Posted in Entrepreneurship, Marketing, Research, Startups

Basics of Digital Marketing – Social Media Marketing, SEO, Google Adwords

I started learning about digital marketing while I was still in college. There was  so much to read on the web that I generally got confused as to what should I read and what not. Hence, now as I have gone through the basics of digital marketing and have applied it in many situations here is a capsule of information which will give you a basic understanding of the concepts. This is taken from multiple sources so that it gives the most complete knowledge of the concepts.

Google AdWords –

Google AdWords is Google’s advertising system in which advertisers bid on certain keywords in order for their clickable ads to appear in Google’s search results. Since advertisers have to pay for these clicks, this is how Google makes money from search.

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Basic Process

How to advertise with Google AdWords?

Businesses can advertise on Google by opening a Google AdWords account.

How does AdWords bidding work?

The actual position of your ad is determined by your ad rank (Maximum Bid * Quality Score). The highest ad rank gets the 1st ad position. Your actual CPC (Cost per Click) will be determined by the ad rank of the next highest ad below you divided by your Quality Score. The only exception to this rule is when you are the only bidder or the lowest bid in the AdWords auction; then you pay your maximum bid per click! AdWords bidding heavily penalizes advertisers who bid with low-quality scores. Conversely, those with high-Quality Scores get higher ad ranks and lower CPC.

How many times does a Google auction run?

The auction gets run billions of times each month. The results are such that users find ads that are relevant to what they’re looking for, advertisers connect with potential customers at the lowest possible prices.

How does the Google auction work?

Once a query is made on Google, the search engine processes the request and runs the auction which will then determine the ad positions and each advertiser’s CPC.

How do you enter a Google auction?

Your ads are eligible to be entered into an auction whenever you’re bidding on keywords relevant to the user’s search query. Your bids, Quality Score, and relevance will come into play in determining whether your ad qualifies to display on the SERP (Search Engine Result Page).

What gets entered into a Google auction?

Once advertisers identify keywords they want to bid on, Google then enters the keyword from your account that it deems most relevant into the auction with the maximum bid you’ve specified as well as the associated ad.

What is CPC?

CPC, or cost per click, is the amount an advertiser pays each time someone clicks on their AdWords ad.

How does CPC work?

Your CPC is determined by the competitiveness of your keywords, your maximum bids, and your Quality Scores.

What is the average cost per click?

The average amount you spend each time a searcher click on your advertisement.

What is Google Quality Score?

This is a metric Google uses to determine how relevant and useful your ad is to the user, based primarily on your ad’s CTR, keyword relevance, and the quality of your landing page. The higher your Quality Score, the better: high-Quality Score keywords will save you money and earn you better ad rankings.

How does Google determine what you pay?

The price paid by the advertiser is determined by a number of clicks that the company’s advertisement receives.

What is Google ad rank?

Google ad rank is the position of the company’s advertisement on the search engine page based on a combination of the company’s maximum bid and quality score.

Ad rank vs. Quality score

The ad rank is more significant to an advertiser because it determines the how high on the page the advertisement will be displayed. Quality score, on the other hand, is determined by the relevance and usefulness to the searcher and is only a portion of the advertisement positioning process.

Quality score vs. CPC

Quality score and CPC are important because they collective determine the positioning of the advertisement on the search engine results page.

What is ad position in AdWords?

Ad position is the position on the search engine page results where the advertisement appears in relation to all of the other advertisements.

What is Actual CPC?

Actual CPC is the amount an advertiser pays each time a searcher clicks on their advertisement; this number varies depending on the other advertisers in the auction and is always lower than the maximum bidding price.

How does AdWords calculate Actual CPC

Actual CPC is determined by dividing the ad rank of the competitor below them (ad rank to hit) by quality score plus $.01.

What are alternative bidding methods?

Alternative bidding methods include CPM and CPA.

What is CPM bidding?

CPM bidding is based on impressions and can be used alongside CPC bidding.

CPC vs. CPM

CPC is the cost for an advertisement based on how many clicks it receives whereas CPM is the cost for an advertisement based on how many impressions it picks up. Both methods can be used simultaneously.

What are AdWords keywords?

Keywords in AdWords are the words and phrases that advertisers bid on, in hopes that their advertisements will appear on the search engine results page (SERP) when people are searching for those products or services. For example, if you are booking doctor appointments online, you might bid on keywords like “Online doctors” and “dentist in Bangalore.” Keyword research is the process of using tools and data to determine which keywords are most likely to drive relevant traffic to your ads and your site.

