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What’s Your Market Share?

Pricing Strategy is What Every Business Lives or Dies By
Mistakes in pricing strategy can damage your company’s brand more than one might think.

With the economic tides constantly turning, pricing strategy and market share development continue to be a very important decision for marketers.

Premium Prices vs. Discount Prices
Whether big or small, choosing the right pricing strategy to develop higher profitability is critical when developing a client base.
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A higher pricing strategy can provide higher value for a client while enhancing profitability for the marketer. This will promote a longterm relationship between buyer and seller. Discounting products does not necessarily lead to improved sales and certainly doesn’t boost profitability, because it requires two sales to make what you could make with one sale with better pricing.

It’s natural for people to associate value with price not just the name brand. You know the old saying, “You get what you pay for.”

You do get what you pay for sometimes, take a look at this example. An RCA MP3 player compared to an iPod, or a quick drive-thru gas station car wash compared to a full service, inside-and-out car wash – there are differences. One is better quality and therefore costs more, because of the research and components involved with the product.

Higher Pricing or As We Say “Optimal Pricing” Allows:

  • Funding investments in research and development, quality, and continued innovation
  • Increased revenue to reinvest into marketing and advertising which boosts awareness and appreciation for the brand or product
  • Creates an internal culture that focuses on improving

Even in these financially tough times, consumers continue to pay huge premiums even for items offered for free. For example, consumers purchasing purchase bottled water pay on average of $1.25 per bottle.

The next time you get your water bill, give them a call and ask how many gallons of water you could fill at home for $1.25. Hint: it’s more than 600 gallons!

Obviously bottled water is convenient, but it shows consumers will pay a premium for exactly what they want.

Create a Fighting Brand in Response to Pricing Wars
Before pulling the plug and dropping your prices, think about what alternatives you may have first. Most consumer objections regarding price are essentially about value received.

This fairs the same with your company when assessing marginal cost vs. marginal benefit. A buyer’s objection reflects their concern that the price they are paying and what they are getting are “Not dancing to the same song”.

What the consumer wants and what the consumer needs are very different. In this case, communication from the seller needs to better explain how the product provides what the consumer wants.

Pop Quiz:
How or what could you think of that would make customers pay double what they usually pay for a product?

Maybe raising prices isn’t as relevant here but rather adding value while keeping prices the same while others are jumping ship with their prices. Think more about what you can add to your brand! You MUST think outside the box and establish your unique niche to be more valuable than others in a competitive market.

Stand your Ground and Invest in your Brand
The value that delivers goes far beyond price. If your pricing matches that of your competition, then that screams you are equal to your competition and have nothing better to offer.

If you neither differentiate or exemplify your niche, then mediocrity is inevitable.

You Won’t Make the Cut When Price Cutting
A big mistake can occur when it may seem small out of the gate. If a company has a product with a 40% markup margin and the price is reduced 20%, really all that happens is the margin is split in half. This means you have to sell twice as many widgets to make the same amount of money, but of course pricing and profitability have to be balanced and fair.

To maintain the market share or expand a company’s market share, keep the profit margin at least at 40%.

When business owners create a price cutting environment, it begins to attract a lower level consumer and employee. The mentality of associates focuses on cutting corners, and regardless of the consumer they all want personalized attention and solutions.

Pricing fundamentals include marketing, research, merchandising, innovation and customer service. Market share growth is just as important and all of these fundamentals play a key role in market share growth.

About us: DREAMFly Marketing, a marketing company in Naples and Southwest Florida, creates branding strategy for clients across the United States. Our marketing company in Naples focuses on marketing strategy, advertising, public relations and social media online marketing, online marketing and promotional products.

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Three Calculations for Press Release Publicity Value

Publicity and public relations are key to growing a business. For business marketing in Florida especially, publicity is often the best return-on-investment.

Did You Know?
Media savvy press releases can bring in more business than an advertisement, according to research.

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No box needed. Be innovative and save money with added PR Campaign value!

Public relations boasts a value 20 times more than it costs your business marketing budget…when you think out of the box.

Stop Waiting – Start Using our 3 Publicity Value Calculations below!

Publicity Calculation One:
Calculate Costs of Writing Valuable Press Releases

  • Write a press release for the media and a second press release for customers to post to your website news area.
  • Valuable press releases give reporters solid stories they can expand upon
  • Business press releases must focus on publicity opportunities as well as conveying an accurate message
    For example, avoid writing a press release about a subject such as a board appointment if it will not garner media attention. It’s a waste of time.
  • Publicity is the result of a great press release requiring marketing managers story pitch the idea to media rather than let it sit in a reporter or editor’s inbox
  • Start a press release with a strong lead. Below is a good press release lead example and a weak one.
    Weak Press Release lead: “Dreamfly Marketing announced today it would be expanding its services to include publicity value tracking to small business.”
    Good Press Release lead: “Small businesses in Naples, Fort Myers and Estero, Florida will now have an affordable way to track press release value with Dreamfly Marketing’s new publicity value program.”

