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Senior Director, Marketing & Sales Enablement
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Louise Crawford is Senior Director of Worldwide Demand at Silver Peak. She oversees all global demand initiatives for direct channels including campaign development, events, worldwide customer communications and international operations. She supports sales and global expansion across North America, EMEA and APAC.Company Overview
Silver Peak is the leader in building software-defined WANs (SD-WANs). The company enables enterprises and service providers to flexibly and securely connect users to applications via the most cost-effective and highest-performing WAN connectivity available. With Silver Peak’s solutions, customers can augment or replace MPLS networks with secure broadband connectivity, leveraging existing WAN investments while dramatically reducing WAN costs and complexity. Customers benefit from unprecedented levels of visibility, control and security over all traffic traversing the WAN, while at the same time improving application and network performance.Challenges What have been some of your key challenges in marketing? Solution What types of marketing solutions did you invest in and why?
We needed a set of integrated solutions and platforms that would drive demand and build awareness with our target audience at the same time. Given TechTarget’s understanding of the SD-WAN market and its strong engagement with that audience, we chose to invest in content syndication using Silver Peak content as well as editorial sponsorships to get topically aligned with buyers researching in our space. We believe it’s really important to follow conversations, more than a random demographic. During that time we also gained a better understanding about the relationship between role, timing and format preferences our audience has and are able to take that into consideration as we build ongoing content across buying stages.Can you talk about your MarTech stack and how it works?
We’ve taken two approaches with respect to our MarTech stack. Our sales organization is growing at a very fast pace and we need to support that growth by producing as many high- quality MQLs as possible to help create pipeline opportunities. At the same time we need to be more strategic as we continue to evolve our Account Based Marketing (ABM) strategy.
We have one technology stack for ABM programs and another technology and program stack designed around generating as many highly-qualified MQLs as possible. Some of the approaches we use for high volume MQLs are also used for our ABM marketing tactics. We have found that leveraging these programs across the board delivers greater efficiency, higher quality MQLs and can help move us into larger deal sizes.
Our goal is to continuously provide our sales teams with as much contextual information as possible about prospects before they engage with them. TechTarget enables us to do that with all the activity data they provide. Their Priority Engine™ intent data tool provides intelligence on people who are in-market researching and fits with the precise demographic and customer profile we need to target. We view Priority Engine as another key element in our marketing stack, especially as our ABM continues to evolve.How do you stay aligned with sales to ensure your integrated marketing is effective?
Like everything else, our sales and marketing teams need to work together so alignment amongst our teams is critical. We spend a lot of time with sales ensuring our marketing programs are supporting their goals. We meet with them on kick-off calls and monthly meetings as well as with our regional sales managers to ensure everything we are doing with our programs is focused and aligned to their needs. On an ongoing basis, we test, measure and get feedback from sales to understand what’s working, what’s not, so we address it and adjust quickly.Results What types of things are you measuring in your marketing? Can you share any feedback you are getting from sales? What was your experience working with your TechTarget team?
I look for the things that differentiate us from our competition. I’ve worked with TechTarget for more than 12 years and they help us put space between us and our competitors. We work together as a team to determine the ideal combination of activity that will give us the most traction for both awareness and demand generation. They are very proactive in sharing things we should consider focusing on based on their expertise. At the outset, we partnered with TechTarget because of their integrated solutions that are topically focused and the ability to leverage the close relationship they have with their audience.
b2b branding, B2B marketing, demand generation, TechTarget
You're reading Tech Marketer Talks: Silver Peak Drives Demand And Brand Awareness Through Global Integrated Marketing
As search marketers, we all want to own as much SERP real estate as possible, because it means more visibility and more traffic.
Trouble is, page one is steadily changing.
In this article, you will:
Understand the challenge of competitive SERPs.
Learn how to use On-SERP SEO effectively.
Develop a “Traffic Potential” mindset.
Get seven actionable tactics to boost your search presence right now.Understand The Challenge Of Competitive SERPs
Search engine result pages (SERPs) are more competitive than ever.
We’re starting to see many different types of media elements ranking.
