Social Media Marketing
This is the second in a series of posts from Adelaide University’s MBA Entrepreneurship Intensive program. Professor Becky Ruber has kindly allowed me to sit in on the guest speakers arranged for students in her course.
On Friday the 1st of March, the guest speaker was Mal Chia from NoQ:
Mal Chia – Digital Marketing Manager@ NoQ (noq.com.au)
Mal Chia is working as the Digital Marketing Manager at the Adelaide startup NoQ. He has a Masters in Commerce (Marketing) from Adelaide University and is one of South Australia’s most respected digital marketers. Continue reading
Marketing Levels of Scales Summary
When working with marketing research you may come across the concept of the four “levels of scales”, or “levels of measurement”. All measurements collected by the three marketing instruments: questionnaires, qualitative measures and technological devices will measured by one of these forms of data.
The four levels of scales are:
Humans are complex beings. Often we react to an idea in a negative or agressive way, when actually, the idea is quite good.
Why? We’re all logical beings, right? This is reactance at work.
Innovation, change and reactance
Psychologist Jack Brehm coined the term reactance in 1966. It covers the human behavours around resistance to new ideas or persuasion that results in hostility and flouting of authority. Fundamentally, we do not like to be told what to do, think or like, and this results in negative behaviour that is not always appropriate. Reactance is a great stifler of innovation and change.
Four strategies to stop customers fixating on price
A universal fear of companies is the chance that one or more of their products could be considered a commodity by their consumers.
Why is this so bad? If the customer views your product as a commodity, they will shop around for the best price, they will believe that there is no tangible benefit in buying from you over another supplier, thinking your product is equal to a host of other companies products.
Buyers in a commoditised market will focus on price, show scepticism, have low expectations on additional services, have low brand loyalty and have a very strong preference for swift and effortless transactions.
This is a bad situation for almost all businesses.
In 1977 Mark Markkula wrote a one page marketing and strategy position statement for Apple Computers. It was written as part of the company incorporation on January 3, 1977.
Apple was less than a year old and had only released the hobbyist Apple I. It was yet to really make an impact. Mark Markkula wrote:
The Apple Marketing Philosophy
We will truly understand their needs better than any other company.
In order to do a good job of those things we decide to do we must eliminate all other unimportant opportunities.
People DO judge a book by its cover. We may have the best product, the highest quality, the most useful software etc.; if we present them in a slipshod manner, they will be percieved as slipshod; if we present them in a creative, professional manner, we will impute the desired qualities.
How sensitive to price are your customers? Should you make that price cut to keep up with new entrants to the market?
Whilst this is obviously a complex issue, there are a number of factors to search for in your customer base that may indicate they are less worried about the price of your goods or service than you think:
When a successful startup gets bought out how can you go about marketing ownership change so that the “sellout” label is avoided? By embracing it Vinomofo style!
Vinomofo, a daily wine deals startup from Adelaide was in this situation recently. They were bought out by a larger fish, Catchoftheday (COTD). It’s a great success story, something the founders can be very proud of. To give some context, I have taken some quotes from an AFR article that helps paint the scene:
They started out five years ago, driving a van around South Australia’s wine regions and filming their tasting experiences. That led to an award-winning online forum, qwoff.
They needed to come up with an idea to commercialise their work, and a wine daily deals concept was born:
When Mr Dry, 34, came up with the idea of an online daily deals site in early 2011, Mr Eikmeier was initially doubtful. Continue reading
Can you do best-worst surveys in Qualtrics?
Not natively, but you can use existing question formats to achieve the same result.
How to do a Best-Worst Survey in Qualtrics
Option 1: Side by Side
This option gives the closest look and feel of a best-worst matrix, but has the negatives of repeated headers, and a non uniform screen width across the questions.
MBA Schools love to educate us on various tools of thought or approach but over time many are proven wrong, not-quite-right, or just another management fad.
One that looks like it may go the distance, equally at home applied to existing businesses or new ventures – Porter’s 5 Forces.
Understanding Business Opportunity Porter’s 5 Forces
Porters 5 Forces model breaks down the attractiveness of a market to five categories- threat of new competition, threat of substitute products or services, bargaining power of customers, bargaining power of suppliers and intensity of competitive rivalry.
The following diagram illustrates it best:
To help understand customer requirements it is helpful to think in terms of needs, wants and demands of the customer. Needs are defined as ‘states of felt deprivation’ such as food and self-expression. Needs become wants when it is directed towards a specific object or service that is believed to satisfy that need. Wants are the manifestation of the human need that is shaped by the individual and their culture.
Wants become demands when the customer has the capacity and inclination to pay for the object or service.
Marketers divide the types of needs into stated, real, unstated, delight and secret needs as shown below: