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Getting Your Branding Right

Brand Identity

What makes up a good name? There are several factors that combine to make a good name. A name should represent your core values and be easy to pronounce and remember. If this brand is going to be connected to other brands or companies, you must think about how it fits within the overall company hierarchy. A brand is an emotional relationship between you and your customers. It allows you to be recognisable and differentiable in an increasingly crowded market place. A brand also behaves as an internal compass for staff to know what is expected. Brand vision A good question to answer when developing your brand is, ‘What is your vision?’ While means of achieving vision might evolve overtime, it is essential that it remains the same. A perfect example of this is Samsung, whose vision is to ‘Inspire the world. Create the future.’ This vision has remained unchanged despite Samsung changing their market offering to adapt to changes in technology and the market place. What’s in a name? How do you create a strong brand? Firstly, you must create a strong, meaningful, recognisable name. The name is the most important aspect of a brand and should never change. Your logo can change over time, but if you want your brand to be successful, you must be able to anchor any changes to a name that consumers will be able to recognise despite any other changes. To give a real life example of this, take a look at the Pepsi logo over the past 50 years. When coming up with a good name it is important to be as creative as possible. Creating a brand name Firstly, define the objectives of both the business and the brand. Remember the name will never change and must therefore be applicable until you achieve all your objectives. Secondly, make sure you think about your target market. Compile any insights you have about your customer and before approving any name, put yourself in their position. This way you can ensure that any potential names will resonate well with your target market. Thirdly, consider other brands that are similar to yours, as well as those that represent the complete opposite of the image you want to portray. Evaluate your name in this context and think about how you will be seen, and where on this spectrum you will be placed. Fourthly, make a list of the core values of your brand and review any names against this. Any name that does not communicate these core values should not be pursued. Testing your brand name A set of fresh eyes might come up with feedback and criticisms you had never considered and this is definitely a beneficial step. If you’re able to, it’s also a great idea to test the name among your target market or audience in Australia. If you follow these steps, you will be able to develop a loyal and long customer base, and in time. If you are looking for complete marketing solutions ideas or IT contracting Melbourne, contact us for a FREE no obligation...

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Why Do Most New Products Fail?

Product Exposure

Each year, millions of dollars are invested into new product development. Millions more are wasted on media to spruik new ideas that probably weren’t good enough to launch in the first place. The reality is, most new products fail. The reason for this shameful waste? A near pathological reliance on average. It’s a reliance on average people who don’t like to deviate too far from their comfortable average, using an average research methodology and testing to an average. And the reason why we cling to our normative scores is that they’re familiar and we are mostly risk-averse. But a careful look under the bonnet of the innovation process reveals seven deadly sins that can be overcome to increase the survival rate of innovations. Average consumers create average products Create an innovations process Co-create with influential consumers If content is king, then context is queen Above average’ is not a measure of success Online versus offline Seeding for success through word of mouth If you are looking for complete marketing solutions ideas or IT contracting Melbourne, contact us for a FREE no obligation...

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The Power of Media For Rich Content And Greater Audience Engagement

Social Media

Far from being a dead medium, newspapers are in fact still an integral part of our day. Newspaper readers are an engaged audience – leaning forward to read and turn pages, pulling out the sections that most interest them. Now they’re set to become even more engaged as technology bridges the gap between print and digital social media marketing. In 2011, Fairfax Media launched an augmented reality feature on the RWC2011 mobile app. Last month saw Sydney Morning Herald launch AirLink, technology embedded into its app, which allows newspaper readers to wave their iPhones over the paper and get additional content. AirLink is embedded in both editorial and advertising within the print edition, creating a multi-dimensional experience for readers. Offering additional content, such as video, enhances the reader’s experience, allowing them to dig deeper into the news that interests them, then and there. Check the Australian Marketing magazine for an introductory video on AirLink. Turns out J K Rowling knew a thing or two when she invented The Daily Prophet in the Potterverse. Expect to see more of your newspapers come to life with augmented reality. If you are looking for complete marketing solutions ideas or IT contracting Melbourne, contact us for a FREE no obligation...

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Who Wins In Business Plan Competitions?

