Companiescan show their appreciation by featuring customer ideas in marketing materials, givingcustomers shoutouts on social media, or even naming a product or service after acustomer..
Introduction
Definition of marketing
According to the AMA, marketing is the activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large through products, services or experience In essence, marketing is the enactment of a mutually beneficial exchange between two parties, a seller and a buyer.
Definition of marketing mix
The marketing mix is a set of tools that marketers use to create, communicate, deliver, and exchange offerings that have value for customers, clients, partners, and society at large The 4Ps of marketing are product, price, place, and promotion.
The first P is aProduct Product refers to the goods or services that a company offers It includes the features, benefits, and quality of the product, as well as the packaging and branding The product is the foundation of the marketing mix It is what the company offers to customers, and it is what customers will ultimately pay for.
The second P isPromotion Promotion refers to the activities that a company uses to communicate the value of its products to customers It includes advertising, public relations, sales promotions, and direct marketing The promotion is the way that a company communicates the value of its products to customers.
The third P isPlace Place refers to the distribution channels that a company uses to get its products to customers It includes the retail stores, online retailers, and other channels where customers can buy the product The place refers to the distribution channels that a company uses to get its products to customers.
Finally,Priceis the amount of money that customers pay for a product It is determined by a number of factors, including the cost of production, the competition, and the perceived value of the product The price is another important element of the marketing mix.
The marketing mix is a dynamic and ever-changing concept By using digital tools effectively, businesses can create a marketing mix that is more effective and efficient than traditional marketing methods.
How digital tools are changing marketing mix?
Product
Customer co-creation is a business strategy that involves actively involving customers in the design or development of new products or services This can be done through a variety of methods, such as surveys, focus groups, online communities, or even crowdsourced design competitions.
● Intel: Intel has a program called "Intel Inside," which allows customers to design their own custom computers The company provides customers with a variety of components and options, and then they can build their own computer using Intel's design tools.
● P&G: P&G has a program called "Connect & Develop," which allows the company to collaborate with external partners to develop new products P&G has partnered with a variety of companies, including universities, research institutes, and even startups.
● Starbucks: Starbucks has a program called “My Starbucks Idea”, where customers can submit ideas for new products, services, and store designs. Starbucks has implemented many of the ideas submitted by its customers, including the creation of the Doubleshot on Ice and the addition of free Wi-Fi to its stores.
The two key steps in the customer co-creation process arecontribution andselection.
● Contribution: This is the stage where customers are invited to share their ideas, feedback, and suggestions for new products or services This can be done through a variety of methods, such as surveys, focus groups, online communities, or even crowdsourced design competitions.
● Selection: This is the stage where the company selects the best ideas from customers and develops them into new products or services This is a critical step, as it is important to choose ideas that are feasible, profitable, and aligned with the company's overall strategy.
Customers appreciate being acknowledged for their contributions Companies can show their appreciation by featuring customer ideas in marketing materials, giving customers shoutouts on social media, or even naming a product or service after a customer Customers are also motivated by financial rewards Companies can offer customers discounts, coupons, or even cash prizes for their ideas.
The Rule of 1: This means that for every customer idea, only 1 will actually be used by the company
Low contribution rates: One of the biggest challenges of co-creation is getting people to contribute Customers are busy and have many other things to do with their time They may not see the value in spending their time giving ideas to companies, especially if they don't think they will be compensated for their time As a result, many co-creation efforts fail due to low submissions.
Difficult selection process: Another challenge of co-creation is selecting the best ideas Many of the ideas that are submitted are not very useful They may be too idiosyncratic, too expensive, or have already been tried and don't work As a result, it can be difficult to find the needle in the haystack and identify the truly great ideas.
Important to be authentic when crowdsourcing ideas Customers are more likely to contribute to companies that they believe are genuinely interested in their input If a company is just looking for a way to exploit customer ideas for commercial gain, customers will likely be turned off Co-creation can also lead to conflict between customers and companies When customers contribute ideas to a co-creation process, there is always the risk that the company will steal their intellectual property so patches and badges by recognition This can be a major concern for customers,
7 especially if they have developed their ideas with a lot of time and effort so don’t be a bad guy Firms news respect, encourage customer ideas.
