Multichannel Marketing

Multichannel Marketing as mentioned in the video is a practice that involves interaction with clientele using a variety of methods such as websites, direct mail, mobile, email and more. Multichannel Marketing is critical to being able to understand where your current clients stand, and what they might expect from you in the future. Constant communication and increased awareness is key to developing good relationships and being able to maintain those relationships for years to come. In order to begin, you must understand your buyer and create a test that will allow you to collect the data and be able to respond accordingly. People are no longer on one channel, we have cell phones, laptops, TV's etc. It is a proven fact that single-channel consumers spend way less then multichannel consumers do. I think it's fair to say Multichannel Marketing is the new wave of being able to help consumers really interact with what's in front of them.  

An example of Multichannel Marketing is being able to save a coupon from your phone and bringing it back to a brick and motor location in order to redeem it. The use of a phone and being able to carry the coupon without a physical piece of paper in your hand. This is just an example, depending on whether it be UPS or some type of postal service it will still be crucial to understand what forms of Multichannel Marketing that portion of people are ok with. You also want to Test the effectiveness of your multichannel marketing efforts by selecting groups that do not receive the multichannel promotion. This will help you measure your campaigns’ effectiveness.

Survey Monkey Week

This week was the most exiting as we got to create a completely random survey that involves peoples feedback. I had created two questions, the first I asked about what interest people the most when purchasing a new phone. The reason I bring this up is due to the fact that phones are now ridiculously overpriced and it feels like most of the time its really not an upgrade but more of an update. My choices were very generic but I had to include answers that I found appealing as the only thing I see companies heavily invested in today is the battery and the camera. So far my poll leads with 75% of the votes going  towards bigger battery I think it shows that the battery in today phones can be very  weak and that overtime its just something companies use as leverage to get you to buy a new phone.

My second question relates to a topic discussed in managerial finance and I asked that if you were to flip a coin and if it were to land on heads you go to school for free but if it were to lands on tails you tuition doubles. So far I see 65.5% of people taking the "no thanks" option as there is no risk involved and people don't want to even think about what the price for school would be. People who chose the no thank you option would be classified as risk adverse, and people who would take on that chance are risk loving. I personally would love to go to school for free, but I am also fascinated by what people have to say about this. I had a total of 8 responses and I looked to calculate what amount of people chose the tails option. My calculation was 37.5% *8 came out to be 3 out of 8 people chose this option.

                           

Consumer Behavior

When discussing consumer behavior, we know that its main purpose is to understand people and how they select and use the products that there are investing in. Consumer behavior is a study that focuses on the behavioral reaction that the consumer shows when presented with different alternatives and methods being used as opposed to what they were initially used to. We have many areas to address when discussing consumer behavior, the first being need. Whenever we see a new product in the market, the first two things that we ask ourselves is, do we need it? And what is the cost? Very rarely will a person need something they just saw in an ad and say they absolutely need it. Our motivation and drive will determine the amount of willingness we are to spend for that good or service. It is the manufactures job to figure out what generated the consumer's interest in the first place.

As consumers, we have to make decisions and these decisions will typically involve a process. First, we identify the issue, suppose you're trying to figure out what pick to buy for the wedding. We realize it's not that difficult of a choice because any shirt will look great, the hard part is matching it with the pants. Then we pick out a couple shirts that best suits our needs at the time, after gathering all the shirts together we evaluate each alternative with the goal in mind of choosing the best shirt. We pick out a shirt and are ready to roll. Likewise, when first presented with a new item that we really want but maybe we don't need, we always evaluate alternatives, whether it be price or taste the decision is never an easy one. Or perhaps we don't make it one, but we understand that consumer behavior is so beneficial to a company's success and in large part due to how much wiggle room they have to alter their products.

It is important to understand how consumers make decisions because the best way to keep customers is to understand what keep them engaged in your products. Being able to understand the market you are dealing with will give you an overall feel for how much is too much change? This is how companies are able to keep retaining customers and keep on adding more customers which is how you are continuously growing as a business.