party data, it’s like first party data because the only difference is in the ownership of data.

With second party data, you have control over what you’re buying and the terms of sale.

Uses of Second Party Data in Marketing

Second party data presents numerous attributes of first party data but also provides access to insights and information you can’t capture from first party data only. The quality of this data is in no doubt since you get this data from the company that owns it. This data tends to be more precise compared to when you’re getting data that is aggregated from different sources. This is in addition to transparency.

Your marketing department can benefit from second party data in the following ways:

 

How to Get Second Party Data

If you want second party data, you’ll have to visit a business that owns the data and buy it from them. You need to find the company whose data you want, form a relationship with them before negotiating a transaction.

What is third party data?

Third party data is mainly information about online users. It includes demography, interests, and purchase intentions. When you use third party data you can target audience groups to show your ads. That is, you select the list of attributes like gender, age, automotive, interests, purchase intentions and travel. It’s only this category whose interest is cars that will see your ads.

Using Third Party Data

Marketers can use third party data to gain more insight into customer interests and behaviour as well as expand their audience. Third party data is powerful when used with first party data. Here are some uses of third-party data:

You can purchase data from a third party data provider. The data can either be inferred, declared or observed.

Wrapping Up…

Well, just because you collect first party data directly from your customers doesn’t mean it’s more privacy friendly. As is with any data, consent matters when it comes to privacy. When you have adequate information about your data set you can assess your goals against it and evaluate the quality. The type of data you need will depend on your preferences and objectives. Ultimately, you must bring your data together for validation, cleansing, standardisation and compilation before making it available for everyone on your team to access.

 

Contact Growthonics today to learn how we can help you with your Data Management needs.

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What is Big Data? https://growthonics.com/insights/what-is-big-data/ https://growthonics.com/insights/what-is-big-data/#respond Thu, 17 Nov 2022 14:15:05 +0000 https://growthonics.com/?p=19626 Big data refers to massive data sets that can’t be stored, processed or even analysed using traditional business tools. Millions of data sources across the world generate massive data rapidly. In this guide, we help you understand big data, it’s importance, how it works, best practices, how businesses benefit from using big data and how you can create an effective big data strategy.

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What is Big Data?

Big data is one of the most common buzzwords that is thrown around lately. This is rightly so, as it’s concurrent with the amount of data businesses and consumers generate worldwide giving value to big data analytics.

 

Simply put, big data analytics is the fuel behind every decision businesses make in every industry.  Big data analytics focuses on examining large volumes of data ostensibly to gather insights, uncover hidden patterns and co-relations. You can leverage technology in analysing big data and getting answers fast. This was much slower and less efficient when using traditional business intelligence solutions.

 

In this guide, we help you understand big data, it’s importance, how it works, best practices, how businesses benefit from using big data and how you can create an effective big data strategy.

So then, What is Big Data?

You might have already guessed it. Big data refers to massive data sets that can’t be stored, processed or even analysed using traditional business tools. Millions of data sources across the world generate massive data rapidly.

Social media networks and platforms account for some of the largest data sources. For instance, Facebook alone generates at least 4 petabytes of data daily accounting for messages, videos, pictures and more.

Types of Big Data

Big data comes in three different formats: unstructured, semi-structured and structured.

1. Structured Data

This is any data you can store, access and process in a fixed format. There are many techniques for working with this kind of data and gaining value from it. Even then, as this data grows massively to multiple zettabytes, issues begin to arise. An example of structured data is an excel document.

2. Unstructured Data

This is data whose form is unknown hence the structure passes for unstructured data. This data is massive and posses several challenges when it comes to processing to derive value from it. A good example is heterogeneous data comprising a combination of videos, images and text files. Most businesses are unable to derive value from unstructured data despite possessing it.

3. Semi-structured Data

This usually encompasses both structured and unstructured data. Semi-structured data is structured data that isn’t defined in a relational format. For instance, web application data that qualifies as unstructured data will consist of transaction history files and log files.

