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What Is Business Ethics And What Is Business Ethics For?

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Talking about business ethics means addressing a vast area that has created countless chairs, publications, and even organizations that have specialized solely and exclusively in studying this topic.

Despite such scope, we would like to share with you a clear definition of what business ethics is and some practical advice that we hope will help you understand how to create an ethical work environment and how to create a code of business ethics.

The concept of Business Ethics

To have a clear definition of business ethics, we need to approach this concept from two different angles: one academic and one organizational.

Business Ethics as a discipline of study

From a theoretical point of view, BE can study the ethical dimensions of productive governments and commercial activities. Such study includes ethical analyzes related to the production, distribution, marketing, sale, and consumption of goods and services, from business products to no-down-payment car insurance

Parallel to the above, there are some specific areas in which business ethics has a great preponderance and among which the following stand out:

In addition to areas, it is essential to say the approach to business ethics varies according to the type of productive sector a company is located in. Let’s look at the ethical issues that are most relevant in the following sectors:

  • Construction industry (contracting conditions, health, and safety, environmental sustainability, supply chain).
  • Financial services (regulations, tax evasion, responsible practices, consumer protection)
  • Mobile and computing technology (competition practices, wrike enterprise pricing policies and strategies, data protection, consumer protection, energy use)

Now that we know what business morals are from an academic point of view and its areas of focus, it is time to understand business ethics from an organizational point of view.

What is Business Ethics at the organizational level

Business ethics correspond to the set of values ​​and behaviors that define how a business operates, makes decisions, serves its consumers, and treats its employees.

In other words, BE is the expression of how a company applies ethical values ​​to its behavior. However, business ethics is relevant for the company as a whole and for each of the individuals who are part of it.

BE applies to all spheres of conduct of a company, from how it treats its employees and consumers to how it sells its products or conducts business accounting.

But why are business ethics important? What are the aids of having good BE? What risks do you run when you don’t have BE?

Importance of Business Ethics

it is necessary to take a look at the main benefits that derive from it as well as the potential damages that result when you do not have good BE.

Benefits of Business Ethics

1. Legal compliance

The first great benefit obtained when acting with BE lies in the simple fact of working by the provisions of the law,

which guarantees the company that its actions do not harm its employees, consumers, and all parties with the which interacts.

Avoiding legal problems is one of the best ways to protect your reputation and avoid unnecessary expenses in legal disputes.

2. Access to the best talent on the market

When it comes to accepting a job offer, salary is still a valuable item. However, the new generations of workers are looking for much more than a good salary.

In fact, for most of today’s young professionals. Being part of a company that has good BE and is socially responsible is something that counts a lot.

3. Good level of commitment among employees

When you involve your employees in long-term objectives such as the design of social responsibility initiatives, for example.

They will feel that they are part of something that goes far beyond their daily work, which will foster a hefty dose of commitment to your business.

4. Strong brand and reputation

When consumers associate your brand with ethical values, trust in your company goes through the roof. Generating a positive effect on the reputation and corporate image that your business has in the market.

5. Competitive advantage in the market

Continuing with the above, if you manage to consolidate a solid brand and corporate image. You will maintain a decisive competitive advantage in the market that will allow you to have a constantly growing business.

What plan to the Web Business Plan – Full Summary

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Web Business Plan

Do you already have your business plan? For both the traditional company and the online company, it is essential.

If you are an SME or are thinking of being one, you should know that your business plan is essential to direct your project and avoid possible scares before starting anything. If your SME is also a web company, you will also be thinking about graphic design, what strategy you will carry out in Social Media, SEO web positioning, SEM etc. But … Did you know that all these decisions must be included in the web marketing plan and, in turn, in the business plan?

Web Business Plan Business Definition

To start with your business plan, something fundamental is the name of the project, what it consists of, products or services offered that needs to be satisfied, target audience, dates, business model, etc. In both a web company and a traditional one, it consists of explaining what your project is.

Analysis of the situation: Internal and external analysis

This point is essential, if you do not analyze your environment, do not expect things to turn out as you expect. As for the internal analysis is about studying in what situation we are starting from our resources, capacities, threats, opportunities, strengths and weaknesses (SWOT analysis). The external analysis consists of analyzing the market and the competition (web market and web competition in the case of the digital sector).

