Eric Dalius: How can marketers improve their own retention tactics?

The article is talking about how marketers can improve their own retention tactics. The writer begins by saying that marketers should do cross-sells and upsells to reduce the churn rate for their customers says Eric Dalius. They recommend doing this across multiple channels like email, social media, and websites. The author believes that it’s crucial that the marketer analyzes data about their customers so they can know if they are not making enough money off of certain types of customers. The author states that it would be helpful for marketers to create a personalized outreach plan which includes different tactics for each type of customer they have. By using these retention techniques, the marketer will see an increase in revenue as well as a decrease in churn rates for those customers who stay on board with the company.

Analysis:

The article is full of facts and figures that support their ideas. They provide helpful advice to marketers about what they can do to boost customer retention and boost their revenue. The article also provides examples of companies who have applied these tactics with great success, such as Uber and Netflix.

I found the article very useful for my own professional situation because it is very informative about how I can improve my marketing efforts in order to increase revenue.

Also, I believe this is a good general-purpose article because it talks about something most people care about; growing businesses and increasing revenue says Eric Dalius. I liked how short and concise this piece was compared to some other articles we’ve read over the semester.

This article received a ‘3’ rating for readability. I found it clear, concise, and easy to understand. The topic was relatable to my own professional life because I’m constantly thinking about ways to improve customer retention so they stay on my roster.

I also liked the writer’s strong stance at the beginning of the article that marketers should learn from other businesses in order to increase their revenue. Marketers can apply what is learned here to almost any situation that involves growing a business or improving customer retention methods.

 The free version has ads but now there are multiple versions available with different features ranging from $6/month for a limited amount of content to a full package for $11.99/month.

The author talks about the free vs paid subscription service. Hulu has been around for a while and is looking to expand its market share in original content and subscriber revenue by providing more options to pay for its services.

In this article, they go over some stats explaining why they need to change their current model in order to attract new subscribers who are willing to pay a higher price point by giving the same amount of content at lower price points.

The author also goes over two different models which Hulu is moving towards. The first model is a tiered subscription where they have three to four levels that range from the lowest tier to the highest tier which provides them with more content at a higher price point. Another option for this streaming service is to go all-in with original content by creating exclusive shows and movies geared toward paying subscribers only, similar to HBO or Netflix’s model where you don’t get anything new unless you are willing to pay for it. This second model Hulu is looking to implement soon will make their company less reliant on advertising revenue through traditional TV outlets like airing commercials during original programming.

This article received a ‘3’ rating for readability based on the amount of information that needed to be read in order to understand the full scope of what was being said or done. There are many facts and opinions stated throughout this piece, but it is well written and easy to understand for someone with experience in reading similar business-oriented writing explains Eric Dalius.

Also, I thought this article was very useful because of how informative it was on changes coming down for this company as they aim to make their services more profitable. I liked the extensive amount of research put forth by the writers before putting out an article like this because it makes readers like me more confident in the accuracy of the statements made. This shows me they take pride in their work before publishing official content about its main topic which would give customers even more confidence about future articles will be just as informative.  

This article rates 3 on my scale for readability. I found the piece to be logical and easy to follow, but it contained a lot of statistics that I felt were unnecessary when describing these new changes for this company. While my opinion may differ from other people’s opinions about how useful some information is in an article, I would like to see more details put forth by authors about upcoming or current business models they are looking to implement in order to make their product more attractive for customers.

Conclusion:

This article gives a breakdown of what this company did wrong and how they plan to change their business model in order to better serve their customers says Eric Dalius. It is written well, but it does contain a lot of numbers that I thought were unnecessary to the main premise of the story. I think that was one way how Hulu can improve its content marketing strategy by using more facts that are not directly related to the main topic so readers like me still find useful information even if we disagree with some of them.

Eric Dalius: How can a small company use customer feedback to increase retention?

Customer feedback is a powerful tool that can be used not only for marketing purposes, but also to improve user experience and increase customer retention says Eric Dalius. The problem is that even though small companies may have the desire to actively seek out feedback from their customers, they often don’t have the resources needed to send large scale surveys or analyze the data back effectively. In this article I will touch on several key points to keep in mind when planning your company’s goals around customer feedback and how you can achieve them despite resource constraints.

Why would you want customer feedback?