Big data is usually characterised based on the following:

 

While you can’t liken big data to a specific volume of data, its deployments are often in terabytes, petabytes or exabytes of data generated and collected over a certain period.  

Why is big data Important?

There are many reasons that make big data analytics important. Big data makes it possible for businesses to harness their data and use it in identifying new opportunities, improving operations, providing better customer service, taking actions that increase profits and revenue, turn leads to customers, make operations more efficient and ensure happier customers. Businesses can tap into big data for valuable insights into customers and effectively refine their advertising, marketing and promotions to increase engagement and conversion rates. Businesses that use big data effectively will have a competitive advantage over those that don’t for the simple reason that they’re able to make informed business decisions faster.

Who should use big data analytics?

Big data analysis is an asset to your business if you rely on swift decisions to stay competitive. This may be anything from identifying strategic markets, risk management, managing supply chains, and optimising delivery routes among others.

How Does Big Data Analytics Work?

To get relevant and valid results from big data analytics, data analysts and data scientists must have a detailed understanding of the data at hand and have a sense of what it is they’re looking for. This begins with profiling, cleansing, validating and transformation of data sets.

Once you’ve gathered and prepared all the data, multiple data science and analytics disciplines are employed to run various applications. They use big data analytics tools that support various capabilities and features. When analysing customer data, you can apply different branches of analytics as follows:

Social media listening – Your business can analyse big data to know what people are saying about your product or business to identify potential problems and the target audience for their marketing campaigns.

Comparative analysis – This assesses real time customer engagement and customer behaviour metrics to compare a company’s services, products and branding against their competitors.

Sentiment analysis – You can analyse all data you’ve gathered on your customers to reveal their feelings towards your brand or company, identify potential issues, determine customer satisfaction levels and how to improve customer service levels.

Marketing analytics – This will give you information you need to improve promotional offers and marketing campaigns for services, products and business initiatives.

Big Data Technologies

Although most people like to see it as a single solution, big data analytics is a combination of several tools and technologies working together to move, store, analyse or scale data. Even then, there isn’t a single technology that incorporates big data analytics in its entirety. Instead, there are different types of technologies working together to help you derive value from your information. They include:

 

Data management
Your data must be of high quality and governed well for reliable analysis. With the constant flow of data you must create repeatable processes for building and maintaining standards that ensure data quality.

 

Cloud computing
This delivery model is subscription based. Cloud computing guarantees fast delivery, scalability and IT efficiencies that are valuable for effective big data analytics.

 

Data mining
This technology makes examination of large amounts of data possible to unravel patterns. You can then use the information for further analysis to respond to complex questions.

 

Machine learning
This is a subset of AI with the role of training a machine, how to learn and make it possible to automatically produce models for analysing bigger, more complex data to deliver accurate results even on a large scale.

 

Predictive analytics
This technology uses data, machine learning techniques and statistical algorithms to identify the probability of future outcomes. It provides an assessment of what will happen in the future.

 

Text mining
This technology makes it possible to analyse text data from different sources including books, the web, and other text based sources to unearth insights you hadn’t noticed before. Text mining uses natural language processing and machine learning to extract data from blogs, emails, surveys, twitter feeds, competitive intelligence and more.

 

Data storage
It’s crucial to store large volumes of structured and unstructured data for data scientists and business users to access when they need to. A data lake will ingest large volumes of raw data rapidly while a data warehouse will store structured data in a central database.

 

Hadoop
This is an open-source software platform facilitating storage of large volumes of data as well as running of parallel applications on hardware clusters. It’s common for businesses because of the regular increase of data.

 

In-memory analytics
When you analyse data from system memory you can immediately draw insights and act on them fast. With this technology, you can remove data preparation and analytical processing latencies to create models and test new scenarios so your business can make better decisions and stay agile.