The decline of organic traffic for top-performing keywords is rooted in the presence of new elements on page one.
We, therefore, call these elements “position zero” because they outrank even the top organic results.
So, how can SEO professionals stay effective when the SERPs are becoming more competitive?Use On-SERP SEO To Stay Competitive Against Position Zero SERPs
On-SERP SEO is the work of optimizing the entire first page.
The goal is to take up as much real estate on page one as possible, thus increasing CTR and generating more organic traffic.
On-SERP SEO requires a paradigm shift for SEO professionals.
It is an integrated strategy to increase search appearance and brand awareness on page one.
It is the SEO taking ownership of Google traffic, no matter which SERP elements it comes from.
To be competitive in the world of zero position SERPs, this means SEO pros must coordinate all kinds of different media sources to dominate every relevant aspect of page one.The ‘Traffic Potential’ Mindset You Need To Succeed In SEO Today
When doing your keyword research, defining your target pages and selecting target search terms, there’s one important mindset shift to make to future-proof your SEO strategy:
Factor in the new SERP reality.
In traditional SEO analysis, you’re used to reviewing:
Monthly search volumes.
Today, however, you must adapt your efforts to factor in:
The presence of featured snippets.
Other media elements.
Decreased CTR for organic results.
Therefore, you must now include CTR in your keyword research and decision-making.
To do this, most SEO tools include a traffic potential factor you can use.
Only then will you receive the best CTR and true organic traffic gains for the content you create.7 Actionable Tactics To Optimize Your Website In Competitive SERPs
Now that we’ve altered your mindset, let’s discuss tactics to boost your search presence right now.1. Optimize Your Top 10 Ranking Keywords To Win A Featured Snippet
Optimizing to win featured snippets is not an exact science, but art in and of itself.
It seems to be the case that Google usually pulls data out of the current top 10 rankings to populate the featured snippet.
So, the first step is to check your current organic rankings and determine which of those keywords already displays a featured snippet (using tools like Ahrefs, Semrush, etc.).
Those will identify your target keywords and target pages to optimize for featured snippets.
There are four main types of featured snippets, depending on the query intent:
Your second step is to note what kind of featured snippet is displayed for each of your target keywords.
Featured snippets are usually displayed for long-tail queries and, more often than not, question queries.
To optimize for the featured snippet, add such questions or keyword terms as a subheadline to your content.
Immediately beneath the subheadline, create a precise answer.
This can be one paragraph (around 45 words on average), a list (ordered or unordered) or a table, depending on what Google favours for that keyword.
The more precise and factual you can get, the better.
Google likes pulling lists and data directly into the search results.
You can even use schema to markup lists and comparison tables.2. Optimize For Google Sitelinks
Sitelinks increase the visual space of your search results by displaying the most important pages of your website directly within your search result.
Although you can’t force Google to display sitelinks, you can create a clear navigational structure – with strong internal links to the core pages, as well as anchors and alt tags that are descriptive – to increase your chances of Google displaying your sitelinks.3. Add Schema Markup When Appropriate
Product, business, and review schema markup help Google to understand what your pages and content are about.
You can review the types of schema markup at chúng tôi and implement them on your pages.
The review schema markup can allow Google to display a star rating within your organic search results, which increases truth, credibility, and CTR.4. Use & Optimize Google Business Profile
You can win a lot of space for local searches by verifying and optimizing your Google Business Profile.
This will also help your presence in Google Maps.
All features, amenities, and details of your business should be listed and displayed to make your Google Business Profile listing visually longer and provide important information.
Collecting reviews for the listing will also allow you to use it for the review schema markup mentioned above.
Bonus: Make sure to collect and answer questions on your listing! This will add valuable length to your listing.5. Run Branded PPC Ads
Don’t ever let someone else occupy your valuable ad space.
A basic branded Google Ads campaign should always be running for your brand name terms.
Make sure to fill out all available fields and add relevant ad extensions for maximum visual impact.6. Optimize Your Knowledge Panel
The purpose of Google’s knowledge panels is to display all information about your business in one condensed spot.