The concept of co-creation can be applied in a variety of conditions, including:
● Collaboration: Co-creation is often used in situations where there is a need for multiple perspectives and skills to come together in order to create something new For example, a company might use co-creation to design a new product or service, or a government agency might use it to develop a new policy.
● Innovation: Co-creation can be a powerful tool for driving innovation By bringing together people with different backgrounds and experiences, co-creation can help to generate new ideas and solutions that would not have been possible if the work had been done by a single individual or team.
● Engagement: Co-creation can be a way to engage stakeholders and build relationships By giving people a voice in the creation process, co-creation can help to create a sense of ownership and commitment to the final product or service.
The sharing economy is an economic model in which assets or services are shared between private individuals, either for free or for payment, often by means of an online platform.
The sharing economy is a growing trend that is changing the way we consume goods and services It offers a number of benefits, such as reducing waste, saving money, and building community However, it also faces some challenges, such as ensuring the quality of goods and services, fair competition, and regulation.
There are many other companies that use the sharing economy concept Some examples include:
● TaskRabbit: A platform that connects people who need help with tasks like cleaning, moving, and handyman services with people who are willing to do those tasks for a fee.
● Zipcar: A car-sharing service that allows people to rent cars by the hour or day.
● Lyft: A ride-sharing service that allows people to share rides with others going in the same direction.
Promotion
In this new digital environment, marketing is moving from selling products to telling stories.
User-generated content (UGC) is any type of content that is created by users of a product or service, rather than by the company that produces it UGC can take many forms, including:
● Reviews: Product reviews are one of the most popular types of UGC They can be written, filmed, or recorded in audio format.
● Testimonials: Testimonials are statements from customers about their experience with a product or service They can be written, filmed, or recorded in audio format.
● Photos and videos: Photos and videos can be used to showcase a product or service, or to share a user's experience with it.
● Blog posts: Blog posts can be used to provide information about a product or service, or to share a user's thoughts and opinions about it.
● Social media posts: Social media posts can be used to share a user's experience with a product or service, or to connect with other users who are interested in it.
● Competition: Feedback that focuses on how well the UGC compares to that of others can be a strong motivator for men For example, you could say something like, "Your UGC was really well-written and informative I especially liked the way you compared and contrasted the different products."
● Individualistic quality: Feedback that focuses on the individual quality of the UGC can also be motivating for men For example, you could say something like, "Your UGC was really creative and original I love the way you used your own personal experiences to illustrate your points."
● Cooperation: Feedback that focuses on the impact of the UGC on others can be a strong motivator for women For example, you could say something like,
"Your UGC was really helpful and informative I know that a lot of people are going to benefit from your insights."
● Quality: Feedback that focuses on the overall quality of the UGC can also be motivating for women For example, you could say something like, "Your UGC was really well-written and informative I appreciate the time and effort that you put into it."
User-Generated Content (UGC) has three key characteristics:
13 cards, or other tangible rewards.
● Making it easy to contribute The easier it is for users to contribute to UGC, the more likely they are to do so This means providing clear instructions, easy-to-use tools, and a convenient way to submit content.
● Responding to UGC When users take the time to contribute to UGC, it is important to respond to them This shows that you appreciate their efforts and that you value their feedback.
● Using UGC effectively Once you have received UGC, use it effectively This could involve sharing it on social media, incorporating it into your marketing campaigns, or using it to improve your products or services.
A doppelgọnger brand image (DBI) is a negative image of a brand that is created and circulated by consumers, anti-brand activists, bloggers, and opinion leaders in the news and entertainment media DBIs are often created in response to a brand's perceived inauthenticity, unethical business practices, or harmful products or services.
DBIs can be very damaging to a brand's reputation They can erode consumer trust, lead to boycotts, and even result in legal action In some cases, DBIs have even caused brands to go out of business.
The "Cancer Camel" is a parody of the Marlboro Man, which was created by an artist named Kunjal Chawhan The image shows a camel with a saline drip, suggesting that the camel is suffering from cancer as a result of smoking cigarettes.
