For Your Toolbox: Tableau

We are all well aware of the incredible usefulness of excel for data management. For visualizing that data, it also has a good number of features to create charts, graphs, etc. This portion is somewhat limited, however, and there is a much more intuitive and versatile tool for data visualization; Tableau.Don’t misunderstand this. Tableau is not a replacement for Excel, but rather a complement for it. They have different strengths because they are designed with different main purposes. Whereas Excel is most efficient for data storage and manipulation, Tableau allows…

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Managing Brand Perception – The Two Components

How do customers choose which brands to purchase, be loyal to, or respect? Customers become savvier all the time, so it will largely be based on what’s worked for them in the past or on other customers’ reviews. But their perceptions of the brand itself as a recipient of their hard-earned money is a not-insignificant component of the choice. So what can a corporate entity do to positively affect consumers’ perceptions of its brand? There are two main approaches used to manage a corporate brand in this manner.Corporate Image CampaignsCorporate…

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ERP – Integration for Your Business

As marketers, we sometimes run the risk of narrowing our focus toward our business unit alone. To be efficient in our jobs, however, we must keep sight of every segment of the company or brand that we are marketing to our audience. This means keeping sight of financials so that we can gauge what sort of marketing budget is justified or following the sales trends so that we know which regions may need additional marketing.This is where Enterprise Resource Planning, or ERP, comes in. Investopedia defines ERP as “a process…

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Secondary Brand Associations – Leveraging and Types

Brand identity is a crucial component of marketing. Creating or building upon a brand’s identity can be a long and involved process, with varying methods and strategies. The leveraging of secondary brand associations is one such method, and it consists of linking your brand’s image, to some extent, to another entity’s image. By creating an association between the two entities, the brand is essentially taking on aspects of the other entity’s identity within the minds of its audience. This is not limited to new or developing brands. Strongly established brands…

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Benchmarking Regional Performance

When trying to determine the state of your brand’s performance, sales numbers are one of the primary components to look at. Your raw numbers, however, can only tell you a fraction of the story. You can certainly compare them to previous years’ performance to determine how much growth has occurred. In fact, I encourage you to do so. But it is also crucial to determine how specific markets are performing compared to your entire brand’s performance, how well a region’s specific category of offerings is doing compared to the entire…

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The Brand Audit

In the branding process, the first step to figuring out the best way to get to where you want is to take a full inventory of where you currently are. Conducting a brand audit allows you to determine what your sources of brand equity currently are. This in turn allows for you to assess the current health of your brand and begin to determine the best ways to improve and utilize it. There are two main steps to conducting a brand audit; the brand inventory and the brand exploratory. Brand…

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Understanding Breakeven

Because price is one of the components of the marketing mix (along with product, place, and promotion), marketers have to be informed about and involved in the development of pricing strategy for the offered products or services. This begins with the awareness of the minimum pricing point at which a product can feasibly be set. This is where the principle of breakeven comes in. To truly understand it, you must first have a firm grasp on variable costs, margin, and fixed costs. First, variable cost is how much it costs…

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The Brand Value Chain

Building brand value should be at the forefront of every marketer’s goal orientation. The promotion of specific products, services, or events is important in and of itself, but it should be interwoven with the building, reinforcing, or utilization of the brand value at all times. But brand value at its core is more than just an idea, it is also a process. One useful way of understanding this process and its implications is by conceptualizing it with the brand value chain. In Strategic Brand Management, Kevin Lane Keller describes the…

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Raise Your Voice – The Driving Force for Market Share

The principle of market share is fairly self-explanatory to the majority of businesspeople. Investopedia defines it as the percent of total sales in an industry generated by a particular company. So if you run a professional hockey team and they have 1,500 season ticket holders, while there is a total of 15,000 season ticket holders across all the professional sports team in your region, your market share is 10%. Easy enough. A less commonly discussed concept outside of the marketing sphere is share of voice. According to Brandwatch, share-of-voice is…

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Choosing and Developing a Brand’s Elements

A brand is far more than just a logo. That logo, along with all other elements that represent the brand to an audience, is meant to be built upon the foundation of the brand’s uniqueness: what sets it apart from its competitors. G2’s Learning Hub lists 8 Essential Brand Elements which should embody your brand in a way that “proves to your customers who you are, why you’re better, and why they should remember you.” The elements listed are name, logo, color, slogan, image, shape, graphics, and typography. To these,…

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