They are available to display for companies, nonprofit organizations, influential people, local businesses, media (movies, TV, books, music), nutritional information, and products.
If your company falls into one of the above categories you stand to benefit greatly from optimizing your Knowledge panel.7. Optimize Images To Appear In SERPs & Featured Snippets
It’s important to review your target keywords and see if images are included in their SERPs.
Why? Because a lot of SERPs feature images.
If so, proceed with some basic image SEO to increase the chances of your relevant images ranking.
Make sure to include such images on a page where the headline and URL match the image target keyword.
For your information, image SEO ranking factors include:
The image file names and alt tags: Choose appropriate and keyword-optimized names.
Image context: Place your image on a part of the website where the surrounding content matches the keyword intent.
Image captions with short and relevant descriptions.
Image sizes with common dimensions (e.g., 900 pixels wide and 16:9)
Following these seven tactics will allow you to achieve effective wins on page one that goes beyond position one rankings.The Future Of SERPs & How To Win With On-SERP SEO
On-SERP SEO is a perfect example of this.
Your digital marketing should use the communication mode your prospects prefer: videos. By producing compelling brand origin, segment-specific and explainer videos, you’ll stand apart from the competition
Everywhere you look these days, people are staring at screens. What they’re viewing most is social media videos and streamed TV. In digital marketing videos are no longer just a nice to have; they’re a core medium through which to build awareness of your brand and to prime future conversions.
The ROI of video marketing is clear, as shown in recent articles by Smart Insights and Wordstream.
Download our Individual Member Resource – Video and YouTube marketing guide
Our guide shows you how to review the full opportunities from video marketing whether you are a company looking to integrate video marketing more into your campaigns or a marketing agency looking to improve your video marketing services.
Access the Video and YouTube marketing guide
Here are a few compelling video marketing statistics:
Video marketers enjoy a 54% increase in brand awareness.
Social video generates 12 times more shares than text and images combined.
Video drives a 157% increase in organic traffic from search result pages.
To build awareness of both your brand and your products, you’ll need to produce and post three types of videos: brand origin, segment-specific and explainer. Each is needed at different points in the buyer journey to inform and guide your prospects along their conversion path.
Best of all, with the help of the freelance video scripters and producers, you won’t need to spend thousands of dollars for a Hollywood-caliber writer.Create brand origin videos
As Simon Sinek put in in his popular ‘Start With Why’ TED talk, your prospective buyers don’t just buy what you’re selling and how you deliver it, but why you’re in business in the first place. Keep this in mind as you strive to create awareness for your unknown brand (and 99% of brands are unknown, on a global level).
Think about it. All other things like price, quality and taste being equal, would you rather buy your salad dressing from Brand A or Newman’s Own, the company that donates 100% of its profits to charity? Even if you don’t give anything to charity, most people would like other people to know that they do. So you’d buy Newman’s dressing both because it both looks good on your kitchen table and because it makes you feel good.
Steve Olenski gives us four tips for creating a compelling brand story. They’re a great starting point as you brainstorm ideas for your own brand video.
So, in your brand origin (sometimes called ‘our story’) video, speak transparently about who you are and what you stand for. Do that as clearly and compellingly as you can, then stop. Your brand video is not the place to sell your wares; you can do that in later communications and web pages. Your goal here is to build trust and a deeper personal connection.E-commerce example: Warby Parker glasses
Warby Parker, the maverick online seller of prescription eyeglasses, tells its brand story directly from the mouths of their co-founder, David Gilboa and other leaders in video format.
Gilboa starts by sharing how frustrating it was for him to pay $700 for a pair of replacement glasses after he lost his glasses at an airport. So he started a company to address the problem. The kicker: for every pair of glasses Warby sells, they distribute a free pair to someone in need. Now that’s a compelling story that anyone can relate to.
In addition, the Warby video highlights the ‘virtual try-on’ feature on the website, which addresses a concern many prospective glasses buyers have: not knowing how the glasses will look on their face. While brand origin videos should generally not discuss features, it was appropriate for Warby to do in this case because they found the ‘I can’t try them on’ objection to be a non-starter for a significant percentage of their prospects.