Web Business Plan Marketing plan

In this area, the 4P’s of the traditional Marketing Mix has constantly remained developed. However, in the case of SMEs belonging to the digital sector this plan goes much further. This is where we should consider what we mentioned at the beginning: SEO? SEM? Social networks? Content marketing? In short, your  Online Marketing plan.

In the first place, we must consider the target or audience to which we are going to address, what objectives we have and, based on these, what online marketing strategies we will carry out, since not necessarily because we have a web business, we will have to implement all the strategies of (for example) search engine optimization, everything will depend on the sector to which the company belongs and its purpose.

Production / Operations Plan

This phase consists of a detailed description of the development and strategies of the production process (also applicable to service companies). In the case of web companies, the Web Development Plan is how the site will remain created.

Web Business Plan Organization and Human Resources Plan

It is summarized in the organizational structure and human resource planning: organization chart, salaries, positions, employees and functions, working conditions, etc.

Web Business Plan Fiscal Legal Plan

It is about defining the company’s legal form, necessary administrative procedures, legal aspects to take into account. And everything necessary to start the company in administrative aspects.

Economic – Financial Plan

Without a doubt one of the most important. It is based on developing the investment and financing plan, preparing a demand forecast, treasury forecast, etc.

Feasibility Study and Contingency Plan

In this phase, it will be necessary to include the forecast of the income statement. The business continuity plan, risk forecast or recovery plans in case of adverse situations. In the case of a web company, this plan is essential. It must remain adapted to the main risks of an online business. Server crashes, serious tracking errors, malfunctions, unwanted web positioning, etc.

With all this information you can start creating your business plan to create a new company. And remember that they are the bases on which the future or failure of your company will be built.

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Business Communication – What Is Business Communication?

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What do companies expect from their employees? What do they want and expect from them about communication? Easy, they can communicate in person, writing, and orally with colleagues, clients, other organizations, and the general public.

And we ask ourselves, what makes business communication so important? The answer is simple: business communication makes relationships with colleagues and partners effective and helps you create a better strategy.

It contributes to the emergence of more innovative projects, influences decisions, and makes your proposals are better accepted. It also helps employees improve and manage their working relationships with clients and resolve conflicts more effectively.

Good communication helps you have more opportunities. Therefore, in this object, we will teach you the main points you should know to improve your communication in any situation, as well as strategies that will help you increase your effectiveness in different areas.

Business Communication

We communicate in different ways throughout the day. There are many ways to do it. Business communication is defined as the spoken or written way of interacting between the people who make up the company and is classified as internal communication and external communication.

The internal communication takes place within organizations, and flows in different directions, flows down (to the staff), upward (toward managers, movement), and horizontally (between manager-manager, staff-staff, etc.).

The downward flow of communication occurs when management provides information, gives instructions, requests feedback, and generally supports and motivates employees. It also flows upward as employees offer feedback and input, report on their activities, and request support.

Finally it flows horizontally through the organization to facilitate the exchange of information between departments and support the coordination of the work carried out by interdepartmental teams.

Commercial and external communication includes interactions between organizations and the external environment. For example, an organization may communicate with public members, such as current and potential customers, and with other organizations, such as suppliers, government offices, and the media.

Business communication can take the form of oral interaction through conversations and meetings, whether in person, online, or over the phone, through written documents such as emails, marketing materials, website, and social media posts, blogs, reports, and proposals.

Fundamental Principles In Business Communication

Any form of communication requires interacting with another person or group of people to convey a message.

It helps to imagine the communication exchange of messages between a sender and a receiver through a medium or channel of communication.

The sender encodes a message through sounds, written words, images, videos, spoken language, or body languages, such as signs, facial expressions, and tone of voice. The message then reaches the receiver, the audience, which decodes and can decide to respond or not.

However, this transmission of messages is not always straightforward. While the receiver hears or sees the news. And also, a series of problems that act as “noise” can limit their ability to understand or assimilate it.

These problems include how the message is expressed, issues with the technology used, the receiver’s inability to process the news. And a lack of common ground (such as cultural factors such as values, beliefs, and language) between the sender.

And the receiver. In some cases, when a common background is not shared, the people involved must work hard to build mutual understanding and therefore exchange various messages or use a variety of different media.