Benefits of Big Data for Businesses

Big data can help your business address a range of activities from lead generation to customer experience. Here are some of the benefits of Big Data:

Best Practices for Big Data Analytics

Working with big data can be confusing and messy when you don’t know what to do. Here are some guidelines to help you establish a successful foundation to benefit from big data:

Align your business goals with data. Support your business decisions with data. It’s the best way to know if you’re on the right track.

Optimise knowledge sharing by setting up a center for excellence where you share knowledge, manage communications and control oversight. This will help you increase your data capabilities and your overall information architecture in a systematic and structured way.

Align structured and unstructured data. Although it’s valuable to analyse data independently, you can get even better insights by drawing a connection between structured and unstructured data. This can be particularly useful for your lead generation campaigns and more.

Align with cloud operating model. Having a well-planned public and private security strategy and cloud provisioning will ensure better support for changing requirements.

Keys to Achieving an Effective Data Strategy

Before developing a big data strategy for your business, you must have knowledge of the data that is available to you, an understanding of business goals and an assessment of the need for more data to meet your objectives. Other important steps to include in your strategy are:

You must also prioritise data quality management processes and a data governance program to ensure your sets of big data are consistent, clean and used properly. Other practices for managing and analysing data include using data visualisation for analysis and data discovery and focusing on your business needs for information over the technologies that are available.

Contact Growthonics today to learn how we can meet your Data Management requirements.

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Sales Playbook Framework Essentials https://growthonics.com/insights/sales-playbook-framework-essentials/ https://growthonics.com/insights/sales-playbook-framework-essentials/#respond Sun, 30 Oct 2022 15:53:30 +0000 https://growthonics.com/?p=19503 A good sales playbook helps sales reps navigate even the toughest parts of the sale process by providing tips on overcoming obstacles. Your sales playbook should include all the resources your sales reps will need to take prospects and existing customers through the sales cycle to close more deals – scripts for sales calls, buyer personas, sales tools & discovery questions among other things.

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Sales Playbook

Framework Essentials

The strength of your sales troops has a direct impact on your bottom line. Therefore, you must ensure your sales reps are adequately equipped with a proven sales process playbook that guarantees results. Unfortunately, many sales managers assume a sales playbook is a series of sales sheets and call scripts.

In this article, we take you through the basics of a sales playbook, the benefits of having one and what makes the sales playbook framework.

What is a sales playbook?

A sales playbook is a document detailing your company’s sales strategy and tactics drawn from previous success. A good sales playbook helps sales reps navigate even the toughest parts of the sale process by providing tips on overcoming obstacles. Your sales playbook should include all the resources your sales reps will need to take prospects and existing customers through the sales cycle to close more deals – scripts for sales calls, buyer personas, sales tools and discovery questions among other things.

When you have your own sales playbook, it’s easier to streamline your sales processes, tackle challenges, solidify your branding, reduce the onboarding time for new hires and drive productivity gains with every customer interaction. Yet, getting the right sales playbook framework can be confusing.

What then, is a sales playbook framework?

This is simply the structure on how to put together your sales playbooks ensuring the process is scalable and repeatable.

What are the benefits of having a sales playbook framework?

Having a sales playbook framework will ensure your wins aren’t random and losses are traceable to where things started going wrong. A sales playbook gives insight into your sales enablement strategy.

Here are some benefits you’ll enjoy when you have a framework for building a sales playbook for your organisation:

1. Reduced onboarding time

When you have a sales playbook framework, you don’t have to worry about your new hires because you’re certain they’ll be adequately equipped for faster onboarding. This means they’ll take a shorter time to start closing deals. When new hires have access to the resources they need to sell better, they feel more empowered.

2. Increase in revenue

According to a research conducted by Aberdeen, companies that leverage a sales playbook often record a 3.9% increase in their deal size. Conversely, those that don’t use a playbook had a 2.8% increase in deals won.