Also keep in mind that this video:
Did not require fancy graphics or production. By showing interviews with founding leaders in their office space, the video comes across as personal and authentic.
At under three minutes long, the video is short. You don’t need ten minutes or more to tell your story (if you think you do, get some feedback from people outside your company. Chances are, your draft script is too long-winded).
Starting with creative brainstorming with your marketing team, you can do the same for your brand.Create segment-specific videos
Once you’ve made your target customers aware of your brand, it’s time to go deeper, to build an increasingly personal connection with your prospects. To do this you’ll need to:
Segment your prospect lists by any dimensions you have available.
Personalize your communications to each prospect’s intent and preferences.
On the segmentation side, HubSpot shares 30 ways you can segment your email list, which includes basic demographic criteria like geography, gender, age, and education level, and other factors like the stage they are at in buying cycle and buyer persona.
Here’s the process to make your communications increasingly personal:
Base your initial email on the lead source (chat, web form, outbound sales) and high-level prospect segment.
Rinse and repeat.
The best way to do this is with an email automation platform. By integrating an email automation app with your customer relationship management (CRM) system, you’ll not only send your prospects the most relevant content. You’ll also gather individual-level data that you can use to learn more about your prospects’ mindsets and motivations.
Most importantly, you should embed increasingly-personalized videos in your emails so your prospects can choose the topics of interest. You can also include links to the article versions, for those viewers who still like to read.
When creating these segment-specific videos be sure to:
Keep them short (less than 90 seconds is ideal).
Optimize your video load and streaming speeds.
Focus your videos on the right prospect segment and buying stage.
The bottom line is each email and video you send should be increasingly personalized and relevant. If, in each email and video you send, you can get your prospect to say, ‘Yeah, that’s me, and that’s what I want’, you’ve succeeded.
Keep in mind your goal here – it’s not to sell (at least not yet). After you’ve built trust and rapport with your brand story videos, you need to build engagement. So, unless you’re selling a ‘quick consideration’ product or service (lower priced, less risk), your prospect will need to feel very comfortable with your brand before parting with her hard-earned money.Create explainer videos
Now, assuming you’ve made your prospect aware of your brand (the ‘why’), and increased their engagement with it (the ‘what’), it’s time to make a compelling case for your product or service (the ‘how’). Some would call this selling, but I prefer the term ‘building value’ because if you do this well, your product or service should sell itself.
Explainer videos are the realm of value proposition and benefits. Your value proposition is your offering’s top value add and how it does this better than any other brand.
Here’s an example from Tortuga Backpacks, a seller of expandable packs:
‘Bring everything you need without checking a bag’.
This value proposition is short, to the point, and addresses an emotional desire (to avoid the extra time and cost of processing checked luggage).
Marketing blogger Mary Fernandez provides some great ‘how to write a value proposition’ guidance, including a visual canvas template.
Unpacking a bit, the next level of creating an explainer video is determining the unique benefits your product or service offers. Not features or specifications, but how your offering delivers more value, on both functional and emotional levels.
Not sure how to come up with benefits? Use the FAB model, which breaks down as:
Feature – ‘It has…’
Advantage – ‘Which means…’
Benefit – ‘So that…’
For example, let’s say chúng tôi sells an innovative sneaker with laces that automatically synch up after you put on the shoe. The FAB in this case:
It has… automatically-synching laces that tighten the perfect amount.
Which means… you don’t have to manually tie your shoes every time you put them on.
So that… You save a minute every time you put them on. That and your friends are impressed when they see it!A great script is essential
If you’ve watched many sitcoms on TV, you know the importance of a good scriptwriting team. Great script, funny show. Average script and the show’s off the air within six months.
Agencies like Writer Access and Video Brewery offer access to experienced freelance video scriptwriters and producers. So you might give them a try if you’d rather not commit to longer-term engagement with a video marketing agency.Roll your videos out widely
Just make sure the lead-on headlines to these videos reference things like prospect segment, buying stage or interests so your prospects will find them relevant. Even the best-scripted videos, if seen at the wrong time, or by the wrong prospects, will fall flat.Get your video marketing train in motion
Our attention spans seem to get shorter every year as we’re bombarded with more marketing messages. All the more reason for your core marketing creative to be in our preferred communication mode: online video.
