MARKETING: AN IMPORTANT ASPECT IN CUSTOMER ACQUISITION, IN SPITE HAVING A GREAT FRANCHISED BRAND.
Small Enterprise|March 2020
I have travelled almost all over the country and I have seen an important phenomenon across all markets. You will find almost all the competing brands positioned in the same market and they will be stone throw away or next door or ground floor or first floor and this give the opportunity for the consumer to choose from the choices that they have to pick their stuff from.
MARKETING: AN IMPORTANT ASPECT IN CUSTOMER ACQUISITION, IN SPITE HAVING A GREAT FRANCHISED BRAND.

For example you find the jewellers, the hair salons, QSR format restaurants, the clothing retail stores and the supermarkets, computer hardware companies and why in those days, the kirana stores which were close by each other by providing the consumer the opportunity. But have you ever wondered how do they are survive in this very highly competing market and each franchisee needs to make his money after he puts up the store.

We need to look at 2 things clearly: 1. the franchisor through its national advt campaign or ATL (Above the Line) should keep attracting the customers to the store as a reminder 2. The local franchisee needs to understand the location and would have worked out the profiling of his customers through the POS software or the CRM he has installed and comes with the local marketing plan and should execute the BTL ( Below the Line) activities.

The consumer has a choice to buy from anywhere he wants but the factors that allow him to come to a particular brand many be due to many reasons.

  • The product or the services that was of great need to the consumer.

  • Marketing the new offers given on a particular hour/day/month/ season.

  • The ambience of the store and having the feel-good factor to enter the store again and again.

  • It could be because of the sales manager or the customer relationship executive who has taken care of the customer building a great rapport and many other reasons.

How do we continue to hold the customer with each and every coming out with various attractive marketing plans. Buy 1 get 1 free, buy for 5000 and get 2000 gift voucher, go for a trip if you shop for x value, take a lucky dip and fly out etc.

Diese Geschichte stammt aus der March 2020-Ausgabe von Small Enterprise.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

Diese Geschichte stammt aus der March 2020-Ausgabe von Small Enterprise.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

WEITERE ARTIKEL AUS SMALL ENTERPRISEAlle anzeigen
Small Enterprise

Job Creation: Startups Starting Up!

Do startups create jobs? This could unarguably be one of the most sought after questions in recent times. While it is out and clear that startups make way for employment opportunities, the discussion boils down to the importance of startups in creating jobs. The startup ecosystem indeed plays a major role in job creation and is touted as an economic panacea.

time-read
2 Minuten  |
November 2021
Small Enterprise

Importance Of Technology For SMEs

We, humans, by nature, tend to be lazy. We always try to make tools, machines, gadgets, etc., to save us time and energy and give us satisfactory results. Technology is the charisma that kept changing our way of living and our style of doing things drastically. Our way of conducting business is also not spared by the Tsunami of technology.

time-read
5 Minuten  |
November 2021
Small Enterprise

Importance Of Digital Economy

Economic activities that result from billions of interactions between individuals, businesses, data, devices, and processes constitute a digital economy and India is well on its path to becoming a digitally advanced economy. Driven by cheap data cost, faster connectivity, and affordable smartphones, India had over 1,160 million internet subscribers in February 2020, as per the Telecom Regulatory authority of India (TRAI), second only to China.

time-read
2 Minuten  |
November 2021
Small Enterprise

India's Economic Growth – Can The Startups Redefine?

Recent years showed a considerable rise in the startups of India. During globalization, MNCs or Multi-National Companies had a massive role in India’s economic growth. Now, it seems that startups are revolutionizing the Indian economy. These startups are amplifying the revenue generation and enriching the GDP.

time-read
5 Minuten  |
November 2021
Small Enterprise

ENTREPRENEURSHIP EDUCATION FOR BUDDING MINDS

In the present economic situation, having knowledge of an academic subject is no longer sufficient for a new graduate. Students are increasingly required to have skills and abilities which will increase their employability, such as: the retrieval and handling of information; communication and presentation; planning and problem solving; and social development and interaction.

time-read
4 Minuten  |
November 2021
Small Enterprise

CHALLENGES OF ENTREPRENEURSHIP DEVELOPMENT IN INDIA

The Economic survey in 2019-20 using World Bank’s data on entrepreneurship stated that India ranks third in the number of new firms created. However, India ranks significantly lower in terms of intensity when compared with countries like UK and US.

time-read
2 Minuten  |
November 2021
Small Enterprise

HOW INNOVATION PLAYS AN IMPORTANT ROLE IN THE PERFORMANCE OF SMEs? WHAT ARE SOME INNOVATION FACTORS TO FOLLOW?

Innovation in a business must respect the business strategy in terms of the SME's long-term missions, visions, and goals and is systematic implementation procedures and changes to improve the products and services your company offers. The innovation implementation ensures an appropriate response in terms of increased sales and enhanced customer satisfaction. The image strengthening of your firm will lead to better customer relations with your company and at the same time provide financial stability for the company.

time-read
4 Minuten  |
November 2021
Small Enterprise

ECONOMIC REFORMS THAT CAN CHANGE THE ENTREPRENEURIAL ECOSYSTEM

The year 2021 marked 30 years since economic liberalisation surfaced in India and writing on this occasion, the richest man of India; Mukesh Ambani said that bold economic reforms such as ending the license –quota raj, liberalisation of trade and industrial policies, freeing up capital markets and financial sector helped our GDP grow ten folds since 1991 and India transformed from an economy of scarcity in 1991 to an economy of sufficiency in 2021.

time-read
2 Minuten  |
November 2021
Small Enterprise

ROLE OF WOMEN ENTREPRENEURS IN INDIA – THEN AND NOW

As per the 2019-20 annual report of the MSME ministry, among 63.3 million MSMEs that India has, women–owned 20.4% of them up from 13.72 % in 2013-14. This data supports the fact that there has been growing acceptance of women in entrepreneurial roles but it hasn’t always been the case.

time-read
3 Minuten  |
November 2021
Small Enterprise

TECHNOLOGY AN ENABLER FOR SMALL BUSINESSES

Today times are such that firms operate in a dynamic environment and they must act dynamically too, at least firms should keep an eye on obsolete processes and technologies and replace them with updated versions to stay competitively ahead.

time-read
3 Minuten  |
November 2021