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The power of the name: why we prefer the well-known brand

The power of the name: why we prefer the well-known brand




Who has not ever heard someone saying that is better to buy one thing than another 'because that brand is already known? It is quite likely that we will not realize it while we are defending why we buy one thing or why we buy another that this element is having a direct impact on our buying decisions.

Why do we care if a brand is known or another is not? 

In reality, it could be said that the same mechanism works that make us more careful when we open the door to someone we do not know someone who we do. From one we always expect the worst and from another, we expect the best. So, the way we interact with each other (even if we really know anything about each other) is completely different. You only have to look at the opening degrees of the door the next time we face this situation. As the person who is ringing the most known or most expected was the door, we opened the door to receive it.

With the brands, in the end, the same thing happens. The more we know a brand, the more trust we give to what it does and what it offers us. We hope fewer mistakes and we do not analyze with so much detail what is putting us ahead. The less we know about a brand, the more we act in a completely different way. We see the situation in a much less positive way, we are much more critical and we are much more suspicious.

To this, we add that, in a completely irrational way, we assume that the brand we know and its products will be better. We assume that they will be of a better quality, that they will have better results and that they are much more reliable. It matters little that in reality none of this is assured and that the lesser known brand may be superior to what we already knew, that their products may have much more innovation behind or a superior design. The known (unless we have a bad history with that mark) will always be better.

The power to make your name known

For this reason, brands invest so much money and focus such an important part of their strategy in making their name known, that it 'sounds' to consumers. That the name and the identity enter into the subconscious of the consumer can help in the moment of making the decision of purchase this brand.

But this also has a b-side, a situation that is positioned in the antipodes of what happens with known brands. For brands that are just starting out, for newcomers to the business world, the value of the name is a drag and one quite powerful. One of the reasons why it is so hard for brands to find their niche market and, above all, to conquer it is the fact that nobody knows them. Its name does not sound to consumers and therefore the entry barrier is much higher.

How to get rid of this problem? One of the strategies to follow is to position yourself using an intermediary: make some type of agreement at the launch that causes the new product or the new brand to 'contaminate' with a known name. A walk through the aisles of a supermarket allows you to easily find examples. Not a few newcomers launch with a message of another brand or product or as a gift with another product 'for you to try'. That is another way to reach consumers. They must be allowed to test the product without it being a problem (or a disbursement) for them to break the previous reluctance.
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Julio Alfonzo
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How the media and social networks impact on impulsive buying

How the media and social networks impact on impulsive buying



Social networks have created a new way of communicating. They have become a kind of inevitable, prominent element. We are all connected to all of our contacts and we are at the same moment in which we do things. We are on vacation, we upload a photo of our glorious hotel breakfast. We buy a product, we quickly tell it on Facebook or Twitter sharing how good (or bad) the experience has been. We share the information in real time and receive the information in real time and that has completely changed how we relate to it.

And if things start to be so immediate, our reaction to them also begins to be so. We are always in a sort of real-time conversation with others and we are always commenting on what happens in the moment that happens. But this immediacy has not only an impact on information and our reaction to it but also modifies other elements. Our buying habits and purchasing decisions are greatly modified by what happens in social networks.

The social environment has become a new prescriber

The products that are mentioned by friends and family enter into our purchasing decisions and lead them while taking direct action to find what they want to consume. Who didn't make a question in social networks about what to buy? And who did not ask for recommendations and opinions about a product that interests you?

The social networking buying buttons were born a little with that idea in the head. Consumers used social networks as an element of buying recommendation and discovered through the many products they wanted, so why not capitalize on this reality and turn it into a way to generate business figures? Many were the social networks that tried it not so long ago, but all this peak of interest stayed in boring waters and did not really work. However, you should not think that social networks do not work as buying recommendations and have no impact on impulse purchases. They have it but in another way.

