Tag: marketing research

The Lifetime Value (LTV) Relationship

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When we talk about the lifetime value were not talking about the Lifetime television network and how much meaning it has to your life. Some may say that the value of the TV network is mainly cherished when you’re going through a relationship break up or just want to watch a few “chick flicks”. The lifetime value in marketing is the net profit a customer attributes to a
company over its lifetime. Let’s relate this to an actual relationship, if there was a way to determine how long a relationship would last (the lifetime value) then we can determine how time, money and memories we share with that partner. Marketers on the other hand, use the lifetime value to determine their net profit over the lifetime relationship with a consumer. With this information you can decide how much money the company can spend on advertising or promotion towards consumers.

Yelp Me !

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Before I go to a new restaurant, order a product online, or make an
appointment at a day spa I tend to look at what other people say about that company and read consumer feedback. As consumers, we do our research
to feel satisfied that were making the right choice before we purchase a product. Many marketers count on this type of word of mouth interaction
and provide feedback sections on their websites to engage their audience.
This digital word of mouth has even expanded to the Yelp App where
popularity and engagement reigns supreme. Most consumers search for
products or services, the higher the rating the more likely consumers will
choose your company. Some companies have even offered discounts for
leaving a positive review on Yelp. This is why most marketers would market companies on Yelp.  Yelp provides a great place to engage and use digital word of mouth to promote the company’s brand.  The next time you’re looking for a new restaurant to try out make sure you Yelp Me.

Marketing Research Done Right!

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Have you ever went to a store and wondered why a company would
add a certain feature to a product?  Why it’s not selling as much as
projected? Let’s blame marketing research! This research is the most
important step to run a marketing campaign, honestly is it “THE” step to
running a successful campaign. Without proper research you won’t be able
to understand what your target audience is looking for and what problems
will need to be solved.  

A great example of marketing research being conducted properly is
the makeup brand, Fenty Beauty created by music artist Rihanna. In 2015,
before the launch of Fenty Beauty, many women had the problem of finding their exact make up shade.  The beauty industry was known for its lack of
proper representation, especially for dark skin tones.  Research was
conducted to find out exactly what make up wearer wanted from a brand
new makeup line. Fenty Beauty was released in September 2017 with the
slogan “beauty for all” which included 40 foundation shade choices. According to Vogue Fenty Beauty made $100 million in sales in its first 40
days. Now that’s Marketing Research Done Right!