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TO Rivalry among Existing customers Bargaining Power of Suppliers • • Bargaining • Threat • New of Threat • Power of @ differentiation Porter 's Michael ① ② Strategy is the • serving the of of ex : lower = more → ex : higher product costs • • Carefully → → → /few in . vs dominance maintaining profitability differentiation • - positive sum game Cavoiding price wars ) sustainable comp maintain • competitive advantage of considered in competing involving , diff - set of activities . a → narrow market choose what not to do . required = higher pricing " fit " among a company 's activities customers many strategy : deepens strategic position extend company's deciding . advantage valuable position customers volume creating serving few needs comp activities → • - sustaining many customers competitive involves to unique & many of prices services or positioning relative to : trade-offs requires ③ Straley • needs incompatible hey creation the needs serving • Products the Approach • Strategy is - - Entrants Substitute of } Buyers kE→s: which uniqueness target group while of strengthening customers to fit among activities serve SALE EVERY How make • You Do Buy purchase a STORY A IS that worth → affects → → pursue generate , PERCIEVED VALUE • → right & nature greater willingness ' intended whatever , to try to a mind for for in brand affects , of eye off pays & consumer a it higher create lies of values in percieved value beholder stronger sustained customer revenue advocacy customer can improve → can establish form that elements → loyalty growth more than discipline around development product , their core valve in : improving pricing , valve segmentation customer ¥ Decision Problem PROCESSES to A PURCHASE CONVERSION Alternative Evaluation FUNNEL purchase Decision - Marwat place search Recognition Information Search Post Simplify Choices to evaluate choices E Purchase Behaviour + Final ② choice ¥ moment of truth R • Visitor → → segments : Browsing ¥ Research ¥ ¥ → s ( conversion) AUDIENCE Focused } • most } ¥ • gets visitors • what - - ( here purchases , optimal high margins , here out their purchase visit final lose & ticket size for them ? want we on you conversion) do start REMARK ETING unless Aims ' aim is element other new store a in pays valve of QUALITY perceived • he/she price combinations any visit . / service has product a marketing strategies amount a lead a : : the → - CONVERSION → basket sales leads , social shoring , etc . - good , then , APPROACH Purchase • - - purchase is product sees outside normal always emotional z application for visualizes , purchase behaviour it , , emotional appeal decides they need it reminder ? → product based = value advertisement → → (normally reminder a but . not ) purchased on list on / product specials price influences : appeal → upon purchases ? with fit this visceral → based ? buys does How made purchase planned - strategy suggestion : → - → is pure : → - & motivation to purchase decision actual → - Strategist → Impulse Purchases • • Threshold people require information - • (conversion) presentation mood = proposition positioning = packaging & merchandising customer = emotions @ moment Impulse Purchases Mental Accounting : - → budgeting • Consumers mental amount segregate accounts budgeted . & different People amount people • from ex : evaluate stereo car Reasons to Purchase : example → cash of decisions different into on total in mental accounts expenditures point ( current reference neutral a consumption remaining & income & uses sources base prospect theory ? → - ? with /without as gains wealth & losses / target ) amount car ① more → → compromise asymmetric • popcorn : choices : dominance : $3S , male choices decoy €5M t.my $72 , mates rather than waiting effect } more large people buy have better large value lih§ date item to buy APPROACH - : long Tail • - power Other • curves & niches - Strategy -3 → up - Selling Approaches building perception - value of ' ' w/ product ✗ exclusivity - urgency - → pricing A#s availability , - - etc . → etc . , . - , implementation free shipping ratings Crevievslrecomncndalons product , Advice : fast checkout → fast → payment → seasonality . Forrester 's • for help line site - , : Best practices • , → retailers ensures Tash flow (fast easy checkout process) payment methods) simplicity (auto fill Fulfillment options (free shipping methods timing place , Assessments :(conversion more , - - conversion rate lead Use gen . • Audience • Aims • • : Approaches: to EFFECT define specific : basinet conversion benchmark COMBINED • , from , ete ( Ain) metrics /ticket size , page views & time rate against compare ? who's targets Conversion ready for to specific mechanics , buy & rude they're in metrics impulse purchases Actions specific tactics (Forrester) Assessment : Compare metrics to benchmarks : , metrics) Deriving Actionable Insights - deal close , • attributes , longtail . ) CONVERSION Mechanics : Purchase Baseline • - - initial chance visitor will affected by product Visit • Effect impact of visit Purchase Effect - • - • Probability previous purchase & shipping on costs any given / previous visit experiences towards purchase purchase