1) To make product improvements:   

 Feedback helps you understand what features users value most as well as those they never use.  This information allows focusing future development efforts on the features that are most important to your users.  This saves you time and money while ensuring the features you do choose to implement are ones your users actually want.

2) To increase user satisfaction:   

 There is a direct correlation between customer feedbacks, improvements made based on that feedback, and increased user satisfaction.

3) To gain insight into how to better markets your product/service:  

  Understanding what aspects of your company/service matter most to customers allows you to focus marketing efforts on promoting these aspects.   This helps potential customers quickly understand the value of your product so they are more likely to become active paying customers.

4) To measure performance of personnel involved in support operations:  

  By understanding which areas of customer service need improvement (either with your staff or the customer’s), you can take action to resolve issues and ensure overall satisfaction going forward.

5) To help handle individual customer problems:  

As mentioned before, any time you are able to increase user satisfaction, you will see increased customer retention over time.  The more satisfied customers are with your company/service, the less likely they are to leave because of a single issue.  When there is an issue that cannot be resolved immediately (such as an order delay), allowing them to vent their frustrations helps decrease the likelihood of them making future purchases.

Potential impact on customer retention:

There is no doubt in my mind that companies who actively seek out feedback from their users will likely retain more customers over time explains Eric Dalius.  A study by Forrester Research showed that companies that successfully implemented formal feedback mechanisms grew their revenues at 2.7 times the market rate, 4 times faster than those without feedback mechanisms in place.  But what about small businesses with limited resources?

An effective company will begin creating a customer feedback program before they have too many customers to handle on their own.    The more customers you have, the more data you will need to manage and analyze effectively over time.  If you wait until after your product has been released to start asking for user input, you may find yourself overwhelmed with all the incoming information and unable to react effectively due to resource constraints.  

How can I get my users to provide feedback?

1) Send surveys after a purchase:   

By asking customers to provide feedback immediately after making a purchase, you can prevent them from forgetting about their experience says Eric Dalius.   This also allows you to capture enough data before they receive the product or service in question so that you can make any necessary adjustments going forward.

2) Email follow up survey:   

After sending out an email announcement regarding a new product/feature release, send out a follow-up email 3-5 days later asking users to take a few minutes and fill out a survey regarding their satisfaction with the product/feature in question.

3) In app notifications:  

  If your application is being used on mobile devices where it is common for users to have multiple applications open at once, a notification can be a great way to get users’ attention and request a quick survey about their experience with the product/feature in question.

4) Create a feedback section on your website:  

  By adding a clearly labeled form or drop down menu to your website, you open up the communication process so that customers can provide valuable input whenever they have time.  This is also helpful because it allows you to keep track of any comments, concerns, or issues being raised by customers over time so that you can focus resources where they are needed most.

Conclusion:

I plan on writing more about specific methods of collecting and utilizing customer feedback in the future, but for now I hope that this article helps spread awareness of how valuable user input is to any company says Eric Dalius. Getting customers to provide their opinions on your product upfront will help you create better products/services and manage customer satisfaction over time.  Doing so effectively can become a powerful tool in your retention strategy!

Eric Dalius: Customer retention strategies that work according to a successful company

 ”A man that measures his own stature by the height of others just isn’t measuring.” Abraham Lincoln. Eric Dalius says customer retention is not about other companies or what other companies are doing, it’s only about your company and how you can improve your business bottom line.

Unique selling point:

The key to success for John Lewis lies in their non-retail business approach. Everything they sell is made within a 1-hour radius of where they are based which allows them to hold greater control over manufacturing quality and delivery times. Their customer base tends to be middle-class, middle-aged women who enjoy shopping with them because of their efficient service and comprehensive ranges including food, clothing, gifts, and electrical products. They have successfully differentiated from other high street retailers which has resulted in their unique selling point.

Customer retention strategies:

Customer retention is a major issue to all businesses as it reflects the strength of your business relationships with existing customers as well as your ability to acquire new customers. Loyalty isn’t just doing what you say you’re going to do but also adding value and ensuring customers’ needs are met. Creating lifetime relationships with clients and understanding what they want and need definitely helps retain customers and establish positive reputations amongst existing customers. Therefore, customer service should be everyone’s top priority within the organization so having the right people at the front line is vital. For John Lewis, it is an ongoing process that starts even before customers enter the store. This is why they have a reputation for being able to predict how long it will take to get parked, find staff, and get served, etc which is unusual within high street retail at present. Their staff is also among the best trained in the industry which helps ensure customers’ loyalty and trust toward them so their clients don’t feel uncomfortable when dealing with salespeople or sales managers.