Consumers do not buy on social networks but do use them as a vehicle to find what to buy. Social networks are not a store, but a reference element that has a great impact when it comes to redirecting the consumer. There is social proof, seeing others buying a product and receiving a kind of social blessing to do the same, to prove it.
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Julio Alfonzo
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Maintaining Optimal Inventory with AiHello

Maintaining Optimal Inventory with AiHello






Inventory forecasting is the need of the time for retailers as well as wholesalers. They can use it to determine their requirement of goods or inventory in the near future. It is mainly a predictive analysis that is mainly based on the reorder points and the order quantities.
The reorder points tell us when we should order a particular inventory item and the Economic Order Quantity tells us how much we should order. Both are evaluated using special formulas.
There are many factors involved in the process of stock forecasting. For example, there is a forecast period for which the prediction is made, the trends of the items in terms of their sale, and the base demand or the current supply of the goods.
It is paramount for any retail business owner to have a complete analysis of his present stock and the future state of his inventory leveraged with the demand of the consumes.
Estimating the future product demands is the starting point for any business to begin planning about its inventory management to meet that demand. Since it is a process that must be done scrupulously, optimization algorithms like AiHello are available for use that are made to serve the purpose.

AiHello

Using AiHello can be beneficial especially for a business owner that has his or her business spread to multiple geographic extents. For example, if his business runs in the US but he also needs to manage inventory in Mexico, he’d need a system that could allow him to manage his inventory remotely. AiHello could be that system.
It enables business as such to know which products are selling well in any location around the world. When the owners learn about the sale performance of a product in a particular region, depending on it, they can find suitable warehouses and provide timely shipping to their customers.
You could have this benefit also and there’s more to it.
By knowing exactly about the base demand and the inventory level in your warehouses, you can forecast future demands efficiently. That could mean that you’d be able to predict your stocking needs and the quantity of inventory that must be stocked in a particular warehouse.

Why have AiHello for all this?

The insights that AiHello renders are invaluable for smart decisions regarding a retailer business or a wholesaler to keep them in fluent operations.

The features

For any business, the solution to its inventory forecasting problems needs to be optimum. AiHello, for that matter, has the following features:
·       Comprehensive data availability to help you in forecasting
·       Email campaign manager to help you take heed of the customer feedback
·       Global service to enable you to access all countries at an affordable price

In the endeavor of forecasting the future needs of a business, as evident from the features, optimization algorithm such as AiHello can help you to greater extents. There’s more to it than what’s stated in the scope of this article. You can find all the rest of the information here: AiHello.

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Ganesh Krishnan
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Why do consumers buy more and more online?

Why do consumers buy more and more online?



In recent years, consumers have begun to buy more and more over the internet. This has completely changed how it is consumed, how products are sold and how positioning strategies are created for them. Stores have to play with new rules and brands have to move in a scenario that is completely different from what they had in the beginning. Things have become something very different, something that brands and consumers have to keep in mind.

What has pushed consumers into the arms of e-commerce? Everyone has their own story of why and how they started buying online, but the truth is that, if you analyze all those stories and all those testimonies, you can find some guidelines that explain this boom in e-commerce.

Consumers value comfort

One of the great tricks of e-commerce and one of the reasons that lead many buyers to make their purchases through it is in the ease of buying. One can simply have what it wants and search with a few clicks and sometimes (thanks to easier purchase systems) with a single click. The consumer can do it without leaving home and at any time he wants, which adds an extra comfort.

You have lost your fear of buying online

One of the main barriers to entry for e-commerce was in the fear that consumers had to buy online. There was some logic to it and it was not difficult to understand why this was happening. Consumers could not see the products in a tangible way, they had to wait for them and they had to give the seller sensitive banking information. Buying online had a bit of risk and forced buyers not only to leave their comfort zone but also to change their habits and try something completely new.

However, this has changed and has underpinned the success of e-commerce. Consumers are becoming more comfortable buying online and have normalized the process. Perhaps this can be explained because consumers rely more and more on e-commerce.

Companies have entered a race to be the fastest

In addition to being able to gain the confidence of consumers more and more, the truth is that the online stores are playing with other tricks to majors to position themselves before the buyers. One of the problems that e-commerce had was that it could not beat the speed of buying in store. When purchased in a physical store, the product is received at the exact time of purchase. One takes the product home, something that does not happen in electronic commerce, where you have to wait for that purchase to arrive.

