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What are the Different Types of MBA Courses? Master’s of Business Administration

What are the Different Types of MBA Courses? Master’s of Business Administration

Updated on 28 February, 2024

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• 13 min read

Table of Contents

Benefits of MBA
Different Types of MBA
How to Choose an MBA program for you?
Different Specialization in MBA from upGrad
upGrad your Life with an MBA
Conclusion

MBA is a post-graduation course that gives one a great career option. Many people have the basic qualification, and an MBA adds a higher qualification to the resume that makes them more preferred over basic qualifications. MBA enhances the interpersonal and managerial skills that make the companies hire the ones with higher qualifications.

MBA is usually a two-year’s extensive program that includes an internship too. Anyone can easily apply for the MBA course. There are different types of MBAs that one can pursue. The importance of all types of MBA courses is similar, and it is completely the applicant’s choice to choose any of them.

In this article, you will learn different types of MBA and the benefits of doing an MBA. Apart from that, you will also know the different MBA programs offered by upGrad.

Benefits of MBA

Technology is growing at a very fast pace. Every other day, we hear about some new technologies that become necessary for professionals to grow in their careers. For example, Machine Learning and Artificial Intelligence are two such innovative technologies that every company is adapting.

Therefore, it becomes the need of the hour to learn these skills. Online MBA programs are such courses that allow the professional to gain such new skills while doing their full-time job. These MBA programs help professionals in getting skilled and easily get switched to such new technologies. There are many benefits to doing an MBA:

Learn the flexible skills applicable to wider industries
Start your new company from scratch
Improve communication skills
Develop the professional network
Improve the professional credibility

An MBA makes you a credible person at the company, Nurturing your career growth. Also, one can easily switch to new career options as most online MBA courses come with great career support.

Different Types of MBA

MBA is one of the sought-out degrees that helps a person in developing professional skills. Every year, many people apply for MBA. Below are the different types of MBA that one can opt for:

1. Full-Time MBA

A full-time MBA program offers a comprehensive educational experience designed to prepare individuals for leadership positions in various sectors of the business world. Lasting typically for two years, this intensive program delves deep into core business disciplines such as finance, accounting, marketing, and operations. Through a combination of lectures, case studies, group projects, and discussions, students gain a solid foundation in fundamental business concepts and theories.

In addition to the core curriculum, full-time MBA programs often provide students with the flexibility to tailor their learning experience through elective courses. These courses allow students to delve into specific areas of interest or specialization that align with their career goals. Whether it’s entrepreneurship, international business, or corporate finance, students can choose courses that best suit their aspirations.

Top MBA colleges that offer full-time MBA include IIM Ahmedabad, IIM Bangalore, IIM Calcutta, IIM Lucknow, and IIM Indore among others. The average salary ranges from ₹ 25-35 LPA per annum and can go up to ₹ 1CPA.

Moreover, practical experiences are an integral part of the full-time MBA journey. Internships, consulting projects, and global immersions offer students the opportunity to apply their classroom learning to real-world business scenarios. These hands-on experiences not only reinforce theoretical concepts but also provide invaluable insights into industry practices and trends. Furthermore, they enable students to build a professional network and establish connections with industry leaders, paving the way for future career opportunities.

2. Part-Time MBA

A Part-Time MBA program offers a flexible pathway for professionals aiming to elevate their business expertise while maintaining their career momentum. This format is particularly beneficial for individuals looking to balance work and education, enabling them to apply newly acquired skills directly to their professional roles. Among the various types of MBA programs, the Part-Time MBA is distinguished by its flexibility, designed to meet the demands of working professionals. It encompasses a comprehensive curriculum that mirrors that of full-time programs, covering essential business foundations and advanced management techniques.

Top institutions renowned for their Part-Time MBA programs include the Haas School of Business at the University of California, Berkeley, the Booth School of Business at the University of Chicago, and the Kellogg School of Management at Northwestern University.

3. Executive MBA

The Executive MBA (EMBA) offers a unique opportunity for seasoned professionals to advance their business acumen and career prospects while continuing to work in their current roles. Specifically designed for busy executives, EMBA programs are structured to accommodate their demanding schedules. Typically, these programs operate part-time, featuring intensive weekend or modular sessions supplemented by online learning modules. This flexible format enables participants to gain valuable knowledge and skills without compromising their professional commitments.

