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Endorsement is one of the increasingly popular marketing strategies in the digital era. This is the result of changes in consumer behavior that increasingly rely on third-party recommendations in determining product or service choices.

Endorsement is a very effective marketing tool because it is able to bridge brands with a wider audience, especially through social media. Not just promoting, endorsement also plays a big role in building a positive brand image, creating trust, and influencing consumer purchasing decisions.

However, the success of endorsement does not only depend on the popularity of the endorser, but also on the strategy used. How to choose the right endorser? What are the benefits of endorsement for business? And how to ensure that the endorsement campaign runs optimally?

This article will discuss in detail the definition of endorsement, its strategic benefits, and effective steps to use it in marketing. In this article, we will discuss what endorsement is, its benefits for business, and how to do it effectively.

What is Endorsement?

Endorsement is a form of promotion that involves famous figures, influencers, or public figures to recommend products or services to their audience. These figures usually have influence on social media or other platforms so that they can influence the purchasing decisions of their followers.

Endorsements can be done in various forms, such as product reviews, photo or video uploads featuring the product. The format can be more interesting by showing the use of the product directly in everyday life by the endorser.

For example, a beauty influencer who has thousands of followers on Instagram recommends a particular skincare product. Audiences who believe in the credibility and experience of the influencer will be more interested in trying the product.

Endorsement Function for Business

Endorsement is not just a promotional activity. There are various strategic benefits that businesses can obtain through endorsements, including:

Increase Brand Awareness

By involving public figures or influencers, your brand will be known to a wider audience, especially if the endorser has many followers.

Building Consumer Trust

When someone with a good reputation recommends your product, the audience tends to believe that the product is of good quality.

Increase Credibility

Endorsement from a respected or trusted figure can improve the positive image of your brand in the eyes of consumers.

Increase Sales

One of the main goals of endorsement is to drive sales. With strong recommendations from endorsers, consumers tend to make purchasing decisions faster.

Targeting the Right Audience

Through endorsements, you can reach a specific market segment that is the target of your business. For example, if your product is skincare, working with a beauty influencer will be more relevant and effective.

Effective Strategies for Endorsing

Although endorsements seem simple, there are several things to consider so that this strategy provides maximum results. Here are the strategic steps in conducting endorsements:

Choose the Right Endorser

Make sure you choose a figure or influencer who is relevant to your business. Pay attention to their niche or field, number of followers, and their engagement rate. For example, if you sell health products, choose an influencer who is known to have a healthy lifestyle.

Determine Campaign Objectives

Is your goal to increase sales, introduce a new product, or expand brand awareness? A clear goal will make it easier for you to determine the type of endorsement content needed.

Adjust Budget to Target

Not all endorsements require large costs. If your budget is limited, consider working with micro-influencers who have fewer followers but higher engagement rates.

Create a Clear Brief

Give endorsers clear guidance on the message you want to convey, brand values, and other important information. However, let them remain creative so that the content feels natural.

Pay Attention to Authenticity

Today's audiences tend to be more sensitive to content that feels too commercial. Make sure the endorsement is done in an authentic way so that it doesn't look like pure advertising.

Monitor and Evaluate the Results

After the campaign is over, analyze the results. Monitor metrics such as total clicks, interaction rates, or revenue generated. This is important to determine the success of the campaign and improve future strategies.

Build Long-Term Relationships

If the endorser proves effective, consider establishing a long-term partnership. A close relationship with the endorser can provide greater benefits for your business.

Mistakes to Avoid in Endorsement

In addition to the right strategy, it is also important to avoid common mistakes in endorsements. Here are some of them:

Choosing an Irrelevant Endorser

If the endorser doesn't match your brand, their audience may not be interested in the products offered.

Ignoring Engagement

Don't just focus on the number of followers. Engagement rates are much more significant because they reflect how actively the audience interacts with the content.

Too Much Control

Controlling the content created by the endorser too much can make the endorsement feel unnatural.

Endorsement is one of the effective ways to promote your business, especially in the digital era dominated by social media. By choosing the right endorser, determining campaign objectives, and managing your strategy well, you can maximize the benefits of endorsements.

However, it is important to remember that endorsements are just one part of a larger marketing strategy. Especially in the application of digital marketing, there is still a lot you need to learn to optimize your business.

Learn more in the Digital Marketing Fundamental program from prasmul-eli.

Bundling is one of the most widely used business strategies today.

The bundling strategy takes advantage of consumer buying psychology, which tends to choose offers with added value, thus creating a more attractive shopping experience.

Bundling is not just about offering a cheaper price for a product package, but also about creating a combination that meets customer needs.

This article will explore in depth the concept of bundling and the strategic benefits it can bring to a business. Also learn about the practical steps that can be taken to optimize bundling and its implementation to increase sales here.

Definition of Bundling

Bundling is a marketing strategy that combines two or more products or services in one package at a specific price. The goal is to provide added value to consumers by offering a cheaper price than buying the products separately.

This strategy is often used in various industries, from technology, food, to skincare. A simple example of bundling is the offer of "Skincare Savings Package: Cleanser, Toner, and Serum in One Special Price."

This concept takes advantage of consumer buying psychology, which tends to feel more profitable when getting more products at a lower price.

Benefits of Bundling for Businesses and Consumers

1. Increase Sales

By offering product packages, companies can encourage consumers to buy more. Products that are not selling well can be included in the bundle to increase their sales.

2. Increase Average Transaction Value

Bundling helps increase the average purchase value per customer (average order value). Consumers who initially only wanted to buy one product can be tempted to buy a bundle because of the more attractive price.

3. Reduce Old Product Stock

Products that are less in demand or approaching their expiration date can be sold faster through a bundling strategy. This is especially relevant in industries such as skincare and food, where products have a limited shelf life.

4. Provide a Better Experience for Consumers

For consumers, bundling provides convenience in choosing, saves time, and often offers a more economical price. This improves their experience with your brand.

5. Increase Customer Loyalty

A well-designed bundling package can create an emotional connection between customers and the brand, thereby increasing their loyalty to the product.

Types of Bundling

Bundling strategies can be applied in various forms. Here are some types of bundling that are commonly used in business:

1. Pure Bundling

In this type, products can only be purchased as part of a package, not separately. An example is a streaming service that offers a monthly package with all features without partial subscription options.

2. Mixed Bundling

Products are available either as part of a bundle or individually. For example, in the skincare industry, cleansers and toners can be purchased separately or in one package at a cheaper price.

3. Cross-Industry Bundling

This strategy involves combining products or services from different industries to create added value. An example is bundling internet services with streaming platforms.

4. New Product Bundling

New products are often included in bundles to introduce consumers to the innovation. This strategy is effective in reducing the risk of rejection of new products.

5. Seasonal Bundling

Special bundles created to celebrate certain moments, such as holidays or Eid. Example: "Special Ramadan Package" for beauty products.

Effective Ways to Implement Bundling Strategy

To ensure that bundling successfully provides benefits for your business, here are some important steps to consider:

1. Know Your Target Market

Understand your customers' needs, preferences, and shopping patterns. An effective bundling strategy is one that is relevant to their needs.