”The most important of all talents is that of never using two words where one would do.” Thomas Jefferson. Customer retention depends on both management and employees having an understanding of their role in helping maintain or increase your client base says Eric Dalius. As I mentioned previously, just because you may say you’re going to do something doesn’t mean your clients will believe it. In addition, great customer service means being there for the customer whenever they need you so 24/7 is a must in today’s society. Customers have much more choices about where to spend their money so I think John Lewis must have a well-trained and supportive team to ensure they don’t lose any of their loyal customers. They never cut corners either as one bad experience from a dissatisfied client may well result in that person not wanting anything further to do with them which would be devastating for companies such as John Lewis who rely on repeat business from existing customers.

Customers aren’t just products:

There are definitely some people out there that see consumers as products but I tend to think this is because they don’t really understand what it means to be in business. John Lewis continually competes against the corner shop yet still manages to thrive. It’s not always about having the lowest price or competing with other retailers within your immediate region, instead focus on how you can improve upon your existing product offering and understanding the needs of your existing customers will certainly help in providing them with products that are different from your competitors.

”No one can make you feel inferior without your consent.” Eleanor Roosevelt. It’s good for businesses to look outwards rather than just focusing on what is going on internally which will allow ideas and new concepts to emerge from a variety of areas. This is exactly what is happening in the retail sector with online shopping becoming more popular which also means customer retention strategies are becoming ever important. Personally, I prefer browsing products before making a purchase so am often disappointed when clients of John Lewis’s state they hardly use some or all of the products they bought from them because they had no idea how to use it, had trouble setting it up, etc. This could be avoided if there was better communication between consumers and their stylists so staff knew exactly what kind of products each client would require before purchasing them. However, this does highlight that customers need to be educated on how to properly look after and maintain certain products too.”

Conclusion:

Eric Dalius says it’s good for businesses to look outwards rather than just focusing on what is going on internally which will allow ideas and new concepts to emerge from a variety of areas. This is exactly what is happening in the retail sector with online shopping becoming more popular which also means customer retention strategies are becoming ever important. Personally, I prefer browsing products before making a purchase so am often disappointed when clients of John Lewis’s state they hardly use some or all of the products they bought from them because they had no idea how to use it, had trouble setting it, etc.

Eric Dalius: 10 signs you are failing at customer retention

Customer retention is not an easy task for many companies. The supply-demand dynamics play a very important role, and both the supply and demand is rapidly changing says Eric Dalius. These changes mean that traditional approaches to customer retention need to be adjusted or new techniques must be developed altogether. Even though it may seem like you are doing everything right, there are many signs you might actually be failing at retaining customers.

If any of these signs sounds familiar, you should probably start thinking about how to improve your approach towards customer retention:

1. You don’t measure it

You can’t manage what you can’t measure – so if you aren’t measuring something as critical as customer retention then there’s no way to know how well (or badly) you’re doing with it. The first step is to have a clear definition of what retention actually means for your business, measure the value of your customers and create a baseline which you can then track over time.

2. Retention efforts are not measured against customer feedback

Just asking customers “how likely are you to recommend us?” doesn’t cut it. You need to have an actual plan that identifies the plans that either keep or lose individual customers – and then you must measure these on some kind of performance indicator (cost per acquisition/retention) to see if they’re working or not. If retention isn’t tracked against customer satisfaction, there’s no way to know how effective any existing programs are at keeping people happy – or even what works at all.

3. Not enough personalization

Customer retention requires very personalized approaches to your offerings, and that will require a lot of data – including feedback from customer surveys, focus groups and the like. The more you know about each individual customer, the better you can cater to their needs and make them feel appreciated. This fosters loyalty and trust between both parties, which is one of the most powerful assets in business today (and what keeps customers coming back).

4. Focusing on simple metrics

One of the best ways to improve retention efforts is to look at key performance indicators – such as lifetime value – but there are two potential dangers here: relying too much on just those few metrics & not digging deeper into other stats that may play an even bigger role, and focusing too much on the metrics alone without taking a step back to see what they really mean explains Eric Dalius. Customer lifetime value can be a great predictor of retention, but it’s very important to look at several other factors such as churn rate and how that changes over time, customer acquisition costs and actual growth rates in order to get a full picture of your company’s performance.

