How we all are falling victim to Diderot Effect

It is a given that you have experienced Diderot effect, irrespective of the fact that you are aware about it or not. The Diderot effect is a social phenomenon which is directly related to shopping. 

The effect is two fold. The first part suggests that any product purchased by consumers will be related to their identity, hence they will reflect, relate to their purchases. The second part suggests that an introduction of any additional or complementary product along with their prime purchase will result in spiraling consumption. If it is still too complicated, here is a simple explanation. Along with any of your prime purchases, you always buy accessories, complimentary sides that you may or may not need. So, you end up buying things that you didn’t even know you wanted, just because it was complementary to your prime purchase. The term Diderot effect was coined by anthropologist and scholar of consumption patterns Grant McCracken in 1988, and is named after the French philosopher Denis Diderot (1713–1784), who first described the effect in an essay. 

Why Do We Want Things We Don’t Need?

Just like everyone, we all have fallen victim to the Diderot effect. For example, you buy a car and then you purchase all sorts of things that can go with it like tire pressure gauge, a car charger for cell phone, an extra umbrella, a first aid kit, a pocket knife, a flashlight, emergency blankets, and even a seat belt cutting tool. There is a high chance that the last car you owned, you made it past many years without needing any of the extra equipment. You fall down the consumption spiral. You can see many such examples around you. 

We have a natural inclination to feel more fulfilled with more things around us. We never look to downgrade, we always want to upgrade. We would rather accumulate and add than get rid of things. In the words of sociology professor Juliet Schor, “the pressure to upgrade our stock of stuff is relentlessly unidirectional, always ascending.” 

How to master this effect?

After reading all of this, if you are wondering how to master this effect, we do have some pointers that can help you. You have to learn how to select, choose, eliminate and focus on the things that matter and you truly need. The other way of encountering the Diderot effect is reducing your exposure. Any habit is always triggered on a cue. If you can control the triggers by avoiding them, you can steer clear of the Diderot effect. A simple step like unsubscribing from the offer emails, or meeting your friends at a park rather than a mall can also help. These self imposed limits will help you control the shopping urges.

At times it is good to learn and know about the psychological terms and phenomenon. You don’t have to think that it is just you who has no handle on what you buy. There is an explanation and a reason behind your urges and your attraction to buy things for the fulfilment of the shelves of your house or your desk. 

E-commerce industry and Diderot effect:

The e-commerce industry has leveraged a lot on this effect. If you have noticed that when you buy any product on popular e-commerce websites, it always suggests that “people who bought this also bought the following items”. Sometimes even offering you exciting deals on the combo offer. The algorithms are designed to notice and project the behaviour of the purchases along with related items. This helps the buyer sometimes as they don’t have to search additionally. For example: If you buy a phone, the phone cover automatically comes in suggestions. Your choice of products or your previously bought products are all a part of this.  

Conclusion:

The Diderot effect may or may not cause any troubles in your life, but it does affect your pockets. The next time you are shopping, you can pay attention to all the things that you need. Ask yourself a question, Do you want this product? Or Do you need this product? The offers and the deals might excite you and tell you otherwise but you have to stay strong. The consumer behaviour is very predictable. Hence the websites and the stores are cashing in on your shopping habits. So for your next shopping spree, be aware and choose wisely. 

Types and Steps for Content Management Systems

Do you consider content management a simple way of storing and creating a library for content reuse? then you are just half correct. Content Management is an entire procedure where you have to organize and put together different types of content like text, multimedia and graphics with their tagging schemes (XML, HTML). This has to be done efficiently while storing them in a repository commonly known as a Content Management System (CMS). These content pieces are henceforth organized and can be used again and again if needed for different platforms or publications.  

There are plenty of CMS platforms to take care of the needs in different categories and industries. CMS is not only about taking care of the website’s content but also for digital assets like branding guidelines, business plans, emails and many more. Resource management is very important in fields like healthcare and other sectors which require specific reporting requirements. It can also play an important role in the financial industry where being transparent is critical and in manufacturing, to whom an accurate user guide is key to overall quality control.