2. Choose the Right Products

Combine products that complement each other. For example, in the skincare industry, you can combine products that are used in one series of treatments, such as cleanser, toner, and moisturizer.

3. Set a Competitive Price

Make sure the bundling price offers more value to consumers, making it more attractive than buying the products separately.

4. Use Limited Offers

This strategy creates a sense of urgency in consumers. Limited-time bundling offers often encourage faster purchasing decisions.

5. Promote Effectively

Use various marketing channels to promote your bundling, such as social media, email marketing, and digital advertising. Make sure the message conveyed clearly highlights the benefits of bundling.

6. Evaluate and Optimize

Monitor bundling sales results regularly. Use data to understand which products are most in demand and how this strategy affects your business's profits.

Bundling strategy is a smart way to increase sales while providing more value to consumers. By understanding the definition, benefits, types, and how to implement it, you can design an attractive bundling while strengthening your business position.

Proper implementation will help you optimize the potential of each product, maximize revenue, and create a satisfying customer experience. If you haven't tried this strategy, now is the time to start designing a bundling that suits your business and customer needs!

However, bundling is just one of the offering strategies that your business can offer to consumers. You can learn more in the Marketing Pricing Strategy program from Prasmul-Eli.

You will learn the importance of setting the right price for the sustainability of products and companies in this program. In addition, this program will also study the basic principles that are the basis for determining the pricing strategy of a product.

If you are interested, register yourself immediately via the following link.

Advertising is one of the important elements in marketing strategies used by various types of businesses. The goal is to introduce their products or services to the wider community.

Nowadays, advertising is not only about placing ads on television or social media. More than that, advertising involves choosing the right message, media, and strategy to achieve business goals.

In this article, we will discuss the definition of advertising, its main functions, its various types, and its benefits for business development.

What is Advertising?

Advertising is a marketing communication method designed to promote products, services, or brands to target audiences through various media channels.

Advertisements are usually created to attract attention, build brand awareness, and influence consumer purchasing decisions. Advertising can be informative, persuasive, or even entertaining, depending on the goals to be achieved.

The essence of advertising is the ability to reach a large audience with a structured message.

Advertising Functions

Advertising plays a crucial role in the business world. Here are some of its main functions:

Building Brand Awareness

Advertising helps consumers recognize certain brands amidst increasingly tight market competition. The more consumers know about the existence of a product, the greater the opportunity to increase sales.

Communicating Information

Advertising is used to provide important information to consumers, such as product features, prices, purchase locations, and special offers. This knowledge makes it easier for consumers to make more informed decisions.

Increasing Interest and Demand

Advertising plays a strategic role in generating interest and creating demand for a product or service.

With a persuasive approach, advertising is designed to attract consumer attention and instill a desire to own or try the product. This process involves a combination of visual elements, strong narratives, and emotional messages that are relevant to the target audience.

Creating Product Differentiation

In today's world, consumers have a variety of choices for similar products, advertising plays an important role in helping companies highlight their advantages.

Product differentiation is the process of demonstrating unique values ​​or characteristics that make a product more attractive compared to competitors. Without clear differentiation, consumers may not see a reason to choose one brand over another.

Supporting Customer Loyalty

Consistent and relevant advertising plays an important role in creating and strengthening relationships between customers and brands.

A good advertising campaign does more than just promote a product, it also conveys the values, vision, and story behind the brand. When customers relate to the values ​​displayed by an advertisement, they tend to have a deeper emotional attachment to the brand.

Types of Advertising

Advertising can be categorized into various types based on the medium used. Here are some types of advertising that are commonly used by businesses:

Traditional Advertising

• Television and Radio: This electronic medium remains a popular choice for reaching a large audience.
• Print: Newspapers, magazines, brochures, and flyers fall into this category. Usually used for local markets.
• Outdoor Media: Billboards, posters, and transit ads such as buses or trains.

Digital Advertising

• Social Media: Platforms such as Instagram, Facebook, and TikTok are the main choices for modern advertising campaigns.
• Google Ads: Search-based ads to reach consumers who are looking for a specific product or service.
• Video Streaming: Ads on YouTube or other streaming platforms.

Event-Based Advertising

Sponsoring an event, exhibition, or conference is an effective way to introduce a brand to a specific audience.

Native Advertising

Advertisements designed to resemble native content on a particular platform, such as sponsored articles or collaborative videos with influencers.

Guerrilla Advertising

This strategy involves a surprising or unusual creative approach to attract attention, usually with a small budget.

Benefits of Advertising for Business

Advertising provides a variety of significant benefits for business development, both for large and small companies. Here are some of the main benefits:

Increase Sales

By promoting products effectively, advertising can attract more potential customers, which ultimately increases company revenue.

Expand Market Reach

Advertising allows businesses to reach a wider audience, including consumers in new regions or specific market segments.

Enhance Brand Image and Credibility

A well-designed advertising campaign can create a positive image for a brand, increasing consumer trust.

Marketing Cost Efficiency

Although some forms of advertising are expensive, digital advertising allows companies to target specific audiences. This allows marketing budgets to be used more efficiently.

Supporting New Product Launches

Advertising is essential in introducing new products to the market, ensuring that consumers are aware of the existence and benefits of the product.

Strengthening Customer Relationships

Advertising that focuses on storytelling or emotional values ​​can strengthen the relationship between brands and customers, creating stronger loyalty.

Advertising is one of the key components in business success, helping companies build brand awareness, attract customers, and increase sales.

By understanding its functions, types, and benefits, businesses can design more effective advertising strategies according to their needs and goals.

In today's digital era, the ability to utilize online platforms is an advantage for businesses that want to stay relevant and competitive. Therefore, a deep understanding of advertising is a valuable investment for every business actor.

However, advertising is just one of the brand management efforts that can be done in a business. You can learn more in the Strategic Brand Management program from prasmul-eli.

Public relations is a very important communication strategy for every organization, be it a company, government agency, or non-profit organization.

In today's digital era, where information can spread quickly, the role of public relations is increasingly crucial. PR or public relations helps organizations build an image, communicate with the public, and respond to issues that may affect the organization's reputation.

This article will discuss the definition of public relations, its tasks, main objectives, and techniques that are often used in carrying out PR functions.

Definition of Public Relations

Public relations is a process that involves managing communication between an organization and the public, be it customers, employees, investors, or the general public.

The Public Relations Society of America defines PR as an effort to manage communication between an organization and its public to create a profitable relationship. This means that PR aims to create a positive image, convey important information, and establish good relationships.

Unlike advertising that focuses on direct sales messages, PR works with a different approach. PR moves more smoothly with persuasive, educational, and informative communication.

PR also plays a role in maintaining reputation and responding quickly if a crisis or negative issue occurs that can harm the organization.

Public Relations Tasks

Here are some public relations tasks that need to be understood:

Building and Maintaining Reputation

PR is responsible for ensuring that the image of a company or organization is always positive in the eyes of the public. This is done in various ways, such as producing positive content, engaging in social activities, and maintaining transparency and trust.