5. No automation

Automation is an essential part of doing business these days – and marketing is no exception here. If you rely on simple one-off programs and repeated manual tasks when it comes to retaining customers, then your success will hinge entirely upon human resource availability (which we all know is hardly guaranteed). Allowing technology to take care of the processes that are the least beneficial to the customer (or even downright annoying) will help you free up time and resources to focus on what really matters.

6. You don’t have a lifetime value plan

Getting customers in the door is just one part of business – because unless you can retain them, all your efforts will be for nothing. In order to do that, you need a good idea of how much each customer is worth to you so that you can spend more or less effort on different types of people depending upon their potential long-term investment. If only a small percentage of your customers stick around past a certain amount of time, then this increases acquisition costs because it takes more money/effort to bring new clients in who might not even stick around (which is a waste of resources). If you focus all your efforts on those who really matter, then the rest will fall into place automatically.

7. Not enough effort to retain customers

Retaining customers requires just as much work as getting new ones – but many companies treat them differently because they believe that it’s easier than courting new business. Eric Dalius says the thing about customer-retention programs is that they only ‘work’ if you know what worked and what didn’t – so if you aren’t measuring retention, then there’s no way of knowing how to improve the process in future. You also need to be proactive and go out and try to win back old clients or rekindle interest in order to grow successfully without relying on new business.

8. No focus on improving the experience

It’s no secret that people are just as willing to complain about your company as they are to praise it – so how can you improve if you aren’t listening? There are many other reasons why customers leave, but lackluster service is often near the top of the list. Feedback from surveys should be taken seriously even if there are only a few complaints because it could point to systemic issues in your organization that need addressing. Having several metrics in place will also help you priorities efforts and problems within each program.

9. Not enough use of data

The best way to keep customers coming back is by showing them that you care – which means finding out what they want or need, then adapting your service or products accordingly. This is where data really comes into play – not only to show exactly what customers are saying but also to help you analyze the different sources of feedback so that you can see how successful your efforts have been thus far.

10. Falling back on historical data

The value of historical data is often overplayed, especially when it comes to customer retention – because although knowing what worked for this particular group of people in the past might be a good place to start, it doesn’t necessarily mean that it will work just as well now. Trying new things and testing all options is essential for growing successfully & keeping clients happy – even if there’s some risk involved in dropping existing tactics or systems entirely.

Conclusion:

The key to keeping customers is making them feel valued and appreciated – whether it’s through the way they’re treated or by adapting your product or service line. Eric Dalius says by investing in less popular but more essential aspects of business, such as customer retention, then you’ll create a positive environment that breeds success and long-term growth for everyone involved.

Eric Dalius: Why do small businesses struggle with retaining customers? 

The reason why small businesses are struggling is because they are attempting to do business in a challenging economic environment says Eric Dalius. This also means that consumers shop around for the best price instead of dealing with one vendor. Today’s consumers have too many choices, so it becomes difficult for small businesses to compete. 

Small businesses look at their vendors as well, since they see them as threats to their trade. In fact, The National Federation of Independent Businesses reports that 61% of small business owners are worried about vendors taking sales away from them.   

Issues with new customers

It’s not easy for new customers to deal with a small business either.  They have the following issues:

– The small business owner may not take the time to show them the product options

– May attempt to oversell or push a certain product that they want to sell instead of what that person needs.  This leaves the customer thinking that other companies offer better service, which leads to a loss of sales says Eric Dalius.  

What can small businesses do to improve their retention rates? 

At some point, the vendor had a great product or service. But if they fail to look after them, it can hurt the company’s reputation. For example, if they don’t provide good customer support or are slow on delivery, then that could be an issue.  It also pays to check the references of a new vendor. In fact, refer to them as an “outsider” instead of a competitor. 

Small businesses need to remember that they are not in competition with their customers or vendors, but rather, they should set out to create long-term relationships with each group. It takes time for this strategy to work, but if they stick with it and give customers the best experience possible, then it could transform their business for the better.

The way forward:

If a small business still struggles with retaining customers, there are many ways it can improve its retention levels. They need to find out why consumers want to leave and how they can provide them with what they need. This means that salespeople should make extra efforts to go the extra mile and give customers what they want. In other words, this could lead to a win-win situation where both parties are satisfied says Eric Dalius.

