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Leaders are responsible for creating and realizing the vision by encouraging the followers to work towards the fulfilment of a common goal. Effective leaders should be able to have a perfect assessment of their strengths/weaknesses and deal with it efficiently. By adopting remedial measures, they should reinforce their areas of strengths and overcome their deficiencies. […]
An Overview of Contracts and Why They are Important to Business and Society
Contracts govern all transactions whether they are between firms or between firms and private individuals. Indeed, in most of the developed world, any transaction or commercial exchange is usually not undertaken without a contract. This trend is also catching up in the developing world where contracts are increasingly becoming the norm. The importance of contracts […]
Accounts Receivable Turnover Ratio
Accounts receivable are a very important part of the current assets of any business. Like inventory, accounts receivable are considered a necessary evil to do business. Large companies hardly conduct any transactions on cash basis with their wholesalers and distributors. The transactions are largely conducted on credit and therefore lead to the existence of accounts […]
Formulating Information Security and Data Protection Policies When Firms Go Digital
The Paradigm Shift Needed as the World Transitions from Analogue to Digital Information Security and Data Protection are central to any organization’s tech policies and more so, when Digitalization happens, as then the whole organizational processes and methodologies are entirely virtual making them more vulnerable to Data Theft. Indeed, having effective Information Security and Data […]
Valuation of Sports Franchises: Discount Rate Calculation
In the previous article, we have already seen how the valuation of a sporting franchise can be found using the income approach. This approach relies extensively on finding out the cash flow that is likely to accrue to the sporting franchise and then discounting it at a predetermined discount rate in order to find out […]
Consumer communication and persuasion is an essential part of any Marketing Strategy. In fact, it is the starting point of all improvement as consumer voices provide companies with the data such as where they are lacking and what all they could do to improve the product or service.
Do all companies listen to the consumer voices? Not really. It is only the ones which have an effective consumer communication process in place, that are really able to focus on consumer needs. Are you one of them? Let us take a look at the consumer communication process at Suntory to understand the Consumer Communication Process.
This company has set up a Customer Centre which takes up all inquiries, complaints, and proposals from customers. Though most of the queries are answered, the customer voices are sent across to related departments of the company. These departments analyze the gap between the customer needs and the products and services. After doing so, the quality improvements are suggested and the product development takes place in keeping with the customer demands.
Consumer communication should be used effectively to drive maximum benefits to the company. You must be thinking how. Let us look at few ways which will help you market effectively even in a downturn.
The above points can also be used for consumer persuasion too. Face-to-face meetings are more effective in persuading people to buy your stuff. People can judge easily whether what you are saying has substance or not. Therefore, try your level best to portray the positive image of your product in a positive fashion. Once you learn the essence of consumer communication, you would never have to look back.
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