Managing Crisis

In a crisis situation, PR plays an important role in responding quickly and reducing the negative impact on the organization.

PR must be able to control the flow of information that reaches the public and respond to the media with appropriate statements. In addition, PR must also be able to calm the various parties involved so that there is no confusion or damage to reputation.

Internal Communication

Not only focusing on the external public, PR also manages internal communication for employees and all members of the organization. This aims to ensure that everyone in the company continues to receive clear and transparent information.

The type of information can be in the form of policy changes, company achievements, and other developments.

Media Management

A good relationship with the media is one of the key elements in public relations. PR is tasked with building and maintaining relationships with journalists, preparing press releases, and organizing press conferences to provide information to the public.

Consistent Messaging

PR plays a role in composing consistent messages that are in line with the company's identity and values. This is done so that every piece of information received by the public has a consistent image and is not confusing.

Public Relations Objectives

Public relations has several important objectives for organizations, including:

Building a Positive Image

A positive image will make the organization more trusted by the public, both by customers, investors, and the general public. A good image can also influence consumer perception and be an attraction for qualified prospective employees.

Increasing Public Trust

Trust is an important aspect in the relationship between an organization and the public. By having a transparent relationship and maintaining open communication, PR can increase public trust in the organization.

Overcoming and Managing Crisis

PR helps organizations anticipate potential crises and respond quickly when a crisis occurs. This can protect the organization's reputation from greater negative impacts.

Encouraging Public Involvement

Public relations also aims to build public involvement through campaigns and activities that involve the community. This can improve positive relationships between organizations and communities.

Increasing Consumer Loyalty

When the public feels they have a good relationship and trust in an organization, they tend to be more loyal. PR can help maintain this loyalty through consistent communication and support for issues that are relevant to consumers.

Public Relations Techniques

In practice, PR uses various techniques to achieve goals and build effective communication with the public. Some of these techniques include:

1. Media Relations

This is a technique that involves relationships with the media, both print and digital. PR can hold press conferences, write press releases, or arrange interviews with important figures in the organization to increase media exposure.

2. Content Marketing

Content creation is one of the PR techniques that aims to attract public attention with relevant and informative content. This content can be in the form of articles, blogs, infographics, or videos that interest the audience and help convey the company's message.

3. Event Management

Holding events such as product launches, seminars, or charity events is an effective technique for reaching the public directly. This event provides an opportunity for organizations to interact with their audiences and build more personal connections.

4. Social Media Engagement

In the digital era, social media is a very powerful platform for interacting with the public. PR can use social media to share information, answer questions, and build a community around a brand or organization.

5. Crisis Communication

Crisis communication is an important technique when facing difficult situations or events that have the potential to damage the organization's image. PR must have a mature crisis communication plan in order to respond quickly and appropriately when a crisis occurs.

6. Internal Communication

PR also manages internal communications to ensure that all members of the organization receive clear information and feel involved. Good communication within the organization can also increase employee motivation.

7. Influencer and Stakeholder Relations

Establishing relationships with influencers or parties who have influence in the community can help the organization expand its reach and strengthen credibility. PR works with them to convey relevant messages to a wider audience.

8. Corporate Social Responsibility (CSR)

CSR programs are one way for organizations to contribute to society and the environment. This technique not only improves a positive image but also shows the company's social responsibility towards the surrounding community.

Public relations is an important aspect that must be present in every organization, be it business, government, or non-profit organizations. The role of PR in building and maintaining reputation, responding to crises, and communicating with the public are determining factors in the organization's image in the community.

With the right techniques, PR is able to create effective communication, increase public loyalty, and build mutually beneficial relationships.

Public relations is one of the brand management efforts that can be done. Learn more in the Strategic Brand Management program from prasmul-eli.

If you are interested, register yourself immediately through the following link.

There are various strategies for developing a business, one of which is a referral code. However, what exactly is a referral code?

For business people, of course, they will always look for ways to increase their reach without having to spend a lot of money on conventional marketing. Apparently, one practical and efficient solution that is increasingly popular is the use of referral codes.

In this digital era, an effective marketing strategy is very important so that businesses can stand out amidst fierce competition. Referral codes, or referral codes, are tools used by many companies to develop their businesses in a more personal way.

In this article, we will discuss the definition of a referral code, its functions and benefits for business, and how it works.

What is a Referral Code?

A referral code is a unique code given to users or customers so that they can share the code with their relatives.

When someone uses the referral code to make a purchase or register for a service, the user who shares the code will get a reward. Usually this reward can be in the form of discounts, points, bonuses or several other attractive offers.

A referral code usually consists of a combination of letters and numbers that are easy to remember and can be shared through various platforms. It can be via social media, email, or other electronic platforms.

Referral Code Function

Referral codes have several main functions in marketing strategies, including:

Attracting New Customers

Referral codes serve as a tool to attract potential customers by offering incentives to existing users. By rewarding those who successfully invite others, businesses can increase their customer base at a relatively low cost.

Increasing Brand Awareness

Every time a user shares a referral code, they indirectly introduce the business brand to a new audience.

This helps increase brand awareness among the public. Over time, the public will place the product or service as a trusted choice.

Developing a Loyal Community

Referral programs provide a beneficial experience for users, both for the giver and receiver of the code. This can create a loyal and supportive customer community, which of course has a positive impact on the business in the long term.

Obtaining Data for Marketing Optimization

Referral programs can generate valuable data regarding customer behavior and how they find products or services. Businesses can use this data to understand broader customer segments and optimize their marketing campaigns.

Benefits of Referral Codes for Business

The use of referral codes provides several important benefits for businesses, such as:

Effective Marketing Costs

By using referral codes, businesses do not need to spend large amounts on traditional advertising. They only need to provide incentives to existing users.

This is because referral codes leverage the network of friends and trust between users, their conversion rates are often higher than regular ads.

Attracting Quality Customers

Customers who come through referral codes tend to have a greater interest in the products or services offered. This is because they get recommendations from people they know and trust.

This makes referral customers more qualified and have the potential to become long-term customers.

Increasing Customer Retention Rates

When customers are rewarded for the referral codes they share, they feel appreciated by the business. This feeling makes them more loyal and more likely to continue shopping in the future.

Building Consumer Trust

Referral codes allow businesses to build consumer trust in an organic way. Recommendations from friends or family are more trusted than ads, because they are considered more authentic.

This is especially important for new businesses or startups looking to grow their credibility.

How Referral Codes Work

In general, referral codes work through the following steps:

Providing Referral Codes to Users

The business provides a unique referral code to each user, both those who are already registered and those who have just registered. This code is usually accessible through the user’s profile on the business’s website or app.

Sharing the Code by Users

Users share their referral code with others, such as friends, family, or their social networks. This sharing of the code can be done through various channels, such as text messages, social media, email, or even word of mouth.

Use of the Code by Potential New Customers

Once someone receives a referral code and uses it, they often get a discount or bonus that applies to their first transaction. On the other hand, the user who shared the code will receive the reward that has been promised by the business.

Rewarding Users

Once the referral code is used by a potential customer, the business will reward the user who shared the code. This reward can be in the form of a discount, cashback, points, or even cash that can be used in the future.