By scripting, producing and posting brand origin and segment-specific videos, you’ll convince more of your best prospects to engage with and, ultimately, trust your brand and the people behind it. Then, after building more personal connections, your explainer videos can help push your prospects ‘over the tipping point’ to a conversion.
Best of all, since you’ll be differentiating your brand more and competing less, you’ll surely see your overall marketing costs go down and your video marketing ROI go up.
With Apple’s sexy MacBook Air thrusting them into the limelight, laptops with built-in solid state drives (SSDs) are suddenly all the rage. Now they are also available from a variety of Windows OEMs including Lenovo, Toshiba and Dell. While the drives can offer higher performance than conventional rotating storage, they also add about $500- $800 to the base purchase price of laptops, and can be almost ten times as expensive as a standard hard disk.
Groups of SSDs are also being found in higher-end storage area network arrays for bigger storage needs too. Examples include Texas Memory Systems’ RamSan, Solid Data Systems’ StorageSpire, and Violin Memory’s 1010 appliances – which can hold at least a terabyte of data.
What are some of the things to consider in buying an SSD-capable laptop, and are there situations where you would better off with the conventional hard disk-equipped models?
First, let’s look at the typical configurations that are currently available. Many manufacturers offer SSDs with (at the bottom end) 32 GB of storage, which can be limiting if you need the space for videos, photographs, or a large email archive. Toshiba sells its laptop with 128 GB SSD, the same price that it earlier offered a model with half that capacity. Dell sells a laptop that starts around $1,500, while the others have configurations that are at least $2,500. Dell also has the widest selection of SSD-capable models: two lines (Latitude and Precision Workstation) and multiple models (at least at this writing) of each.
What about the need for speed? Are the SSDs faster than conventional disks?
For the most part, yes. Dell claims that its SSD can improve Latitude D430 performance up to 23 percent and can reduce boot time by up to 34 percent. Other analysts have seen similar results, because you don’t have to wait for the drive to spin up or for the rotors to seek the specific place on the platter to read the data.
Apparent drive speed is made up of several factors: access time, or the time it takes for the disk to locate the data stored on the surface, and transfer rates, or how fast the information can move through the various electronics and bus connectors to the central processing unit of the PC itself.
One user, the electronics cataloger IC Source, replaced their conventional disk drive arrays with the SSD-based RamSan for their database application.
“For us that was a major breakthrough in speed,” said Peter Moran, President of IC Source. “Let’s say you update inventory at 8:00 AM. With the old RAID array you would be lucky to have it in the database by 1:00 PM. Now with the RamSan, you can expect to see it online within the hour. In some cases the inventory is updated in just seconds.”
But speed isn’t the only criterion. What about how much power is used by the SSD, and what it will do to the overall battery life of the laptop?
Before you can make any definitive conclusions, you have to look at more than just the SSD itself. “You need to know what chips and technologies are being used inside the SSD along with what kind of data connection is being used between the SSD and the overall PC itself,” says Brian Beard, the Flash Marketing Manager at Samsung.
Beard talks about two factors that can swing SSD-based laptops to either save or consume more power. “First, you have to examine the disk controller used in the laptop,” he says. Thinner and older laptops – such as the MacBook Air and the older Dell 430 models — make use of a parallel ATA interface, which uses electronics that can consume more energy and degrade battery life. “The newer laptops use SATA-2 interfaces, which use half the power of the parallel ATA interfaces,” he says.
What are the Determinants of Demand?
Determinants of demand are factors, such as price, income, and taste, that affect the amount of a good or service consumers will purchase.
For example, in 2023, the demand for bank loans decreased in the USA since the emergence of covid 19 pandemic. It might be due to the negative impact of the pandemic on income-generating capabilities. In this scenario, income will be considered the determinant of demand.
Download Corporate Valuation, Investment Banking, Accounting, CFA Calculator & othersKey Highlights
Determinants of demand are the major factors that affect the consumer’s purchasing desire.
