Monday, May 20, 2019

4 Tips on Marketing in the Wine Industry

Dr. Murad Abel
Marketing is an essential down to earth need of any successful business. Whether you actively marketing on social media or you provide great customer service for referrals you will inevitably need to keep people interested in your product. In the wine industry marketing takes a unique turn as businesses must blend image, atmosphere, service and quality to achieve their goals.

With a solid strategy and focused effort they can bring interest and excitement to their wine.

Spend some time in Baja or in Napa Valley and you will soon find luxurious wine mixed with beautiful environments. Wine enthusiasts from all over the world travel to the area to get their taste buds teased by the unique offerings of each winery.

Image: Each winery creates an image that makes statements about who they are, what they want to accomplish and what they hope to achieve. Successful images fit within the core wine demographic but still niche enough to attract high return customers.

Atmosphere: The atmosphere is what creates memories and returns. No one want to sit in a garage and drink wine out of a box. Providing the right atmosphere makes a big difference in the overall ability of people to get immersed in their environment to create the total experience.

Service: Service helps people to fell special. People don't spend money or buy things unless it is out of necessity or they will feel good about themselves. Service provides them with positive feelings and images of their worth within the business.

Quality: If you are going to spend your time traveling, vising wineries and savoring the flavors you do not want to be purchasing cheap dollar store wine. Make sure your offerings are some of the best.

Saturday, May 11, 2019

How Entrepreneurs Find the Value of their Products

94th Aero Squadron
New entrepreneurs have a great product and a great idea! They next great widget is going to hit the market by store. There is a problem! They have nooooo idea what that product is worth! This is particularly true with new product launches and unique products. The value is dependent on its market and to best improve your chances of launch success you would be best served by knowing how to find a value.

A product priced too high might fail just after launch and not be able to gain momentum with consumers. A price that is too low might generate a lot of sales but could end up damaging the long-term brand image of the company. Low quality and value is not something most companies want to be seen as.

Below are three methods you could use. They may be modified based on the individual circumstances and factors associated with the market.

Cost Method: The method of cost plus some safe margin. You should figure out what you need to break even and then what you need to make a reasonable return on investment. At this point you know what number is the bench line where above means you are doing better than expected and a little below means the product has ties up capital.

Perceived Value: Consumers may see different value based on their product. Typically they make some type of mental comparison and then determine what they would be willing to pay for that product. Sampling consumer price points can be helpful in determining what the wider market would be willing to pay.

Market Comparison: It is beneficial to compare your product and its features to similar products in the market to determine its competitive place. Depending on which strategy you plan on using, the market average becomes a type of benchmark. Know how your product's features line up against competitors.

Wednesday, May 1, 2019

The 4 Ps of B2B Marketing

The 4 P's of Marketing helps us view and review a company's offering to determine if it is within the most advantageous position. The P's are simple but helpful in gaining a greater understanding of what the market is willing to buy and at what prices. If you are a small business owner and you desire to skip over the 4P's you should beware. It is your money and your time to lose if you over invest in a product no one wants and no one is willing to pay for!

To lower risks and improve opportunities for success company usually conduct analysis before they jump all in on a product. They must know which product they are going to sell, the price they are going to sell, how they are going to promote it, and where their product fits into the market. We can say they are evaluating the "4 P's of Marketing".

The 4 P's apply to Business-to-Business sales as much as they do in retail. There are some differences in the volume, amounts, services, and competitors. With B2B relationships there is a longer commitment and contracts that ensure both parties are protected. Interactions are much more personalized as people develop individual relationships with businesses.

Product: Products are the center of the marketing approach. Some products are physical and some are intellectually based. Services are also products that can be sold traded and bartered. In B2B transactions the product warranties, stocking ease, just in time delivery, etc... are part of the product offering. They are purchased together to raise the value of the supplier.

Price: The price is found through evaluating the total product and its offerings against competitive products. If such products are not found the business will need to find a utility cost above and beyond the cost of manufacturing. When the perceived value of the product doesn't meet the company's profit potential the product is taken off of the market.

Promotion: If no one knows about your product you are unlikely to get many sales. Advertising gets your voice heard in a sea of competing messages. B2B sales are more focused and intense because there are greater amounts of money and longer-term established relationships. The way in which you find candidates will also vary from phone calls and cold calling.

Place: Place can be viewed as physical in nature, such as a place on a store shelf or a place of a store, but includes position within the market.  Where your product is located in comparison to its competitors is helpful in determining which type of clients offer the greatest prospects for marketing efforts.