With content management systems like WordPress, which is one of the most popular systems used, all you have to do is put your content on an interface which looks a lot like Microsoft Word. You also have the option of editing any publishing content through CMS. As content is not only about text but also about media. You can manage what image can be published alongside your text.  

What constitutes a CMS?

If we move to a technical level, the content management systems is made up of 2 different core parts: namely CMA (Content Management Application) and CDA (Content Delivery Application). Understanding these core parts is simple. A CMA allows you to add or manage content on your website. On the other hand CDA is more like a backend. It helps you control the backend process that will take the content that you insert in the CMA and store it, make it more visible. These two systems together will make it much easier for you to maintain and look over the content of your website.   

The most popular content management system is WordPress. It maintains over 62% of market share on websites. Some other examples are Joomla, TYPO3 and many more. We at Taglr also use WordPress for our content management.  

There are different kinds of content management systems and they all serve a different purpose:

Type of CMSSpeciality
Document Management System (DMS)Helps you to manage whole documents rather than the actual content itself
Enterprise Content Management System (ECM) It helps you to take care of all sections of content within an organization i.e., e-mails, business documents, etc
Web Content Management System  (WCMS) Manages in delivering content to websites
Digital Asset Management System (DAM)
Helps in managing multimedia and corresponding data. 
Component Content Management (CCMS)/ aka XML Content Management (XML CMS) Manages content for reuse as it stores content as a single source.

What is the process for Content Management Systems? 

Organization: You have to create categories, assign taxonomies and classify. 

Create: You have to put content into a designated category.

Storage: The format and flexibility to access the content decides the storage location. 

Workflow: A structure is designed to ensure that the content moves smoothly. 

Editing: This helps in managing more number of content versions with any presentation changes.

Publishing: Self-explanatory, this is the step where content is published to the users. 

Removal: This is the final step where the content is either removed or put into archive where it can be reused. 

Although the content needs of the organization will decide the steps and which ones to follow. But this blueprint is a basic step guide for most of the commonly used systems. Our content management at Taglr ensures that we follow all the niche steps to create, store and archive our content to use it in the long run. 

Conclusion: 

Every Content Management System has methods to limit the number of actions a user can take. The task of CMS is mainly to carry out the instructions as per the guidelines. These plans have to be made with human interaction and judgement. You have to understand the needs of your organization, the vision and the requirements. It should not be about publishing text but how to present it, manage it and reuse it when necessary. The bigger the organization the larger the needs. These organizations might have to maintain several regional websites and collaboration within different business units. If you are looking for a content management system, you have to consider the needs of your company. The primary step is choosing the correct system and making yourself familiar with all the options available in today’s market.  

If you are not using any CMS, there is a high chance that as your company grows and you publish more information on your website and social media, it will be difficult for you to manage and track. It becomes really tedious to find relevant content when needed. You have to think of it like storing files in the cabinet. If it is not done properly from the beginning, in the end it is just a cluster of files filling upon a room where you won’t be able to find anything.

How To Drive Customer Engagement?

Customer engagement is a business connection between a loyal buyer and an organization through various channels of correspondence. This connection can be a reaction, interaction, effect or overall customer experience, which takes place online and offline. The definition is fluid and its meaning is broad, but it includes every positive interaction that a customer has with the brand, or with fellow customers. These customers can become your brand advocate and be avid buyers of all your brand products. They are very active and updated with your new range of offers and products/services. This engagement need not be only restricted to conversations between the employees and the customers, but between the product and the customer. It is the product that will build your brand image.   

Why customer engagement is needed?

An engaged customer is best for business, A study from Gallup suggest that a highly engaged customer generates 24% more revenue than other customers. 

There are multiple ways that an engaged customer can help our business grow:

More revenue:

Your frequent customers who interact with your brand on a regular basis will spend more money than your occasional customer. Your engagement helps keeping your brand front and centre, so that whenever they are in need they turn to your brand first. 

Retention: 

It will always cost more money to get new customers than to retain one. This also involves the customers who are engaged through your social media, and are actively responding and sharing your posts to help you with brand awareness. As you know what relationships you have built with your customers, they stay loyal and are less likely to turn away. These customers will also go the extra mile and tell people about their experiences and interactions with your product, services and brand that will help you in creating a brand image.    