3. Standardised practice for sales

Having a sales playbook that guides your sales and marketing teams means you can easily ensure a coherent narrative all through the sales process. Your reps will be leveraging best practices only while at the same time maintaining a consistent message.

4. Sets the pace for scaling

When your sales and marketing departments have a proven foundation for teamwork and cross collaboration with other departments, you’re able to scale and grow without leaving anyone behind.

5. Better feedback loops

77% of sales people underscore the importance of selling collaboratively with the other departments. This is according to findings of research by Salesforce. 73% of sales teams from the same study agree that working collaboratively with other departments is pivotal to their sales process.

So, what should your sales playbook template include?

5. Expand to new territories

You need to identify new territories where your brand can expand and grow. Think about the new areas where you can prospect or open stores. You could also consider franchising as an expansion strategy.

8 Must Have Sales Playbook Frameworks Essentials

A successful sales playbook template should cover the following:

Company overview

It’s critical that you introduce your sales reps to key aspects of who you are as an organisation. Be sure to include your company’s history, mission and values. You also must lay out your sales team structure, clearly stating where your reps fall within the hierarchy.

Services and products

Your salespeople will not succeed in their job if they don’t know the products or services they’re selling. When your sales reps know about your products, they’ll be confident.

Buyer persona

Buyer personas help you to clearly tell your reps who they’re targeting. You need to provide adequate and accurate information and description of your perfect clients.

Sales process

This is the heart of your playbook as you get to take your sales reps through your messaging and sales process. From finding to qualifying leads and eventually closing the deal. When your sales reps are equipped with the sales process, you minimise inefficiencies and get maximum ROI.

The use of CRM

Here, you need to include everything that’ll help you get the most from the CRM. When all your team members know what they can achieve with the CRM, you are guaranteed success. Having a chart showing who reports to whom will help new hires to understand how well the sales organisation fits together.

Sales methodology

If you practice a specific sales method, make sure you introduce your sales reps to it. You need to introduce your sales reps to it so that they know what to expect in the initial stages and from the long term training.

Measuring activities and outcomes

Make your expectations of sales reps clear. Your reps need to know what you expect from them individually and at team level.

Commission and compensation

Compensation packages for your sales reps will vary depending on the company. Some are complex while others are simple.

How to create a sales playbook framework

It’s not enough to know the sales playbook framework essentials, you also need to know how to build the framework. The sales playbook creation process is simple:

1. Identify a team that will build the framework, usually drawn from the relevant departments – produce development, sales, marketing, C-suite and HR. This team should have the face of your company.

2. Talk to your sales reps with the aim of learning about their failures and successes including key performance indicators. Then compile the methods that work. You’ll be surprised to find that probably your team has an unofficial playbook already.

3. Ensure all buyer’s objections are being met by aligning those objections with your sales process. While you can’t stop objections from leads, you can ensure sales reps are prepared with those objections so that they’re all moving deals forward.

4. Check current sales trends. You’re dealing with informed buyers with access to so much information including your competition. Your sales playbook should go into detail in a way that enables your sales reps to personalise your pitch for each prospect/customer.

Conclusion

When you have the resources, acquire your competitor or small business within your industry. The idea here is so you can broaden your offerings and customer base.

9. Run a promotional campaign for boosting loyalty

A sales playbook framework helps you to amplify processes and techniques you’ve tried and tested to ensure that your sales reps and closing deals with ease.

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Customer Acquisition vs Lead Generation https://growthonics.com/insights/customer-acquisition-vs-lead-generation/ https://growthonics.com/insights/customer-acquisition-vs-lead-generation/#respond Wed, 19 Oct 2022 15:01:36 +0000 https://growthonics.com/?p=19315 Customer acquisition refers to the steps your company takes to convert leads and acquire customers. It’s how you manage inquiries and prospects gained from your lead generation efforts. Customer acquisition is best viewed as a funnel where you take prospects from visitors to become customers by attracting, engaging and delighting them.