Fundamental Principles Of Business Communication

The following fundamental principles of business communication will help you get a message across to your recipient:

Understand your audience

It is essential to appreciate and be aware of your audience, the people with whom you communicate. You must adapt the content and the mode of communication to the characteristics of the audience.

These include your interests and beliefs, backgrounds, roles, and personalities. In companies and organizations, you must analyze the sector, the products, and even their competition. Thorough research is essential to understand your needs.

Therefore it is essential to make thoroughly before communicating with people you just met who may be from a different context. It will help you achieve your current goal and build or improve your business relationships.

 

How Does Artificial Intelligence (AI) Work?

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Artificial Intelligence – Through mathematics and logic, a computer system simulates the reasoning that people follow to learn from new info and make decisions.

A computer system with artificial intelligence makes predictions or takes actions based on patterns in the available data and can learn from its mistakes to be more precise. Advanced artificial intelligence processes new information extremely quickly and accurately, making it useful for complex scenarios such as driverless cars, image recognition programs, and virtual assistants.

AI

How did artificial intelligence come about?

At least since the 1st century BC, People are already fascinated by the possibility of building machines that mimic the human brain. In the modern age, the term “artificial intelligence” was coined in 1955 by John McCarthy. Together with other computer scientists, McCarthy organized a conference in 1956 under the title “Dartmouth Summer Research Project on Artificial Intelligence.”

Machine learning, deep learning, predictive analysis, and, more recently, prescriptive analysis emerged from these beginnings. In the meantime, a completely new branch of science has developed from this: data science.

Why is artificial intelligence important?

Today by far exceeds the ability of humans to absorb and interpret this data and to make complex decisions based on it. Artificial intelligence forms the basis for learning computers and represents the future for all complex decision-making processes.

Here is an example: Most people can work out how they do not lose in “win three” (circle and cross). Even if there are 255,168 different moves, there are 46,080 of which ended in a tie. In the case of “Queen,” the number of master players is already much lower – considering the 500 x 1018 or 500 quintillion different possible moves.

Computers are able to calculate such extensive combinations and permutations extremely efficiently, to arrive at the best decision. In the future, this high computing power should also be transferred to business decisions. In addition to AI (and machine learning as a logical further development), deep learning also plays a fundamental role.

General Artificial Intelligence (general AI)

General artificial intelligence, occasionally referred to as “strong artificial intelligence” or “human-level artificial intelligence,” refers to the ability of a computer system to outdo people in any intellectual task. It’s the kind of artificial intelligence seen in movies where robots have conscious thoughts and act on their motives.

In theory, a computer system with general artificial intelligence could solve highly complex problems, make judgments in uncertain situations, and incorporate previous knowledge into its current reasoning. It could have creativity and imagination on a par with people and perform far more tasks than narrow artificial intelligence.

Artificial superintelligence (ASI)

A computer system with artificial superintelligence could outperform people in almost every field, including general knowledge, scientific creativity, and social skills.

Types of Artificial Intelligence

Narrow Artificial Intelligence (narrow AI)

Narrow artificial intelligence sometimes referred to as “weak AI,” refers to the ability of a computer system to perform a precisely defined task better than a person.

AI is the highest level of development that humanity has reached so far. All examples of seen in the natural world fall into this category, including autonomous vehicles and personal digital assistants.

Although it appears that is thinking for itself in real-time, it is coordinating several narrow processes and making decisions within a predetermined framework. The “thought” of does not imply consciousness or emotion.

1. Purely reactive AI

There is the most basic form of Kl. The system recognizes its environment/situation directly and acts based on what it recognizes. It has no idea of ​​the outside world. It cannot create memories or use past experiences to influence current decisions. only specializes in one area.

Examples are IBM’s Deep Blue, which Kasparov defeated in chess, or Google’s AlphaGo, which triumphed over the human winner in the game of Go.

2. Systems with limited memory

A little further up the evolutionary ladder of are systems with limited memories. They take pieces of past information into account and add them to their preprogrammed representations of the world. You have just enough memory or experience to make correct decisions and take appropriate actions.

Examples are self-driving vehicles, chatbots, and personal digital assistants.

3. Systems with their consciousness

Theory of Mind means developing your awareness. It includes recognizing yourself and others and developing an understanding that others can be wrong and therefore act wrong.