Customer engagement and retention will not happen overnight. It requires restless dedication from the brand to establish that trust to build something that customers would like to engage with. Consider customer engagement an upward spiral. As you gain more customers, you can create more engagement. More interaction will result is more profits and add more value, it can be turned into an everlasting reinforced cycle. 

Since we have now understood the conceptualization of customer engagement and it’s importance let’s now see how can you drive it:

The importance of social media: 

Social media is redefining the means of marketing. The content driven market taking over the conventional marketing strategies. The customers love to see, engage and react to posts on different social media platforms. Make sure that your content is at par with your brand’s personality. The content has to be unique. Taglr’s social media marketing is content driven and we have an engagement rate of over 10%. We ensure that our followers are always relating to Taglr’s post but at the same time it is symmetrical to the brand image and brand language.   

Have a lot of Q & A’s

Always ask, listen and reflect. Have frequent questions posted on various platforms, it is a reflex to loyal customers to answer back. If the questions are unique, the chances of engagement is higher. This will create a space for your brand in the customer’s day-to-day activity and make the experience more personal. 

Reward

You should always give back to your loyal customers. If they get rewards, it elevates the entire experience. The reward can be monetary, it can be a cashback, some points or just a message or an email saying thank you. When your buyers are getting their value for money, they will be satisfied but when they are getting little unexpected bonuses, it will add joy and pleasure to be associated with the brand. Even a birthday email or message can go a long way. 

Cover maximum ground

Make sure you are present everywhere. On all social media platforms, on review platforms, etc. Regularly reply to the positive and the negative reviews. This shows concern from your end, and a conversational establishment. The customers know that their efforts and communication is reaching to someone in the organisation.  

There is no documented formula to read and implement. This has to be unique, you have to create an experience and engagement that conveys your ideas and understands the needs of the shoppers. 

Conclusion: 

The best place to start for customer engagement is to see how the shoppers are reacting to the current product and services provided. What gets the maximum attention and interest? What are the most frequent questions? and are you providing answers to the FAQs. Are your loyal customers talking about you in the community? If not, what will nudge them to do so? You have to understand that this is a two way street. If your content or your communication is getting no response, there is zero engagement. The customers have to consciously choose to speak to you and interact with your brand. Only selling the product is not important, communication is the key if you want to sustain in the market. Your relationship with the buyer should not be transactional, it has to be dynamic and mutual. So if you have not implemented a customer engagement strategy yet, it is high time you do so.  

Personalized Customer Support: Why or Why Not?

Providing personalized experiences in customer service is a very hot topic these days. Many organizations in different sectors like banking, hospitality and even e-commerce are going out of their way to provide personal assistance to customers. What is it about personalized assistance that makes it so special and is still working in the current market. In this blog we will be discussing about the What, How and Why of personalized customer services along with the benefits and challenges that comes across in implementation. 

What is Personalization?

In the retail industry customers often associate their experience not on the basis of the products they buy but on the services they get post purchase. Now just imagine if there is a personal touch, a human connection in this procedure, it will make the entire experience much better and very personal. You can think about it like this, if you walk into any store, and you are greeted and helped by the sales person over there, it enhances your entire experience. If there is a helper for the customer post purchase, whom they speak to everytime they have a customer service issues, this can reduce the number of escalations. Establishing personal connections helps the customer to contact the same person they know will provide the best assistance as they have received proper help in the past. 

Why Personalization?

Customers expect good service not as an exception but as a rule. New research indicates the consumers want highly personalized services. The good part is that consumers are willing to pay extra money for good service. From recommendations to solutions, everything is done with a human touch. According to Segment, “Shoppers expect brands to remember who they are, whether they’re on a digital channel or in-store, says Peter Reinhardt, CEO and co-founder at Segment. “However, very few companies can actually deliver on these tailored experiences.”

What do the statistics say?

Personalization has proven to drive purchases therefore increasing the revenue. 49% of people end up buying items they didn’t intend to due to personal recommendation. Around 40% of customers agreed to buying more expensive products than their budget, once they got personalized assistance. If these numbers are not enticing you then you can reflect on your own experience and conclude that every time you have received that special treatment, your shopping experience has been improved. You can bank on the customer loyalty that you always wanted. 

