Brand Equity describes a brand’s value. It is determined by consumer perception for the brand generated by a consumers’ experience with the brand. A company’s brand value can be positive or negative based on whether consumers think highly of the brand or have been disappointed so much that they tell friends and family to avoid …
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Tableau is not just another data visualization tool. Still, it is a powerful data analysis tool that helps you connect to various forms of data storage systems—allowing you to visually understand and analyze the data which has been fast-growing in your business. Thereby helps you to derive inference, interpret data, and make a growth/ development …
While we write a story, there is a Hero/Heroine and a Villain, and some obstacles that they have to cross. The Hero/Heroine needs a Guide, a Fairy Godmother, or a white-bearded Headmaster of a wizarding school to achieve their destiny. Although many times brands make mistakes while telling a story when they play the hero’s …
The digital world is full of data. Every interaction point between businesses, systems, or applications there is new data that is updated or recorded. Companies use this data to derive inference using analytics. The data can be stored in various ways depending on the use and analytical tools used to derive insights. The most common …
Image courtesy: https://medium.com/digital-reflections/secrets-of-neuromarketing-8b48a589f247 Neuromarketing Neuromarketing applies neuroscience and marketing to help brands understand consumer’s psychology and rationale behind their decision making while purchasing and their responses to marketing communications. Neuromarketing uses various methods like fMRI (functional magnetic resonance imaging), EEG (electroencephalography), and biometric tools like face and fingerprint scanners to record consumer’s responses to an …
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Businesses often find themselves in a conundrum about setting prices for their products or services. Recognizing the unit price at which sales volume is maximum and has significant profit is critical for the business. One of the concepts worth paying attention to is price elasticity– it refers to the change in demand or sales when the …
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Many businesses often face the dilemma of pricing their new product or service in a way that is attractive to the target market and competitive with the existing products. Finding the perfect balance is the one where we can charge a maximum while selling the most units. Any price above this threshold will start alienating …
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Image courtesy: https://www.ecommerceceo.com/break-even-point-calculator/ (Links to an external site.) Break-even analysis gives businesses a goal, one that they can achieve and say they are making a profit now. It is an important metric that helps evaluate business performance in terms of units sold or revenue. What is Breakeven Analysis (Links to an external site.)? Breakeven (in Units) = Fixed Costs …
Image courtesy: https://www.romainberg.com/what-is-your-business-archetype/ For certain brands, we feel loyalty and connection, and we prefer them over others and are ready to pay more. It is crucial for brands to fall in a category or the consideration set but also to stand apart. Here come brand archetypes that guide marketers and help them to give direction to the …
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Technology has made our lives more comfortable, and there is no doubt about it, but it’s always changing, and it is vital to evolve with it. We learn something and become an expert, and then something new comes up and has to learn that. The process starts again in learning and relearning. But just sitting …
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