experience Purchase Threshold - - - resistance when resets to a purchase combined effects > purchase threshold after purchase I purchase happens ( EXPERIENCE) RBE : EXPERIENCE ? Get • Strategic • growth • - 7 - customer Ace what to experience , cos conversion advantage our RBE elements , showing down are acquisition : do & engagement F visit → retention after it , in mistakes mates site retention & , frequency , brands attractive an satisfaction & purchases recommendations experience easy to shop - comp a . ooh know we research , about ' user our goals ' , audience potential conversion , user experiences , competitor websites personas understand - name → age , - demographics customer understand - , occupation customer does location browsing visitor shopper traditional want ? → what → what does → what is goals , , education , ete what - - - do positive we ' visit frequency bounce want want pre purchase from people - rate on effect experiences & length of . - . : ? & post purchase conversion funnel in AIM: • - (experience) market - acquisition brand confidence people having - from investment them to " of valve perception , " use we shoppers online switch - can how → move possible as it matters : 9 - long as differentiation new shifting Why • of stay Question : Competitive - • to visitors visits our site ? segment AKAN how • do who → possible experience has never frequently as reason a to possible as purchasing stop users our goals ? their , can now we then ? achieve experiences content - → site content Online → G. , visual guides merchandising shopping → - product content & more → , information product reviews , that / → inventory → real estate → user Nf service inventory - - , etc - generation connect to Educate users /product - ) based optimization navigation (experience /product) Pagett (Product Tools multichannel User , closely based : Customer - - to 's social media optimization turn centric - Merchandising - - ( experience - , services of group , how Examples personalization detail images & technologies tools about → • goals ? navigation + are desirable OUR accomplish simple) customer goals User - best ensure → to customers stupidly it provide → - get we Cheep kiss - : personalization , integration turn /real , • ease of most navigation → detail , estate important prod item on @ optimization " . page is BUY Now & different cross - - - The " - - moving Fold " F- Pattern → adding selling : upsetting : " views product of : of reinforces right hand da → manes customer bottom : " the useful bottom total basnet towards a browser importance of more w/ related items expensive alternative more typically ignored content size window conciseness → prominent 4 important in delivery content pages shorter = of text F pattern " ASSESSMENTS ? • experience - - - Conversion time on metrics rate site , abandonment @ retention rate , , , : repeat visitors ang page . bounce views rate satisfaction , , / visitor etc . - lifetime value MARKETING FuNDAMENtAL the • " • oldest second the profession between war created Competitors bringing buyers & • , sellers ' immediately after the 1st ' together SEAR.CH#-s : anything • that ↳ wasted mistaken ↳ hassle time , purchases finding way of in the gets wrong - , , turns , what confusion for something too much paying want you ms: incurred Costs • by different supplier → a ) buyer (seller he / she when , can be ↳ can w/ contract , substantial be to a (distributor) identifying investigating & negotiating of the risk quality problems La switches new supplier (distributor) (differentiated luniqve product) ( commodity) small /nonexistent ACQUISITIONS AuD1tNCt?_ who • why - they AIMS • do → , how where are do they they , , want it , it solves a problem can engaged to be want problems what they buy things ? need it new Marveling → them , , has a perceived / benifit valve : acquire - customers our solve for we • are customers & retain & maximize value of aims : acquisition retention : : reducing search costs increasing switching for costs customers for customers each customer , Hade : • Reducing Usp - - mate unique & Strong to , Point sustain cvstomefg - competitive how does what makes - pull cost → ? 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AssENIS: • what → metrics benchmarks will you use to track you RETENTLON ? • Types of switching Transaction - → → understanding & • , developing incompatibility systemic , that experiences future for costs switching support create - , media ownership new relationships & history , early termination clauses APPROACH : provide - equipment the firm of increase - returning rented Costs ? actions Aims , systems new loyalty programs → accounts Costs : Artificial - : bank changing Learning - costs costs ? our purchases customers decisions incompatibilities systemic customers existing w/ with don't tools 3rd to want & party give up resources system> Actions : • provide fit w/ your RETENTION T - - - • - & points stored valve recurring blogs metrics , for retention loyalty programs , costs loyalty / gift , programs cards / consumable networking twitter Assessments ! • tactics TACTICS : switching social 3 & explain how approach emails retention - • least at , tools FB products personalization , etc . - they ,