Brand Identity

A business plan is the execution document that large companies write when planning product-line extensions where customer, market and product features are known. The plan describes the execution strategy for addressing these “knowns.”  In the early days of venture capital, investors and entrepreneurs were familiar with the format of business plans from large company and adopted it for startups. Without much thought it has been used ever since. Most startups are facing unknown customer needs, an unknown product feature set and is an organization formed to search for a repeatable and scalable business model.  That means that writing a static business plan adds no value to starting a company, as the plan does not represent the iterative nature of the search for the model. A simple way to think about it is that in a startup no business plan survives first contact with customers. Business model presentation can be categorised into the following: What did you initially think your initial business model was? (initial business model hypotheses) What did you build/do? (built first product, talked to users, etc.) What did you learn outside the building? (parts of our feature set/business model were wrong) Then what did you do? (iterated product, changed business model, etc.) Repeat steps 1-4 If you are looking for complete marketing solutions or IT contracting Melbourne, contact us for a FREE no obligation...

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Marketers Go DIY (For Good Or Bad)

Social Media

Perhaps self-service ad platforms have created a do-it-yourself culture among marketers. But tools are no substitute for skills or strategies. Could you do with a CIO in Melbourne for assistance in IT strategies, freelance work by outsource to India, or a marketing consultant from Melbourne? Perhaps all of the above. Marketers have more advanced technologies, data, and analytical tools at their disposal than at any other point. However, the capabilities and skills required to embrace this new digital dynamism in order to provide insight and sustainable business benefits are in short supply. As we shift focus from the tactics of search, display, social, and mobile to the strategic value of customer data integration and ownership, the winners will be those who best CIO, IT Project Management, architect and orchestrate their marketing resources around their technologies and customer data. When it comes to assessing which digital marketing platforms, solutions, and channels will provide the most value and business gain, marketers tend to look inward to their own teams to determine needs and priorities (59%) rather teaming with IT to specify requirements (32%). A surprising 77% of marketers said their primary source for evaluating and specifying marketing technologies was their own internal team. More turned to vendors and solution providers (46%) than their own IT departments (42%). However, only 14% were highly satisfied with these resources. If you are looking for complete marketing solutions or IT contracting Melbourne, contact us for a FREE no obligation...

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What Makes Startups Succeed Or Fail?

Brand Identity

More than 90% of startups fail, due primarily to self-destruction rather than competition. For the less than 10% of startups that do succeed, most encounter several near death experiences along the way. Marketing Consultants in Melbourne believe that they can crack the code of innovation and turn entrepreneurship into a science if they had hard data rather than speculation of why startups succeed or fail. Startups should consider free benchmarking services. (see “Free Benchmarking Services For Startups“) Some available benchmarking services make take 20 or so minutes to go through a series of questions, and in the end it spits out an analysis of how you are doing. The benchmark is not perfect, it may even be flawed, but it is head and shoulders above what we have now – which is nothing – for giving Internet startups founders specific advice on best practices. If you are looking for complete marketing solutions or IT contracting Melbourne, contact us for a FREE no obligation...

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Governments Don’t Understand Startups

Brand Identity

Some marketing consultants in Melbourne have said Entrepreneurs and Startups can sink an entire country’s ecosystem. There are six distinct organizational paths for entrepreneurs: lifestyle business, small business, scalable startup, buyable startup, large company, and social entrepreneur. All of the individuals who start these organizations are “entrepreneurs” yet not understanding their differences screws up public policy because the ecosystem in supporting each type is radically different. A lifestyle entrepreneur is living the life they love, works for no one but themselves, while pursuing their personal passion. Today, the overwhelming number of entrepreneurs and startups in the United States are still small businesses. There are 5.7 million small businesses in the U.S. They make up 99.7% of all companies and employ 50% of all non-governmental workers. Scalable startups require risk capital to fund their search for a business model, and they attract investment from equally crazy financial investors – venture capitalists. Large companies have shorter life cycles tied in with an IT strategy. Most grow through sustaining innovation, offering new products that are variants around their core products. Changes in customer tastes, new technologies, legislation, new competitors, etc. can create pressure for more disruptive innovation – requiring large companies to create entirely new products sold to new customers in new markets. If you are looking for complete marketing solutions or IT contracting Melbourne, contact us for a FREE no obligation...