Our Experience

If you are still not sure whether or not you can start providing personalized experience, you should think again and start. We at Taglr are providing personalised assistance to our ShopperAds clients. It helps us reflect and understand the problems faced by our clients and help make their experience better at Taglr. 

Something as simple as knowing them by their name and they know someone in your organization, they can share their concerns with can also go a long way. It was believed that personalized services are only for service based industry but as the market is evolving so is the industry. There is no hard and fast rule or a manual to follow, it has to be based on the products or the services you are providing. 

Challenges:

It can be costly and inefficient for your business model. As the consumer base will increase, so will the problems and it will require a lot of manpower and technology to provide solutions. Personalization is not exactly the easiest to implement. Even if you have the technology, sometimes it can also increase your problems, rather than decreasing it. The industry standards and business structures may or may not require different kind of resources. It has to be tailor made, hence if you are one of the few people in your industry to dive in personalization, you might not profit from it as much as you hope. As you announce personalization the customer expectation is catapulted, but if you fail to live up to that expectation, that can damage the brand reputation.   

Conclusion:

It is in universal agreement that customer service can make a difference in your business and can drive your profits. It is the key for customer retention. Tools like Trello and Jira are used for customer support. The customer loyalty that you can gain from personalized support can help your business to maintain a successful customer service and build up customer perception. We at Taglr believe in providing the best customer service for B2B and B2C clients. You can draft a very straightforward privacy policy. The customers can have a choice if they want to opt for personalized services or not. If not, that will help you keep away clients that do not wish to be assisted or the customers who may get irritated soon. Your direct effect visible in your strategy will showcase that your business is truly committed to understanding them and providing a personalized experience.

Is Outdoor Advertising Still Effective?


While crossing the road and seeing the billboards on the side of the street, do you still wonder whether or not these billboards or other outdoor advertising are still effective and help brands. There are billboards, mobile billboards (on public transport), ads inside the bus, trains, wraps on vehicles, signage and banners. In this blog we will talk about outdoor advertising and how effective it is ever after digitalization. Let’s begin 

The Basics: 

Any organization’s main aim with advertising is to increase brand awareness and gain brand exposure. Every big scale, small scale and mid-size firms are investing in outdoor advertising. Always know that whenever you are considering to advertise your business you are going in the right direction to reach out to more and more people. Taglr’s outdoor advertising aim was to create brand exposure and increase brand awareness. 

Outdoor advertising serves basic purposes like sales activation and brand building. To activate sales, you have to trigger the person on the spot or create a curiosity to check your product/ service. Brand building has to target people who need to be educated about your brand and to establish engagement with your brand. 

Effectiveness:

Outdoor advertising is surely an effective way to publicize your products anyday or anytime. In previous times the billboards were painted by hand and it required a lot of resources and time. Generally the outdoor advertisement has simple 2-3 colour artwork along with the company’s name. In our day-to-day market, there is a lot of resources and technology at the disposal of the organizations. There are computers and vinyl papers which have made it possible to advertise in lesser time in a cost-effective way. 

With outdoor advertising you have the liberty to create  your brand image to the target audience. You don’t have to shell out a lot of money. There are multiple options for smaller budgets as well. It is not just limited to signage or billboards, there are options like buses, trucks, small vehicles, behind road vehicles, on bus-stops. You even have a lot of space to be creative and innovative with your marketing campaign.

The Metrics:

Any outdoor advertising companies will tell you that the basic parameter is the traffic passing by every hour. There is vehicular traffic and pedestrian traffic. It is difficult to get to the number of impressions but with an average of people passing by that location generally, the agencies can provide you with an estimated figure. 

Billboards are considered to create more impact when they are located closer to the advertiser (this is for small businesses). You can even add you company’s name, logo and contact number. Advertising on public transportation also has a huge audience. Your advertisement is visible to millions of people commuting daily.  There is a possibility that for many of your newly acquired customer, your outdoor ad will be the first sign that they see. As a design requirement, it has to be bright and should be the focal point to catch the eye of the onlooker. Along with the design, it has be adequately informative to let potential customers know what exactly are you dealing in. 