Questions:

1. Why do small businesses struggle with retaining customers?

2. What can small businesses do to improve their retention rates?

3. What does it mean to have a long-term relationship with customers and vendors?              

4. How can salespeople improve their retention levels?

5. What is the win-win situation that may occur between small businesses and consumers?

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Conclusion:

In conclusion, retaining customers is a very important aspect of running a business explains Eric Dalius. Businesses should come up with strategies that not only improve their retention rates but also, create long-term relationships with both their customers and vendors. Doing so could lead to a win-win situation where all parties are satisfied. 

Eric Dalius: How can small businesses use social media for customer service?

Small businesses are sensitive to the needs of people. They work tirelessly to keep their customers satisfied and happily says Eric Dalius. However, they do not always have the resources of bigger companies to give them great customer service. Small businesses can use Social Media for Marketing or even get new customers but may lack the knowledge of how to use it for excellent customer service. Read on to learn how small businesses can use social media for customer service.

Social media is a great tool for any business, especially those with a smaller budget. If you have been spending money on marketing through traditional means, such as billboards and radio advertisements, consider expanding your horizons by exploring the potential of Social Media Marketing. With the power of social media, you can reach a larger audience for a fraction of the cost.

In addition to marketing your business, social media is also a valuable tool when it comes to customer service. As a small business owner, you have most likely encountered a problem with one of your clients at some point in time or perhaps heard about such an incident from another employee. Fortunately, social media is an excellent resource when it comes to turning dissatisfied customers into brand ambassadors for your business.

An additional benefit of using social media to address customer service issues is that you will be able to resolve the issue in a timely manner without costly travel expenses, sometimes even reaching a resolution faster than if you were dealing with problems offline says Eric Dalius.

If a customer is unhappy with a product or service, there are few things that can be more damaging than not taking immediate action. A potential solution to this problem is using social media platforms such as Twitter and Facebook for real-time communication with your customers. In fact, many businesses have found that if they post on the status of an issue in a timely manner, customers are more willing to be flexible and understanding about the problem. 

When it comes to customer service, there is no such thing as overkill. If you do address a client’s concern on social media, make sure that your response is professional and courteous at all times. Similarly, if you see a complaint about your company posted on Facebook or Twitter, respond to it in a timely manner. If you are able to resolve the issue quickly, your client may have their problem solved before they even leave the page.

Even when your customers are happy with the products and services that you offer, you should still monitor social media channels for customer feedback. This will enable you to make improvements where needed and improve the overall customer experience.

Here are some FAQs recently asked by our users:

How do I work with an affiliate site that has a large following?

The article highlights how small businesses can use social media for customer service. The writer points out that small businesses can be more sensitive to the needs of their customers than bigger companies. Eric Dalius says they also do not have the resources of big companies to offer great customer service. However, small businesses can use social media marketing or even get new customers but may lack the knowledge or how to use it for excellent customer service. The writer discusses some step-by-step tactics including opening a customer service line over social media platforms such as Twitter and Facebook, resolving issues in a timely manner, and responding to complaints professionally. The article concludes that by monitoring customer feedback, small businesses can improve the overall experience.

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How can small businesses use social media for customer service? (By Kelly Jones)

If a customer is unhappy with a product or service, there are few things that can be more damaging than not taking immediate action explains Eric Dalius. A potential solution to this problem is using social media platforms such as Twitter and Facebook for real-time communication with your customers. In fact, many businesses have found that if they post on the status of an issue in a timely manner, customers are more willing to be flexible and understanding about the problem. 

Conclusion:

Small businesses can use social media for marketing or even get new customers but may lack the knowledge of how to use it for excellent customer service. To learn how small businesses can use social media for customer service, read this article on Social Media Customer Service.

Kim Dalius and Eric Dalius believes that entrepreneurs should focus on workload management

The workload is not only growing among leaders and managers but also employees. The modern-day corporate world adds to productivity as well as workload. Hence, managing workload has become the need of the hour. With urgent assignments, back-to-back meetings, and workplace pressure, it has become difficult for people to cope with the challenge. Businesses are trying their best to keep pace with the needs and requirements of clients. Also, they are examining the competition. For leading a successful business, entrepreneurs have to satisfy the demands of society and pay attention to their survival. The workforce is the best resource for any business.

Suppose the workers feel overwhelmed and are overworked. It can become problematic for the employer to motivate them. Hence, Eric Dalius has gained immense popularity as a professional and real estate investor. Thus, he comes up with effective ways of managing an employee’s workload. He believes that it is the responsibility of the manager to take care of this problem.