Wednesday, April 24, 2019

Girls Soccer Club at Orphanage Needs Uniforms

The girls soccer team at the Ranchos De Ninos orphanage are in need of matching uniforms to replace their tattered t-shirts. Most of their competitors are well funded and have significant advantages not only in equipment but also in style. We would like to get them into presentable state by having matching jerseys. For a sense of pride the team can actually look like a formidable opponent. The price of obtaining these products in Mexico is much cheaper than other places (Give or take $160). 

If you are interested in helping this orphanage you can donate through the following sites. If you are in the San Diego area and want to personally get involved let me know and I'll connect you to the right people. 

Corazon de Vida: You can donate to the general fund of a supporting organization called Corazon de Vida. I have met with some of the senior staff and set up a fundraising page to draw more more interest in helping the kids  https://www.classy.org/fundraiser/1984592.

PayPal:You can send me money directly to my PayPal and I will give to the director. Please don't donate a lot of money to me directly (uniforms only). I can help you connect with the right person for that. I'm just helping with a small project here so it is charity oriented. You can find me on PayPal via muradabel@gmail.com 

I went down this past week to work with the kids and drop them some supplies for the holidays. Of course I brought my dog Chewy and the kids loved him! This orphanage has a few dogs and while they are very friendly they also are not trusting of outside dogs. Packs need to adjust and change to one another. The kids did a great job protecting him from overly curious potential pack mates! 😆

Thursday, April 18, 2019

Research Finds Two Reasons Why People Share Media Advertisements

Field of Flowers Carlsbad Photo
Entertainment and information are the primary two reasons why consumers click on certain online advertisements. As we use online media with a voracious appetite we will be bombarded with advertisements from every corner of our screen. Most we block out and skip over as we browse. Every once in a while something will catch the corner of our eye. Slowly but surely we switch our conscious focus from the topic of the day to the advertisement. We forced our brains to detach from its current thinking, switch modes and pay attention to something else. Only advertisements that are seen as worthwhile will have the ability to do that!

According to research on reference groups media sources that are both entertaining and informative are seen as having consumer value (Mahmud, Shareef, and Nripendra, 2017). Associative, Aspirational, and Market Generated reference groups were analyzed online to see what which were of highest value.

Associative reference group: A non-referral reference group that act as market mavens and opinion leadership.

Aspirational reference group: A reference group we would like to follow.

Market-generated group: A viral marketing campaign put in place by professionals.

The study was exploratory by nature and used the theoretical framework advertising value model. What the study does tell us is that people trust sources that are more organically driven and are not necessarily "pitches". When we engage them through with something entertaining we can also then provide them new information.

That is really cool! You engage consumers attention and then move into providing them important information that reaches a conclusion. Advertising success comes through well thought out marketing campaigns that are specifically focused on your target market. If you don't know what your target market likes and wants then you don't really have a pin point gauge of your marketing campaigns.

This is what we learn from such research:

1. Create entertaining ads that at least first focus on gathering consumer attention. This may be putting eye grabbing content in the beginning and then more information infused throughout the ad and toward the end.

2. There must be relevant information provided to the consumer that makes their continued interest worth their time.

3. In the online world the type of person who is spreading and sharing the content determines its perceived value. Thus, creating advertisement that is "cool" and interesting makes a difference in who spreads it and why they do so.

4. Consider infusing your informational content with your entertaining story (i.e. content and story line convergence).

Mahmud, A., Shareef, B. and Nripendra, P. (2017). Social media marketing: comparative effect of advertisement sources. Journal of Retailing and Consumer Services, 46https://doi.org/10.1016/j.jretconser.2017.11.001

The information was provided by Abel Business Consulting, LLC

Sunday, March 31, 2019

Supporting Kids As a Strategic Initiative

Supporting kids is important in society because those kids may someday be tomorrow's leaders. Some will make it to the top;others maybe not. Despite their challenging backgrounds most grow up to be successful and contribute to society in meaningful ways. It is a corporate responsibility for companies to get involved to protect youth and encourage them to develop Tomorrow's world is built on what we will do for these kids today!

I can't imagine the horror that some of these children have gone through. Abused, rejected, no family, no one to love them, and no one to take care of them! Financially strapped orphanages take in these lost kids and give them a chance.

It is through the good hearts of people like you they have a chance to fulfill their true destinies as doctors, lawyers, mothers, fathers and employees.  Evening with limited resources the orphanage leadership has done a great job. I have visited a few of the orphanages and they may look old...but they are clean. Nothing particularly new but everything had that bleach smell of hospitals and my grandparents home. No bacterial will survive there.

Their lives go on despite their abusive background.There are books and people to read to them. They play games and they deal with their issues with the help of psychologists. The orphanages help them learn how to use a computer and attend college when they are older.They are given the support they need. However, a single expensive dental bill can put pressure on everyone. There is a cost to supporting these kids and that is something that you can help with.

