Business

Successful marketing is about people not products

Published

6 years ago

July 25, 2019

Successful marketing is about people not products

These days, successful marketing is about getting to the human story, which requires business people as we must think beyond the office walls. The balance of power has shifted tremendously in consumers’ favor. Brands today cannot exist within their own bubble. The solution is to spend time with your customers, asking them some questions. From there, the path forward gets clearer as you focus on building a viable product. Continue to solicit feedback and keep iterating upon it.

Ask for customer input, the right way
Crowd-sourcing platforms became a rebellious way for startups to elicit both interest and funding. Although this method won’t ensure that a company ultimately survives, it can help make certain that people will buy what a company takes the time to build. And while inviting the public to help build your company is a truly modern and worthwhile approach, it can backfire when you lose trust.

More than What’s On Paper: Support Is Key
By participating in or initiating community-building opportunities like these, marketers can help create a sense of belonging while also gathering the input they seek. But it has to feel genuine. Small businesses can host monthly events for consumers who share the same passions and interests. They can play a role in fostering friendships and encouraging fellowship outside of digital spaces while soliciting valuable customer feedback.

Take your cues from where you can
The good news is small businesses often have a big advantage over large corporations in the quest to solicit and implement customer feedback. The ability to be nimble in communications allows a smaller business to make changes in close to real time, without having to cut through layers of bureaucracy. And while it’s easier for companies to start out with a viable product based on plenty of customer input, it’s not impossible to change
courses later.

If a reporter does not want to cover a press release about a product launch, ask yourself why. Does your marketing messaging pass an internal sniff test? Will anyone outside the company care? Less-formal data like feedback from conversations is still data nonetheless. Even relaying feedback from a meeting with potential investors can help
companies pivot.

Tell people what you want them to do
People love giving referrals, even if they’re not as pompous. Often, they also like to be told how they can help, even if they don’t outright ask. Don’t be embarrassed to ask someone to hang a sign on their lawn or refer your services to family and friends. Perhaps they could leave a review on your platform of choice or vote for you in a local competition.

Although small businesses may not have the luxury of conducting formal focus groups, they can participate in an even better feedback loop by engaging daily with the people who love their brand, and then incorporate that feedback into product improvements.

Choose trustworthy channels
For companies that rely on third-party communications channels, shouting a marketing message won’t work if no one is listening or if they are skeptical about how they are receiving the information. It’s no secret that we are in the age of fake news. And while it’s important we all become fact-checkers before sharing headlines, that means your brand’s content may not be as readily accepted as it was previously.

A recent poll found that 60% of Americans “don’t trust (Facebook) at all to protect personal information.” More succinctly, pollster Micah Roberts reportedly said, “If America was giving social media a Yelp review, a majority would give it zero stars.”

This should come as a warning shot: Consumers are protective of their information. You’ll have to not only earn their trust, but also work hard to keep it.

As you grow, learn to let go.
Maintaining the same level of communication and trust can be a challenge as your company scales. Small businesses are generally closer to their customers, while large companies tend to get bogged down with customer service protocols. Understand that as a company grows, it must learn to let go in order to build long-term sustainability. If daily human interaction now proves too difficult, substitute equally strong benefits in its place (alternate communications channels, company blogs, rewards programs, etc.).

Growth is always a goal for small businesses and the financial institutions and consumers who invest in them. Scaling your communications strategy can be hard to manage, but should be a risk worth taking. Getting to the human story can help your company break away from the crowd, and it’s an essential part of creating lifelong customers.

Solicit feedback to ensure people will buy what you’re building (and then be sure to deliver). Take cues from every interaction, and remember that feedback loops and referral programs are essential today, no matter how small (or big) your business may be. Choose your communications channels wisely, and as your company grows, learn to let go
of channels that no longer support your long-term vision.

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The Business Diary magazine is a comprehensive publication that centers around business and economic development news. It covers a wide range of topics including finance, mining, technology, environment, climate finance, and agriculture. With its focus on providing valuable insights and updates, the magazine caters to readers who are interested in staying informed about the latest developments and trends in the business and economic landscape of Zimbabwe.

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Business

Meet World’s Richest Family Who live In $478m House, Own 700 Cars

Published

1 year ago

May 2, 2024

The Business Diary

Meet World’s Richest Family Who live In $478m House, Own 700 Cars

According to The Jerusalem Post, the Nahyan royal family of the United Arab Emirates is a dominant corporate and political force in the Gulf area, as well as one of the world’s wealthiest families.

Their net worth is greater than the combined wealth of Microsoft founder Bill Gates and Amazon founder Jeff Bezos.

Sheikh Mohammed bin Zayed Al Nahyan, the head of the Nahyan family, is the UAE’s President and the ruler of Abu Dhabi.

He has 18 brothers, 11 sisters, nine children, and eighteen grandchildren. All of the family members reside together in the “Qasr Al-Watan,” a massive edifice spanning 380,000 square meters and valued at $478 million.