Price is a prominent determinant of demand that impacts sales volume. A high price means less room for profit, resulting in lower sales volumes than if prices were lower.
Advertising and promotion activities also affect demand for products and services.Determinants of Demand for Economy Price
Price is one of the most important factors when determining whether consumers can purchase a product in sufficient quantities.
Generally, as the price of a good or service increases, the demand for it will decrease, and vice versa. The demanded quantity of a good/service is inversely related to its price.
For instance, suppose Apple launches a new iPhone. Thus, the prices of its old models will decline, and in turn, lead to an increase in their demand.Buyers’ Real Incomes or Wealth
When real incomes rise, people have more money to spend on goods and services.
The increase in demand can lead to higher prices for these goods and services.
On the other hand, when real incomes fall, people have less money to spend, which can lead to lower prices.
For example, the majority of people lose their jobs during recessions, which results in a decrease in their incomes. Therefore, they prefer to spend on necessary goods, which then impacts the demand for various other goods/services.Quality
The customer’s satisfaction with the quality of the product is a prominent factor.
If a consumer is satisfied with the quality of a product (i.e., if they believe it will meet their needs), they may be willing to pay more.
Suppose Microsoft increases its pricing for the Windows OS. As around 70% of the world’s population uses windows and relies on their quality, they’ll pay the extra amount without another thought.Income Distribution
Income distribution can affect the demand for certain types of goods and services.
For example, if income distribution is even, there may be greater demand for luxury goods and services.
On the other hand, if income is more concentrated, demand for necessities such as food and housing may be higher.
For instance, the price for a luxury good ‘X’ is $100. People from high-income societies can easily afford the goods. Thus, the demand for good X is higher in their region. At the same time, low-income societies cannot afford the price, therefore, refrain from buying it, reducing the good demand in their region.Price of Substitute Goods
Substitute goods are goods or services that one can use in place of each other. A price change in substitute goods can affect the demand for the original one.
For instance, if the substitute’s price decreases, the demand for the original goods may decrease, as consumers may switch to the cheaper substitute.
On the other hand, if the price of a substitute good increases, the demand for the original good may increase, as consumers may choose to stick with the actual product instead of paying a higher price for the substitute.
For example, Zerodha and Groww are both trading platforms that offer similar services. However, Zerodha has an annual fee, while Groww does not. This significant difference can influence customers to use the Groww platform.Buyer’s Tastes and Preferences
Buyers’ tastes and preferences significantly determine the economy’s demand for goods and services.
Various factors, such as cultural, social, and personal values and the availability of substitutes for a particular product, can influence these tastes and preferences.
For example, suppose a consumer prefers organic and environmentally-friendly products. In that case, they may be more likely to demand these types of goods, even if they are more expensive.Expectations of Buyer’s Future Income and Wealth
If consumers expect their income or wealth to increase, they may be more likely to demand more expensive or luxury goods.
On the other hand, if consumers expect their income or wealth to decrease in the future, they may be more cautious with their spending.
Thus, the demand may lean towards cheaper or more valuable goods.
Suppose a company is expecting to make double profit in the next month. It may choose to switch to better raw materials and equipment. Therefore, the demand for better goods might increase.Expected Future Price
Expected future price is the price that consumers expect a good or service to be at in the future, and it can affect the demand for the good or service in the present.
If consumers expect a good/service’s price to increase, they may be more likely to demand it now than in the future.
For instance, when petrol or diesel prices are set to rise in the future, the public might want to buy more than enough of the fuel in the present. It will result in an instant increase in good demand.Number of Buyers
All else equal, the greater the number of buyers, the higher the demand for the good or service.
Each buyer can potentially increase the need for the good or service.
The number of buyers in a market depends on population size, income levels, and the availability of substitute goods.
For instance, during the holiday season, there are numerous people visiting the tourist spots. They purchase local goods/services, improving their demand. Nonetheless, during off-seasons, the demand falls dramatically due to less number of buyers.Government Policies
Government policies can significantly impact the economy’s demand for goods and services.