How does the Google display network work?

The Google Display Network or GDN is a very large network of sites that allow Google to place display advertisements, which reach over 90% of all Internet users! Advertisers generally find that Display Network clicks are less costly than those on the search network. And depending on your targeting methods, the CTR’s can be high and the CPA’s low.

What is an ad group in Google AdWords? How do ad groups work?

An ad group is a container for your AdWords advertisements, keywords, and landing pages. Google tends to reward advertisers who create AdWords campaigns with tightly structured ad groups. It’s important not to dump all your keywords into the same ad group, but to organize your keywords into themes.

What is ad relevance in AdWords?

Ad relevance is a measure of how related the keyword you’re bidding on is to your advertisements as well as how much your keywords match the message of your ads and landing pages. Higher ad and keyword relevance can improve your click-through rates and Quality Scores.

I advertise on Google. How am I doing?

The easiest way to see how you’re doing at Google PPC is to benchmark your PPC performance against similar advertisers in your industry and spend range.

Search Engine Optimization –

Search engine optimization is the act of improving the visibility of your site or page within a search engine results page through organic methods. This can be done by using search keywords within your content so that a search engine can find and display your site faster and with more accuracy. Site authority and your link profile also play a role in your search engine rankings. Some of the factors are

  • Keyword Quality
  • Landing page content
  • Website Backend – title tag and meta description
  • Links in from other websites
  • Social media impact – sharing and buzz about company
  • Cross Linking the website pages deems it relevant

SEO considers how search engines work, what people search for, the actual search terms or keywords typed into search engines and which search engines are preferred by their targeted audience. Optimizing a website may involve editing its content, HTML and associated coding to both increase its relevance to specific keywords and to remove barriers to the indexing activities of search engines. Promoting a site to increase the number of backlinks, or inbound links are SEO tactic.

Google offers Google Webmaster Tools, for which an XML Sitemap feed can be created and submitted for free to ensure that all pages are found, especially pages that are not discoverable by automatically following links.

Search engine optimization is the process of optimizing web pages and their content to be easily discoverable by users searching for terms relevant to your website. The term SEO also describes the process of making web pages easier for search engine indexing software, known as “crawlers,” to find, scan, and index.

Why Should You Care About SEO?

Billions of searches are conducted online every single day. This means an immense amount of specific, high-intent traffic.

Many people search for specific products and services with the intent to pay for these things. These searches are known to have commercial intent, meaning they are clearly indicating with their search that they want to buy something you offer.

What Actually Works for Driving Traffic from Search Engines?

It’s important to note that Google is responsible for the majority of the search engine traffic in the world.

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So how does Google determine which pages to return in response to what people search for?

Google’s algorithm is extremely complex, but at a high level:

  • Google is looking for pages that contain high-quality, relevant information relevant to the searcher’s query.
  • Google’s algorithm determines relevance by “crawling” (or reading) your website’s content and evaluating (algorithmically) whether that content is relevant to what the searcher is looking for, based on the keywords it contains and other factors (known as “ranking signals”).
  • Google determines “quality” by a number of means, but a site’s link profile – the number and quality of other websites that link to a page and site as a whole – is among the most important.

Increasingly, additional ranking signals are being evaluated by Google’s algorithm to determine where a site will rank, such as:

  • How people engage with a site (Do they find the information they need and remain on the site, or do they “bounce” back to the search page and click on another link? Or do they just ignore your listing in search results altogether and never click-through?)
  • A site’s loading speed and “mobile friendliness”
  • How much unique content a site has (versus “thin” or duplicated, low-value content)

There are hundreds of ranking factors that Google’s algorithm considers in response to searches, and Google is constantly updating and refining its process to ensure that it delivers the best possible user experience.

Keyword Research & Keyword Targeting Best Practices

The first step in search engine optimization is to determine what you’re actually optimizing for. This means identifying terms people are searching for, also known as “keywords,” that you want your website to rank for in search engines like Google.