Doppelgọnger brand images are usually focused on well-known brands that are viewed as lacking authenticity and trying to create false or misleading emotional appeals through their promotional activities These brands are often seen as being out of touch with their customers and their values.
● Negative perception: DBIs are typically negative in nature They often portray the brand in a negative light and criticize its products, services, or policies.
● Widespread: DBIs can be widespread They can be shared on a variety of platforms, including blogs, social media, and online forums.
● Persistent: DBIs can be persistent They can last for months or even years.
● Difficult to combat: DBIs can be difficult to combat They can be spread quickly and widely, and they can be difficult to refute.
DBIs can have a negative impact on a brand's reputation and bottom line They can lead to decreased sales, decreased customer loyalty, and increased costs Managers should take steps to identify and address DBIs early on.
Doppelgọnger brand images can have a significant impact on a brand's reputation When a doppelgọnger brand image is created, it can damage the brand's credibility in the eyes of consumers This is because the image may make it seem like the brand is not authentic or that it is trying to deceive consumers.
When a doppelgọnger brand image is created, it can also reduce customer trust in the brand This is because consumers may be hesitant to do business with a brand that they feel is not trustworthy.
If a doppelgọnger brand image is widely circulated, it can lead to lost sales for the brand This is because consumers may be less likely to buy products from a brand that they have negative feelings about.
Place
A new retailer is a business that sells products or services to consumers through a variety of channels, including online, brick-and-mortar, and mobile New retailers are often characterized by their use of technology to improve the customer experience, such as by providing real-time inventory updates, personalized recommendations, and seamless checkout.
Online retailing, also known as e-tailing, is the sale of goods and services to consumers through the internet Online retailers can be either brick-and-mortar stores that have an online presence, or they can be purely online businesses.
Physical retailing is the sale of goods and services through a physical store. This could be a brick-and-mortar store, a department store, a grocery store, or any other type of physical store.
Direct-to-consumer (D2C) brands: These brands sell their products directly to consumers, without the need for a middleman like a retailer This allows them to keep prices lower and offer a more personalized shopping experience Some popular D2C brands include Warby Parker, Harry's, and Allbirds.
Social commerce: This is the practice of selling products through social media platforms like Instagram, Facebook, and Pinterest Social commerce allows retailers to reach a wider audience and engage with customers in a more personal way Some popular social commerce platforms include Poshmark, Depop, and Grailed.
Livestream shopping: This is a new trend in online retailing where retailers broadcast live video of themselves showcasing products to potential customers. Livestream shopping allows retailers to build relationships with customers and answer their questions in real time Some popular livestream shopping platforms include Amazon Live, Walmart Live, and Shopify Live.
New retailers often focus on niche markets, which are small but profitable segments of the overall market This allows them to compete with larger retailers by offering a more specialized product or service.
New retailers are often early adopters of new technologies, such as e-commerce, social media, and mobile marketing This allows them to reach a wider audience and engage with customers in new ways.
New retailers often focus on providing personalized service to their customers. This can be done through things like loyalty programs, customer reviews, and live chat.
New Retailer = Traditional Retailer + New Technologies (Online)
● Online retailing is convenient for customers because they can shop from anywhere at any time They also don't have to worry about parking or traffic.
● Online retailers offer a wider selection of products than brick-and-mortar retailers This is because they don't have the same space constraints.
● Online retailers can often offer lower prices than brick-and-mortar retailers. This is because they don't have to pay for rent, utilities, or staff for a physical store.
● Touch and feel: Physical retailers allow customers to touch and feel products before they buy them This is important for some products, such as clothing and furniture.
● Physical retailers offer immediate gratification Customers can walk into a store and buy what they want right away.
● Physical retailers can provide better customer service than online retailers This is because they have staff who are knowledgeable about the products and who can answer customer questions.
Location can play a role in online retailing, but it is not as important as it is for brick-and-mortar stores This is because online retailers can reach customers all over the world, regardless of their location.