Download our FREE press release template to get started!

Publicity Calculation Two:
Create a Publicity Event Around the Press Release

Now this can be tricky. Not every piece of news calls for a publicity event or stunt, BUT when companies use publicity stunts or events it works!

Publicity Opportunities and Ideas
Receive publicity value with press releases by executing marketing tactics with media members.

  • Create a media day to compliment press release announcements.
    Announcing an expansion? Give a media tour! Announcing a new product? Give them reporters a sneak peak and ask for unfettered product reviews.
  • Story pitch the “release” news to editors and reporters in advance of the press release.
  • Find related business partners to participate in the announcement to expand the level of media interest
  • MOST IMPORTANT PLAN AHEAD – important business announcements deserve a publicity plan

Calculation One and Two=Base Cost of Publicity
In calculation one, businesses may determine the “cost” associated with writing the press release including staff time. In calculation two, companies should include staff time and costs associated with planning the associated publicity event.

Calculation One plus Calculation Two provides the “base cost” of the PR campaign.

Publicity Calculation Three:
Advertising Value Equivalency for Public Relations Campaigns

The trick to learning the real advertising value equivalency is to track the media coverage received as a result of the PR campaign and all related press releases.

Business marketing 101: When tracking media coverage, include online media, newspapers, magazines, social media exposure and television coverage.

Convert all coverage to advertising dollars saved or your “advertising equivalency value.”

  • Newspaper ran a story 3 columns by 5 inches in black and white? Use the publication’s media kit to figure out how much an ad that size would have cost.
  • Perform a comparable value calculation for television and online media.
  • If a website published your news release and does not have online advertising, calculate the news coverage based on Google Adwords costs for the keyterms used in the story. This provides a general idea of the value.

Calculate the Value of Public Relations Campaigns – It is Important
Answering to a board or a boss? The advertising equivalency value calculation puts fuel into PR Campaigns and provides greater support from the top down.

Performing this value calculation, provides a clear picture as to how much money a company saved with simple media exposure. It works!

How do you calculate the value of PR Campaigns and press releases? Tell us – share below!

About us: DREAMFly Marketing, a marketing company in Naples and Southwest Florida, creates branding strategy for clients across the United States. Our marketing company in Naples focuses on marketing strategy, advertising, public relations and social media online marketing, online marketing and promotional products.

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Mashable Names Top Social Media Networks

Social Media Networks are without a doubt the most popular way to keep up with friends and family that aren’t an arm’s reach away. There are many new Social Networks gaining steam and Mashable has the “Hot” List.

Mashable introduces users to innovative social media platforms. The top social media network list may turn social media its heels, and our Naples Marketing firm is excited about these new networking opportunities.

Top Social Media Sites to Use

  1. Path
  2. Highlight
  3. Sonar
  4. Banjo
  5. Glancee
  6. LocalMind

  7. Path an Online Journal
    An online journal where users may post photos, travel updates, the music you’re listening to and more, Path is a top social media site newcomer. It is mobile and a simplified way of connecting.

    Path can be used to keep in touch with family and friends and connects your social sites to share Path updates on Facebook, Twitter and Tumblr and share simultaneously. It can be downloaded for both Android and iphone. Path is a free social media application.

    Your “Path” is a fabulous top social media application, because not only can post comments, but you can check into businesses, post photos and show who is with you and tell everyone when you go to sleep! Friends have more incite into your life than they do on Facebook.

    Highlight for iphone
    top social media applications, marketing firm in naples, website designFor the iphone, Highlight is a growing top social media app with the most buzz at the 2012 SXSW. A psychedelic logo annoys, but it is a top social media application for iphone users. Not available on Google Play for Android.

    A location-based service, Highlight alerts you when another user is nearby. The app continuously runs GPS in the background all day to make sure you’re constantly connected.

    Sonar Hunts New Connections Nearby
    Similar to Highlight, Sonar connects you with people in the nearby vicinity, but it is appears to be more social media rich with faster connections to Foursquare, Facebook and Twitter.

    Sonar surveys users’ Facebook, Twitter and Foursquare accounts and determines the most appropriate connections. This top social media application suggests it’s for activities like networking and online dating. Very unique way of meeting new people you may know online.

    Play a Banjo!
    Location-based social media tools are at the top of our Southwest Florida marketing firm’s list. Banjo is a free mobile app for iphone and Android.

    Unlike other check-in social media tools, Banjo not only alerts you when your Facebook, Twitter, Foursquare or Instagram connections are nearby, but also tells you about hot activities in the area.