There are several key factors to take into account when determining the keywords you want to target on your site:

  • Search Volume – The first factor to consider is how many people are actually searching for a given keyword. The more people there are searching for a keyword, the bigger the potential audience you stand to reach. Conversely, if no one is searching for a keyword, there is no audience available to find your content through search.
  • Relevance – A term may be frequently searched for, but that does not necessarily mean that it is relevant to your prospects. Keyword relevance, or the connection between content on a site and the user’s search query, is a crucial ranking signal.
  • Competition – Keywords with higher search volume can drive significant amounts of traffic, but competition for premium positioning in the search engine results pages can be intense.

Once you’ve taken the time to understand your prospects, have looked at the keywords driving traffic to your competitors and related sites, and have looked at the terms driving traffic to your own site, you need to work to understand which terms you can conceivably rank for and where the best opportunities actually lie.

On-Page Optimization in brief

Once you have your keyword list, the next step is actually implementing your targeted keywords into your site’s content. Each page on your site should be targeting a core term, as well as a “basket” of related terms.

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Let’s look at a few critical, basic on-page elements you’ll want to understand as you think about how to drive search engine traffic to your website:

Title Tags

The title tag is not your page’s primary headline. The headline you see on the page is typically an H1 (or possibly an H2) HTML element. The title tag is what you can see at the very top of your browser, and is populated by your page’s source code in a meta tag:

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Meta Descriptions

While the title tag is effectively your search listing’s headline, the meta description (another meta HTML element that can be updated in your site’s code, but isn’t seen on your actual page) is effectively your site’s additional ad copy. Here’s an example of a real world meta description showing in search results:

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Body Content

The actual content of your page itself is, of course, very importantThat said, Google has been increasingly favoring certain types of content, and as you build out any of the pages on your site, there are a few things to keep in mind:

  • Thick & Unique Content
  • Engagement
  • “Sharability”

URL Structure

Your site’s URL structure can be important both from a tracking perspective (you can more easily segment data in reports using a segmented, logical URL structure), and a shareability standpoint (shorter, descriptive URLs are easier to copy and paste and tend to get mistakenly cut off less frequently). Again: don’t work to cram in as many keywords as possible; create a short, descriptive URL.

Schema & Markup

Finally, once you have all of the standard on-page elements taken care of, you can consider going a step further and better helping Google (and other search engines, which also recognize schema) to understand your page.

Schema markup does not make your page show up higher in search results (it’s not a ranking factor, currently). It does give your listing some additional “real estate” in the search results, the way ad extensions do for your AdWords ads.

In some search results, if no one else is using schema, you can get a nice advantage in click-through rate by virtue of the fact that your site is showing things like ratings while others don’t. In other search results, where everyone is using schema, having reviews may be “table stakes” and you might be hurting your CTR by omitting them:

 

Social Media Marketing

Social media marketing programs usually center on efforts to create content that attracts attention and encourages readers to share it across their social networks. The resulting electronic word of mouth (eWoM) refers to any statement consumers share via the Internet (e.g., websites, social networks, instant messages, news feeds) about an event, product, service, brand or company.

Social media marketing can help with a number of goals, such as:

  • Website traffic
  • Conversions
  • Brand awareness
  • Creating a brand identity and positive brand association
  • Communication and interaction with key audiences
  • Only by establishing your goals can you measure your social media ROI.

Factors to be kept in mind for SMM

Planning – As discussed previously, building a social media marketing plan is essential. Consider keyword research and brainstorm content ideas that will interest your target audience.

Content is King — Consistent with other areas of online marketing, content reigns king when it comes to social media marketing. Make sure you are offering valuable information that your ideal customers will find interesting. Create a variety of content by implementing social media images, videos, and infographics in addition to classic text-based content.

Consistent Brand Image — using social media for marketing enables your business to project your brand image across a variety of different social media platforms. While each platform has its own unique environment and voice, your business’ core identity should stay consistent.

Links — it’s also great to link to outside articles as well. If other sources provide great, valuable information you think your target audience will enjoy, don’t be shy about linking to them. Linking to outside sources improves trust and reliability, and you may even get some links in return.

Track Competitors — it’s always important to keep an eye on competitors—they can provide valuable data for keyword research, where to get industry-related links and other social media marketing insight. If your competitors are using a certain social media marketing technique that seems to be working for them, do the same thing, but do it better!

Measure Success with Analytics —you can’t determine the success of your social media marketing strategies without tracking data.