Smartphones can be a major distraction for shoppers, leading them to spend more time in the store and buy more unplanned items This can be a challenge for retailers, as they want shoppers to be focused on their products and make informed decisions about what to buy Smartphones make it easy for shoppers to compare prices and find the best deals This can be a challenge for retailers, as they need to be competitive on price in order to attract customers Shoppers can use their smartphones to read reviews of products and retailers This can be a challenge for retailers, as they need to ensure that their products and customer service are up to par.
Retailers can use in-store displays, promotions, and events to influence shopper behavior once they enter a physical store For example, a clothing retailer might set up a display of new arrivals that is designed to catch the eye of shoppers as they walk into the store.
Retailers can use digital technology to enhance the shopping experience in their physical stores For example, a furniture retailer might use a mobile app to allow customers to browse products, make purchases, and redeem rewards from their smartphones.
Retailers can capitalize on the fact that many customers have a strong desire to touch products before buying them For example, a food retailer might set up samples of its products so that customers can taste them before they buy them.
Retailers can use pop-up stores to test new products or concepts, reach new customers, or generate excitement and buzz around their brand For example, a clothing retailer might set up a pop-up store in a trendy neighborhood to test out a new line of clothing.
In big cities, there is a lot of competition from other online retailers This means that online retailers in big cities need to offer a unique selling proposition (USP) in order to stand out from the competition Some common USPs for online retailers in big cities include:
● Fast shipping: Customers in big cities are used to getting things quickly, so online retailers need to offer fast shipping in order to compete.
● Wide selection: Customers in big cities have a lot of choices when it comes to shopping, so online retailers need to offer a wide selection of products in order
● Convenience: Online shopping is convenient for customers in big cities, as they can shop from the comfort of their own homes.
Price
Pay what you want (PWYW) is a pricing strategy where buyers pay their desired amount for a given commodity This amount can sometimes include zero A minimum (floor) price may be set, and/or a suggested price may be indicated as guidance for the buyer The buyer can select an amount higher or lower than the standard price for the commodity Many common PWYW models set the price prior to a purchase,, but some defer price-setting until after the experience of consumption.
● Bandcamp: Bandcamp is an online music store that allows artists to set their own prices for their music It also offers a pay-what-you-want model, where customers can choose how much they want to pay for each album.
● Creative Commons: Creative Commons is a non-profit organization that provides copyright licenses that allow creators to share their work with others.
It offers a variety of licenses, including a pay-what-you-want license, which allows users to download and use copyrighted material for free, but also allows them to pay the creator a fee if they want to.
PWYW is a pricing model that can be used to generate revenue, build relationships with customers, and test new products or services However, it is important to understand the characteristics of PWYW and to implement it in a way that is transparent, trustworthy, and flexible.
The value of the product or service being offered is a key factor in determining how much people are willing to pay For example, a PWYW music album that is highly anticipated by fans may generate more revenue than a PWYW album from an unknown artist.
The perceived scarcity of a product or service can also influence how much people are willing to pay For example, a PWYW ebook that is only available for a limited time may generate more revenue than a PWYW ebook that is available indefinitely.
Some people may be willing to pay more than the minimum price for a PWYW product or service as a way of donating to the creator or organization behind it.
Some people may be willing to try a PWYW product or service for free before deciding how much they want to pay This can be a good way for businesses to get feedback from potential customers and to test the waters with a new product or service.
It is important for businesses to be transparent about the pricing structure for their PWYW products or services This includes providing clear information about the minimum price, any suggested prices, and the reasons for using a PWYW pricing model.
Businesses need to build trust with their customers in order to be successful with PWYW This can be done by providing high-quality products or services, offering a fair pricing structure, and being responsive to customer feedback.
PWYW pricing can be a flexible pricing model that can be adapted to different products, services, and markets Businesses can experiment with different pricing structures to find what works best for them.
Pay-what-you-want pricing is often used for a limited time, such as during a promotion or sale This can make it difficult for businesses to track the long-term effectiveness of this pricing strategy; limited selection of products, such as new releases or discontinued items This can make it difficult for businesses to assess the impact of this pricing strategy on their overall sales.
Pay-what-you-want pricing can appeal to a different set of customers than traditional pricing This can make it difficult for businesses to predict how this pricing strategy will affect their customer base.
Some customers may feel that pay-what-you-want pricing is unfair They may feel that they are being asked to pay more than the product is worth, or that they are being taken advantage of.