Moreover, such systems can understand thoughts and emotions that influence human behavior. It includes an understanding of feelings, motives, intentions, expectations, and the ability to interact socially on this basis. There are still no systems that can do this. But they are probably the next level of intelligent machines.

Examples from science fiction are C-3P0 and R2-D2 from the Star Wars films and Sonny from the movie “I Robot.”

4. Systems that are “self-aware.”

However, these forms of Kl can form ideas about themselves. It represent an extension of the systems with their consciousness. They are aware of their inner states, can predict feelings, and create abstractions and draw conclusions. And also, they are the future generation of machineries: super-intelligent, sensitive, and conscious.

Examples are Eva in the film “Ex Machina” and synths from the TV series “Menschen.”

Why is Deep Learning meaningful?

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What is Deep Learning?

deep learning

Deep learning is a special method for information processing and a sub-area of machine learning and artificial intelligence. Deep learning uses neural networks to analyze large data sets. This functionality used by deep learning acts in a similar way to the human brain. In doing so, data is first extracted, then analyzed in order to subsequently draw up a conclusion or prognosis. In practice, deep learning is mainly used to recognize images, understand texts or for better decision-making.

The basis of deep learning, neural networks, has been around since the early 1940s and is not a new topic. However, big data and the growing computing power (through graphics cards) are rapidly gaining attention. Deep learning solves problems that cannot be solve without these approaches.

DL is highly computationally intensive. The training can last for months to be able to make good predictions and decisions. The reason for this is complex architectures and millions of model parameters.

What is the association between Deep Learning and artificial neural networks?

Artificial neural networks are algorithms that are model on the biological model of the human brain. It is use to recognize patterns, interpret texts, or help us form clusters and classify objects on images.

Of course, a DL algorithm becomes like anyone machine learning algorithm trained on data. Artificial neural networks are often very complex, which interprets individual decisions as challenging to understand.

Why is D-L meaningful?

There are problems, such as unstructured image and text recognition or the development of recommendation systems in marketing, which can be map particularly well with neural networks. It is where artificial neural networks show their strengths.

The more significant the amount of data, the better profound learning works.

A good example is speech, text, and image recognition.

But structured data can also be processed well with neural networks, especially when a lot of data is available.

Big data technology and the steadily growing amount of data play a decisive role in the success of these approaches. Without big data, neural networks often work worse than classic machine learning, as the following diagram by the renowned DL expert Andrew Ng clearly shows.

What is the difference amid Deep Learning and Machine Learning?

What is the difference amid Deep Learning and Machine Learning_

Deep learning is a subsection of machine learning, so deep learning is always machine learning. However, it is worth taking a earlier look at the capabilities of these two types of machine learning, as both have different properties.

To better delimit the terms, we subdivide them into DL and “classic” machine learning. Classic machine learning refers to the methods that do not use artificial neural networks. Deep understanding, on the other hand, only uses artificial neural networks.

Thus, the main difference between DL and classic machine learning lies in processing unstructured data through artificial neural networks (ANN).

Artificial neural networks can convert unstructured information such as text, images, sounds, and videos into numerical values.

Is Deep Learning Overrated?

The question of whether DL is overrated is easy to answer: no.

Today, problems can be solve by neural networks that were previously considered unsolvable, in the desired quality for classic machine learning methods.

Also, reinforcement learning, used for autonomous vehicles and robotics, is only possible through DL methods. Such applications will significantly change our daily life in the next few years.

What are the use bags for Deep Learning?

DL is a powerful tool for problem-solving in data processing in the area of ​​big data. The use cases in the business environment are correspondingly diverse. We looked at seven compelling use cases for you and outlined them briefly. These illustrate the paramount role DL plays for companies today.

In the following, I will go into seven use cases of DL in different company areas and industries.

Market Research – What Is Market Research?

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The market research is the search, collection, analysis and reporting of data and information related to the specific situation of the market facing a company.

Therefore, the market research can also be defined as collection, recording, systematic analysis of data on marketing issues and marketing to improve the quality of decision-making procedures and control in the marketing environment.

Objectives of market research:

  • Objective of the search: to collect information for the preliminary evaluation of the problem and its structuring.
  • Descriptive objective: a description of the selected phenomena, the objects of investigation and the factors that affect their condition.
  • Causal objective: to test the hypothesis of some causal relationship.
  • Objectives of the tests: selection of promising options or evaluation of the correctness of the decisions made.
  • Predictive objectives: forecasting the state of an object in the future.