Digitalization: 

In today’s digitized market where data, technology and developing infrastructure is helping a new era of advertising to emerge, this is proving to be more effective and easily trackabe with statistics and analytical insights. But, despite all the digital shift, the market trust in outdoor advertising is still afloat. There is a study that states that around 50% of the outdoor advertising revenue is moving to digital and it would cover around half of the advertised population. 

Conclusion:

With the market research it is safe to say that outdoor marketing is still effective and popular. Multiple big and small brands are investing in it. There is also an option for you to test with one advertisement first like we did at Taglr. If you determine that it has been effective then you can explore and experiment. But you have to know that there won’t be any immediate results. You cannot expect people to come running at your business due to an advertisement. It will be time taking and you have to be patient. Outdoor advertising has been proven more beneficial if you choose certain geographical areas. Ad mediums like billboards, bus-stops, stations and other transit mediums are extremely effective for small scale business. Ads are the best go-to medium to reach and communicate with your target audience.  

Is Influencer Marketing still a good choice?

Are you still on the fence about Influencer Marketing? Or are you confused as your research on the market concludes that it will work for your business. In this blog we will talk about how to set objectives for influencer marketing within your budget and it is worth your money. But before that let’s start with the basics and understand what exactly is Influencer Marketing:

 

What is it?

Influencer marketing has been one of the most favourite trends in the past few years. It is difficult for influencer marketing to exist without content marketing. If you are not sure how to choose the right influencer, we are going to break it down for you. At its core, Influencer marketing is a mix of past and present tools. Known public figures and celebrities are advertising in this content driven market. This joint venture between brands and influencers is a successful marketing mantra. The celebrities can campaign for a product with either a series of videos or posts, millions of their followers provide immediate exposure and engagement that brands desire. 

 

Type of Influencers:

There are three types of identified influencers; Mega-influencers(with 1M+ followers), Macro-influencers(10000-1M followers), and Micro-influencers (500-10000 followers). The market study suggests that micro influencers have been proven to be the best option. They are economic and they motivate the brand with high engagement from the audience. 

 

What is your budget and how can you make it work?

If you have a company that sets aside its budget in the beginning of the year for advertising, you can surely choose influencer marketing. It has been proven through market research that big brands are still interested in influencer marketing, but their objective is only brand awareness. They are not looking for ROI (Return On Investment) and budget is not a constraint for them. But, if you are a startup who has to analyze every step and ration the budget to quantify your growth then it will be too soon for you to dive in influencer marketing. To simplify, we can say that there are two main objectives behind influencer marketing; to create or enhance brand awareness and to generate leads. 

 

The current scenario: 

The smaller companies want leads and traffic or product promotion through influencers. For them micro influencers is the best option, because their investment in the big influencers will not be fruitful. As for the fortune 500 companies, they are burning resources to be omnipresent across all platforms to solidify the brand value amongst their competitors.

 

Approach is key:

Your approach will define your success with influencer marketing, and make sure that you don’t believe the wide web and the information available there. The studies and the percentage is very high and tempting but the data is mostly derived from brands and their faith in influencers. The only question you need to ask is what do you need from the campaign and what is your goal? If it is to generate revenue and increase business then you can stay clear of influencer marketing. You can definitely wait and increase your business scale. Once it has grown exponentially you can make the most of influencer marketing.

 

Influencer marketing is growing rapidly. There is no question of it being as a market favourite in the future. Studies suggest that influencer marketing will boom upto $5-10 billion in the coming years. If you are looking forward to choosing influencer marketing for promoting your business, make sure it is tailor made as per your requirements to get maximum results. At the end it is about creating a market value for our brand and maintaining a brand presence. Keep in mind the basics and always target the right audience. 