Referral codes are an effective, economical marketing strategy that can build customer loyalty. By giving users a unique code to share, businesses can attract new customers in a more personal and trustworthy way.

This program not only benefits the business, but also helps build a loyal community that has the potential to be long-term. If optimized with the right strategy, referral codes can be an important asset for the success of your business marketing.

However, referral codes are just one of the various business plans in a company. Learn more in the Business Development Planning program from prasmul-eli.

If you are interested in knowing more, immediately register yourself through the following link.

Asset management is the backbone of an organization's operations and sustainability.

Not just physical goods, asset management is a comprehensive strategic approach to optimizing all resources owned by a company. The focus can be on all physical assets to intangible assets.

The main goal of asset management is to maximize the value and utility of assets, and minimize risks and other unexpected costs. In other words, asset management is about managing assets efficiently and effectively in order to provide optimal contributions.

The implementation of good asset management will have a significant impact on the company's financial performance, increase productivity, and support sustainable business growth.

This article will explore in more depth the definition of asset management, the importance of its implementation in business, and examples of its application in various industrial sectors.

Definition of Asset Management

Asset management is a systematic process that involves managing, controlling, and monitoring assets owned by individuals or companies. This is done as an effort to maximize value and optimize returns on investment.

Assets here can be physical property such as equipment, inventory, to financial assets such as stocks, bonds, and mutual funds. The goal is to ensure that these assets are used as efficiently as possible and can support the growth and sustainability of the company.

Asset management covers a variety of activities, from planning and purchasing assets, maintenance and repairs, to selling or disposing of assets. In addition, this process is often supported by technology in the form of software that facilitates data collection, analysis, and strategic decision making.

The Importance of Asset Management for Business

Optimizing Resource Use

Effective asset management allows companies to use their resources efficiently. This means that the assets owned by the company can operate at their optimal capacity. In the long term, this will have an impact on increasing productivity and reducing waste.

Reducing Operational Costs

By monitoring assets regularly, companies can avoid unexpected major repair costs and reduce the frequency of asset replacement. Good management helps identify when is the best time to renew assets, so that operational costs can be kept to a minimum.

Ensuring Compliance and Security

Many companies must meet certain regulatory standards regarding the use of assets.

Asset management helps ensure that all equipment and machinery used is in accordance with regulations and industry standards. This not only protects the company from potential fines but also ensures employee safety.

Increase Return on Investment (ROI)

By managing assets efficiently, companies can increase the return on their investments.

Well-managed assets tend to have a longer service life and better performance. Ultimately, this can support the growth of profits for the company.

Support in Strategic Decision Making

Data generated from asset management provides deeper insight into the performance and condition of assets.

This information is useful for management to make more strategic decisions regarding the purchase, maintenance, or disposal of assets. For example, a company can decide to replace an old machine with a more efficient one based on performance reports.

Examples of Asset Management Practices in Business

Manufacturing Companies

In the manufacturing sector, asset management is very important to ensure that production equipment operates efficiently and downtime can be minimized. Large manufacturing companies often use asset management software to track maintenance schedules and monitor machine health.

With this data, they can plan when machines need to be serviced without disrupting production operations. So the risk of production disruptions that result in late deliveries and financial losses can be reduced.

Property Industry

In the property industry, asset management can include the management of physical assets such as buildings, apartments, and office space.

Property companies must ensure that the buildings they own are in optimal condition so that they can be rented out at a high price. For example, regular maintenance, repairs, and minor renovations are often carried out to increase the attractiveness of the asset to potential tenants or buyers.

Financial Services

In this sector, asset management refers to the management of investment portfolios for clients, both individuals and institutions. Asset management companies will conduct market analysis, arrange portfolio allocations based on the client's risk profile, and continuously monitor the performance of the investment.

For example, these companies can manage portfolios of stocks, bonds, and other financial instruments to ensure that clients get optimal returns.

Government and Public Institutions

Asset management is also important for public institutions such as city governments that own infrastructure assets, including highways, bridges, etc. With this strategy, the government can allocate budgets for maintenance more effectively and keep them in good condition without wasting money.

Asset management is an important aspect of modern business operations. Without proper management, the assets owned by the company are at risk of not being utilized optimally.

Failure to optimize assets can result in waste, financial losses, and negative impacts on business growth. By using a structured asset management approach and leveraging technology, companies can increase efficiency and maximize the value of their assets.

The examples above show that asset management is not only relevant in one type of industry, but has an important role in various sectors.

However, understanding asset management is only one of the business management efforts in a company. You also need to understand the overall supply chain management.

You can learn this only in the Supply Chain Management program from Prasmul-Eli. If you are interested, register yourself immediately via the following link.

Cost-based pricing is one of the pricing strategies widely used by companies.

In this strategy, the selling price of a product or service is determined based on the total production costs incurred, then added to the percentage of profit desired by the company.

Cost-based pricing has become popular in various industries because it provides certainty for companies that the selling price can cover all costs incurred and provide a profit margin.

This method is very effective for companies that want to maintain financial stability without having to monitor competitor prices intensively. This strategy is also quite popular because of its ease of implementation.

Definition of Cost-Based Pricing

Cost-based pricing is a pricing strategy in which a company determines the selling price of a product or service based on the total production costs incurred.

This strategy aims to ensure that the selling price of the product can cover all costs incurred, as well as provide adequate profit for the company.

In this method, all costs associated with the production process, such as raw material costs, labor, overhead, and distribution, are added up first.

After that, the company adds a markup or percentage of desired profit to produce the final selling price.

Quoting from Indeed, cost-based pricing is a method that allows companies to set prices according to the costs incurred to produce goods or provide services.

In this strategy, companies focus on cost elements as the main basis for determining prices, rather than considering competitor prices or market conditions.

Cost-based pricing also plays an important role in helping companies maintain financial stability, especially in uncertain market conditions.

In situations where production costs suddenly increase, for example due to an increase in raw material prices, the company can adjust the selling price of the product to remain in accordance with the costs incurred

Types of Cost Based Pricing

Quoting from Dealhub, there are several methods in cost-based pricing that are commonly used by companies.

Each method has a different calculation method and purpose, depending on the business needs and target market of the company.

Here are the types of cost-based pricing that you need to know more about:

Cost Plus Pricing

Cost plus pricing is the simplest and most frequently used pricing method in the business world.

In this method, the company adds a percentage markup or fixed profit to the production cost per unit of product. In other words, the selling price is based on the total production costs plus the desired profit margin.

For example, if the production cost per unit of a product is Rp50,000 and the company wants to apply a markup of 20%, then the selling price that will be offered to consumers is Rp60,000 (from the calculation of Rp50,000 + (20% x Rp50,000) = Rp60,000).

Break Even Pricing

This strategy aims to determine the break-even point where the company neither makes a profit nor a loss. This strategy is the right way to calculate how many units of product must be sold in order to cover all production costs.

For example, if the total production and operational costs are Rp500,000 and the price per unit of product is set at Rp50,000, the company must sell 10 units to reach the break-even point.