These policies can include tax, regulatory, and trade policies.
For example, if the government imposes a high tax on a particular good or service, the demand for it may decrease, as consumers may be less willing to pay the higher price. In contrast, if they provide subsidies, the demand may increase.Climate Changes
In addition to consumer demand, climate change can affect the production and distribution of goods and services, impacting demand.
For example, extreme weather events and natural disasters caused by climate change can disrupt supply chains and the availability of specific goods and services, leading to a decrease in demand.How do Determinants of Demand Work?
Demand is the relationship between the quantity consumers purchase and the price of that product. Many factors affect demand for a particular product, including its price, quality, and availability.
Suppose only a few options or available options are relatively expensive or inconveniently located. Consumers may wait to buy something until another option becomes available or prices decrease.
In this scenario, we say that an equilibrium point exists where the marginal cost equals marginal revenue, in which producers will maximize profits by producing at this level until demand falls below the equilibrium level.Examples of Determinants of Demand Example #1:
Mia is the sole earner in her family. Due to the recession, she loses her job. Thus, she can now only use her savings to purchase the necessity. Moreover, she would not spend her money on luxury or unnecessary goods/services.
Similarly, if most people lose their jobs, their income (determinant) declines, reducing demand for unnecessary or luxury goods.Example #2:
Company XYZ uses a particular type of wood as a raw material for manufacturing furniture. They sell their product at reasonable market rates. Due to a scarcity and price increase in the raw material, the company starts selling its final product for a higher price.Determinants of Demand for Elasticity
Demand elasticity measures how responsive the quantity demanded is to a change in price. Understanding the determinants of demand elasticity can be important for businesses in terms of pricing strategies and demand forecasting.
There are several determinants for demand elasticity, which include:The Availability of Substitutes
If several substitute goods or services are available, the demand for a particular good/service may be more elastic as consumers have more options.Income Spent on the Good or Service
If a good or service represents a large proportion of a consumer’s income, its demand may be more elastic, as price changes will have a greater impact on the consumer’s budget.Necessity
If a good or service is considered a necessity, its demand may be less elastic, as consumers will continue to demand it even if the price increases.The Degree of Habit or Custom
If a good or service has become a habit or custom for consumers, the demand for it may be less elastic, as consumers may be less likely to change their consumption patterns.The Time Frame
Demand elasticity can vary over time.
In the short term, the demand for a good or service may be less elastic, as consumers may be less able to adjust their consumption patterns quickly.
In the long term, the demand may be more elastic, as consumers have more time to adjust their consumption patterns in response to changes in price.What is the Law of Demand?
The law of demand is the fundamental economic principle that states that even when everything is equal, the rise in the price of a good or service can lead to a drop in demand.
It is one of the most fundamental concepts in economics and underlies the entire field of supply and demand analysis.
The law of demand is also an essential building block for many other economic principles and theories.
The determinants of demand help in better understanding the demand for a product. The determinants of demand are often assumed to be constant, but they are not.
They are useful in predicting future demand for a product. Generally not included in production decisions.
They can help analyze the relationship between various factors that influence demand for a product. It can sometimes be difficult to measure or predict accurately.
They are easier to predict the demand for a product or service because it is based on human behaviors and desires. Often challenging to understand, especially for business managers who need simple rules about how demand varies with changes in price, income, and other factors.
They give us a more accurate picture of what people want. Businesses can use it to increase sales and profits. Time and market conditions can change their values, causing them to vary over time and across markets.Final Thoughts Frequently Asked Questions (FAQs) Q1. What are the determinants of demand?
Answer: The determinants of demand are the factors that influence the quantity demanded by consumers. They generally help economists and businesses determine the future demand for a product. These factors include consumer preferences, income, and tastes.Q2. Which are non-price determinants of demand?
Answer: Non-price determinants of demand are the factors other than price that contribute to change in demand for a good or service. Some examples of non-price determinants include the number of buyers in the market, government policies, climate change, and income distribution. The consumer’s income, tastes and preferences, and future income or wealth expectations are also factors.Q3. What are the determinants of aggregate demand?