 

Conclusion:

Influencer marketing is not going anywhere for awhile. Stating the facts, you should not be persuaded by the trend as it is still in fashion and dive in blind. Be careful with your choices, and your objective. It should be of value to the money you invest. We at Taglr have strategize our Influencer marketing for both the objectives. The key objective of Taglr is brand awareness but generating leads and creating engagement will also be targeted. The good thing about marketing strategies is that you don’t have to confine your needs to the trending standards. You can tailor make it for your organizational needs. So next time you want to hire an influencer for you company’s promotion make sure that you are hiring the right person and you have set a goal.  ')}

Festive Season: Observations And Predictions

The shopping trends in India has been gaining momentum and growing exponentially. If we take into account the statistics of this year, the first half was rather moderate. The market was looking at the e-commerce industry to top last year’s statistics this festive season, and it didn’t disappoint. It was observed that the low purchasing power of the first half was a preparatory period of the Indian masses. They were saving up and lurking for the right opportunity to buy their desired products. Their prime concern was to derive the value for their money. So overall there was no change in demand for products, however there was a change in shopping pattern due to slow economy. The e-commerce giants like Amazon and Flipkart kick off the festive season with massive sales and enticing offers.

 

What does the statistics say?

To put in perspective the scale of consumerism, we can compare the smartphone sales from last year to the current one. Last year, smartphone sales alone constituted over 55% of the entire trading. The prediction for 2019 stated that it will be difficult for the industry to stay on this number or surpass it, given the slow economy. But to everyone’s surprise, the share still stayed at 55% this year too. This came as a huge relief to the sellers, cementing the fact despite the slow start, this year can still provide them with good revenue. The industry gross merchandise volume (GMV) for the festive days in 2018 had jumped 77% year-on-year, in comparison to the overall annual growth at around 35%. About 80% of the sales was expected to occur in the first five days. The period in which Flipkart and Amazon will hold their Big Billion Days and Great Indian Festival events, respectively. 

 

The Golden Quarter: 

The festive season dawns from September in India, and it lasts till December. There is Ganpati, Onam, Dussehra, Diwali, Christmas and New Year chronologically. The festive season has been so promising over the years that many companies set aside almost 40% of their advertising budget only for festive season. Contrary to popular belief, the tier two and tier three cities have shown a lot of enthusiasm to participate in online shopping. October-end garnered around Rs 39,000 crore ($6 billion) in Gross Merchandise Value (GMV) sales. There is a 30% increase in combined festive sales of Amazon and Flipkart in terms of GMV in the year 2019 as compared to what they generated in 2018.

 

What does Taglr say?

The consumer behaviour and statistics as per Taglr is no different. As a platform with plenty of major brands and retailers, our shoppers showed similar enthusiasm. Taglr provides a platform to the retailers who may or may not be on the discovery platform. The mogul of e-commerce like flipkart, individual websites and offline retailers are at par while showcasing their products on Taglr. We saw an increase in traffic of approximately 20% and 53% increase in shoppers who were redirected to e-commerce sites during the festive season.

Similar to the broader market, during Diwali 2019 Taglr also witnessed 51% increase in conversions for electronics e-commerce stores, and 85% increase in conversion for fashion ecommerce stores. According to Taglr the top sales generating products during the festive season were : 

Product Traffic Conversion 
Mobiles 3x increase 2x increase
Televisions 1.5x increase 4x increase
Laptops 1.9x increase 2.5x increase

Taglr data also suggests that there was 2-4 times increase in traffic for products like watches, speakers and sunglasses – possibly because consumers surfed for these products for gifting items. Taglr observed an average 66% increase in the number of visitors  who come through online advertisements during the Diwali 2019 . 

Consumers are resisting spending cash during the ongoing festive season with the preference dropping from 19% last year to 9% this year. Mobile Wallets and Net Banking modes of payment also show a downward trend with 5% and 3% respectively this season as compared to 8% and 6% respectively last year. Aside from the market trends let’s also consider the factors that nudge these numbers ahead. 

 

Gifting: 

The reason festive season has so much to offer is due to the embodiment of gifting culture. The two major draws are during Diwali and Christmas. But, there is a gradual shift from traditional Indian to western. This jump from ethnic to party wear is not only limited to apparels but also to accessories as well. 

 

Self care: 

With New year comes resolutions. Our study predicts that there is a possibility of a slight jump in categories like athleisure and self care products. There is a habit of indulging into fitness regimes and self pampering.