Target Profit Pricing

Target profit pricing is a cost-based pricing method that considers a certain profit target that the company wants to achieve, while still keeping the product price competitive in the market.

The company calculates the total cost and the targeted profit, then divides it by the number of units produced.

For example, if the total production cost is Rp500,000 and the company wants to make a profit of Rp100,000, then the total target becomes Rp600,000.

If the company wants to produce 100 units, the price per unit offered is IDR 6,000.

This method provides flexibility for companies to set selling prices according to profit targets, as well as considering production capacity and market demand.

Advantages and Disadvantages of Cost Based Pricing

Reported from SPP, here are the advantages of using cost-based pricing:

1. Easy to Implement: Cost-based pricing is a simple strategy because it does not require extensive competitor research. You only need to calculate production costs and add the desired margin.
2. Guarantee Profit: By applying a fixed markup, companies can ensure that every sale generates profit.
3. Transparency: Cost-based pricing is an approach that makes it easier for customers to understand the basis for pricing. In fact, 60% of consumers consider transparency to be an important factor in building trust in a brand.
4. Easy to Explain: When there is a price increase, customers are more likely to accept it if the reason is an increase in production costs.

Quoting from Competera, cost-based pricing also has several disadvantages:

1. Ignores Market Demand: Cost-based pricing is a strategy that does not consider competitor prices and consumer perceptions of value.
2. Lack of Innovation: Companies tend to focus on fixed margins and are less motivated to improve efficiency or innovate.
3. Difficulty Calculating Indirect Costs: Cost-based pricing is a method that sometimes makes it difficult to calculate indirect costs such as marketing and distribution.
4. Does Not Guarantee Sales: Although it generates profit per unit, there is no guarantee that consumers will buy at that price.

Interested in learning more about pricing strategies? You can take the Marketing Pricing Strategy class from prasmul-eli.

In this class, you will understand the basic principles of determining the right price for the sustainability of products and companies.

You will also learn various alternative pricing strategies that can be applied to your business.

Don't miss the opportunity to improve your understanding of pricing strategies!

Negotiation skills are invaluable skills in many aspects of life, both professionally and personally.

Have you ever had difficulty negotiating? Maybe because you were nervous, had difficulty expressing your opinion, or were unsure of what to say.

Don't worry, because negotiation skills can be learned and improved.

In this article, we will discuss negotiation skills in depth, from basic techniques to strategies that can help you achieve the desired results

Negotiation Skill Definition

Negotiation skills are very important skills in everyday life. According to the Big Indonesian Dictionary (KBBI), negotiation is a bargaining process through negotiations to reach an agreement between two or more parties.

When talking about negotiation skills, many people often misunderstand that this is just the ability to bargain.

In fact, negotiation skills are the ability to reach an agreement when there are differences of opinion between two or more parties. In the world of work, negotiation skills are very important in various situations.

You will use them when discussing salaries with HRD, setting work contracts with clients, or even resolving conflicts with coworkers.

So it is not surprising that negotiation skills are often one of the important criteria in employee recruitment.

Negotiation Principles You Need to Know

There are four important principles in negotiation that you need to understand so that the process can run smoothly and produce mutually beneficial agreements.

Understanding each of these principles will make you better prepared to face various negotiation situations that may occur.

In addition, by applying these principles, you can avoid common mistakes that often occur when negotiating.

Mastering these principles will also improve your negotiation skills and increase your chances of achieving the desired results.

Here are the negotiation principles you need to know:

1. Control Your Emotions

In negotiation situations, emotions are often provoked, especially when discussing sensitive issues.

A good negotiator must be able to control emotions and not mix personal problems into the discussion.

Before negotiating, it is important to study the character of the other person, their goals, and the values ​​they adhere to. This understanding will help you determine the right communication approach.

2. Focus on Goals

The second principle is to focus on common goals.

Negotiations often get stuck because each party is too focused on fighting over who should get what. Remember that the goal of negotiation is not to win, but to reach an agreement that benefits all parties.

Try to identify the interests, needs, and motivations of your conversation partner to find common ground.

3. Benefit Both Parties

Third, look for options that are mutually beneficial. Brainstorm to find various solution options.

For example, when negotiating salary, don't just focus on the nominal amount. Also consider the facilities, benefits, or work flexibility offered.

4. Set Fair Standards

In negotiations, there is often debate about who is right and who is wrong.

To avoid this, set fair and independent standards as a basis for resolving differences of opinion. Both parties must agree on these criteria so that negotiations run smoothly.

How to Improve Negotiation Skills

You can improve your negotiation skills in various ways. One of the best ways to train this ability is to practice consistently.

Quoted from The Negotiation Academy, the main key to successful negotiation lies in effective communication.

Without good communication skills, you will have difficulty conveying your desires and understanding the perspective of the other person.

Here are ways to improve your negotiation skills:

1. Identify Problems and Needs

The first step to improving negotiation skills is to carefully identify problems and needs.

Before starting a negotiation, make a list of points to discuss and determine the goals you want to achieve.

The more you understand the situation, the more confident you will be in conveying ideas. Don't forget to also understand the needs and motivations of your interlocutor.

2. Manage Emotions

Second, manage your emotions wisely. Negotiations can be an emotional situation, especially when discussing sensitive matters.

You must be able to stay calm and avoid unnecessary confrontation. If you feel your emotions starting to heat up, don't hesitate to ask for a moment before continuing the discussion.

Remember, being defensive will only hinder the negotiation process.

3. Practice

Practicing with friends, family, or mentors can help you build confidence and hone your negotiation techniques.

Try different scenarios and techniques to find the negotiation style that best suits your personality.

The more you practice, the sharper your instincts will be in finding creative solutions.

4. Listen to the Other Person

Give your full attention to the other person and avoid the habit of interrupting.

Pay attention not only to the words spoken, but also to their body language and tone of voice.

Good listening skills will help you understand the perspective of the other person and find opportunities to reach an agreement.

5. Evaluation

Finally, evaluate after each negotiation. Note down valuable lessons from each experience to develop better strategies in the future.

Evaluation also helps you monitor the development of your negotiation skills.

Want to improve your negotiation skills more effectively? You can take the Applied Negotiation Technique class from Prasmul-Eli.

This class will help you master profitable negotiation techniques, from planning to execution.

With the guidance of experienced instructors, you will be trained to conduct negotiations that produce win-win solutions for all parties.

So, are you ready to develop your negotiation skills?

Consumer markets play a vital role in understanding what buyers are really looking for and need.

If you have ever wondered why some products sell well while others are difficult to find, the answer lies in how we understand the consumer market.

In the business world, understanding consumer behavior and preferences is very important in order to create the right strategy to attract their interest.

This article will discuss in depth how the consumer market works, the types of purchases in it, and the factors that influence purchasing decisions.

Read until the end to get important insights that will strengthen your marketing strategy!

Definition of Consumer Market

The consumer market is an ecosystem where individuals or households buy products and services for personal consumption.

The consumer market includes four main categories, namely food, beverages, transportation, and retail. Interestingly, every time you buy something for your own use, you are already a part of this one.