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Customer Acquisition
vs
Lead Generation

Your business will thrive only when you have a constant flow of customers going through your sales pipeline. The question then should you emphasise on customer acquisition or lead generation to grow quickly?

If you’re faced with this dilemma, it’s probably because you simply can’t draw the line between these two terms. Well, while they’re closely related and often considered as being the same, they’re not the same.

You certainly want to grow your business faster and are wondering which between acquiring customers and generating leads you should focus on to amplify your marketing efforts.

In this article, we draw parallels between the two terms to help you know where you need to focus your customer acquisition cost (cac) more to achieve your goals.

Customer Acquisition

Market penetration is the ratio of services/products sold against the projected total estimate. Brands need to know their market penetration to have a sense of their estimated total market size and percentage of customers buying their services and products. This, ostensibly with the aim of eliminating competition and owning the entire market share. Market penetration also refers to actions brands take to surpass competitors and control a large market share to become a market leader. Knowing the percentage of the market size you control is critical for both established and new brands.

How Do You Calculate Market Penetration?

Customer acquisition refers to the steps your company takes to convert leads and acquire customers. It’s how you manage inquiries and prospects gained from your lead generation efforts. Customer acquisition is best viewed as a funnel where you take prospects from visitors to become customers by attracting, engaging and delighting them. That is, you look at the client’s needs and interests and nurture them to point of purchase before shifting to customer retention.

For your customer acquisition strategies to succeed, you need to identify customer pain points, their interests and budget. Only then will you market to them effectively to the point of closing a sale. It’s important to mention that done right, the customer acquisition process will include lead generation. However, while lead generation focuses on bringing people in the funnel, customer acquisition emphasises on moving the leads down the customer journey. This means sorting the leads, nurturing and qualifying or disqualifying them.

Some of the common customer acquisition channels are:

  Content targeting middle and bottom of funnel prospects

  •   Lead scoring
  •   Email marketing
  •   Direct personalised sales outreach

What is lead generation?

Lead generation refers to the tactics your company employs to attract customers with the aim of getting them to engage with your brand. The purpose of lead generation is capturing the attention of your target client before bringing them at the top of the funnel paving way for client acquisition.

The moment you have the attention of a prospect, they become a raw lead. At this point, they’ve shown interest in your product or brand but are not a hot prospect. This calls for lead qualification.

Some of the common lead generation tactics you can use are:

Paid social links to gated content

  • Content strategy including lead magnets
  • Search engine optimization
  • Free trials
  • Chatbots
  • Search ads
  • Freemium products

Customer Acquisition vs Lead Generation: Which is Better?

The difference between customer acquisition and lead gen is evident when you decide to optimise these processes. While most marketers tend to give more weight to lead generation as a precursor to client acquisition it doesn’t always have to be this way.

By focusing on lead gen alone, you might end up with too many prospects in your funnel that are not the best hence can’t be qualified for client acquisition so you end up with no customers acquired. This is because bad leads can’t move through the buyer journey as they have no chance of becoming your clients.

Conversely, when you optimise your lead generation for customer acquisition, you’re likely to attract high quality leads that can translate to satisfied customers. This is an excellent strategy for bringing down your customer acquisition cost.

Bottom-line: Customer Acquisition and Lead Generation are Better Together

Deciding which, acquiring new customers and lead generation is more important isn’t easy. You need both to increase your customer lifetime value to grow your business efficiently and effectively because when you have the right strategy, they complement each other.

 

A solid customer acquisition strategy incorporates lead generation. A great lead generation strategy gives you a targeted pool of prospects for nurturing in your customer acquisition efforts. These two processes complement each other.

 

Book a call with Growthonics today to learn how we can support your business growth.