One of the key advantages of EMBA programs is their emphasis on practical learning. Through case studies, group projects, and interactive discussions, participants can apply theoretical concepts to real-world business scenarios, gaining valuable insights and honing their problem-solving abilities. Additionally, the diverse backgrounds and experiences of EMBA classmates contribute to rich discussions and meaningful peer-to-peer learning.

Top colleges that offer Executive MBA include XLRI Jamshedpur, IIM Indore, Narsee Monjee Institute of Management Studies (NMIMS), and Symbiosis Institute of Business Management among others. The average salary package is around ₹ 32.7 LPA whereas the highest Package is around ₹ 1.1 CPA.

Furthermore, the flexible scheduling of EMBA programs allows participants to tailor their learning experience to their individual needs and interests. Whether focusing on a specific industry, functional area, or leadership skill, EMBA participants can customize their curriculum to align with their career goals.

4. Correspondence MBA

This is the type of MBA in which students do not need to attend any classroom session. The syllabus and course material are provided to the students at the start of the course, and students need to take the exams at the end. That is a good option for those who want to pursue an MBA but cannot afford the course.

5. Online MBA

This type of MBA has become popular in recent times. The students are provided with online study material with lectures as video recordings. There is a one-to-one mentor allocated to the students where students can resolve the queries and doubts.

One can opt for any of these MBA courses as per their requirements. The online course is becoming popular these days as students get everything online and students can complete a course from anywhere.

It is best for the working professional who can continue with their job. upGrad offers many executive MBA courses in future-oriented fields that students can attend online. The duration of an MBA from upGrad is two years.

Below are some of the MBA courses that you can complete at upGrad and take your career to the next level:

How to Choose an MBA program for you?

Selecting the ideal MBA program from the various types of MBA courses is a pivotal decision that profoundly impacts your professional journey. Amidst a plethora of options, the quest for the “best” program transcends universal rankings, instead focusing on aligning personal objectives with program features. Here’s a strategic roadmap to navigate your selection process:

Career Vision: Pinpoint specific industries, leadership roles, or entrepreneurial endeavors that resonate with your aspirations.
Skill Enhancement: Identify areas for growth, such as finance, marketing, or strategic acumen, and seek programs offering tailored courses or concentrations.
Program Diversity: Look at how many types of MBA programs exist. Explore diverse program formats – full-time, part-time, executive, or online – tailored to your lifestyle and commitments.
Institution Reputation: Assess the credibility of institutions, considering rankings, accreditations, curriculum depth, faculty expertise, and career services.
Campus Atmosphere: Delve into the cultural fabric of each program’s campus environment, ensuring alignment with your learning preferences and values.
Specialized Offerings: Prioritize programs with concentrations or specializations that complement your career trajectory.
Faculty Credentials: Evaluate faculty expertise and industry connections to ensure alignment with your professional goals.
Financial Viability: Explore scholarship opportunities, evaluate overall program costs, and assess potential return on investment.
Admissions Engagement: Attend information sessions, interact with program representatives, and network with current students to gain firsthand insights.
Alumni Engagement: Seek guidance from successful alumni of target programs to gain valuable perspectives and insights.
Interview Preparation: Enhance communication skills and refine interview techniques through mock interviews and practice sessions.

By exploring the different types of MBA specialization, you’ll be equipped to make an informed decision. By doing so, you will find the right MBA program that best aligns with your aspirations, setting the stage for a successful career trajectory.

Different Specialization in MBA from upGrad

1. MBA (Global) Deakin Business School

This is the program that helps to enhance decision-making and improve communication skills. This program can improve your career as a manager or a leader in the field you are working in. The program offers a certificate from Deakin Business School, which comes under the top 1% of business schools across the world.

The program can fulfil your dream to work abroad as the program is recognized by the World Education Services (WES). Get the chance to interact with students from across the world.

You can opt for this program if you are an experienced manager, a business owner, a Senior Management Executive, and in the middle of your career.