This has become a much less relevant issue in recent times because e-commerce companies have been involved in a race to reduce times. Things happen more and more rapidly in e-commerce, which makes everything so much faster and, therefore, consumers have slower waiting times when receiving their purchases. In fact, in some markets and in some scenarios, the time is already only one hour, which makes things go much faster and the online shopping experience is much more positive.

The reign of information benefits the e-commerce

To all this must be added that, in these times, consumers are looking for more and more information while they consume. They want to know about the products they buy and want to be able to access a lot of data. Consumers today want to compare prices, want to read opinions of other consumers or want to see what many stores offer in a short time. This is something that e-commerce gets and that physical stores do not manage to match easily.
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Julio Alfonzo
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Those over 50, the new opportunity for electronic commerce

Those over 50, the new opportunity for electronic commerce






Millennials have ceased to be the future of electronic commerce in favor of Silver Internet users. Internet use among those over 65 has increased greatly in recent years. The first users of Internet shopping were the Millennials, however, this generation has lost purchasing power in favor of their parents and grandparents, who are maintaining stable incomes and even pensions, have more time available and money to spend on the Internet.

On the other hand, the population of the whole world is aging. By 2050, it is estimated that there will be more people over 65 in the world than children under 14. In particular, the number of adults over the age of 80 is expected to quadruple by 395 million.

The idea that Internet and online shopping are oblivious to this older consumer has become obsolete, however, the budget allocated to this target audience in marketing departments is minimal.

However, online retailers are not easy because the category of over 50 is very varied. It is a complex group with different interests, opinions, and abilities. There are huge differences between the "young at heart" who still work with 55-year-old retirees or 70-year-old assets, although everyone has the potential to shop online and consume.

For the younger generation, factors such as shipping costs are some of the biggest barriers to online shopping - something that is not of concern to Silver Internauts. On the contrary, ease of payment is important for the older generation. The Silver Internauts also feel more comfortable with web stores that have physical stores.

Online stores have to consider this group of consumers when designing their websites so that the products are presented clearly and to make the payment process simple.

In addition to this, most Silver Internet users search and buy whatever they want through a laptop computer. Only a quarter use their mobile phones. This vision is fundamental to build loyalty to this generation and can help learning to develop applications for mobile devices and websites, work on marketing priorities, segment and effectively distribute marketing investment.

Not taking into account the needs of people over 50 and ignoring their importance in setting marketing strategies is a missed opportunity to differentiate themselves from the competition and attract a very profitable audience, as well as having a detrimental impact on the sales.

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Julio Alfonzo
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Why everyone should care about the brand within the company.

Why everyone should care about the brand within the company.



There are many temptations when talking about brand management and the value of the same ones. One of them is to think that the brand and everything that corresponds to it is an issue that is only relevant for certain professionals and certain sectors. You can fall into the trap of compartmentalizing everything and put everything in its box, in its specific space and its specific niche, which makes you lose sight of the major problem.

In today's world of business, things no longer work exactly that way (if they ever did), and companies have to focus everything much more holistically than they did in business. It is becoming more important to see everything as a whole.

From the outset, consumers' own relationship with brands has changed. Consumers are increasingly able to access more and more information and are able to see in a much broader way what they have in front of them. Now they not only care about the products they are consuming, for example, they also want to know everything about the brands and companies that are behind them, from how they operate and how they manufacture things to how they treat their employees. This set of data and information is what has become a kind of compass today for consumption.

And to continue, the very importance of the brand and its value is so important that it should not be minimized or left alone in a few hands. 

The brand's value.

The brand is, it recalls, a kind of glue that holds everything together. Companies offer things to market, but branding is what makes them perceive one way or another and what makes consumers connect with it and its products.