 

Wedding Season:

The wedding season is not confined to a single year. It begins around October and lasts till February in the following year. It is important to prioritize the products as per their demands. The wedding market is huge in India and it is a multi million dollar industry. 

 

Conclusion: 

The goal should be simple. As the web traffic increases in the festive season, keep in mind that the more visible you are, more shoppers you attract. Visibility is the key, your offers will not come to rescue you, it will be the traffic you generate and convert. You want more people to buy your products, you generate more awareness about them. There are plenty of products that are not at the mercy of festive season like formal apparels. As a seller you have the entire year as an open market. Taglr helps you in creating the visibility and awareness that you require on and off season. There is a simple and effective method to showcase products hasslefree. So strategize and place your products according to the demand of the festivals and you may see a steady growth across the year. 

 

Article Sources : 

https://www.livemint.com/

https://www.businesstoday.in/current/corporate/ecommerce-festive-sales-amazon-flipkart-snapdeal-sell-goods-worth-rs-19000-crore-redseer-consulting-report/story/383626.html

https://www.businesstoday.in/current/corporate/flipkart-vs-amazon-festive-sales-e-commerce-firms-claim-highest-sales-ever-most-orders-from-small-towns/story/383117.html

https://economictimes.indiatimes.com/industry/services/retail/this-festive-season-shopping-offline-to-get-as-cheap-as-online/articleshow/71511201.cms?from=mdr

 https://www.indianretailer.com/article/whats-hot/trends/Top-Five-Trends-of-Festive-Sale-2019.a6376/

https://tech.economictimes.indiatimes.com/news/internet/etailers-target-4-8b-sales-this-festive-season/71302384

https://economictimes.indiatimes.com/corporate/festival-season-to-see-a-surge-in-ad-spends/articleshow/70694421.cms?from=mdr

  ')}

What Is Better For Your Business, SEO or SEM?

 

SEO & SEM?

Which one is better?

As we find the answers you have to keep in mind that the scenarios can differ given your business goals and your business model. What implies on one may or may not work for the other. Let’s Start:

What is the similarities and difference between SEO & SEM?

Search Engine Optimization (SEO) is the procedure of elevating the quality and quantity of web traffic by increasing the visibility of a website or a webpage to users of a web search engine. Whereas search engine marketing (SEM) is a form of internet marketing that includes the promotion of websites by enhancing their visibility in search engine results pages primarily through paid advertising.

There are plenty of similarities between the two. Both help your webpage and brand to appear better in search results. This helps you in driving more traffic to your website. It is prerequisite for SEM and SEO to understand your audience. Both use keyword research to understand the trending terms. You have to segment your focus on the specificity of keywords. SEM and SEO require continuous testing as well.

The basic difference between the two is that SEO is an integral component of SEM. There are other important components of SEM like PPC (Pay Per Click) or SMM (Social Media Marketing). Putting it in simple terms, SEM goes beyond SEO. It is not just about higher ranks in the organic searches; it is about the overall performance of the website.

 

Which one is better?

With their differences, SEO and SEM perform different functions. On one hand the impact of SEM is faster and immediate where as SEO takes a lot longer. With the help of SEM ads, you can immediately reflect your outcome in front of your audiences with a clicks. You have complete control over the visibility of the ads; you can start and increase visibility or stop them when necessary. In order to understand which one is better, you need to take into consideration certain factors that can help you decide which one is better for your business. Let’s keep in mind a few scenarios and discuss which will be more suitable for you.

Competition: If you have a lot of competition in your industry then it is better that you start with SEM. If you want to fill in the organic content gaps then you can start implementing the SEO strategy.

 Market Understanding: If you know your market well and have a long term value and demand then you can opt for SEO. In case you are still testing ideas and doing R&D for your products and services, then SEM will serve you better.

 Billing Cycle: The average time span for the customers billing cycle also plays a major role in decision making. If your customers are spending days on research before buying then you have to choose SEO. If your shoppers know what they want and they search & buy it immediately then SEM will work better for your business.

