Last week, I tried to smash and shatter the big myths surrounding how we do marketing, I’d like to continue that with some posts influenced by Byron Sharp’s work at the Ehrenberg-Bass Institute, by taking a more scientific approach to marketing.
In my occasional day job with SMU, I have a course designed to assist business leaders, new to Asia, stimulate business growth. I have been reading widely in this topic area for a few months, and my business life’s assumptions have been shattered.
I was a firm believer in “common sense” strategies aimed at creating and building loyalty amongst a group of consumers and finding ways to be more efficient in increase their purchasing as a means to efficiently grow performance.… Read more
Many new General Managers will look forward to planning for their next financial year with some trepidation.
We all are facing situations where:
– The plan is going to call for substantial growth (in sales and profit contribution), even if last year this wasn’t achieved.
– Yet the investment budget won’t be larger. The amount of time your brands are ‘on air’ has shrunk over the years as more money has gone to in-store activity (largely price promotions), and the media budget has been spread more thinly across more media options as various digital ‘new media’ were added to the mix.… Read more
Phew, we’ve had a couple of months on pricing, and now this is the last of those posts.
Since researching how you can influence pricing, new research has come to hand, so I’ll summarize it here.
TACTIC 32: Sort Prices From High to Low
You can influence customers to choose a more expensive option if you sort products by descending price (i.e., from high to low).… Read more