Pay-what-you-want pricing can lead to lower revenue for businesses This is because some customers may choose to pay very little or nothing for the product.
It's important to note that PWYW pricing is not a guaranteed way to increase sales or revenue However, it can be a successful strategy for certain types of products and businesses.
● Set a reference price Displaying the price of a comparable item can help to decrease the temptation for customers to pay little or nothing.
● Focus on marginal costs PWYW pricing is most effective for products with low marginal costs, such as music, text, and video Digital goods have a low marginal cost, so sellers can offer them at a lower price without losing money.
● Try a limited rollout Limiting the product offerings or the duration of the PWYW strategy can reduce the risk of the strategy while still benefiting from the attention it receives.
● Use charity appeals Signaling that the seller is generous can encourage customers to act similarly and be more likely to pay a higher price.
● Make sure your product is high quality Customers are more likely to pay for a product that they believe is valuable.
● Provide clear information about your product Customers should know what they are getting when they pay for your product.
● Make it easy for customers to pay Offer a variety of payment options, such as credit cards, PayPal, and cash.
● Promote your PWYW offer Let people know about your PWYW offer through social media, email marketing, and other channels.
“Free” means some features don’t need to be paid “Premium” means advanced features need to pay.
Freemium is a business model where a company offers a basic version of its product or service for free, while charging a premium for additional features or functionality This model has been used by many successful companies, including Spotify, Dropbox, and Zoom.
The freemium model is quite common for smartphone apps, can also be found in a number of other digital domains such as software, social media sites, and communication platforms
● Spotify: A music streaming service that offers a free, ad-supported version and a premium, ad-free version Spotify is a music streaming service with over 381 million monthly active users
(MAUs) and 172 million paid subscribers as of January 2023.
30 billion in revenue in 2022, up 24% year-over-year.
● Zoom: A video conferencing service that offers a free version with limited features and a premium version with more features Zoom is a video conferencing platform with over 300 million daily active users
(DAUs) and 191.5 million paid subscribers as of
January 2023 The company generated $10.74 billion in revenue in 2022, up 200% year-over-year.
Suggestions for companies to react towards the changing of digital marketing
Co-creation
In the design of new products and services Companies such as Lego, Nike, and Starbucks have all used co-creation to involve customers in the design of new products and services This has helped them to create products that are more appealing to their customers and that better meet their needs.
In the delivery of public services Co-creation has also been used to improve the delivery of public services For example, the Australian government used
34 co-creation to improve the delivery of its disability services This helped to ensure that the services were more responsive to the needs of people with disabilities.
Make it easy for customers to contribute The easier it is for customers to contribute, the more likely they are to do so Provide clear instructions and make sure the submission process is simple and straightforward.
Offer incentives for contributions Customers are more likely to contribute if they know they will be rewarded for their time You can offer incentives such as cash prizes, discounts, or early access to new products or services.
■ Feature the customer's contribution on your website or social media channels.
■ Give the customer a shout-out in your newsletter or email marketing campaigns.
■ Offer the customer a spot on your customer advisory board or other leadership position.
■ Offer the customer a discount on their next purchase.
■ Give the customer a gift card to your store or another local business.
■ Donate to a charity of the customer's choice in their name.
Take the time to carefully review all submissions and select the ones that are the most feasible and likely to be successful Even if you don't select a customer's idea, be sure to thank them for their contribution and engage the community to evaluate & vote on ideas Let them know that their feedback is appreciated and that you will consider it for future projects.
Sharing economy
First, careful selection, usually by conducting extensive background checks. Second, training, giving providers a set of rules and procedures to follow Third, a rating system that encourages.
Customers provide ratings of their providers and then eliminate providers that obtain lower ratings.Here are some additional tips for brands and companies that are looking to enter the sharing economy:
● Partner with other businesses: Partnering with other businesses can help to expand your reach and reach a new audience For example, a car sharing company could partner with a hotel to offer discounted rates to guests who rent cars through the company.
● Offer incentives: Offering incentives, such as discounts or rewards, can encourage people to use your product or service For example, a ride sharing company could offer a discount to users who refer their friends to the service.