However, the main characteristic of market research that distinguishes it from the collection and analysis of current internal and external information is that it focuses on solving a certain or set of marketing problems .

Each company independently determines the subject and scope of market research based on its existing capabilities. And also, needs for marketing information, so the types of market research conducted by different companies may be different.

Market Research Types

Firstly, it was previously emphasized that market research is a scientific analysis of all the factors that influence the marketing of goods and services. It follows that the field of application of this function is practically unlimited, therefore only those types of investigations that are most frequently found in practice are considered.

Essentially, the purpose of market research is to get answers to five main questions: who? that? when? where? and how? An implied question is: why? expanding the study to contact the field of social psychology and is sometimes distinguished as a separate area, known as motivational analysis (motivation research), that is, the study of the reasons for consumer behavior.

(Unfortunately, this term has acquired a certain undesirable connotation due to the questionable activities of some psychotherapists.)

However, these studies are often carried out in a systematic way and can be secret as follows:

1) Market Research

  • Willpower of the size and nature of the market (characteristics of consumers by age, sex, income, profession and social condition).
  • Resolve of the geographical location of potential consumers.
  • Determination of the share of products of the main competitors in the total volume of sales in a given market. Investigation of the structure, composition and organization of the sales network at the service of this market.
  • Analysis of general economic trends and other external ones that affect the market structure.

2) Sales Research

  • Determination of differences in the volume of sales by specific regions.
  • Establishment and revision of the limits of the sales area. Scheduling of visits to customers by sellers. Changing the efficiency of sellers.
  • Evaluation of business methods and sales raise. Analysis of the competence of the distribution network in the amount of costs – benefits . Inventory of stocks of the retail network.

3) Product Research

  • Analysis of the strengths and weaknesses of your competitor’s products (that is, the products not only of your company, but also those of your competitors).
  • Looking for new ways to use manufactured products. Analysis of ideas for new products. And also, testing of new products with the participation of consumers. Research in the field of packaging. Study of the possibilities of simplifying the product range.

4) Advertising Research

  • Analysis of the effectiveness of the ads .
  • Examination of the effectiveness of advertising media.
  • Analysis of the effectiveness of advertising work.

5) Economic Research

  • Cost-production analysis.
  • Short and long-term forecast based on trend analysis.
  • Price – profit analysis.

6) Export Market Research

The above list is by no income thorough, but only describes the limits of possible research activities.

 

 

The Rank of a Data Recovery Service in your Company

How companies get really close to their customers

Data Recovery Service Customer orientation and customer proximity are currently in vogue. Everyone likes to put them in their mouths and claim them for themselves.

All human relationships – including those of a business nature – are based on closeness . Proximity to customers is ideal if they are not willing to deal with competing products. If it is possible to establish customer proximity, competition can be excluded and customer loyalty increased.

Satisfied customers pay higher prices for a proven source of supply – up to an acceptable limit. In addition, they are more inclined to share offer prices from competitors. Therefore, managers should know the success factors that shape customer satisfaction. In order to achieve customer proximity, Peter Winkelmann recommends in his book “Sales conception and sales control. The instruments of integrated customer management ”take the following action

Data Recovery

  • Direct contacts (e.g. field service visits, boss visits, joint dinners, birthday greetings, regular contact with technicians, regular satisfaction surveys).
  • Permanent customer contact within the framework of dialogue marketing (for example, through letters, emails, fax, SMS, newsletter) or through individualized sales promotion, whereby marketing-based customer proximity is often irregular. If, on the other hand, these contacts are positively illuminated, they can acquire the status of extraordinary – and therefore particularly valuable – events.
  • Joint tasks and interests (e.g. joint product development, value analysis, market research, trade fair presence).
  • Capital linkages, joint ventures, alliances, corporate mergers

Proximity to the customer creates a basis for business security, but every coin has two sides. In B2B markets, being too close to customers can turn into a strategic threat. According to Werner H. Engelhardt and Jörg Freiling, there are six sources of danger:

  • The in-sourcing danger : The customer notices the growing dependency on know-how on the supplier and recruits his best employees.
  • The risk of lock-in : the supplier becomes completely dependent on the customer.
  • The black hole harbors the risk that the provider will take major upfront risks (for example in plant engineering).
  • With the greenhouse effect, there is a risk that the bank’s influence on business policy will increase.
  • The outsider problem is the increasing influences from the customer’s customers as well
  • the run-away risk , in which the provider falls into the cost trap or customer proximity does not lead to customer loyalty.

