I write about the three topics that I am most passionate about; Sales, Marketing and Social Media. These topics are covered from my experiences in outside sales and marketing. My objective is to use my expertise to help business and the individual.
I write about the three topics that I am most passionate about; Sales, Marketing and Social Media. These topics are covered from my experiences in outside sales and marketing. My objective is to use my expertise to help business and the individual.
When creating a new offering, I would offer a free or low-cost trial of your product to the end-users and industry experts. Consumers look for social proof before they buy a product. Now if the product is new, none exists. To lower buyer resistance, you need to make it low risk and feel safe.
In addition to market research and product testing; the free or low-cost trial is a great way to build trust and get feedback. Surveys can be created to ask potential customers about their experience.
If your product helps to solve a customer’s problem they will be more than happy to share it with others; converting to paying users! The product will earn testimonials and endorsements. Testimonials and endorsements will address product reliability creating: loyalty, brand recognition, and Sales for your product.
Loss Leaders
In place of a free or low-cost trial, a loss leader can be an option. A loss leader is when you offer a product at a loss or break-even point to gain business in the future. Supermarkets do this all of the time when a new product is rolled out.
Another place I saw loss leaders was when I was in Field Sales. I was selling Dental equipment at the time. Certain customers were loyal to certain types of equipment. When I ask why they stated that these were the tools that they had used in school. When I called on Dental schools and Hospitals, I found they were locked up with large contacts. My larger competitors sold the equipment at cost practically giving it away. Why would they do this? My competitors were creating life-long customers who were trained on certain tools and refused to switch.
Connection, trust, and advocacy are essential for customer acquisition. It is your job as a brand to turn your customer base into evangelists.
The decision on developing and implementing offering free, low-cost trials and/or loss leaders will be different for each product.
Free, low-cost trials and loss leaders help to Increase Sales and Customer Loyalty.
How have you used free, low-cost trials and loss leaders to create Sales and Customer Loyalty?
Comment and share.
Posted 232 weeks ago
Sales, Marketing & Social Media Today
I write about the three topics that I am most passionate about; Sales, Marketing and Social Media. These topics are covered from my experiences in outside sales and marketing. My objective is to use my expertise to help business and the individual.
Trends in AI & Generative AI: Insights from The 2023 AI Summit New York
Last week, I covered the AI Summit in New York. I was excited to learn about the trends in AI and generative AI and to see some commercial applications of these new technological advancements.
Patrick Murphy of UAB led the AI Exhibitor hub. Patrick shared insights from his research on Entrepreneurship. He shared how start-ups use AI, and Generative AI to scale up and bring products to market.
Generative AI is being used in the following eight ways:
Content and Asset Generative
Automated Processes
Ideation
Financial Management
Project Design
Optimized Structures
Acceleration and incubation
Ethics and Risk Management.
There was a pitching completion where start-ups did pitches in multiple rounds. At the beginning of the competition, they received advice from judges on best practices.
One of the start-ups that was of interest was Botwise. Jan Nowak shared how his team shared a use case on how they leveraged Language Learning models (LLM)using statistics and GPT solutions for rapid automation in customer service for Mylead.global is a platform that allows influencers to earn money. As a result, MyLead.global was able to screen influencers faster and better for their big brand clients.
AI-Powered Use Cases from across the board panel discussion
Leaders Saira Kazmi Ph. D. (CVS Health), Matthew Blakemore (Creative Industries Council) Taha Mokfi (HelloFresh), Kriti Kohli (Shopify), and Kris Perez (Data Force) share how they use chatbots, improving both the buyer and seller experience using AI. How AI can be used in video games to identify levels of violence and how AI can improve in healthcare and Radiology reducing the amount of time images are read while improving accuracy and detail.
Another interesting Panel was by Tim Delesio CTO of techolution
Tim asked What’s driving the explosive rise of AI all of a Sudden?
The answer is the economics of the labor market.
On the demand side, he cited labor shortages and persistent high inflation.
On the supply side, he cites the rise of ChatGPT and, major scientific and Technological breakthroughs in the past five to seven years.
He shared trends in AI for 2024 that include:
Physical Labor with AI to help deliver small batch sizes with high-precision quality control
Improved customer engagement by providing a new generation of customer service agents using Generative AI
Tim demonstrated some of these trends when he ordered a soda using an AI-powered robotic arm.
The booth had another machine showing how AI can enhance inventory management when items are ordered.
I was amazed to see some AI Tech that techolution brought to the marketplace.
On that note, I saw an AI-powered Kiosk by Graphen where a man ordered his food and paid. This company is using AI to revolutionize all industries.
Man orders food AI Kiosk
Man pays for food at AI Kiosk
There were so many great talks and exhibits.
Additional pictures can be found on Instagram.
I want to thank the AI Summit for having me as their guest. If you want to use AI and Generative to improve business outcomes, sign up for the AI summit in your city.
What do you think is next for AI and Generative AI?
