Consumer's income and its implications on your marketing plans

Marketing plan is not just a yearly ritual that managers should perform, so as to give an impression of being proficient. If truth be told, a sound marketing plan plays a pivotal role in the success or failure of any product (or product line). Along with many other aspects, a core function of marketing plan is to look at the marketing environment and how it will affect the product in question. Marketing plan comprised of (but is not limited to) taking into consideration the overall situation of the market and economy, consumers, competition, upcoming trends and consumer behavior. Another part of marketing plan is customer segmentation based on different preferences, age, demographics or social class.

The most influential factor in consumer’s purchase pattern is of course, their income. Income plays an important role in distinguishing social class and consumer behaviors. A significant shift in consumer's income can invariably change the way they look and decide about purchasing some specific product. When the income increases, normally the quality of the product and the satisfaction they are getting out of this purchase becomes more important, on the other hand when it goes down, the cost may become the most decisive factor. Consumer’s income is also said to effect the hedonic consumption.

There are other factors for sure; however a shift in income can outweigh many of them. Therefore, when you are in the initial stages of making marketing plan, keep in mind the income level and social class of your targeted customers, and build up your plan around it. You can conduct your own research, to get an idea of the average income of your targeted customers; or you can also rely on secondary resources if you are a small business.

The information will help you in determining future demand for the product, consequently helping you in setting prices for your products. Also, when you are about to launch a new product (or an old product in a new market); you must consider the personal income of your targeted customers. For the reason that they are less likely to spend on trying a new product and experimenting when their income is decreasing, no matter how good the product is, except for when someone comes up with an alternate product or service which is cheaper than the existing one (that is why the recession is the best time for small businesses to get a jump start by providing low cost alternatives to the consumers caught in financial crisis).

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Tips for designing your business cards

Business card is one of the most inexpensive medium for marketing, but a very important one at that. You'd have exchanged business cards with many people, and from your personal experience you must be having an idea that a unique and well designed business card is more likely to stay in their wallets for long, and as long as a prospective customer has your business card, chances are that he/she will be calling you, whenever they are in need of a product or service you offer.

In order to secure its place in their wallets, your business card needs to stand out from the others, because even if your products or services are in cut above your competitors, your business card still needs to make an impact on its own. At times, a business card can lead to a new business deal or sale, all on its own. Question is how to design a business card, which may result in more sales inquiries and customer calls?

Be a little creative:
How do you make your business card stick out from the regular ones? Answer to this question is … “inventiveness”. If your business card is one of those run-of-the-mill types, with white background and some plain text printed, chances are that it will be thrown away just like them. To make someone hold your visiting card with them, for a longer period, you need to demonstrate some creativity. Be original and bring into play some unique designs, striking colors or employ any other idea that will compel them to retain it.

The information that must be there:
Sure enough, both yours and your business name, a brief introduction of your products/services, and last but not the least, your business address and contact details. If you prefer to be contacted by email, doesn’t mean you should not give out your phone number. One more thing, use your creative side more when choosing colors or designs instead of saving it to present the actual information. All the information and contact details should be unambiguously given.

How much to spend on a business card?
This will be determined by the size of your business and more importantly the impression you want to make. The cardstock, design and colors of your visiting card, says a lot about your professionalism and originality. Poor quality cardstock or wacky color selection is certainly going to hurt your professional reputation. However, you should not be spending too much, because the main idea of a business card is to hand it out to as many people as you can, but a costly one will make you think twice every time you are giving it away.

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