Various platform for SMM

Facebook’s casual, friendly environment requires an active social media marketing strategy that begins with creating a Facebook Business Fan Page.  You will want to pay careful attention to layout, as the visual component is a key aspect of the Facebook experience. Social media marketing for business pages revolves around furthering your conversation with audiences by posting industry-related articles, images, videos, etc.

Google+ is the new Facebook competitor, and it promotes the same fun, casual atmosphere. On Google+, you can upload and share photos, videos, links, and view all your +1s. Also take advantage of Google+ circles, which allow you to segment your followers into smaller groups, enabling you to share information with some followers while barring others. For example, you might try creating a “super-fan” circle, and share special discounts and exclusive offers only with that group.

Pinterest is the latest in social media marketing trends. Pinterest’s image-centered platform is ideal for retail, but anyone can benefit from using Pinterest for social media purposes.

Pinterest allows small businesses to showcase their own product offerings while also developing their own brand’s personality with some unique pinboards.

Twitter is the social media marketing tool that lets you broadcast your updates across the web. Follow tweeters in your industry or related fields, and you should gain a steady stream of followers in return.

Mix up your official-related tweets about specials, discounts, and news updates with some fun and quirky tweets interspersed.

LinkedIn is one of the more professional social media marketing sites. LinkedIn Groups is a great venue for entering into a professional dialog with people in similar industries and provides a place to share content with like-minded individuals.

YouTube is the number one place for creating video content, with can be an incredibly powerful social media marketing tool. Many businesses try to create video content with the aim of having their video “go viral,” but in reality, those chances are pretty slim.

Reddit, or similar social media platforms such as Stumble Upon or Digg, are ideal for sharing compelling content. With over 2 billion page views a month, Reddit has incredible social media marketing potential, but marketers should be warned that only truly unique, interesting content will be welcomed. Posting on Reddit is playing with fire—submit spams or overtly sales-focused content and your business could get berated by this extremely tech-savvy community.

Using social media in marketing does more than improving site traffic and help businesses reach more customers; it provides a valuable venue for better understanding and learning from your target audiences. Hopefully, this guide has helped you better understand how using social media for marketing can improve your business.

Hope tis helped you in getting the baisc grasp of things. If you think this was beneficial, please share it with your peers who may be interested.

Posted in customer service, Marketing, Startups

Building Brands through Emotional Bonding

Business today generally spend a lot of time and money in the brand building which in a true sense is a huge cost and according to me is not completely justified. In today’s world, it is the emotions which sell a product or service, not ads. If the business doesn’t connect with the prospective customer at an emotional level, then the probability of sales reduces drastically.

According to research published in the Harward Business Review:

“Brands put billions into boosting awareness, satisfaction, and loyalty, but they often overlook the most powerful driver of customer value: emotional connection.

Our research involving hundreds of brands across dozens of categories shows that consumers who are emotionally connected with a brand are anywhere from 25% to 100% more valuable in terms of revenue and profitability than those who are “merely” highly satisfied with it…”

We generally measure customer satisfaction or net promoter score and focus our efforts on increasing these numbers which in my opinion is a waste of time and effort. Rather, we should focus on emotional connections with customers making them feel that we are always there for them. We should learn from our past for better customer experience.

How do you emotionally connect with customers?

Only you can have the answer to this question for your business. Find that one thing which will help you make that connect and then focus on it to build an emotional bond.

A study by UK Nielson states that referrals are the most cost effective way to get business and it is quite evident what we should focus on. If you serve your existing customers better and make sure they are emotionally connected, then you are surely going to get long term benefits from it.

Some of the things which help create emotional connect are

STORIES, your brand should have a story and it surely sells

Storytelling is something which helps you connect with people much faster and has a long lasting impact. If you go back to history to a certain time all the education was passed from one generation to another in the form of stories and everyone used to remember it. There were no books and that still, holds true if you sell a story you don’t need anything else.

storytelling creates brands

What people like to hear is our stories, it doesn’t matter whether it is a success or failure, but the impact that it can have on one’s life is great.

I will share a small story, I was diagnosed with diabetes and then I started working out lost30 Kg’s in 6 months and the continued my routine and achieved a transformation in my life and got myself cured and if I say that I will start marketing a cycling brand with this story will it work? Think.

People don’t trust the branded content all they want are real stories. A branded content doesn’t offer anything valuable and exciting.