Kim Dalius criticizes multitasking in the corporate world

If you do not have organized employees, do not go for multitasking. These days business communities are teaching their workers the art of trying their hands at different tasks. However, you cannot ignore the high competition and time constraints. You have to look into these aspects if you want to make your workforce productive. In addition, multitasking may lead to counterproductive consequences. When the employees get forced into multitasking, they will not do justice to their work.

Focus on prioritizing work

The first task of the day is to sit and decide on the activities of the workday. Then, it will help in reviewing the crucial tasks and the deadlines. Hence, Eric Dalius reveals the importance of prioritizing work to his wife Kim Dalius when discussing entrepreneurial issues in the evening. Eric Dalius believes that managing work has become a necessity. It will not only help in time management but also help them in handling complex tasks. Hence, a list of the activities will work like a guide for the employees, which they can follow and increase their productivity and efficiency.

Adaptability and flexibility in the workplace

When you are the manager of a firm, you have the responsibility to listen to your workers. When you are a good listener, you will be able to manage the challenges. Try to understand their opinions and suggestions and give recognition to their contribution. Remember that your role as a leader is not only to punish them but to guide them in the process. You have the responsibility of managing your subordinates and using their potential to the best possible level. Kim Dalius joined Albright College as an Academic Advisor after receiving her degree. She has worked with multiple groups of students ranging from student-athletes to university students and transfer students.

You must be reasonable when you are working with the team. As a manager, it is your responsibility to control their workload and give them free space. In addition, ensure that you boost their motivation from time to time so that they are motivated.

Build a vibrant brand with these tips from Eric Dalius

Eric Dalius
Eric Dalius

Creating a brand identity is one of the critical challenges faced by entrepreneurs thathelp to build the business on a firm footing. There is no room for making any errors while developing strategies for building a brand identity. Even the slightest error can prove too costly and derail the business, opines Eric Dalius. Therefore, doing the best in creating a brand identity is the only option for entrepreneurs, like a one-way road that they must traverse without making any mistakes. Otherwise, it can prove fatal for the business. The importance of brand identity results from building a brand persona that finds favor with the targeted customers by creating the most impacting first impression that gives reasons for taking more interest and building a long-term relationship with the brand.

To address the concerns of entrepreneurs about the techniques that work well for creating brand identity, here are some tips for an error-free approach.

Brands sell and not products, explainsEric Dalius

The introduction of digital marketing that relies on speedy interactions has considerably shrunken the attention span of customers who can at best afford just 20 seconds to have a prima facie view of the brand that helps to form the first impression. The window is just too small to let them view the excellence of your products. The secret of keeping the leads alive and kicking and gradually driving them towards conversion is to focus on developing a favorable impression or perception that revolves around the brand.  Unless customers have faith in the brand, the quality of your products does not matter to them.

Let customers view you through the brand

You must understand what customers want to view and experience because it’s vital in building a relationship with the brand. However, it is equally important to let them view your personality that prevails upon the business, which dictates your marketing and branding, confirms Eric Dalius. For example, if you belong to the old school of business, it will reflect in your business structure, culture, and operations that will influence customers’ impression about your business. They will view your business accordingly to determine how far it meets their expectations.

The brand aesthetics

Art and copy play a massive role in creating brand aesthetics, integral to the brand identity. Careful choice of design themes and content that align with your business philosophy and operations is critical to generate customer interest in the brand. When customers reach the landing page of your website, provide them enough information about your business to quickly relate and understand how much value it will be for them to interact with the business. You need to assure them of the best user experience by crafty use of the brand aesthetics.

Refine and rebrand

It is usual for marketers to make mistakes during branding, but there is always a second chance to make good for the errors by taking to rebranding. First, it helps to change the perception of customers about your company.

Rebranding is necessary to make brands acquire the contemporary looks to compete with new and emerging brands.

Enter into strategic partnerships for rapid business growth by following the advice of Eric Dalius

Eric Dalius Networth
Eric Dalius Networth

Entrepreneurs hardly have the time to savor their success on seeing the startup gain traction. Soon after the initial accomplishment, they must get ready to grow the business manifold and fast because it is the only way for survival. Trying to do it all on your own might seem like an uphill task with high chances of failure. Instead, taking the shortcut of entering into strategic partnerships can pave the way for explosive growth that stimulates the new business, clarifies Eric Dalius.