How big is the problem? There are somewhere around 400,000 homeless children in Mexico of which only around 30,000 receive help (1). This means that the vast majority of children receive no help, roam the streets and work as laborers. Many of those orphanages have little money, oversight, or help. Well run orphanages can make a big difference in the lives of people!

Most people feel they simply can't afford to help out with their limited budgets. Something as small as $5 can make a difference. It may not pay all the bills but it could buy laundry detergent or toothpaste which frees up resources at other areas. I guarantee you that your morning coffee will not make you feel as good about yourself as helping one of these kids.

Abel Business Consulting, LLC helps support these children. It isn't all about money and profits! We live in a world and while we work on growing our business consulting experience we will support organizations like this. At present we are visiting the orphanages, help in fundraising, and teaching the kids fitness. In the future we would like to help them learn more about business and the lives they are destined to live!


Thursday, March 28, 2019

Using Psycho Graphics to Sell to Your Customer's Deepest Needs

Businesses can explode or die a slow agonizing death over years of product misalignment! Success comes through having a deeper sense of what kind of products and services your customers demand. The very personality of your customers will determine whether they spend their hard earned money on your product or somewhere else. Delving into how customers view themselves and their lifestyle tells you something about the products they want.

Psycho-graphics is the study of personality based preferences in terms of lifestyles and product preferences. Knowing and understanding customer's mental "inner workings" helps companies offer products and services that appeal to customers on a deeper self-image level. If your going to engage in the process of getting to know your customers you will want to understand the benefits of psycho-graphics.

Sociology and Psychology are very much part of consumer analysis. Each of us has a personality that influences the way in which we see the world and the products and services we want. Our purchases say something about who we are and how we think. Studying how personality impacts choices and decisions helps us bundle, pair, and sell more products.

Psycho Relies on Big Data Collected from Everywhere

Psycho means mental activities while graphics means categories. Thus psycho-graphics studies mental differences that can be categorized for making broad conclusions about consumers. Studying such differences is a science in itself and relies on lots of big data to draw conclusion. To reach a level of scientific confidence the sample sizes generally need to be large and utilize multiple ways of drawing information from the massive amount of information. Such consumer information are drawn from browsers, purchase histories, companies, e-marketplaces, sold information, etc....

An Example of How Outdoor Jackets Influence Legislation

What a person buys may also indicate their lifestyle, beliefs and values. Consider that buying an outdoor jacket might also mean the person is likely to engage in camping trips or promote wildlife refuge legislation. In other words, those who are willing to spend the extra money on outdoor jackets may also find adventure trips exciting. With psycho-graphics its becomes possible to offer more value for customers at your business by catering to their mental lifestyle processes.

Psycho-Graphics Focuses on Differences in Attitudes and Interests

Let us consider differences in psycho-graphics between comparison and non-comparison shoppers. Comparison shoppers enjoy shopping more than non-comparison shoppers but were similar in achievement orientation, optimism, spirited living and happiness (Mittal, 2016).  We can see that people who comparison shop had differences in their behavioral patterns. Companies may consider the shopping experience to increase purchasing.

Psycho-Graphics and Multi-Faceted but Interrelated Interests

Psycho-Graphics considers the bleeding of interests around a focused theme. In other words, people of a certain lifestyle (theme) revert back to that self-image that theme projects to make decisions over products and services. For example, a study found that people interested in environmentally friendly wine also held interest in protecting the environment (Nelson, Pei-Jou, Bishop, et. al., 2012). There interest in environmentally friendly lifestyles impacted their political and product leanings.

Shopping Patterns and Styles

Psycho-Graphics can even tell you something about strategies and enjoyment from shopping. For example, comparison shoppers were on a tight budget and view themselves as more savvy shoppers when compared to other groups (Mittal, 2016). Both types of shoppers were similar in achievement orientation, optimism, spirited living and happiness.

How Does this Help Your Business?

Your business should consider the natural differences in personality and lifestyle of customers that will help offer additional products and services that will be more appealing to your customers. Not all businesses have just one type of customers but may have a couple of different kids of customers. That is ok! Once you know the psycho-graphics of your customer you can then bundle special deals, offer products in a similar area, create a brand, and even better know what advertising channels are likely to work the best. If you own a website you will want to include content and pictures that support that lifestyle. The same can be said with causes and activities.

Anderson, T..; Golden, L. (1984). Lifestyle and psychographics: A critical review and recommendation. Advances in Consumer Research. 11: 405–411.

Banwari, M. (2016). Psycho-graphic of comparison shoppers. The Journal of Consumer Marketing. Santa Barbara, 33 (1). 20-31

Barber, N., Kuo, P. Bishiop, M. et al. (2012). Measuring psychographics to assess purchase intention and willingness to pay. Journal of Consumer Marketing, 29 (4).