Currently, people who do content marketing write a lot about “GYAN” thinking that it is what people want to listen, but we make a mistake at a point when we just start repeating what others are saying and do not engage customers. Storytelling helps you quickly connect with prospects and hence drive your business.

king is storytelling

Be an exciting brand

People in today’s time always look for something interesting, adventure and that’s what we should offer. We should have an element of surprise and should be lively in everything we do.

If I ask you about the brand Wildcraft how will you describe them and will you buy from them?

People generally don’t connect with a brand that is dull. Let’s take an example If you go to a website of a brand and find it dull how do you feel? In general, people will not explore much and switch to any other website which is more interactive and hence will end up making a purchase.

There is always a face behind a brand and that face should be interesting. Let’s take the example of the apple. Now Steve Jobs was an interesting personality and hence he created an interesting brand that now is one of the best in the world. They are not boring and they always do a lot of interesting stuff.

 Just be curious.

Do something interesting that your competitors are not doing, some ideas will sound silly but its ok to go out there and try it.

We used to drop visiting cards at places, stick cartoon stickers about my brand at places where we used to visit in order to create that curiosity among people. We also started video blogging instead of content as in today’s time everyone is doing that.

The videos were interesting solutions to a lot of the problem people phase in a day to day life and hence it garnered a lot of views and even became viral.

We ran a testimonial video as ads on the Facebook brand page and immediately got 3 customer leads within 20 min of posting it.

We also started using Quora which was not used by my competitors and hence garner awareness for the business.

There are other platforms like snap chat, Instagram, Buzzfeed, medium, etc., which have an audience of their own and can be leveraged to create an emotional connect with the brand.

Use a lot of Images

“A picture speaks a thousand words”

images speak 1000 words

Those images make their content super-cool. And their articles are far from boring because of this.

Ask yourself what do you majorly see and understand when you read a long post on a topic. The answer has to be imaged, infographics etc.

Human touch to a brand and hence every brand needs a Face people can associate with

Imagine your request to see a house do multiple hops and then you are conveyed that people will get back to you versus A person taking your call and immediately accompanying you to the house. Which one is better.

I think it’s the latter. Isn’t it?

It becomes annoying if we don’t get a person to talk to before trying the product or service. It can differ from companies to companies, but it holds true for the majority.

Today, it’s all about Engagement with customers and does a consultative selling which solves all the problems of the customers.

To go shopping with people you need to become their friends and once you are, your opinion matters and influences the purchase.

People should have a sense that they have a person sitting somewhere who can help him out if he is stuck anywhere while using the product and that helps a lot. Here people need immediate gratification and this what helps them to make a decision.

I am not saying that founders should be the face of the company, it can even be a level 1 employee.

We started putting photos on live chat on our website to make sure that people on the other side know who they are talking to and this greatly increased out engagement and the satisfaction scores spiked up immediately.

As long as people can trust you, you’ll have a better chance of connecting with them.

Deepak Kanakraju is a well-known digital marketer and has developed a brand for himself on digitaldeepak.com.

Now there is a face behind the brand and people trust and follow him and his opinion. People know that whatever he says will hold value and hence this trust can help a great way in building your business. That’s the power of putting a face behind your brand. It makes it easier to connect with prospects emotionally. By emotional connecting with prospects and customers, sales will increase.

Hence we should always try and create that bond with our customers to reap great benefits and create a great business and brand.

 

Posted in Marketing, Startups

8 Facebook hacks I wish I knew before to get more customers

Getting your first few is always special and is a long lasting memory. People struggle a lot in order to get their first few customers. It’s the battle in which you don’t have much ammo (money) and you have to kill the enemy (acquire the customer).  Social Media has come a long way and has become very useful in interacting with your target audience, get feedback and improve. Facebook provides ample such opportunities and is a channel where you can even get your customers without spending at all or very less. You can also acquire customers across platforms without spending a penny but the numbers will be free.