Employees as a benchmark – right up to loyalty

Customer surveys clarify whether the pre-purchase expectations match the post-purchase experience. Keeping an eye on competing products is also a matter of course. When it comes to customer satisfaction management , it is advisable to ask your own employees what kind of customer satisfaction they would expect. Entrepreneurs should compare this self-image with the image of others in the market. Data Recovery Service

Customer satisfaction can be measured

Customer satisfaction can be measured Data Recovery Service

In the book “Market-Oriented Cost Management. Combining cost efficiency and closeness to the customer ”, emphasize the two authors Christian Homburg and Daniel Daum, that customer satisfaction should be measured regularly , which most companies fail to do.

Findings from management research show the connections between customer satisfaction and company profit . Outstanding, individually tailored service makes the purchase an experience, and customers are even willing to “dig a little deeper into their pockets”: An indication that it is worthwhile for companies to be close to and satisfied with the customer invest.

Objective measurement methods are based on events (critical incidents) and verifiable business data (business successes). The measured variables are customer development, repurchase rates, scope and quality of customer contacts, complaints, complaints, sales, earnings, and delivery share development or products developed jointly with customers.

The subjective procedures are based on the formation of judgments . Through defined questions or indirectly through conclusions (“Would you recommend us?”). While the direct form harbors a risk of manipulation, with the indirect method you run the risk of not really meeting the aspect of customer satisfaction.

Content Marketing: Pardon is it and how Does It Effort?

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Have you heard of Content Marketing? Do you have any impression of what it is about, but you are not convinced that it applies to your company or venture? Can’t figure out what are the steps you must follow to be within this new marketing trend? If you have asked yourself any of these questions at any period, you are in the right place!

This article will introduce you to the universe of digital marketing, more specifically content marketing, and we will explain the importance of using it in any company, as it is the most effective and efficient way to reach your customers.

How did we get to Content Marketing ?: the evolution of Marketing

In the business environment, marketing is the form of communication that we all have regarding those around us. We could say that marketing is the two-way communication of the company with the market. In other words, its main objective is to obtain information from the market and send data to it to help achieve the ultimate aim of any company, which is to increase its profitability.

That is why marketing seeks to permanently streamline the company’s communication with the market , detecting needs, defining products, prices, advertising actions, and seeking to reduce costs and increase the organization’s income.

Over time, the offer of similar products increased, and marketing realized that the market had developed, and they were no longer satisfied only with the product but asked for more. Companies began to provide services.

The era of marketing of services made the product was accompany by customer service, after-sales service, installation, support, etc.

Consumers realized that all companies provided the same services and forced them to migrate to a new dimension: the sale of experiences.

What is content marketing? Definition, objectives, and advantages

Content Marketing is a marketing strategy aimed at generating valuable content for our clients.

It is a new conception of marketing, where the company, which has already defined the customer segment in which it wants to position itself and has gotten to know it, has identified what their tastes are, their preferences, what activities their customers carry out, etc. .; define guidelines on which that customer segment finds it attractive to receive information – training and begins to produce it.

The tactics will seek to attract our customer segment to our products, but without direct sales actions.

We must tolerate that this new era of marketing does not exclude the previous ones but includes them. The product, the service, and the experience are part of it, making sure that when that customer we want to attract with the generated content chooses us, we provide everything that he expects, being competitive in products, prices, location, promotions, etc.

Content Marketing Objective:

  1. Create value for our current and potential clients.
  2. Build bridges of trust in our relationship with current and potential clients.
  3. Retain existing customers and convert potential customers into real ones.

Advantages of Content Marketing:

  1. It is possible to use non-traditional communication channels, which are cheaper and lower the costs of marketing in organizations (we spend less money).
  2. Relationships with our clients are one of familiarity, sympathy, and trust, which extends the client’s life span for our organization.

What are the rank of the Internet and Social Networks for content marketing?

But how do we capture the attention of our target audience in the gigantic universe of the Internet? What characteristics must the content have? Where do I put that content?

These are some of the questions that you should be asking yourself at this time.