You can opt for this program if you want to enhance your managerial or leadership skills and grow in your career.

Eligibility for the Program

Bachelor’s degree in any discipline with at least 50% of the marks and a minimum of 3 years experience.

Skills you Will Learn

As part of this MBA program, you will get the below skills

Financing Strategies
Design Thinking
Business Growth Strategies
Integrated Business Strategy Formulation
Leadership
Change Management
Strategic Thinking and Planning Abilities
International Business
Developing High Performing Organizations

2. MBA in Digital Finance and Banking

This program offers the degree from OP Jindal Global University, which is recognized both nationally and internationally as ‘Institute of Eminence.’ This is a future-oriented program in the finance domain, best for those who want to kick start their career and make job-ready.

As an alumnus from Jindal Global University, you can get yourself engaged in the world of academia. Apart from that, get career support from upGrad by participating in mock interviews and different job fairs. You should opt for this program if you want to make yourself ready for future-oriented jobs.

Eligibility For the Program

Bachelor’s degree in engineering / science / commerce / administration / mathematics with 50% marks.
Qualified JMAT, which is a national level exam

Skills you Will Learn

As part of this MBA program, you will get the below skills:

Artificial Intelligence
Fintech Ecosystem
Finance Data Visualization
Design Thinking
Financial Management & Valuation
Blockchain & Cryptocurrency
Digital Fraud
Risk Analysis

3. MBA (Global) with Specialization in Product Management

This is an online MBA program that offers a dual degree from Duke University and Deakin University. The duration of the program is 21 months that constitute 10-12 hrs per week. Get 360-degree support in your career.

If you are looking for an MBA course in product management, then opt for this course. After completing this program, you will get jobs in HR management, finance, management consulting, business development, strategy, and operations.

Eligibility for this Program

Bachelors with at least 50% marks
Minimum experience of 3 years in people management, project management, financial management, and similar fields

Skills you will Learn

User Design
Market Research
Business Growth Strategies
Strategic Thinking
Leadership
Design Thinking
Strategies for Business Growth
Product Development
Growth and Engagement

4. MBA with Specialization in Digital Marketing

This MBA program is an online program that provides the certificate from Deakin Business School upon completing the course. There is expert and experienced faculty for this MBA in Digital Marketing. With the increase in jobs in Digital Marketing, the demand for this course has also increased.

You will get complete career support after this course to get placed in an inappropriate role. Along with the learning, you will get the one to one mentorship with industry leaders. You should opt for this program if you are looking for an MBA in Digital Marketing.

Eligibility for this Program

Bachelor’s degree with at least 50% marks and a minimum of 3 years of work experience in project management, financial management, planning. People management, sales, leadership, and operations.

Skills you will Learn

SEM
SEO
Content Marketing
Social Media
Strategic Thinking
Marketing Analytics
Branding
Planning Abilities
Design Thinking
Business Strategy

5. Master of Business Administration

This is a UGC recognized program offered by upGrad in collaboration with Chandigarh University. The duration of the program is two years, with 30 hours per week. The program offers the experience at ground level to get an understanding of different management strategies in business.

You can choose either Business Analytics, Digital Marketing, or Logistics & Supply Chain. The program also includes a six months internship. Along with the program, the students also get guidance with the preparation of competitive examinations and placements. Anyone interested in marketing, finance, international business, and HR can opt for this program.

Eligibility for this Program

Anyone who graduated in BBA, BCom, or BA from a recognized university

Skills you will Learn:

HRM
Strategic Management
Business Research Methods
Entrepreneurship Development
International HRM
Finance & Marketing Management
Strategic and cross-cultural HRM

upGrad your Life with an MBA

MBA is a great option for those who want to make a bright career with a high pay scale. There are different types of MBA courses that one can choose from according to their requirements and budget. If you are a fresher and just completed your graduation, you can go for the full-time MBA course.

Online and executive types of MBA courses are mainly for the working professional looking to enhance their skills and grow in their career. MBA is a great choice for professional development irrespective of the type of MBA course you opt for.