    Glancee Connects You With Unknowns
    Glancee’s radar tool allows users to meet new friends nearby and show the location of existing friends. You can also keep notes in the app’s diary about chance encounters and events. While like Highlight and Sonar, it is more rich with tracking encounters and is available on Android and iphone.

    LocalMind Delivers Interaction for Local Destinations
    website design, naples marketing firm, top social media, localmind application Localmind is what mobile users use for spontaneous, social interaction.

    Want a tip from anyone about where you’re headed? You’ll get it with Localmind.

    The service gathers information from users nearby about events, restaurant specials and attractions happening now and generates location-specific information by analyzing Foursquare and Facebook checkins.

    LocalMind is probably really robust in larger cities, but it could take a while for smaller towns. In a New York City or Miami LocalMind would deliver a lot of information, but in Naples, Florida we found very little.

    Users earn karma points to help others for giving location advice like Foursquare making it competitive to use.

    Top Social Media Life Changers

    As location-based social media sites, continue to climb in popularity, it is imperative to choose applications that work for YOUR lifestyle.

    None of us can keep up with 25 accounts…unless you own a business with staffers to help. We recommend finding a few you like and staying with the top social media standards: Facebook (also offers check on cell phone apps), Yelp, Foursquare and GoWalla.

    Our top social media choices from Mashable’s list
    First choice is Path and the second choice is LocalMind. Start connecting organically and using the top social media applications to make keeping up easier.

    If you like what you’ve read, share your comments below

    About us: DREAMFly Marketing, a marketing company in Naples and Southwest Florida, creates branding strategy for clients across the United States. Our strategic marketing firm, located in Naples, focuses on marketing strategy, advertising, public relations and social media online marketing, online marketing and promotional products.

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This article is not a testimonial or by any means written to support Congressman Issa. He is included for news purposes only.

Congressman’s Open Act Bill May Finally Kill SOPA

California Republican Rep. Darrell Issa is the chair of the House Committee on Oversight and Government Reform and is coining himself the “Internet defender.” Recently, he spoke with Mashable.

Open Act Bill

U.S. Rep. Darrell Issa

In 2011, Congress proposed SOPA or the Stop Online Piracy Act that prompted an Internet BLACKOUT in response to the bill’s potential copyright infringements for American web users.

As a former electronics company CEO, Rep. Darrell Issa fought alongside Google to kill SOPA and instead wrote Open Act (hosted by the Madison Project). Rep. Issa’s alternative plan for protecting intellectual property Open Act prevents copyright infringement without adversely affecting U.S. web users.

Copyright Infringement Legislation is Online for Comments
Read up online about the Open Act Bill and the Anti-Counterfeiting Trade Agreement!

Open Act is: an alternative intellectual property bill, an alternative to SOPA.

The Public may now comment online to Issa about Open Act to provide feedback.

A draft of Open Act Bill is posted online, an innovative move for Congress thanks to Issa.

Without web browsing censorship as proposed by SOPA, Open Act will prevent copyright infringement as requested by Hollywood.

“The OPEN Act applies only to [people in other countries] that have been found to be violating U.S. copyright after a trial. Under [the OPEN Act], after that trial it would enable other means to be used but not the draconian means, like DNS blocking, that SOPA called for,” explained Rep. Issa to Mashable.

Issa believes credit card companies and online payment systems should assist in preventing copyright infringement issues preventing online piracy of work.

“If I hold a copyright in the U.S., I should have protections against internal piracy and external piracy. Our courts can already protect us against internal piracy.” – Rep. Darrell Issa

Online Privacy Legislation Access Challenges for Congress
Congress switched from an antiquated email system to Microsoft Outlook just last year after major security measurements were taken.

Issa says both Republicans and Democrats are actively involved with Open Act. Many also support initiatives that would modernize Congressional functions, especially to gain support of copyright infringement legislation.

To put it simply, Congress is in the business of protecting information and less inclined to provide free access to information, so it could be a long road for them to comprehend a solid copyright infringement prevention plan.

View our article about SOPA.

Make your voice heard about online privacy legislation!
Click here

About us: DREAMFly Marketing, a marketing company in Naples and Southwest Florida, creates branding strategy for clients across the United States. Our marketing company in Naples focuses on marketing strategy, advertising, public relations and social media online marketing, online marketing and promotional products.

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Dump the Attitude and Embrace the New e-Business World

Today’s business economy is all about growing in person, online and in charge, and even small businesses are finding their voice online by dumping the bad attitude towards online business and embracing it as a key to survival.

CanvasPop Launches Facebook Printing Connection

Your Facebook photos can now be beautiful wall art! Although in low web resolution (72 dpi), CanvasPop‘s new Facebook platform make it possible! Stores can rely on local walk in traffic just like a website can rely on drop by guests, but CanvasPop is targeting its audience heavily.

