There are two ways to scale up business output. Although increasing your workforce is the most popular choice, doing so also comes with higher overhead. A better alternative is to improve your worker productivity through corporate training. According to a study published by the U.S. Bureau of Labor Statistics, businesses with fewer than 100 employees offer about 24 minutes of manager training each year. For businesses with up to 500 employees, this figure fell to 12 minutes per … [Read more...]
A Marketers’ Guide To Sponsoring An Event
Do you run a successful, or even a moderately successful business? Chances are that you get approached by event organizers all the time. Event sponsorship is typically associated with large businesses like Coca-Cola or Red Bull that thrive on brand visibility. However, with the right strategy, such sponsorship campaigns can be extremely profitable even at a smaller scale. Understanding your event marketing objective There are essentially two core marketing objectives with respect … [Read more...]
How To Turn A Failing Business Around
Let’s admit it. No one would want to be in the position of having to resurrect a failing business. Yet, if the inevitable has happened to you, and the iceberg has struck your Titanic, don’t shout, “Abandon ship!”, just yet. Businesses walk into all kinds of pitfalls, especially in the early days of opening shop. Maybe you’ve invested in the wrong places. Perhaps, your prices are too high. This could mean that your products don’t bring enough revenue to sustain. Or, it is also … [Read more...]
Your Guide To Launching Your Own Marketing Agency
Readers of this blog are no strangers to entrepreneurship. Yet, the thought of translating your entrepreneurial desire with an actionable plan may be intimidating to a lot of us. This is especially true for service based businesses that rely on face-to-face meetings with customers to make money. You will need all the elements of an entrepreneurial mindset to make this work. Starting up a marketing agency is one of the more popular business ideas. You do not need a lot of capital … [Read more...]
Understanding Customer Churn and How to Prevent it
Philip Kotler is one of the best marketing minds the world has ever seen. In one of his books, Kotler had suggested that the average company looses anywhere between 10 to 30 percent of customers each year. Although a number of studies disagree with this figure, there is a consensus here that customer churn, at least some of it, is unavoidable. There are several reasons why a customer chooses to stop doing business with you. Some of it is internal - for example, the customer may no longer … [Read more...]
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