In the context of modern business, the consumer market is not just about buying and selling transactions.

This market is closely related to consumer behavior such as how they make decisions, what influences their choices, and the reasons they buy certain products.

Consumer markets can also be distinguished based on the type of products traded. There are two main categories, namely fast-moving consumer goods (FMCG) and consumer durables.

FMCG includes products that are quickly consumed or frequently purchased, such as food, beverages, and cleaning products.

While consumer durables are products that last a long time, such as electronics, vehicles, and household furniture.

Functions of the Consumer Market

The consumer market plays a very vital role in the business ecosystem, because this is where the interaction between producers and consumers occurs.

Understanding the function of the consumer market not only helps business actors in developing more effective marketing strategies, but also provides insight into consumer needs and preferences.

The consumer market has several important functions in the business ecosystem, namely:

1. Liaison between Producers and End Consumers

First, the consumer market acts as a liaison between producers and end consumers. Without this market, producers will have difficulty distributing their products to people who need them.

2. Indicators of Marketing Strategy Success

Second, the consumer market functions as an indicator of the success of a marketing strategy. Through market analysis, companies can see whether their products are well received or need adjustments.

3. Market Segmentation

Third, the consumer market helps companies segment the market.

By understanding consumer characteristics, you can create a more targeted marketing strategy. For example, if your target market is teenagers, the marketing approach will be different from the target market for adults.

Types of Purchases in the Consumer Market

Every purchase is influenced by various factors, ranging from cultural, social, personal, to psychological.

By knowing these types of purchases, you can better understand consumer behavior and how to meet their needs.

Here are the types of purchases in the consumer market:

1. Purchases Based on Cultural Factors

Culture plays a big role in shaping consumer preferences and purchasing habits.

These factors include values, beliefs, customs, and habits that are passed down from generation to generation.

For example, in some areas, people prefer closed or traditional clothing as a form of respect for local cultural values. Conversely, people in urban areas may prefer a more casual and modern style of dress.

In addition, cultural factors also influence the choice of food, beverage, or even electronic products. Because inherited preferences can differ from one culture to another.

2. Purchasing Based on Social Factors

Purchasing decisions are also influenced by the consumer's social environment. Family, friends, and even influencers can influence product choices.

For example, a football club fan might buy merchandise recommended by their idol player.

In this case, the consumer market is dynamic because consumer preferences continue to evolve following social trends.

3. Purchasing Based on Personal Factors

Each individual has unique characteristics that influence their purchasing decisions. Factors such as age, occupation, and economic status play an important role.

Purchasing preferences will differ between young people and older people, or between those who work in offices and those who work in the field.

For example, a young executive may prefer to have lunch at a restaurant, while a field worker may prefer a food stall.

This personal factor shows that each consumer has unique needs and preferences according to their life conditions and personality.

4. Purchasing Based on Psychological Factors

Purchasing decisions are also influenced by psychological factors, such as motivation, perception, and beliefs.

A person's motivation to buy a particular product can be triggered by the desire to improve their quality of life or simply to gain satisfaction.

Consumer perceptions of a brand, which are formed from past experiences or recommendations from others, will also influence their choices.

Beliefs and attitudes toward a product, whether considered positive or negative, also play a role in purchasing decisions.

For example, consumers who have had a positive experience with a brand will tend to be loyal and repurchase the product in the future.

Increase your understanding of the consumer market by taking the Customer Satisfaction & Relationship class from prasmul-eli.

This program is specifically designed to help you understand the essence of customer satisfaction and loyalty.

Here, you will learn how customer satisfaction relates to company profits, as well as various marketing strategies to increase customer loyalty.

What are you waiting for? Join and improve your ability to understand and serve the consumer market!

Have you ever felt the need for someone to listen to your complaints and seek validation for what you feel?

Or maybe you are looking for a solution to a problem you are facing? Counseling might be the answer.

Counseling is a place where you can talk freely about anything that is bothering you without feeling judged.

To find out more about this one and what its function is, you should read the explanation below first!

Definition of Counseling You Need to Know

Counseling is a process in which an expert or counselor provides assistance to individuals who need guidance.

This process is very important to support mental development and emotional intelligence, especially in educational environments.

In the process, counseling can create a personal professional relationship between the counselor and the client.

According to The American Counseling Association (ACA), the main goal of counseling is to help individuals, families, or groups achieve mental well-being, educational success, and career advancement.

When doing counseling, the counselor will help you understand your potential and current condition. In addition, counseling also helps you plan for the future by maximizing your potential.

Interestingly, counseling is not only for individuals.

You can do counseling in groups, pairs, or even with family. The most important thing is that there is a sense of comfort and trust between you and the counselor.

Several Functions of Counseling

Counseling is one effective way to support your mental development and health, both in the short and long term.

Counseling has several important functions that can help your life become better. Here are the main functions of counseling:

1. Understanding Function

Counseling helps you understand yourself more deeply. In this process, you will be invited to recognize who you really are, what strengths you have, and how to interact with the environment around you.

Through this understanding, you can more easily determine your life goals and design the right steps to achieve them.

2. Prevention Function

Counseling also plays a role in preventing problems that may arise in the future

With the help of a counselor, you can learn to recognize early signs of situations that may lead to problems, such as stress, conflict, or negative habits.

3. Development Function

The development function in counseling creates a conducive atmosphere to improve your abilities and insights. The counselor will help you through various supportive activities.

For example, group discussions, tutorials, or even activities such as field trips that can provide new experiences and broaden your perspective.

4. Healing Function

Counseling also plays a role in healing emotional wounds that you may experience. Be it personal problems, social conflicts, or problems in the career world.

Counseling offers support and guidance to overcome pain and heal disturbed feelings.

5. Adjustment Function

In this function, counseling aims to help you adapt to your surroundings in a healthier and more positive way.

For example, if you are facing difficulties in social relationships or a new work environment.

The counselor will help you adjust and respond to the situation in a better way.

6. Corrective Function

The corrective function focuses on helping you correct ways of thinking and behavior patterns that may be inappropriate or unhealthy.

The counselor will guide you in finding more positive and productive ways of thinking and acting. Thus, you can develop in a better direction and avoid mistakes in the future.

7. Facilitation Function

In this function, the counselor creates an environment that supports your self-development. That way, you can optimize your potential, talents, and abilities.

The goal is to help you achieve what you want in life, both personally and professionally.

8. Maintenance Function

Finally, there is a maintenance function that focuses on maintaining the positive conditions that you have achieved.

Once you have made progress or found stability in your life, the counselor will help you maintain that achievement and prevent new problems from arising.

Stages of Counseling You Need to Understand

In the counseling process, there are several stages that you will go through. This process starts from the opening stage to the evaluation.

1. Opening Stage

This stage is the beginning of the counseling process, where you and the counselor will build a comfortable and safe relationship.

Here, you can freely tell the problems you are facing without fear of being judged. The counselor will listen to your story with full attention and empathy

2. Assessment Stage

After a basic relationship is established, counseling will continue to the assessment stage. At this stage, the counselor will dig deeper to understand the situation you are experiencing.