The family’s real estate holdings comprises opulent houses and developments both in the UAE and abroad.

They own eight aircraft, including one Airbus A320-200 and three Boeing 787-9s. Sheikh Mohammed’s personal collection includes a $478 million Boeing 747 and a $176 million Boeing 787.

In addition, they have three of the world’s largest yachts.

Their car collection is nothing short of astounding. According to reports, their vehicles are split out over four museums in the UAE and Morocco. The family owns more than 700 cars, including Ferraris and Lamborghinis.

The family owns 81% of the City Football Group, which includes football clubs like Manchester City, Mumbai City, Melbourne City, and New York City.

Business

Want to work at Meta? Average salary package in Mark Zuckerberg’s company is…

Published

1 year ago

May 2, 2024

The Business Diary

Want to work at Meta. Average salary package in Mark Zuckerberg's company is

Big companies often get highlighted for the huge compensations that they offer and the perks one gets while working for them. Meta’s average package is a whopping $379,000, according to a recent SEC filing. The company, which employs around 67,000 people, said that its median employee made over $379,000 in the year 2023.

Meta’s CEO Mark Zuckerberg testifies during the Senate Judiciary Committee hearing at the US Capitol, in Washington, US. (Reuters)

The average pay for a tech position falls between $35,000 to $120,000 depending on the role, but Meta’s pay is significantly higher than that. However, giants like Google and Amazon offer packages that go well above $300,000 for similar positions.

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Also, higher-level software engineers and researchers in Meta make more in base pay than product designers and user experience professionals in the company.

What Mark Zuckerberg said on working at Meta?

CEO Mark Zuckerberg said earlier this year that working at Meta is not easy even if it offers such lucrative packages. He said that the year 2024 will be the “year of efficiency” in the company as he expects employees to maximize output and productivity.

How much does Mark Zuckerberg earn?

In the year 2023, Mark Zuckerberg noted a total compensation of $24.4 million in ‘other compensation,’ and a base salary of $1. According to Fortune, this covered his costs related to his private jet. His wealth has increased by over $47 billion this year alone, despite receiving a nominal salary of $1 since 2013.

As per reports, the company’s net profit in the January to March period rose to $12.4 billion with total revenue up by 27 percent, at $36.5 billion.

The company wrote in a filing, “We believe that Mr. Zuckerberg’s role puts him in a unique position: he is synonymous with Meta and, as a result, negative sentiment regarding our company is directly associated with, and often transferred to, Mr. Zuckerberg. Mr. Zuckerberg is one of the most-recognized executives in the world, in large part as a result of the size of our user base and our continued exposure to global media, legislative, and regulatory attention.”

Business

Egypt’s Richest Man, Nassef Sawiris’ Wealth Surges by $410M in Just over a Week.

Published

1 year ago

April 30, 2024

The Business Diary

Nassef Sawiris, chief executive officer of Orascom Construction, speaks during a television interview at Bloomberg headquarters in New York, New York, on Wednesday, Sept. 5, 2012. Photographer: Stephen Yang/Bloomberg News

Egyptian billionaire Nassef Sawiris, the richest individual in his home nation and one of Africa’s most powerful businessmen, has seen his fortune increase by $410 million in just nine days. This strengthens his position atop the continent’s wealth pyramid and moves him up the worldwide rich list.

Sawiris’ net worth increased from $8.27 billion on April 16 to $8.68 billion as reported by the Bloomberg Billionaires Index, which analyzes the fortunes of the world’s 500 wealthiest individuals. This works out to an amazing average daily gain of $45.56 million.

The wealth increase reverses prior losses and brings Sawiris’ year-to-date gains to $271 million. This is primarily due to the performance of his investments in the Dutch fertilizer firm OCI N.V. and the German apparel brand Adidas. Sawiris owns 38.8 percent of OCI and 6% of adidas.

Adidas’ share price has risen 11.51 percent since April 16, from €202.50 ($217.03) to €225.80 ($242). This spike pushed the company’s market capitalization beyond $40 billion, increasing Sawiris’ ownership by an estimated $266.63 million. His stake in OCI has also increased by $35 million, reaching $2.17 billion from $2.13 billion. Sawiris’ surprising leap propels him nine ranks up the Bloomberg Billionaires Index, from 300th to 291st.

Adidas’ recent increases have boosted market confidence in its 2023 success. Despite ending its partnership with Kanye West’s Yeezy brand in October 2022, Adidas topped expectations with a €268-million ($292 million) operating profit, exceeding projections by roughly €1 billion ($1.08 billion).

Adidas is looking for fresh collaborations following the Yeezy split. CEO Bjorn Gulden hinted about possible collaborations with pop culture luminaries, including Taylor Swift as a candidate.

Furthermore, a significant coup for the corporation is Liverpool Football Club’s forthcoming transfer from Nike to Adidas uniforms beginning in the 2025-2026 season, securing a lucrative five-year contract gained after Adidas outbid Nike and Puma.