Conclusion

The different types of MBA courses available today offer unparalleled flexibility and specialization for aspiring business leaders. Whether you’re looking to accelerate your career, pivot to a new industry, or deepen your expertise in a particular business area, there’s an MBA program tailored to meet your objectives. From full-time, part-time, executive, to online MBA options, the variety ensures that education adapts to your life, not the other way around. Specializations, especially those offered by upGrad, allow you to fine-tune your skills in specific sectors, making you a valuable asset in the competitive business landscape. Embracing an MBA is more than just an academic pursuit; it’s a transformative journey that equips you with the knowledge, skills, and network to excel. As we’ve explored, the choice of the right type and specialization of an MBA can significantly upGrad your life, opening doors to new opportunities and empowering you to make a substantial impact in the business world.

If you are keen on upgrading your career with an Executive MBA course, upGrad is offering MBA from Liverpool Business School.

Frequently Asked Questions (FAQs)

1. What Is the Scope of Pursuing an MBA In India?

Without an MBA qualification, the typical timeline by which you can expect a 100% raise from your joining salary package takes about 4 to 5 years.
If you manage to graduate from the MBA course with an A+ grade, there will not be a dearth of opportunities for you. Completing an MBA will certainly open more doors for you within and even outside of your immediate organisation. You will be free to choose more challenging positions that will come with higher remuneration packages and benefits.

2. Are online MBA’s any good?

Online MBA programs have become extremely popular in the last few years especially since some of the institutions are collaborating with top-class universities from around the globe to award the degrees. Working professionals are best suited to take up these courses. They are time-saving and more economical in terms of the full-time, classroom-based MBA programs.
Generally, students choose to go with the 2 or 3 year MBA programs. These courses focus on the general curriculum, specialisation with the last semester usually reserved for project work or internships.

3. Can MS students consider pursuing an MBA degree?

Usually, if you take up an MBA after an MS qualification, it is considered to be your second master’s degree. The most important thing for the student to do at this point is to convince themselves why it is essential to pursue a second master’s degree.
An MBA on completion of your MS degree is an option that you can explore since it has proven to be beneficial in ensuring career progression.

