A times U times P equals £
Classically trained FMCG (CPG) marketers and brand managers (that's fast moving consumer goods or consumer packaging goods, if you're Yank) are taught there are 4 elements to managing a brand.
A = Awareness
You need to raise awareness of your brand or product. Without people being aware of you, they can't see you or find you.
U = understand
Prospects need to understand what it is you have and how it helps them.
Someone sees a television advert for Head and Shoulders and they think - that's for people with flaky hair skin problems. Is that me ?
If is it, that person then may have P
P = propensity to purchase.
Next time they are in the supermarket and walk up the care product isle, they may pop that dandruff solution in their basket.
Well that's the way classical brand management works.
Of course the above only works when the flaky hair stopper is on the supermarket shelves and the business guys have done a deal on pricing with the supermarket buyers.
So brand managers work on the A x U x P = £ equation.
Selling online works the same way.
You need to be visible amongst your target audience, you need to drive traffic. Be that seo, pay per click, referrals, your high street stores driving online traffic.
People then need to understand what you sell. If you sell commodities like food, clothes, music, it is fairly easy to understand - i like this, i don't like this, I buy, I don't buy.
But if you are selling a new concept or a technical product you need to up your efforts on the U part of the equation.
Then if people like your stuff online, you get enquiries or people completing forms and entered into a crm for ongoing email and personal follow up.This would be the P (propensity to purchase).
And the £ part of the equation comes when they purchase online or over the telephone.
As you see the £ part of the ecommerce equation is at the end. Read More . . .