● Make it easy to use: Your product or service should be easy to use and understand This will make it more likely that people will actually use it.
● Be transparent: Be transparent about your pricing, policies, and procedures. This will build trust with your users and make them more likely to use your product or service.
● Be responsive: Be responsive to feedback and complaints This will show your users that you care about their experience and that you are committed to providing a quality product or service.
UGC
Make it easy for customers to share their thoughts: Businesses should make it easy for customers to share their thoughts about their products and services This can be done by providing a dedicated space for reviews and testimonials on their website, or by encouraging customers to share their experiences on social media.
Respond to UGC: Businesses should respond to UGC in a timely and positive manner This shows customers that their feedback is valued, and it can help to build relationships with them.
Reward customers for UGC: Businesses can reward customers for UGC by offering them discounts, coupons, or other incentives This can encourage customers to share their thoughts and experiences, and it can help to increase the visibility ofUGC.
DBIs
It is important to note that there is no one-size-fits-all solution for dealing with DBI The best approach will vary depending on the specific situation.
● Monitoring digital cues: A brand can use a social media listening tool to track mentions of their brand, including negative ones This can help them identify any potential DBIs early on, such as a negative meme or a photoshopped image that is being shared on social media By identifying these DBIs early, brands can take action to address them before they become widespread For example, they can issue a statement addressing the issue, or they can create a new marketing campaign to change the conversation around their brand.
● Identifying and tracking brand avoiders: A brand can use a customer survey to identify people who have avoided their brand in the past This survey can ask people why they avoided the brand, and it can also ask them what would make them more likely to buy from the brand in the future This information can be used to improve the brand and make it more appealing to consumers For
36 example, if the survey finds that people are avoiding the brand because of its high prices, the brand can lower its prices or offer discounts.
● Developing and testing a new story: A brand can develop a new story for their brand by launching a new product, launching a new marketing campaign, or making a commitment to corporate social responsibility This can help to change the conversation around the brand and move the focus away from the negative publicity and onto the brand's positive attributes For example, if a brand has been criticized for its environmental impact, it can launch a new sustainability initiative to show that it is committed to protecting the environment.
● A strong brand identity would make it difficult for DBI to assert itself When consumers understand exactly what your brand stands for, they are less likely to be swayed by negative messages Be transparent and honest with customers.
If you made a mistake, admit it and apologize.
● Respond promptly and courteously to customer concerns When customers have questions about your brand, it's important to resolve them quickly and politely This shows your customers that you care about their satisfaction and are committed to solving their problems.
● Proactively monitor your brand's online presence and address potential issues before they spread For DBI, it is important to have a crisis communications plan in place The plan should outline how you will respond to the DBI responsible for the response, and the channels you will use to communicate with the client.
New retailer
It's important to do your research and understand the retail landscape in your area. What are the demographics of your target market? What are the needs and wants of your customers? What are your competitors doing?
● Create a strong brand Your brand is what will set you apart from your competitors It's important to create a brand that is consistent across all channels, from your website to your social media presence to your in-store experience.
● Offer a compelling customer experience The customer experience is everything Make sure your customers feel welcome and appreciated when they shop at your store Offer excellent customer service, and make sure your store is clean and organized.
● Invest in technology Technology can help you streamline your operations and improve your customer service Consider investing in a point-of-sale system,
● Be flexible The retail industry is constantly changing, so it's important to be flexible and adaptable Be willing to change your products, prices, and marketing strategies as needed.
● Never give up Running a successful retail business takes hard work and dedication There will be setbacks along the way, but don't give up Keep learning, keep growing, and keep innovating.
Warby Parker is an online eyewear retailer that was founded in 2010 The company quickly gained popularity by offering high-quality eyewear at a fraction of the cost of traditional brick-and-mortar retailers Warby Parker's success can be attributed to its strong brand, excellent customer service, and innovative marketing strategies.
VR is a powerful tool that can be used to improve the customer experience, increase sales, and reduce costs for new retailers If you are a new retailer, I encourage you to consider using VR as part of your marketing and sales strategy.
