ENS 434 Lecture Notes - Lecture 14: Opportunity Cost, Zappos, Tony Robbins
12 Apr 2017
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To succeed in branding, you must understand the needs and wants of your customers and prospects. Your brand must: clearly, deliver the message. Smile = suggestive, meaning, imagery, legs, emotion: confirm credibility, emotionally connect to target prospects, motivate buying and creates user loyalty. Price is only a factor in the absence of value: opportunity cost. Question #1: would customers pay / continue to pay for your services if you increased your rates: how much cost elasticity you hold = value. Recommendations: 92% - trust recommendations from friends / family over other forms of advertising, 70% - trust recommendations from strangers over other forms of advertising. Extend the lifespan of your existing customers and rely upon them to help you. Surveys s. w. o. t. acquire new customers: swot = strengths, weaknesses, opportunities, threats, don"t fall into traps. Doing things, the same way because you think it works: know what is important to your audience (responsive listener) Inquire / anticipate future needs remain relevant.