They will collect information such as personal background, life experiences, and factors that influence your current condition.

The goal is to gain a comprehensive understanding so that the treatment plan can be more targeted.

3. Intervention Phase

The intervention phase is the core of the counseling process, where the counselor begins to develop and implement a treatment plan that suits your needs.

This plan can include various forms of support, such as providing new knowledge, helpful advice, or specific tasks that can help your recovery process.

For example, you may be asked to journal, do self-reflection, or implement new coping strategies.

4. Collaboration Phase

In the collaboration phase, you and your counselor work together to implement the plan that has been developed.

The counselor will accompany you every step of the way, helping you overcome challenges that may arise and adjust strategies if necessary.

5. Evaluation and Closing Phase

In the evaluation phase, you and your counselor will review the progress that has been made.

Together, you will discuss what changes have occurred during the counseling process and the extent to which the initial goals have been achieved.

If there are still things that need to be improved, the counselor will provide additional advice or adjust the plan for more optimal results.

6. Termination or Ending Stage

The last is the termination or ending stage. This stage is carried out when you feel better and are ready to live your life without the help of a counselor.

However, don't worry. You can still return to the counselor if you need help later.

Are you interested in learning more about counseling?

prasmul-eli offers Coaching, Counseling, and Mentoring classes that will help you master counseling skills professionally.

In this class, you will learn how to apply Coaching, Counseling & Mentoring appropriately to help develop human resources in your company or organization.

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Accounting is a very important foundation in managing a healthy and sustainable business. That is why there are many benefits of accounting for businesses that you should understand.

With a good recording system, you can clearly see the financial condition of the business, including income, expenses, and profitability.

In this article, we will discuss more about the benefits of accounting for businesses that you should know.

What is Accounting?

Accounting is not just a simple calculation system as many people think.

Actually, accounting is an information system that produces reports for parties who have an interest in the economic activities and conditions of the company.

Think of accounting as a financial record book for your business. This book records all transactions, from income to expenses, so you can monitor the "health" of the business at any time.

Just like a doctor who needs to see his patient's medical history before making a diagnosis, entrepreneurs also need financial records to make important decisions.

12 Benefits of Accounting You Must Know

Here are some of the benefits of accounting for companies:

1. Monitoring Business Financial Health

With accounting, you can see the financial condition of your business, just like seeing the results of a medical check-up.

This financial report can help you measure the success or failure of your business precisely. For example, you can know exactly how much profit product A makes compared to product B, or how this month's sales performance is compared to last month.

2. Making Better Planning

The next benefit of accounting is that it helps you create a more mature business plan. With neat financial data, you can make realistic budget projections.

This allows you to focus on developing your business without worrying about running out of funds in the middle of the road. For example, you can plan when is the right time to buy new machines or add employees.

3. Making More Accurate Decisions

Accounting provides great benefits in making business decisions. Just imagine you want to open a new branch.

With complete financial reports, you can assess whether the available capital is sufficient, how much operational costs are needed, and how long the estimated return on investment (ROI) is.

4. Manage Cash Flow Well

Quoting from Unbiased, many businesses fail due to cash management problems. The benefits of accounting here are crucial because they help you ensure that incoming and outgoing money is well controlled.

For example, you can set a supplier payment schedule so that it does not clash with employee salary payment times.

5. Makes it Easier to Get Loans

A benefit of accounting that is often forgotten is the ease of getting funding. Banks or investors will have more confidence in businesses with neat and professional bookkeeping. They can see your business's track record, ability to pay debts, and potential for future growth more clearly.

6. Maintain Legal Compliance

Reported from Loyalty Accounting, accounting helps your business comply with applicable tax and financial regulations.

With neat bookkeeping, you don't need to panic when there is a tax audit or inspection. Because all transactions are clearly recorded and can be accounted for.

7. Measuring Strategy Effectiveness

The benefits of accounting are also seen when you want to evaluate your business strategy. For example, you have just done a big promotion.

With accurate financial data, you can compare the promotion costs with the increase in sales obtained, so you can assess whether the promotion is profitable or not.

8. Detecting Innefficiency

Neat financial reports also help you find areas of inefficiency in your business. Maybe you just realized that your electricity bill is too high, or there are routine expenses that can actually be reduced.

By detecting this waste, you can save significant operational costs.

9. Increasing Investor Confidence

The benefits of accounting in attracting investors are also very large. Neat bookkeeping shows the professionalism of your business.

As quoted from Loyalty Accounting, investors will be more interested in businesses that can show healthy growth and financial management through structured financial reports.

10. Facilitates Business Expansion

When your business is ready to grow, having detailed accounting data is also very necessary. You can make a more mature expansion plan based on historical financial records.

For example, when you are going to open a new branch, you already have an idea of ​​how much capital is needed and how long the estimated return on investment is based on the experience of previous branches.

11. Manage Inventory More Efficiently

The benefits of accounting are also seen in managing stock. With good record keeping, you can know which products have a fast turnover and which ones are slow.

This information helps you make better decisions in purchasing stock, and avoids accumulating slow-selling goods.

12. Preparing for the Future

With a good accounting system, you can make more accurate financial projections for the future.

You can estimate when is the right time to make new investments, add capital, or even plan expansion.

Interested in understanding more about accounting? You can take the Finance for Non-Finance Professional class from prasmul-eli.

In this class, you will learn about various financial statements, accounting reporting concepts, and how to use financial information to make better business decisions.

This class is specifically designed for those who want to improve their ability to manage business finances without a formal accounting background.

You will learn to understand the basics of financial management, investment concepts, and how to use financial information to facilitate daily business operations.

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Have you ever wondered what makes some companies immediately remembered when we hear their names?

Or, why do some businesses seem more trustworthy than others? All of this is closely related to a concept called corporate branding.

You need to know that in business competition, having a prominent branding can be a major differentiator. With strong corporate branding, companies can differentiate themselves from competitors and leave a deep impression on customers' minds.

However, what exactly makes corporate branding so important? Here's a complete explanation!

Definition of Corporate Branding

Corporate branding is a marketing strategy that focuses on building and developing a company's overall identity.

So, it's not just about a cool logo or a memorable slogan. This strategy includes how your company communicates and relates to the public.

Meanwhile, Indeed also states that corporate branding includes everything that shapes a company's image in the public eye.

Starting from the values ​​held by the company, how to communicate with customers, to the work culture within the company. All of these things work together to create a unique identity that is easily recognized.

For example, when you hear the name "Apple," what immediately comes to mind? Definitely innovation, elegant design, and sophisticated technology. This is the result of corporate branding that has succeeded in creating a strong and consistent perception in the minds of the public.

The Importance of Corporate Branding for Business

In the digital era like today, business competition is getting tighter. It is no wonder that every company is competing to attract the attention of consumers. This is where the role of corporate branding becomes very important.

What are its roles? Here is the explanation:

Building a Unique Identity

Corporate branding plays an important role in creating a company identity that is different from competitors.

Of the thousands of similar products and services, having a unique identity can provide great benefits.