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Who Is An Entrepreneur Really?

Brand Identity

It turns out that there are four distinct types of entrepreneurial organizations; small businesses, scalable startups, large companiesand social entrepreneurs. 1. Small Business Entrepreneurship These are classified as your local grocery store, butcher, hairdresser. The only capital available to them was their own savings and what they could borrow from relatives. When a profit is made, the cash flows to feed their family. When business was bad they figured out why, adapted and worked harder still. 2. Scalable Startup Entrepreneurship Founded in small home offices, made personalized products assembled in a just-in-time factory that today delivers a customized gift each second. Once they found a profitable business model they realized that scale required external venture capital to fuel rapid expansion. With venture capital came accountability to board members, forecasts, and other people’s agendas. Success for a scalable startup is a three-times (or more) return on the investor’s money – either by a public offering of stock or by selling the company. 3. Large Company Entrepreneurship At the end of 1980, IBM decided to compete in the rapidly growing personal computer market. They were smart enough to realize that IBM’s existing processes and procedures wouldn’t be agile enough to innovate in this new market. The company established their new PC division (called Entry Systems). Success for this new division meant generating substantial revenue and profit for company. 4. Social Entrepreneurship A different bread of entrepreneurs, receiving finance from banks, working without receiving a salary and focusing on scalability, asset leverage, return on investment and growth metrics. Summary If you put the four entrepreneurs in the room you would understand what they had in common- they were resilient, agile, tenacious and passionate – the four most common traits of any class of entrepreneur. Also in common, each of their businesses initially were searching for a business model, and each was instinctively executing a customer discovery and validation process. Yet there are obvious differences in each type; personal risk, size of vision and goal. If you are looking for complete marketing solutions or IT contracting Melbourne, contact us for a FREE no obligation...

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Customer Development and Business Model Relationship

Brand Identity

One of the confusing things to entrepreneurs, investors and educators is the relationship between customer development and business model design and business planning and execution. When does a new venture focus on customer development and business models? And when do business planning and execution come into play? First, define your business marketing model (market, customers, features, channels, pricing, Get/Keep/Grow strategy, etc.). Second, develop a strategy and move into execution mode. It’s at this point the business needs an operating plan, financial forecasts and other well-understood management tools. The processes used to organise and implement the business model are Customer Development. Startups with Customer Development Teams have a “learning and discovery” culture for search. The fear of making a move before the last detail is nailed down in one of the biggest problems existing companies have when they need to learn how to search. If you are looking for complete marketing solutions or IT strategy Melbourne, contact us for a FREE no obligation...

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Free Benchmarking Services For Start-ups

Brand Identity

Systematic data analysis has changed the business of scouting for baseball talent, “Moneyball” style. Small-business owners now looking for marketing consultants in Melbourne to sign up for free “benchmarking” services to assess their young companies, based on an analysis of comparable data from their peers. Analytical rigour can help entrepreneurs make better decisions about how to manage their start-ups. Revenue often isn’t a good benchmark for early stage companies. A more crucial indicator may be how customers interact with their product. Startup Compass, a benchmarking service started last August, lets fledgling businesses submit information anonymously. The service responds with an automated report, including graphs and other explanatory material, that shows how they stand up against other start-ups that have taken the test. G-Score, another benchmarking service, uses a questionnaire that covers topics such as the start-up’s business concept, management and rivals. Based on their responses, entrepreneurs can see how their businesses rank on a scale of one to four in each of seven categories, compared with others in the same industry. CompStudy,  another benchmarking service, has collected data for 12 years on cash and equity compensation at private companies. Since 2008, the data have been freely available online to those who fill out CompStudy’s survey, allowing entrepreneurs to see how a company’s equity is split as it raises rounds of financing and takes on more employees. Business marketing Melbourne critics worry that benchmarking assessments could backfire on entrepreneurs if they are overused. Comparing an entrepreneur with a peer group can be risky. Many entrepreneurs are entering new fields, like smartphone apps, cloud-computing services and social media, where there isn’t much of a reference point for gauging their progress. If you are looking for complete marketing solutions or IT contracting Melbourne, contact us for a FREE no obligation...

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