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Market Penetration | Pricing Strategies in Marketing https://growthonics.com/insights/market-penetration-pricing-strategies-in-marketing/ https://growthonics.com/insights/market-penetration-pricing-strategies-in-marketing/#respond Tue, 18 Oct 2022 15:39:44 +0000 https://growthonics.com/?p=19290 Market penetration is the ratio of services/products sold against the projected total estimate. Brands need to know their market penetration to have a sense of their estimated total market size and percentage of customers buying their services and products. Market penetration also refers to actions brands take to surpass competitors and control a large market share to become a market leader.

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Market Penetration

Pricing Strategies in Marketing

It’s disheartening to see a brand you’ve worked so hard to build lose its market share to competition.  Often, this is not about what you’re doing right about the brand rather, what you’re not doing that is hindering growth.

 

This is where market penetration strategies come in.

 

In this guide we cover:

 

-Market penetration strategies
How to calculate market penetration

Pricing strategies in marketing

 

What is market penetration?

Market penetration is the ratio of services/products sold against the projected total estimate. Brands need to know their market penetration to have a sense of their estimated total market size and percentage of customers buying their services and products. This, ostensibly with the aim of eliminating competition and owning the entire market share. Market penetration also refers to actions brands take to surpass competitors and control a large market share to become a market leader. Knowing the percentage of the market size you control is critical for both established and new brands.

How Do You Calculate Market Penetration?

Calculating the market size in its entirety and getting an estimate of the proportion you own is useful for both established and new brands. Thankfully, there’s a formula you can use to know how much of the market share you control against the total market share as below:

 

(The number of customers/The target market size) x 100 = Market Penetration Rate

 

It’s important to monitor your market penetration to determine any decreases and increases. It’s recommended that you calculate your market penetration after running a sales and marketing campaign. This way, you can tell the changes in penetration and gain better insight on the success of your marketing efforts.

 

Market Penetration Strategy

You need to have a good strategy to increase penetration. Market penetration strategy refers to where your company deliberately works towards attaining a higher market share by leveraging existing markets and products. It’s essentially how an existing company can grow through increasing sales among those already in the market.

 

Market penetration strategies are anchored on four growth strategies for entering an existing or new market  for established or new product or service based on the Ansoff Matrix. Here are 10 common market penetration strategies are:

1. Dynamic Pricing

Brands engage in vicious price wars with the aim of persuading customers to purchase their services and products for the best price. This market penetration strategy becomes complicated and more intense with price adjustments all day long.

With dynamic pricing, the systems are automated so that the software researches the set prices and the market in general to deliver actionable intelligence.

2. Add distribution channels

Brands engage in vicious price wars with the aim of persuading customers to purchase their services and products for the best price. This market penetration strategy becomes complicated and more intense with price adjustments all day long.

With dynamic pricing, the systems are automated so that the software researches the set prices and the market in general to deliver actionable intelligence.

3. Target specific territories

While some services and products are seasonal, others are location based. When you target a specific location, you can boost sales within the area.

4. Change or update your product

If you can trace your market share to a specific service or product then you can rely on the feedback from customers to improve product features. When you understand consumer preferences for your products you can even change it to make them love it more.

5. Expand to new territories

You need to identify new territories where your brand can expand and grow. Think about the new areas where you can prospect or open stores. You could also consider franchising as an expansion strategy.

6. Create entry barrier

Creating an entry barrier for competing brands using existing resources or identifying those who want to make a superior product. This will make it difficult for another brand to compete with yours.

7. Partner with another business

Think of mutually beneficial ways you can partner with another business or brand to push sales. It could be a simple co-marketing campaign.

8. Purchase a competitor or small business within your industry

When you have the resources, acquire your competitor or small business within your industry. The idea here is so you can broaden your offerings and customer base.

9. Run a promotional campaign for boosting loyalty

You can run a promotional campaign that will get consumers customers to sign up in return for freemium products like discounts, inside information and discounts.

10.  Craft a new marketing campaign

Craft and launch a new marketing campaign that promotes your product line in a new and unique way that customers have not seen before. Carry out an analysis of the success of your campaign for future reference.