Therefore, the brand should not be seen as only the concern and work that the CMO should carry out. "The brand does not belong only to the CMO," he recalls. Since the head of marketing is the main responsible for that field and the one who works in branding, making products known or positioning brands, its role is crucial, it is true, but not for this the others should be disregarded of the brand.

In reality, the brand is a work of all and an obligation / concern of all the different positions of the firm. In it they have to work from the CEO to the brand ambassadors, passing through all the intermediate points. Everyone involved in the company has to be aware of its importance and its weight and has to be able to understand its value.

And, once it is clear that the brand is crucial and that we have to work on it, there should be no doubt that there is also to invest in it. Allocating resources to the brand is, says the expert, how to achieve a return on investment. Cultivating the brand can improve your knowledge among the public and arouse emotions or can serve to connect with the consumer.

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Julio Alfonzo
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Tips for SMEs to succeed in social networks

Tips for SMEs to succeed in social networks






































Social networks had a moment of glory a few years ago. They were the scenario in which companies could reach consumers quickly, effectively and with very low costs. Consumers were there, brands and companies could be, and, more importantly, everyone played with more or less the same starting conditions. One could be a small company from a peripheral place and become a star of social networks.

Things have changed in recent times. On the one hand, social networks have made it more and more difficult to succeed organically. The content has more complicated reach consumers and passing from 0 to 100 fans in two days has become very difficult. You have to dedicate a lot of work to it and you have to make an investment in advertising and in a team or a professional that knows what you are doing. On the other hand, this has tipped the balance, or at least that's what it looks like from the outside. The big brands with their big budgets are those that have the fist for the handle.

But is that true? The truth is that social networks are still an interesting option for SMEs, which can reach their consumers through them if they have a good starting strategy. They have to be able to do things right and have to understand how social networks work. In fact, not seeing it can become a missed opportunity and the numbers of SMEs that still do not use social networks are, in fact, a problem. They are not seeing the opportunity before them.

How to launch to social networks and especially how to get connected with users despite not having the same weapons as large companies? The key is to be able to understand how the environment works and what to do. 

Go one step beyond your brand

One of the basic lessons of social networks and how to use them for the sake of the company is that they should not be used only to talk about yourself. In this same sense, we must also take into account another element. The brand should not be constrained by what it is and by its identity and has to go a step further. It has to become an expert, a dominant element in a field or market. 

Red Bull in its social networks does not only talk about their drinks but also extreme sports. Why? It is a land that can be linked to the brand and can be done in addition to the values ​​that she herself wants to highlight as her own, the adventures and the amazing capabilities.

This can be done by any brand and any company, whatever its size. You simply have to think about your products and services, your values ​​and the things that you can associate with them.

Embrace the native channels of your segment

Not only do you have to know the audience to establish what topics you are interested in and where you can stand out, but also you have to do it from the point of view of understanding where you move. What channels will work best for the types of content you share? And, above all, how should we change what is being done to fit in what is expected in each channel? Big names have a different strategy in each of the channels in which they operate and operate differently in each of them. What gets good engagement fees on Twitter does not have to be the same thing that works on LinkedIn or Facebook.

Buy a good camera

It may seem strange advice, but the truth is that analysts are quite right with it. What is working right now? The key is in the visual and in working with images. In fact, trendy social networks like Instagram already work basically from the photos. But to triumph with images is not worth any photo and is not worth any content. You have to do it well and you have to do it with content that is attractive and attracts attention. They have to enter through the eyes. And for that you need some knowledge of what is being done. And pf course, equipment.

Be human

That is, understand what concerns your audience and get involved in their causes. Try to create close and upcoming messages and demonstrate that you are not a simple corporate machine.

But beware! This point often leads small companies and their managers to deviate by a path that is not the right one. If a brand has to appear close and personal, that does not imply that it has to be a person in social networks. That is, one should never forget that one is still a company and has to be personal. Therefore, at this point it should be added that the corporate account should not be confused with the personal account.

Experience

Yes, having a strategy is very important. You have to think about what you want to do and why, but you do not have to limit yourself all the time to the booklet. You can also try new things and you can also try to be creative.
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Julio Alfonzo
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