● Virtual fitting rooms: VR can be used to create virtual fitting rooms that allow customers to try on clothes and accessories without having to leave their homes This can be a great way for new retailers to reach customers who are not able to visit their physical stores.
● Virtual product demonstrations: VR can be used to create virtual product demonstrations that allow customers to see how products work and how they would look in their homes This can be a great way for new retailers to educate customers about their products and to generate excitement for their products.
● Virtual tours: VR can be used to create virtual tours of stores and showrooms.This can be a great way for new retailers to showcase their products and services to customers who are not able to visit their physical stores.
Desktop Manufacturing
Before you start any desktop manufacturing project, it is important to carefully plan what you want to create This includes considering the size, shape, and material of the object you want to create, as well as the level of detail you need.
3D printing is a process that creates three-dimensional objects from digital models This means that any physical object can be digitized and then reproduced on a 3D printer This has the potential to revolutionize the way we manufacture and distribute goods.
Once an object is digitized, it can be stored in a digital file This file can then be easily transported and modified This makes it possible to create custom objects for specific needs and to quickly iterate on designs.
There are a number of digital modeling tools available that can be used to create 3D models These tools allow users to create complex objects with ease This makes it possible for anyone to create their own 3D models, regardless of their level of experience If you already have a physical product, you can use a 3D scanner to create a digital model of it This can then be used to create custom versions of the product or to modify the design.
One of the benefits of 3D printing is that it allows customers to customize products to their specific needs This can be done by offering a basic template and then letting customers design a product to fit their specific needs This can be a great way to increase customer satisfaction and loyalty.
The ability to customize products to specific needs can satisfy a broad range of preferences This is because customers can choose the features and materials that are most important to them This can lead to increased sales and profits.
3D printing has the potential to disrupt the way physical goods are distributed. This is because 3D printers can be used to create custom objects on demand This means that there is no need to manufacture and distribute products in large quantities. This can save businesses time and money.
3D printing can also cut out the middleman This is because businesses can sell their digital files directly to customers This can increase profits and give businesses more control over their products.
Once a digital file is created, it can be posted online This allows customers to download and print the file at their own homes or businesses This can increase sales and reach a wider audience.
Because desktop 3D printing is relatively cheap and easy, there is no need for extensive planning If you have an idea, you can design it and make an initial prototype at your desk immediately This can lead to faster innovation and more creative products.
There are a wide variety of desktop manufacturing tools and materials available, so it is important to choose the right ones for your project For example, if you are creating a small, detailed object, you may want to use a 3D printer that uses a high-resolution print head Desktop manufacturing can be a time-consuming process, so it is important to be patient It may take several attempts to create the perfect object Desktop manufacturing is a great way to experiment with new ideas and techniques Don't be afraid to try new things and see what you can create.
Pay What You Want
Paying what you want pricing is not suitable for all products or services It works best for products or services that are:
○ Difficult to compare to other products or services
○ Easy to understand the value of
While there is no need to set a maximum price, it is important to set a minimum price This will help to ensure that you are not giving away your product or service for free.
It is important to communicate the value of your product or service to potential customers This can be done through marketing and advertising, as well as through your website or product description.
Next, provide a way for customers to pay what they want This can be done through a variety of methods, such as credit card, PayPal, or cash Make it clear to customers that they are free to pay whatever they want for your product or service. Not all customers will pay the same amount for your product or service Be prepared to receive a variety of payments, from free to the full price.
It is important to track your results to see how well your pay what you want pricing strategy is working This will help you to make adjustments as needed.
Freemium
● Make sure your free version is valuable enough to attract users and keep them coming back.
● Offer a premium version that offers significant value over the free version.
● Promote the premium version of your product or service and make it easy for users to find and purchase it.
● Set a high conversion rate goal, such as 10% or 20%.
● Invest in marketing and advertising in order to reach a large audience and acquire free users.
● Find a way to monetize your freemium model that is both fair to users and profitable for the company.
● Monitor your freemium model and make adjustments as needed.
● Make sure your freemium offering is easy to use and understand.
● Provide excellent customer support for both free and premium users.
● Build a strong community around your product or service.
● Be creative and innovative in your approach to monetization.