Marketing term of the week- Cartel

A Cartel is a formal, explicit agreement among competing firms. It is a formal organization of producers and manufacturers that agree to fix prices, marketing, and production. 

Cartels usually occur in an Oligopolistic industry, where the number of sellers is small (usually because barriers to entry, most notably startup costs, are high) and the products being traded are usually commodities.

Cartel members may agree on such matters as price fixing , total industry output, market shares ,allocation of customers, allocation of territories, bid rigging ,establishment of common sales agencies, and the division of profits or combination of these. The aim of such collusion (also called the cartel agreement) is to increase individual members' profits by reducing competition.

Marketing Expert- Neil Patel

Neil Patel is best known for his work in digital marketing and as the cofounder of the analytics companies like KISSmetrics and Crazy Egg. He is a settle based entrepreneur, angel investor and analytics expert. Patel launched his first online venture, a job board named Advice Monkey, while in high school . After the marketing companies Patel hired for the project failed to gain the company any traction, he decided to learn how to drive traffic to his site, thus launching his career in online marketing. This guy can be termed as the “Baap” of online marketing as he is right now heading the KISSmetrics and has helped many major companies make huge profits through his online add marketing models.

In 2006, Patel started his first blog, ProNet Advertising. The next year, the blog was named Search Engine Journal's "Best Social Media Blog" and first ranked in Tehnorati’s Top 100.  Patel's current blog, Quick Sprout, produces annual revenues in excess of $1 million and has been featured in news outlets including Inc. Magazines , Forbes, Gigaom and Business Insider.

Patel is also a contributor to publications including Entrepreneur Magazine, Tech crunch, Mashable , Business Insider and Geekwire.

More recently Patel has been known for his contributions to the growth hacking movement. He published the Definitive Guide to Growth Hacking together with Bronson Taylor who is the host of Growth Hacker TV. Neil talks with Bronson on the subject of Growth Hacking in an interview they did together

After Neil was asked about his future plans , the desi guy replied

 “Although I love being an entrepreneur, sadly I don’t think I’ll be able to do it forever. I probably have a few more good startups in me, but after that, I want to focus on the non-profit world. See, I was born with a gift: I am able to help websites get a ton of eyeballs on the web. My hope is I can take that gift and help non-profits get enough eyeballs to their websites so that people like you can help change more lives”

Is 'Social Media' a synonym for 'Marketing' today?

REAL advertisements that'll put your facial muscles to work;)

1. Auto Repair Service- Free pick-up and delivery. Try us once, you'll never go anywhere again.

2. Mt. Kilimanjaro, the breathtaking backdrop for the Serena Lodge. Swim in the lovely pool while you drink it all in.

3. The hotel has bowling alleys, tennis courts, comfortable beds, and other athletic facilities.

4. Dinner special- Turkey $2.35; Chicken or Beef $2.25; Children $2.00.

5. Now is your chance to have your ears pierced and get an extra pair to take home.

6. Scrub- Tired of cleaning yourself? Let me do it.

7. See ladies blouses. 50% off!

Let's ship it!!

A Software Manager, a Hardware Manager and a Marketing Manager are driving to a meeting when a tire blows. They get out of the car and look at the problem.

The Software Manager says: "I can't do anything about this - it's a hardware problem."

The Hardware Manager says: "Maybe if we turned the car off and on again, it would fix itself."

The Marketing Manager says: "Hey, 75% of it is working - let's ship it!"

What was your reaction to this incredible combination?

A couple of weeks ago, E-commerce portal Flipkart partnered up with renowned online classifieds player, OLX.in for a marketing tie-up; in order to leverage each other's strengths to offer combined benefits of their platforms to users. This step was taken to offer combined benefits of their platforms to the fast growing internet user base.

OLX is a marketplace for used goods, and Flipkart is one of the country's top destinations for online shopping. The joint initiative has been launched to increase awareness levels and accelerate the adoption of both online platforms for buying and selling.

These two companies are engaging customers by offering them discounts for using each other’s sites for complementary transactions. If a user plans to buy a product from Flipkart, he/she will be urged to sell a product on OLX or at least post an ad for it.

The first phase of the tie-up kicked off with a joint marketing campaign urging consumers to upgrade by selling used products on OLX.in before buying the new products on Flipkart.

Flipkart is offering a 5 per cent discount to customers who post an ad for their used product (or for that matter unused one) on OLX and then buy a product from its site. As a user posts an ad on OLX he/she gets a discount voucher for Flipkart.

On being asked about this tie up, Flipkart’s Senior Vice President for Marketing, Ravi Vora, said "At Flipkart, our constant endeavour has been to make online shopping convenient and attractive to the masses in the country. With this partnership with OLX, we will be able to provide an end-to-end solution to customers especially in the electronics categories where selling old products is an integral part of the buying process.”

The first print ad under this partnership appeared in print on the 6th of August, 2014.

So, would you consider 'Marketing' as a career choice?

When you surf the web, watch television or flip through the pages of a magazine, you’ll probably encounter the influence of the advertising and marketing industry….Professionals in this field are the brains behind all ads and campaigns; and they’re responsible for bringing products and services into the public consciousness.

Wouldn’t one want to pursue a career like marketing where you are able to reach to the common man’s need to get informed about the various choices available to him? Of course!, and we are here to give you the reason for your choice!