Answer: The following are determinants of aggregate demand: consumer spending, investment, and government spending. Some other determinants are exports, changes in the money supply, and changes in the price level.Q4. How does demand change the concerning price?
Answer: The higher the price of a good or service, the less likely consumers will buy it (demand goes down). Conversely, when the price of a good or service goes down, consumers are more likely to buy it (demand goes up).Q5. What determines the price of a good sold?
Answer: The price of a good depends on several factors. Some of these factors include the market price of other goods sold in the same market, the cost of producing that good, and whether there are any associated taxes.Recommended Articles
This is an EDUCBA guide to the determinants of demand. You can view EDUCBA’s recommended articles for more information,
Many businesses rely on digital marketing to drive their sales and improve their customer experience. Some of the key trends that will continue to affect digital marketing include the increasing importance of long-form content and the development of new platforms such as chatbots and voice search.
New digital marketing trends include Google’s push for a future without cookies. Despite the various marketing principles that have remained the same over time, the tools that businesses use to achieve their goals have changed significantly.How Do I Decide Which Digital Marketing Strategies to Use?
The type of technology that you should use in your business depends on the needs of your customers and the requirements of your organization. If you are not knowledgeable about the technology and are only following a trend because other companies are, then you might be better off not adopting it.
Before you start implementing technology, it is important that you first identify the key factors that will help you improve the efficiency of your organization. These include who your target audience is, how it will help you close your business gaps, and how you will be able to sustain it.Data Analytics is Provisioning Meaningful Insights
Despite the increasing number of brands making data analytics a priority, many marketers still have a long way to go in terms of reaching their goals. Curtis Tingle, who used to be the head of product for Valassis, said that there are still a lot of challenges that marketers need to overcome.
Despite the increasing number of companies making data analytics a priority, many marketers still have a long way to go in terms of reaching their goals. One of the most important factors that businesses need to consider is the quality of the data they collect.
The current trends in data analytics include the use of predictive models, the rise of edge computing, and hybrid computing. Machine-learning-based solutions will also be used to improve decision-making and business management.Social Media is Continuously Evolving
The importance of social media platforms is acknowledged by digital marketers. There are over 4.26 billion people globally who use these platforms, and by 2027, this number is expected to grow even more. It is expected that social media will continue to remain a vital part of any digital marketing campaign.
As social media continues to evolve, brands will need to adapt to keep up with the changes and remain relatable to their target audiences. This can be done through the use of tools that help them analyze and improve their social media efforts.
The rise of micro-influencers on social media will continue. They will continue to gain popularity due to their niche focus.Authentic Content is Still the most Valuable Asset
The trend toward long-form educational content is expected to continue in content marketing. This is because when Google’s helpful content update was released late last year, it demonstrated how valuable these types of content can be. The best content will provide users with the necessary information to make informed decisions.Chatbots and AI are all Over the Place
As the evolution of more sophisticated AI and chatbots continues, small businesses will be able to easily access these tools, which can answer customer inquiries at any time of the day or night.
According to Joe Penick, a former marketing executive at Lumen Technologies, AI-powered chatbots can help expand a company’s contact strategy and improve customer support. They can also collect and analyze customer data to improve a customer’s experience.
A report released by the revenue acceleration platform Drift revealed that 42 percent of consumers use chatbots and artificial intelligence for purchases. However, most small businesses aren’t using these tools.MetaVerse is on its way
The metaverse is a futuristic blend of AI, VR, and AR that creates a new 3D experience that lets users immerse themselves in the digital world. Although the technology initially struggled to catch on, most companies will start adopting it as it improves.
Retail brands are also using augmented reality to create shopping experiences that are interactive and blended. For instance, they can allow customers to try on clothes or live in a certain geographical area through their avatars.Diversity and Inclusion are now Imperatives Conclusion
The goal of marketing is to connect with your target audience, and that is constantly changing. When developing and launching a campaign, consider the various technology trends that are shaping the way people consume and interact with content. By utilizing the latest tools, you can ensure that your campaign will resonate with your audience and gain the necessary traction.
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