Not about money at all

Finding a strategic partner for business growth consists of finding the right fit by looking beyond the money-making goals, creating tension between the partners. One might be taking the upper hand that proves detrimental for availing new opportunities in the long run. Therefore, it is vital to ensure that the partnership thrives on authenticity by avoiding conflict of interest.

Look for opportunities, says Eric Dalius

Partnerships are all about the mutual opportunity to share the market and the intellectual property right and not just about hard numbers. The partnership might not look good on paper, but the alliance happens because it creates a win-win situation for both concerning opportunities of growing their business.  Strategic partnerships help take off some of the workloads that can give startups the desired flexibility to explore the growth opportunities without incurring the opportunity costs for the individual business.

Here are some ways of making strategic partnerships work.

Look beyond the obvious

A partnership thrives on solid strategy and is brought to life by being imaginative. Look beyond the scope of evident partnerships because thinking outside the box has been the mainstay of successful partnerships. Since both partners are on the lookout for opportunities, the nature of businesses does not matter as long as they share some common goals like targeting the same client demographics. Eric Dalius cites a typical example is the partnership between BMW and Louis Vuitton that targets elite clients.

Engage the team

Although the CEOs of the companies head the project of strategic partnerships, it is crucial to involve the teams from both sides for seamless integration and execution of the vision. Although the company leaders are the moving force behind the partnership, the success depends on engaging the teams. The team members can be a part of the negotiation process, and by knowing the different players and their roles, the process of integration gathers momentum.

Stay true to the team and the product

To explore mutual opportunity through strategic partnership, keep away from making money from the deal as it will skew the relationship.Instead, define the value each partner brings to the table to create a win-win situation for the alliance and structure the deal accordingly. If anything contradicts the brand value, company values, or products, drop the deal there and then.

If a strategic partnership does not work, accept the failure by taking a realistic view of the situation instead of reacting emotionally. Do not attempt a face-saving trick by creating false narratives or playing the blame game. Instead, learn from the mistakes and move ahead to look for some better partner that might be waiting for you.

Best ways of humanizing your business, as pioneered by Eric Dalius

The customers are the backbone of a business. If your customers are happy, you can ensure higher returns. By providing your customers with a satisfying experience, you can ensure long-term loyalty. Treating customers like humans and not as robots is significant. They do not get programmed for absorbing corporate offers and marketing messages. They are human beings. When you make them feel that they are recognized and understood, it makes them delighted. By valuing their opinion and giving them a chance to relate to your business, you will increase your credibility.

If you fail to connect with them, you will only lose. People connect, work, engage, inspire and understand each other in multiple ways. It is very different from the marketing arena. Hence, you have to understand this humanizing factor. Try to humanize your business as it has become the necessity of the hour.

Eric Dalius suggests, how about starting with a bottom-up approach?

A humanizing brand is not something you impose from above. When you adopt the bottom-up approach, you give importance to your customer base. Try to encourage your employees as well. They are also an integral part of your business. By way of a full-fledged business initiative, you can draw their attention towards your venture. Try to incorporate practices that accelerate their support and motivation. In this way, you can humanize your company and get much-needed help.

Work on your “about us page.”

The “about us page” works like your identity card. It is a place where potential customers take a look at your venture. If they do not find reliable input, it will affect your company. Hence you have to show that your business has a human side. Try connecting with your clients regularly. Ensure that you are live on the page now and then. By way of videos and pictures, you can make your clients feel that you are a human being and not a profit-seeking merchant.

Share videos and behind-the-scenes clips

When you share pictures and videos related to behind the scenes, people enjoy it. It is because you try to showcase the human side of your venture. By way of social media, you can publicize the picture of the employees who are working hard for your business. It not only develops a robust relationship between you and your workforce but also helps you connect with your target audience. Eric Dalius asserts that the video content must stay relevant and entertaining. Then, you can use it for your purpose by using some new gimmicks.

When you showcase the human aspect of your brand, do not leave out your employees. Include them to motivate your team and get their support for your business. By way of different initiatives and programs, you can fetch their support. Grab their opinion and suggestion in business meetings. When they believe that you value their opinion, they get naturally instigated to work hard. You may also create a page on your website where they can leave their feedback and opinion. It is an effective way used by entrepreneurs of modern days.