Summary: In today’s podcast, Shobhit Khandelwal from Minoan Experience and Stephen Halasnik from Financing Solutions discuss an innovative approach to marketing for business growth. They also talked about how businesses are leveraging the new marketing strategies- native retailing- to exponentially scale up their sales by allowing consumer experience before purchasing the products.
Building a Business Through Results-Oriented Marketing Strategies.
Building a business requires adequate marketing techniques. No business thrives in this modern world without the owners grasping the full potential inherent in advertising to position their companies as the solutions for client’s problems. A well-planned marketing concept is very essential for every business owner to dramatically increase sales and favorably compete in their business niche. Moreover, no investor would like to plow money into a company that lacks the potential to grow and scale. And the growth of every business is hugely predicated on the capability of its owners to effectively market its products.
So many businesses have closed because of their inability to leverage the right marketing strategy to build their business. Hence, business owners should strive for creative ways to market their products. There’s no other great way of successfully building a business other than an efficient marketing strategy.
Marketing is very crucial in the growth of every business. It converts and returns the investment pretty quickly if properly executed. When you adopt a cutting-edge method of marketing in your business, you will have a greater chance of making more sales than your competitors. A great business is built by constantly remaining ahead of the market curve and bringing innovative ideas that closely align with your core business value.
In this world of rapid change, numerous innovations and inventions have made it imperative for owners of businesses to continually seek novel ways of doing things to ensure their business expansion.
Leveraging Using the New Marketing Channel: Native Retailing
It is essential for business owners to always choose the right marketing approach that will help in the rapid growth of their business. One innovative concept that offers numerous capabilities to business marketing strategies today is native retailing. Native retailing, in a nutshell, is a new way of discovering a product by potential buyers. Through native retailing, consumers will easily purchase products that they have tried and loved during their hospitality experiences. This marketing approach is quite inexpensive compared to digital marketing that has become highly exorbitant and unsustainable for businesses.
Native retailing offers consumers real-time experience as well as hands-on exhibits on the products they would want to buy in boutique hotels or Airbnb. One unique feature of this method is that it allows users the time to explore more about the products before making a purchase. This mode of advertising upscales the hospitality experience of guests. It seamlessly integrates a digital retail experience where the guest can easily shop their favorite products. Native retail is a highly personalized marketing concept that relies solely on first-party data to have a holistic picture of what consumer really need, their locations, and more. This great marketing strategy makes use of consumers’ emails obtained from them by the hospitality with their consent to track their ultimate priorities. Besides hospitality, native retailing can also be appropriated in workplaces, restaurants, and a host of other places.
Native retailing creates a shoppable experience for consumers in a very simplified manner. It is important for business owners to utilize this great marketing concept which is more potent in reaching out to potential customers.
Marketing and Data Privacy: Impact on Business
Although, there are numerous channels for marketing products including, Facebook, Google, SEO, email marketing, Instagram, and more. However, these marketing tools are no longer as effective as they are used to be as a result of data privacy regulation. Today, Companies increasingly find it difficult to better understand their target audience’s needs and priorities while marketing their products. For instance, users of iOS 14 have to deliberately choose either to share their unique Identifier for Advertising (IDFA) with apps or not. This kind of technology is very important to digital marketing and the delivery of highly personalized ads. However, if users decide to opt-out, it will invariably limit the way users are tracked and reached with marketing messages. This will significantly blunt the efficiency of digital marketing.
Businesses have already started adjusting their practices in line with data protection regulations. Data privacy is making it increasingly difficult for data-driven marketing.
As businesses fail more and more to reach their target consumers through digital marketing as a result of data privacy campaigns, it becomes imperative for owners of companies to rethink their approach towards marketing in order to build a more sustainable business. For instance, Minoan Experience has developed a groundbreaking marketing strategy-native retail- to enable businesses to bypass the hurdles created by data privacy for digital marketing.
About Shobhit Khandelwal
Shobhit Khandelwal is an Entrepreneur, product & growth strategist. He builds data-powered products to help companies grow and deliver on strategy and execution. Currently, he is the Co-founder of Minoan (https://www.minoanexperience.com/) – an innovative “Native Retail” concept. Minoan makes it easy for consumers to purchase products that they have tried and loved during hospitality experiences, has raised $5M in seed funding from Accel Ventures. He also owns a boutique retail analytics & data science consulting firm(shyftlabs.io) and invests in other upcoming ventures. Shobhit previously led Product & Data Science Teams at Citigroup, Jet.com, Walmart & Evernote in New York & San Francisco after finishing his Master’s from Columbia University. He was an early employee at Jet.com and led the Retail Analytics team (later acquired by Walmart).
About Financing Solutions Small Business Line of Credit
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