Rico Santiago, Author at Business And Marketing Blog

The Importance of Customer-Centricity in Business and Marketing

February 12, 20250

Companies that take an effective customer-first approach understand that it is more cost-effective to retain existing customers than to search for new ones. Therefore, these firms actively collect and use customer feedback in their design of experiences for buyers. Investment in customer data can make customers feel understood and appreciated, leading to long-term loyalty and higher revenues. 1. Attract New Customers By prioritizing customer needs, businesses can attract new customers while distinguishing themselves from competitors. Asking customers directly for feedback - such as through in-product surveys - provides valuable data points about what users want and how they use a product or service. Utilizing this data, customer-centric brands can adjust and tailor their produ...

Business

How Business Decisions Affect Marketing Budgets and Allocation.

Rico Santiago

January 8, 20250

Marketing budgets help you to create and run campaigns that attract viewers. Investment efficiency drives ROI and creates quantifiable value regardless of market fluctuations. A complete knowledge of marketing analytics helps marketing executives rationalize spending, as they can associate activities with investor-friendly metrics such as annual recurring revenue (ARR). But this is not possible without data. Market Conditions Marketing budgets give businesses a picture of how much is being invested in marketing products and services, such as marketing talent, content strategy, influencer relations, and tech. It’s all about market dynamics and how much money is being invested in marketing campaigns. In 2023, for example, 56 per cent of senior sales and marketing executives name...

Marketing

The Effectiveness of Export Marketing

Rico Santiago

December 6, 20240

Exporting can be a powerful strategy for firms looking to extend their reach outside domestic borders, but the process can also be complex and challenging. Exporting can open the eyes of firm marketing departments to foreign market information that differs significantly from existing practices, creating opportunities for learning and innovation in marketing strategies. 1. Increased Sales An effective export marketing plan helps businesses increase sales and revenue. To do this, they need a strategy which includes identifying target markets, creating communication channels between international customers, offering multiple payment options and using social media effectively. Businesses entering international markets will quickly learn of market feedback that can result in market...

Business

The Effects of Price Sensitivity on Consumer Choice

Rico Santiago

November 8, 20240

Price sensitivity is a vital component in accurately forecasting future demand and setting prices, reflecting consumers' perspective on pricing relative to other purchasing criteria. Price sensitivity can depend on a variety of factors. These may include: Price Sensitivity Price sensitivity measures how demand changes in response to changes in price. A higher price sensitivity means greater impact from small price increases on total purchases; for instance, when consumers drink a specific brand of juice that experiences an unexpected 2% cost increase they may cease purchasing or search out cheaper alternatives. Price-sensitive products often include those with multiple substitutes, luxury goods or non-essential products. On the other hand, some unique and valuable items may co...

Marketing

Global Marketing Strategies and Cultural Considerations

Rico Santiago

September 2, 20240

Businesses today must look abroad to expand their customer bases and increase profits, but any venture into international markets must take cultural factors into account to build strong bonds with consumers from various backgrounds. Localizing products and tailoring marketing campaigns to fit cultural norms increases engagement, trust and loyalty among target audiences. Learn successful global marketing strategies as well as best practices for welcoming cultural diversity in business. Localization An effective global marketing strategy requires companies to tailor their products and messages according to cultural considerations in various countries, creating products that appeal directly to customer preferences and encouraging long-term loyalty from their target customer bases. ...

Marketing

Content Marketing Trends You Need to Know for 2024

Rico Santiago

July 29, 20240

In this way, brands look for content that embodies values clearly – such as sustainability, ethics and creativity – in the form of storytelling, crowd-sourcing of content and hypersegmentation. As a result, marketers are emphasising campaigns that collect first-party data, the kind that is directly aligned with the objectives of their business goals – and arguably more critical in healthcare, where customer trust is key to success, than it is anywhere else. Artificial Intelligence In 2024, brand managers have to build up an interest matrix to optimise their content strategy. Several tools have been invented to help with content management: no-code/low-code content marketing to reduce complexity for creating and distributing media from many channels with otherwise high complexity...

Sales

Emerging Technologies Shaping the Future of Retail

Rico Santiago

June 26, 20240

Modern technology is revolutionizing shopper expectations and retail operations. Consumers demand tailored shopping experiences and swift checkout times. Retailers need to stay ahead of their competition in order to maintain customer and revenue gains. Forward-thinking brands have taken measures to stay ahead, such as adopting innovations to stay at the forefront. Augmented Reality (AR) is revolutionizing retail stores into immersive, engaging environments that foster customer engagement and conversion rates. AR makes virtual try-on experiences possible and enhances customer retention rates. AI Imagine an on-demand shopping experience where a friendly bot recognizes what you want and helps find it; these experiences are made possible thanks to artificial intelligence (AI). ...

Customer Support

Dealing With Difficult Customers

Rico Santiago

May 30, 20240

Dealing with difficult customers can be draining, time-consuming and emotionally exhausting. Try shifting your perspective and you may find a more effective solution for their needs. First, listen. Actively and attentively. There is body language involved: sit up straight without hovering over them. Paraphrase what they’ve said so that they know you’ve heard their points, and offer alternatives when appropriate. Listen Problem customers have a way of challenging your company’s ability to serve customers’ needs or expectations, even as you are dealing with their challenges. In moments of facing those challenges full on, it is easy to lose sight of the fact that listening is a bi-directional process. One useful strategy that allics those working with angry customers is simply to p...

Accounting

Ethical Considerations in Financial Accounting

Rico Santiago

May 2, 20240

Accountants must follow certain ethical considerations while dealing with financial information. These include objectivity, integrity, competence among others and avoiding conflicts of interest. Unethical accounting can destroy companies and even societies. The Enron scandal showed how altering financial statements by concealing debt and inflating profits through fraudulent practices could cause irreparable harm. Fraudulent Financial Reporting Financial data appears as if it’s objective but that is not always the case. Recent business scandals have shown just how risky unethical accounting can be thus finance managers or any other person who handles sensitive data should be guided by moral principles. Ethical considerations in financial accounting involve staying away from any...

Sales

Building an Agile Sales Pipeline in a Rapidly Changing Market

Rico Santiago

April 1, 20240

Modern sales professionals tend to be highly independent, quick learners, and collaborative in nature. Additionally, they value real-time response to new information or data and an intuitive ability to adapt quickly. One way of meeting these goals is through sales sprints, or short-term objectives. These could range anywhere from one day up to two weeks or months. Having a set of values to guide you Values are integral to sales success. They help your team focus on what matters and keep them motivated as they strive toward their goals, including customer experience, communication and collaboration. Furthermore, having strong values allows your team to adapt more quickly when market demand shifts than their competitors can. In today's fast-changing marketplace, your strategy mu...