With a strong identity, customers can easily recognize and remember your company, thus attracting more potential consumers.

Increasing Customer Trust

When a company has good branding, it will also help build strong trust between the company and its customers.

A company with a clear and consistent identity will certainly make customers feel more comfortable and safe when choosing the products or services offered.

For example, if you often see the same logo and message from a company, it turns out that you will find it easier to trust it.

But remember, this trust is not formed overnight, but rather the result of consistent corporate branding implementation.

Creating Emotional Connections

Effective branding is not only about products or services, but also about values ​​and larger goals. When these values ​​are in line with what customers believe, a strong emotional connection can be formed.

Guiding the Company's Direction

Corporate branding also serves as a compass for the company. It is not only about the outward appearance, but also about how the company makes decisions.

Every step taken, from product development to customer service, must be in accordance with the values ​​set out in the branding.

By having clear guidelines, everyone in the company can work with the same goal and maintain consistency in every aspect of the business.

Increasing Company Value

Strong corporate branding can also increase the overall value of the company. This not only impacts sales, but also the company's ability to attract investors, talented employees, and potential business partners.

When customers feel connected and trust, they will certainly come back and recommend the product to others. This makes the brand name more well-known and has a strong value in society.

Types of Corporate Branding

Here are some types of corporate branding that can help companies build a strong identity:

Personal Branding

Personal branding is when someone becomes the face of a company. A famous example is Huda Beauty. Huda Kattan, its founder, managed to build a major cosmetics brand by leveraging her popularity as a beauty influencer.

Product Branding

Product branding focuses on creating a specific identity for a particular product. For example, the iPhone from Apple. The iPhone is known as a high-quality smartphone with advanced technology and an attractive design.

Geographical Branding

Geographical branding uses the reputation of an area or region to build a brand. For example, Swiss watches.

Swiss watches have long been renowned for their accuracy, quality, and craftsmanship. Swiss watch companies leverage this reputation to attract consumers around the world.

Service Branding

This type of branding focuses on the experience and service provided to customers. Companies like Singapore Airlines are renowned for their strong service branding, where they build their reputation through consistent, high-quality service.

Cultural Branding

Cultural branding links a company’s identity to certain cultural values. Nike, for example, often uses inspirational and fighting-spirited themes in their campaigns.

In this way, they can attract consumers who share similar values, thus forming a deeper connection.

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In this class, you will learn about the essence of a brand, understand the fundamental differences between a brand and a product, learn the importance of building a strong brand, and learn how to differentiate your brand in the market.

In addition, you will also gain an in-depth understanding of the important elements of brand identity.

With this knowledge, you will have a strong foundation to build and develop a successful brand. So, what are you waiting for? Join the Strategic Brand Management class and start building your brand more professionally!

Have you ever dreamed of having your own business but still hesitant to start? Actually, this is normal. Starting a business is not a small decision, and requires a lot of consideration.

Therefore, to help you be more confident, let's discuss business opportunity analysis. With the right analysis, the level of business success will certainly be higher and have the opportunity to become a leader in the industry.

In addition, of course, you will also be more prepared to face all possibilities in the field and can design a more mature strategy.

Definition of Business Opportunity Analysis

Business opportunity analysis is an important process carried out before starting or developing a business. This process includes several main steps such as research, planning, estimating, and evaluating the business you want to run.

By doing this analysis, you can better understand the market potential, growth opportunities, and various challenges that may be faced.

For example, in a business opportunity analysis, you will conduct research on the needs and wants of consumers in the market. In addition, you will estimate the costs required to run a business, from production costs to marketing costs.

So, business opportunity analysis helps you to better understand all aspects of the business, so that the steps taken are more focused and reduce the risk of loss.

Purpose of Business Opportunity Analysis

Quoting from Hubspot, there are several important objectives in conducting this analysis, namely:

1. Making Strategic Decisions

First, this analysis helps you make better long-term strategic decisions. For example, you can predict market trends for the next 1-5 years.

Thus, it will be easier for you to anticipate changes in market trends, technological developments, and shifts in consumer behavior.

2. Avoiding Bankruptcy

Business opportunity analysis helps you avoid bankruptcy. By conducting the right analysis, you can identify potential problems before they occur.

3. Determining Marketing Strategy

Each product requires a different marketing approach. For example, products for professionals may be more suitable to be marketed through LinkedIn, while products for teenagers are more effective through TikTok or Instagram.

4. Understanding Product Value in the Market

By conducting a business opportunity analysis, you can see how big the chance is that your product will be accepted by the public. This process allows you to understand the right position for the product in the market.

For example, whether your product is suitable to be placed as a premium or affordable product. You can also determine the right price according to consumer purchasing power.

5. Measuring Market Competition

This analysis also helps you to understand the competitive map in the market. You will get a clear picture of who your competitors are, what their strengths and weaknesses are, and how they attract customers.

Characteristics of Business Opportunity Analysis

In conducting a business opportunity analysis, there are several characteristics that you need to pay attention to.

A good business opportunity must have elements of creativity and innovation, not just copying other people's ideas. In addition, promising business opportunities are also always based on strong beliefs and enthusiasm.

These two things will be important capital when you face challenges in your business journey. Without confidence and enthusiasm, you will easily give up when facing difficulties.

No less important, business opportunities must also be adaptive to change. In the digital era like today, businesses that cannot adapt will usually be left behind.

How to Conduct a Business Opportunity Analysis

Now let's discuss the steps in conducting a business opportunity analysis.

1. SWOT Analysis (Strength, Weakness, Opportunity, Threat)

The first step is to analyze the internal strengths and weaknesses of your business, as well as external opportunities and threats. This method will provide a comprehensive picture of your business's position in the market.

2. Target Market

Second, determine the target market clearly. Although your product can be used by all groups, it is better to focus on a specific group based on age, gender, or interests.

The more specific the target market, the more effective the marketing strategy you can implement.

3. Create a Clear Budget

Next, prepare a detailed budget plan. Starting from production costs, employee salaries, operational costs, to marketing costs. Don't forget to take into account the desired profit margin.

4. Competitor Research

Conduct in-depth research on competitors or competitors in the market. Understanding the value proposition offered by competitors is very important.

This includes looking at the strategies they implement, the marketing approaches they use, and what can be learned from their customer reviews.

By analyzing the strengths and weaknesses of competitors, you can find opportunities to make your business superior.

5. Pay Attention to External Factors

Don't forget to consider external factors that can affect your business. For example, current economic conditions, developing social trends, technological advances, and government regulations.

These external factors often have a major impact on the success of a business, so it is important to always keep up with the changes that occur.

6. Conduct Routine Evaluations

Remember that business opportunity analysis is not an activity that is done only once. This process should be carried out routinely to ensure that your business remains relevant and growing. With regular evaluations, you can see whether the strategies implemented are still effective or need to be updated.

Interested in deepening your understanding of business opportunity analysis? prasmul-eli provides a comprehensive Business Development Planning class.

In this class, you will learn everything from competitive analysis, competitive strategies, financial aspects of business, and more. Register for prasmul-eli's Business Development Planning class now!