Pricing Strategies in Marketing

Pricing is one of the most preferred market penetration strategies yet quite confusing. A price penetration strategy isn’t the same thing as low price. While the intention of a low price strategy seeks to permanently keep the prices low, market penetration pricing strategy is employed to keep prices low at the introductory stage when entering a new market.

What is penetration pricing?

Penetration pricing strategy is where businesses or brands attract customers to a new product by offering a discounted price in the initial stages of the launch. Once the brand or product has generated enough interest and gained a significant market share, you can then begin raising the price to the market levels.

 

The aim of this strategy is introducing consumers to a product at a low risk, drawing interest in the product and building brand loyalty. At this point, profit is not one of the major goals. Rather, the objective of a penetration pricing strategy is to:

 

  •  –  Introduce consumers to your product
  •   –  Attract new users
  •   – Gain market share
  •    – Destabilise existing market leaders
  •  
  • If you choose to use this strategy, you must also take advantage of a price monitoring software that’s instrumental in tracking the average market prices within a specific period. You can then leverage the data to determine your introductory price.

Penetration pricing vs Price Skimming

Most people confuse penetration pricing with price skimming yet, these strategies are distinct. When it comes to market penetration, companies are willing to forego margins if only to draw users to their brands/products.

This strategy is relevant where you want to enter a new market and your main goal is getting as many users as can be. The margins in penetration pricing strategy are slim making this strategy less flexible.

On the other hand, price skimming is the strategy where you leverage luxury or high ticket brands in maximising profit margins. Rather than set a low price for products, companies using price skimming will have a high price tag on their products. Skimming is common where you enjoy high brand loyalty and recognition or your products have a significant differentiation from your competition. Now you know why Apple charges a relatively high price for innovative and new products but still have their customer base intact.

Advantages and Disadvantages of Penetration Pricing

Before you decide to use penetration pricing, it’s advisable to check against the advantages and disadvantages. While there’s no doubt that this strategy is excellent when you want maximum visibility, it could also harm your brand when improperly executed.

Advantages of Penetration Pricing

1. Influences perception of price – Penetration pricing is an excellent way of influencing the price of your brand or product from the start. You can build an image around your product value influencing how consumers see your brand with strategic marketing campaigns.

2. Introduce new customers to your brand at low risk –  This strategy is a great ways of entering a new market, drawing attention to your product and getting sales traction from the start

3. Market shake up – Penetration pricing will overhaul a market where there’s an established leader. This often paves the way for ‘underdog’ companies to enter a new market and sell while attracting customers from established brands/services.

Disadvantages of Penetration Pricing

Even with the advantages discussed above, penetration pricing can also be risky especially if you can be proactive in accounting for hazards that come along with the strategy. The two main disadvantages are:

1. Race to the bottom – Sometimes the reaction to penetration pricing could end up being a race to the bottom for your brand especially if your competitors react by lowering their prices too. However, you can protect yourself from this with dynamic pricing.

2. Lack of value – The greatest strength of penetration pricing is also the greatest weakness; you could end up with disgruntled consumers that may not return to buy your product when you normalise your price.

Market Penetration Examples

When you execute market penetration strategies well, you can be sure to enjoy market dominance. An example of a company that has had great success with market penetration is Coca Cola. The company initially presented itself as a beverage company with a strong leaning towards snacks. With this, the company enjoyed the advantages of the refreshment market.

However, as people’s tastes started changing to healthier choices, the company introduced Coke Diet to gain a significant share of the beverage market by capturing the health minded individual. After research found that more women prefer Diet Coke, they introduced Coke Zero to cater for all.

Conclusion

It’s evident that understanding market penetration can be quite beneficial to the long term success of your business. This growth strategy is low risk yet highly effective. With so many market penetration strategy options, you must make sure you choose a strategy that will help you achieve your goals.

 

Book a call with Growthonics today to learn how we can support your business growth.

 

 

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