Here I am sharing some of the Facebook hacks that had helped me in growing some businesses –

  • Facebook Groups – As of today there are millions of groups on Facebook and you can always find groups specific to your business. Join them and interact with the audience to create awareness about your product. Conversations are better than content.
  • Organize your friend list – Facebook gives you a unique feature where you can create separate lists of your friends. Create a persona of your target audience and create a list of such people from your friend list. Then keep engaging with them and get your first few customers.
  • Use Amplification – Share your offerings to your curated list and groups and hence amplify the awareness. Even if 4% of your targeted people get one each you will have your first set of customers ready.
  • Integrate with Quora and Twitter – Answer relevant questions on quora, make use of twitter trends and use the same content on facebook to leverage all platform to get your user base.
  • The frequency of posts – Once is two days is what worked for me in order to be on the top of mind and engage customers, build trust and get customers.
  • Testimonial Ads works wonders – Now if you want to run ads (assuming you already got your first customer till now) get testimonial video from your first customer and run an ad on it for your target audience to reap benefits.
  • Spend time on defining target audience – Optimizing for the Time your ad is shown, Selecting the right channel to show your ad, Use Audience Optimization, Use custom audience to remarket are some features if judiciously used can help to get a lot of relevant leads.
  • High initial Budget on Ads and then Pausing it – Facebook initially blasts people based on the lifetime budget set. This gives you a time saving in order to get know about the effectiveness of ad and then take corrective action.
  • Low daily budget facebook ads – Keep running certain ads on FB with the budget as low as 70 rs. Fb’s remaining inventory gets this ad, and the cost per conversion reduces drastically.

A combination of these along with experience in handling digital audience came in handy for me to acquire good number for customers for a business. The Customer Acquisition Cost came down by 100%.

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Posted in Marketing

How to get first customers without spending much…

It is always hard to get first few customers. But in this digital age provides a lot of opportunities to find the first few right customers. When a business or individual is starting, marketing for them means getting customers without much spending, so that they confirm what they are doing and then move ahead and grow the business.
Some channels which has been useful for me time and again while building first audience are –

  • Facebook communities/ groups – They don’t charge any money and you can exactly find your target market and pitch your product to get first few customers. They also give you an opportunity to engage and take feedback so that you can improve. For example, sharing the blog in the relevant group wrt the domain and then driving traffic etc.
  • Blogs – Content is the king and a good engaging content shared across channels can garner good and relevant audience and attract relevant customers. You can read stories about the bloggers who actually earn more than most of us reading this. Content consumption has increased multifold and is an important element of brand building. This is slow but effective channel to get your customers listening.
  • Quora – This is a place where you can exactly find the people asking questions about the very problem you are trying to solve. You can reach out to them by answering their queries and then telling them about the business/ blog where they can find a perfect solution (which is your’s). When they see a value in the answer they in turn end up on your website/ blog and hence you drive quality traffic without cost which eventually can become your users/ customers.
  • Google Adwords – Using exact match keywords for your business/ blog will help you be very low on spending and get relevant leads from the mecca of searching where 72% of the world population go to get their problem solved. WOW!! That’s huge. This hugely helps to tap only relevant people and the cost of customer acquisition is very low.

These are the few tips and tricks that I have used in order to drive traffic to pokharnatalks.com other small business that I have helped. One last thing to take care is that you have to be digitally present on all the channels (Fb, Instagram, Twitter pinterest, reddit etc) so that the user has enough information about you in order to take a decision.

Posted in Marketing

AURA of Direct Marketing

Off late the direct marketing is both dying and gaining importance. Here is my thought on it as to how it should be approached.The direct marketing should be done on the three factors as mentioned –

  • Addition
  • Understand
  • Reasoning
  • Alarm

The first communication should contain ‘what is in it for you’. How can it add value and benefit you in your life and business. The first set of your customers who are really interested in your product will be catered to following the Addition strategy. Under which you can help them to know the additions the product will make to their business.

After the first communication is done it is of utmost importance that the behaviour pattern of the consumers is understood so as to have the future course of communication to be better defined. Understanding a consumer with some background to it becomes easy. This helps us in formulating strategies of next level to engage the customers and to have a more meaningful communication

The second set of communication in the case of direct marketing should be based on Reasoning. Some people do not get convinced just on the basis of the value proposition; they want to have reason for each and everything and how it will affect their business. This part of the target segment can be catered using the Reasoning strategy. In which provide them with the facts and figures to help them take a decision

The third and the final part of the target segment which us not convinced by Addition or Reasoning strategy has to be taken care of by alarm strategy. Alarm is not in literal sense but it means the alarm of scarcity. Communicating customers that a resource is in demand in the market and will soon become scarce. The current resource is the talk of the town and hence they should have it.

All the three strategy are subjected to the business model and the kind of market in which we are dealing and hence should be applied accordingly.