Marketing coach Veronika (Ronnie) Noize says“Marketing has a strong future because the connection between marketing and revenue is finally being recognized, Back in the 80s, it was seen as a ‘nice to have’ department or a cost center, but now it is recognized as the revenue generator.”  Also she says, "There are some sectors that will never stop growing no matter how the world evolves — and marketing is one of them."

While… In many cases, we are pushed toward stable, rewarding and lucrative career options such as doctors or engineers. But what if you do not possess the ability or desire to crunch numbers? What if your passion lies in more creative pursuit?

Also, the studies in medical and engineering are theoretical and are on formats which can’t be changed; they are rules constrained... on the other hand marketing is a job where there are no rules for your thought; there is a need for out of the box thinking.

“Marketing can be like trying to change a tire while driving down the freeway in a high-speed chase,” Noize adds. “Truly challenging, exhilarating, and not for the faint of heart.”

These are some of the characteristics of a career in marketing:

Wide range of opportunities: No matter what a company does, what customers it serves and what industry it operates in, it has no choice but to market itself if it wishes to be successful. Marketing, in fact, has been called "the endless hot zone of the job market."

A fast growing field: Marketing is more than advertising. A marketing degree buys you entry into almost any related position you choose, ranging from customer service to research and development. You can also specialize in any field, be it finance or fashion.

Good starting salaries: Entry level marketing positions pay (US $43,500) on average.

Advertising, Promotions and Marketing Manager

Median Salary: $108,260 (approx. 66 lacs) 

Job Outlook: +14%

Advertising Sales Representative

Median Salary: $45,350 (28 lacs) 

Job Outlook: +13%

Film and video Editor

Median Salary: $45,490 (28 lacs) 

Job Outlook: +4%

Graphic Designer

Median Salary: $43,500 (26 lacs) 

Job Outlook: +13%

Market Research Analyst

Median Salary: $60,570 (37 lacs) 

Job Outlook: +41%

Meeting, Convention and Event Planners

Median Salary: $45,260 (27 lacs) 

Job Outlook: +44%

Photographer

Median Salary: $29,130 (17 lacs) 

Job Outlook: +13%

Writer

Median Salary: $55,420 (33 lacs) 

Job Outlook: +6%

Quick career success: Even an undergraduate marketing degree could land you a very successful, well-paid position long before your medical and engineering friends, allowing you to climb the career ladder that much faster.

In the end, which ever field you go in you will always need the help of marketing to be successful.

Also, all of the other jobs are considered highly-stressing. Marketing may be the winner after all — just because it's more fun.

Share this article on Facebook with friends, who are facing a hard time choosing the appropriate field for them, and help them ease their lives.

Captivating marketing tricks that’ll lure customers, give you an edge!!

Given the need for speed and agility, it has become of utmost importance for marketers to revise their strategies to competitively differentiate their brand and engage customers across the multichannel mix.

Extreme Creativity 

is the need of the day, when you have to differentiate your product in a tremendously dense market.

The innovative American Multinational Conglomerate ‘General Electric’ used extreme creativity in the form of famous Sci-Fi films while promoting their ’Brilliant Machines’ campaign.

New Technology

The ever-advancing technology can be used to vitalize user experiences at every turn. HDFC Bank played this card by using technology in an exemplary manner that won them the ‘Gartner CRM Excellence’ award, and reduced the customer complaints by a whopping 30%!

Hence, the bottom line is ‘Technology’ can be a friend in times of great marketing stagnation.

Putting yourself in the customer’s shoes and embracing their journey to the purchase of your brand..

Understanding the path to purchase lets you make it uncomplicated for people to do business with you.

The online travel site, Triplt offered customers with one year anniversaries, a trail version for it’s premium services which resulted in 900 percent increase in adoption because it integrated the buying journey into the fully-rounded customer experience.

Location based marketing

The knack of using location based marketing and targeting customers with messages based on not just who they are, but where they’re from, opens up a great deal of marketing opportunities.

An innovative example, 'Livedeal.com' a geo-based deal engine that connects customers via a mobile marketing platform. The service lets 8,000 restos publish over 10, 000 deals “real time” and “Instant offers” to nearby customers, who download the app for use. This resulted in customers warming up to the benefits of sharing their location info to bag in more discounts.

We live in exciting times. Innovation is marketing’s best friend. We hope you’ll think about how these marketing trends can transform the quality, relevance and ROI of your marketing.

Well, is there an emergency in your life to use this product??!!

TBWA East Africa, a 2-year old Advertising Agency in Nairobi, Kenya came up with a very clever way to advertise the Deodorant 'Axe Effect' last year in June.

Fire alarms and extinguishers are often kept behind a thin piece of glass. Axe had put a clever twist on this common emergency box.

Called 'The AXE Emergency', the underlying thought was:

Every man has had that moment when the girl he likes has snubbed him. Enter The Axe Emergency Kit, break the glass, spray a whiff, and watch her 'No' turn into a resounding 'Yes'. Use sparingly though or you may end up with way more 'Yeses' than you can handle.

The creative ad was placed in men's bathrooms in several popular clubs and bars. If she said "No" (to a date, a dance, a drink -- whatever), break the glass and give yourself a spray.

I'm a little concerned about all the shattered glass this piece will produce, but I still have respect for the smart promotional idea. You can share your thoughts/ comments with us in the space provided below.