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CanvasPop claims it can print anything, any size.

With one simple change, CanvasPop has put itself back on the map to compete with other online printers.

Grocer Grows Online

Fresh Direct, an online grocer, has been so successful in New York State that the company is looking for NEW headquarters.

So many orders and so little space, the CEO Jason Ackerman, says the sky is the limit. Fresh Direct reported that it generated $1 billion in business in New York and has 2,200 employees. It is not looking to add another 1,000 employees with online sales growth.

A successful online business, Fresh Direct continues to grow. Our marketing company in Naples serves clients nationwide many of which have asked us to develop online growth strategies.

Growing Business Online

Growing a business online is key, even if you aren’t providing online services.

Tips to grow your business online:

  • Review website SEO (Search Engine Optimization)
    Google has changed how it’s ranking sites for example using the +1 clicks in search results and using “keywords” less.
  • Create online scheduling platforms for customers from medical to consulting firms like our marketing company in Naples
  • Launch an online mall, for those selling products, using a platform like “Etsy” that offers a mobile application
  • Think: What can you offer online that benefits both in person and potential web-based customers?
  • Market to online consumers using colorful designs, interesting text and easy navigation

Death becomes businesses who begrudge the power of online shopping. Rather than fight it, get on board and grow business online. Follow Mashable.com regularly and this blog for tips.

About us: DREAMFly Marketing, a marketing company in Naples and Southwest Florida, creates branding strategy for clients across the United States. Our marketing company in Naples focuses on marketing strategy, advertising, public relations and social media online marketing, online marketing and promotional products.

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Generation C Becomes Powerful Online Audience

A new generation is born called Generation C short for the “connected” generation.

Assumptions may have business owners thinking this is a generation outside of the target audience traditionally 25 to 54-years-old, but according to Nielsen and NM Incite’s U.S. Digital Consumer Report released in February, Generation C is the primary digital consumer audience.

Download your FREE U.S. Digital Consumer Report copy

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Between the ages of 18 and 34, Generation C, formerly known as Generation Y, is connecting with brands and products in new and unique ways. More than 58 percent of Generation C members use mobile phones to access social media accounts compared to 36.3 percent of users between the ages of 35 and 54.

This spend-happy audience makes decisions on wants not necessarily needs, and frankly their needs are defined a lot looser than those of us planning for retirement soon.

Although Nielsen’s Generation C may appear to have less buying power than Baby Boomers, they are now the primary target audience, because of their diverse media habits making them an impossible captive audience.

Businesses in all industries will have to garner the attention of Generation C members, because without their attention and money businesses will begin to slide down a slippery, profitless slope.

Challenge to Target Generation C With Marketing

The challenge is to captivate this audience within your budget, and we have some tips to help you connect.

Interesting Facts About Generation C and Digital Audiences

  • They visit blogs to learn and read news more than they visit valid news websites
  • Facebook is their top website search engine as well as Google
  • WordPress ranked as the 4th top site visited with 24.5 million unique visits in 2011

    By the end of 2011, NM Incites reports there were 181 million active blogs across the globe online.

  • Generation C audience trusts advertising most if it appears on a brand-connected website
  • Trusts advertising the least on social media sites and on mobile applications for less known brands
  • 38% of mobile shoppers use mobile applications to compare prices and read reviews about your business
  • Females account for 64% of all time spent on Netflix and Hulu to watch movies
  • Hispanic consumers, all ages, are more likely to Netflix than Hulu
  • Hulu users are more likely to have a Bachelor’s or advanced degree and over 50-years-old

Interesting Facts
Study participants gave more weight to ads with products placed in television programs than they did to social media website ads providing real insight for building trust with Generation C. Tablet users are twice as likely to click online ads than mobile users in this age group.

Simple Ways to Have an Audience With Generation C

  • Create ongoing blog to attract Generation C visitors with relevant topics
  • Write as a guest bloggers on popular blogs on WordPress.com, EzineArticles and other blogs relevant to your industry
  • Target online advertising on well-known websites rather than buying a “blanket” online campaign
  • Pay to be listed as a sponsored link in Google results under the Local Business AdWords area
  • Post information online that is interesting – not just a pat on YOUR back!
  • Consider ads on sites that rank at the top, but consider social media sites with caution if your strategy is to produce sales at a bricks and mortar location

Learn about general consumer media habits, will teach you how to target your marketing at Generation C members.

Share your comments below

About us: DREAMFly Marketing, a marketing company in Naples and Southwest Florida, creates branding strategy for clients across the United States. Our marketing company in Naples focuses on marketing strategy, advertising, public relations and social media online marketing, online marketing and promotional products. If you like what you’ve read, please sign up to receive our weekly strategic marketing tips.

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