 CPC: The cost per click is low and within you budget in SEM scenario. If your industry demands are very high, then SEO will be more suitable.

SEO state: The contemporary state of your SEO will also help you decide. If your website is still developing and needs work in organic SEO factors then SEM can help you gain more visitors. If your website is already performing well in organic searches then you can stick with your current SEO strategy.

 

Conclusion:

While we are comparing both for you there is no shortcut or formula for you to apply. You have to consider a lot of factors. For some SEO is the right option and for some SEM, where as there are many for whom the combination of both will work better. Now you know the similarities as well as the differences, you will be well equipped to know which will work better for you. If you want to grow your business exponentially, it is clear that you should be utilizing both SEO and SEM strategies for your business. There are plenty of you who would like to rather prioritize one over the other. This can be due to your business goals, branding or even your budget. If budget is your constraint, then you need not to abandon SEO all together. You can make a long term plan and strategize accordingly. ')}

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Purchase the graphic in the size selected in step 2.

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Finally, review the significant conclusions of the analysis.

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All of this, obviously, without a lot of reward on your product.

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Brand Equity vs Brand Value

 

Both parallels measures the estimate of how much the brand is worth. Brand equity reflects on the importance and value in the eyes of the customer and brand value is the financial magnitude the brand has. There is often confusion between the two as there are very few differences so let’s break it down to understand the significance. 

 

Brand Equity

The Prophet defines it as “Brand equity is a set of assets or liabilities in the form of brand visibility, brand associations and customer loyalty that add or subtract from the value of a current or potential product or service driven by the brand. It is a key construct in the management of not only marketing, but also business strategy.” Any organization’s need to develop its brand equity over a period of time in the mind of the customer before it starts being effective. There are high chances that the buyer has already seen the advertisements through multiple media platforms and even bought the product before registering the brand. This can create complications in the estimation of brand equity. 

 

Brand Value: 

To understand the value of the brand, companies need to make an estimation of how much is the brand worth in the current market. In simple terms it could be concluded in a simple question; if someone would be purchasing the brand today, how much will they pay? There is always a chance that a company has high value and low equity. This can happen when a company is in the process of coming up with a product or service and is paying the employees but the market is not aware about it yet. The company has to keep track of these developments and costs to cement value before equity. 

 

Brand Equity vs Brand Value

Brand equity increases brand value. Even though calculating value is really simple, getting a hold of the equity value is much more complex. There are assets and liabilities involved, there are factors like brand visibility, associations, loyalty that plays a major role in determining the value. Let’s contemplate these factors in detail:

 

Visibility and association:

Brand visibility is pretty self-explanatory but its association entails that brand awareness and its reliability is in direct relation to customer need. If a customer is looking for a product and the brand name is not a part of the process when the customer is digging for options, it means that there is an issue with the visibility. If there is any reaction towards the brand, it involves in brand association. This reaction can be positive or negative.  

 

Loyalty

Big brands stay in the market due to the customers loyalty. The brands have faith that whatever new products/services they have to offer, there is already a market for it with a handful of dedicated shoppers. These shoppers will buy only because of the brand name. 

 

Conclusion:

If the brand wants to build a long-term value in the market then it only makes sense to start building equities. If brands keep on focusing on sales and profits (which is the driving force of the company), you cannot make any plans for the long term. There are multiple steps that companies can take like make an estimation about the impact the brand will cause in generating business or observe closely what investments in brand equity worked for similar business models. 

 

There are a lot of new measures taken by small scale companies which are planning to stay in the market for long term. There can be a debacle about the ROI (return of investment), in hindsight it is observed that advertising does not contribute to brand equity even though its expenditure and budget has always been high. So if you have short term goals for your company, you can focus on brand value, but if you have plans to stay in the market then you have to observe the assets and liabilities and build them for the perpetual growth of your company. 

 

References:

Aaker, D. A. (1992). The value of brand equity. Journal of Business Strategy, 13(4), 27-32.

Keller, K. L. (1993). Conceptualizing, measuring, and managing customer-based brand equity. the Journal of Marketing, 57(1) 1-22.

https://www.prophet.com/2016/09/brand-equity-vs-brand-value/ ')}