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Real Individual Growth, the Catalyst for Success A low CAT score also sometimes forces them to settle for something very less and eventually hits them hard on their pockets. Most of us believe just a paper of certification would suffice to pursue this role, contrary to the reality. A lot of corporate professional’s dwell in this dilemma for a very long time and sometimes miss out the major career turning point of their life. If you are sailing on this boat, we are here to anchor you and show you the right path. Even after more than two decades and tremendous technological advancement and process automation, the implications of managerial role and management skills have not come down. Having said that, there is a steady decline in the fad of the management studies and certifications from B Schools. The lure of being an IIM or any other B school alum has been declining for quite some time. Research studies conducted by ASSOCHAM show that only 20% of students passing from B schools end up in jobs which are aligned with their studies. The campus placement scenarios in these management institutions are extremely grim and have dropped down severely. Most of the students end up in low-salaried jobs and struggle for years to pay their educational loans. So, why take the pain of writing a CAT examination, quitting your job and pursue a management degree which might end up in a path filled with the bumpy road in your career than the present scenario? You might be wondering what could be the other ways where you don’t have to take a break as well as get a management degree? We are here to help you out. Gone are the days when Management studies were a lucrative and luxurious educational stream, mostly pursued by professionals who have a strong and wealthy background and who could afford to take a break whenever they wished to. Today, Management studies with a certification in hand, are vital to growing up in the corporate ladder. Having said that, the online and distance education system of learning and acquiring skill sets has enabled professionals to look at the pros and cons of entering the campuses of B Schools with a different perspective. The corporate programs offered by online educational institutions such as UpGrad, inspire professionals to take up Management Studies and transform their careers without pausing or halting in the middle. This transformational journey is like The Road to El Dorado filled with bumps and potholes. From being a subject matter expert to a managerial role without quitting the job requires an investment of time and conscious efforts to balance the ongoing role and acquire skills for the new role. Some of us might be doyens in our area of expertise and possess in-depth knowledge about the domain. However, we might lack the managerial skills to plan and execute the business improvement ideas. For example, as a developer, you might have a fresh and great idea to augment the features of the product you are developing and make it more conducive for the customer and incur more revenue for the organisation. Nevertheless, you might not be able to forecast, plan, budget and execute the different aspects of the business to implement your idea. This is where the necessity of acquiring managerial knowledge and skills comes handy. The need of proficient business managers is on the rise to tackle the challenges of the dynamic and fluctuating business environment. In the present scenario, most of the business managers are required to look beyond the present and foresee the challenges of the future and be planned and prepared for any type of crisis. The product managers are in a constant battle to grow the business with creativity and speed. These online management courses will help build and hone the necessary skills such as researching and synthesizing information of the business, communication skills and project management along with knowledge and application of diverse management tools. The Certification of Management Studies would empower the students with the knowledge to handle the projects from the business profit and loss perspective and augment it creatively to the best of the business needs. Though these are not a full-time professional degree course, there are impeccable advantages of opting for such online management certifications. These corporate online programs have endured giving a virtual learning experience just like a real-time educational institution. The best feature of these online management certifications is that most of them do not have any entrance exams. So, zero fear of passing or failing at the entrance exams. Above all, these online courses can be pursued with or without taking a break from your career. After all, who would wish to take a break, make a huge investment and live in financial crunches for years? These online courses and certifications do require an extra little time investment in your daily life (of course every course has a time limit). These courses, besides giving in-depth theoretical knowledge about the business concepts also help you understand the practical real-time business scenarios and the challenges of the industry. These courses also impart insights and information about the changing trends of the market through applied projects along with personalized mentorship. The plethora of options for the corporate professionals available in the education world would help them seek the required managerial and leadership skills without any hindrance in the career. An online education which is exclusively skill-based training along with intellectual and innovative awareness and application of the business tools to provide exception management services for the business. Much for the best of the students and professionals, these management programs are certified in collaboration with reputed national and international business schools. Once acquired the degree as well as the essential skills, the corporate professionals can showcase their talent to grow up in the ladder. As these courses are pursued as an on-the-job educational enhancement, it will be a perfect way to apply the management skill in your daily professional life and show your peers and seniors the innate potential and the acquired new skill for the optimum career growth. With the timely execution of the skills in the business and visible impact on the business, the transformational journey from a subject matter expert to the managerial role would take place. The expedition from a subject matter expert to a managerial role not only requires the technical skills and managerial skills but also needs a shift in the mindset. When you are a subject matter expert, you must be a pro at your subject. You need to be a master of your domain. The go-to person for all the product development problems. Why Skill Development is Really Important for Success You need to help the team solve the problems when under the technical crisis and find solutions to the product issues. But, the scenario completely changes when you are looking yourself for a management role. You are not just a problem solver. You need to think and forecast when and how the problem would arise, how many resources would be needed to solve the issues and what is the time-delay which would happen if problems arise. An end to end overview of the project in terms of business vision and mission. As a Manager, the way you approach the business would change drastically. These management degrees will help you visualize the day to day problems of the individual projects from the business perspectives. You will start looking the projects in terms of revenue generation and contribution to the profits of the organisation. As a manager, you would need to have a much profound thought and views about the resources available and the future necessity of the resources, along with the time management, so that the project schedules are met in a timely fashion to the customers as per the schedule. You also need to overview the performance of the individual team members depending on their contribution to the projects. In short, you as a manager must have the potential to show the entrepreneurial skills such as resource management, time management, business operations management besides having the knowledge of the product development. Learn MBA Courses from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. Do You Have All the Skills Required to Start a Business? This revolution in the mindset does not happen overnight or just by possessing the theoretical knowledge. This change in the way of thinking and execution of the business goals comes after a lot of daily business crisis encounters over a period. The best way to kick off this journey of managerial metamorphosis is to pursue an online management degree along the side of your ongoing corporate career. Sow the right fertile seeds today for a better constructive and thriving professional career.

by Deepak Singh

01 Mar'18

5.88K+

Get an Edge in your Management Career: UpGrad and IMT Ghaziabad

Across the globe, for quite a few decades now – getting a post-graduation management education has been a tried and tested route for employers to hire high caliber managers. It also gives an edge to aspiring managers for transitioning into higher paying roles. But not everyone who gets a management degree achieves success. In India, tens of thousands of management graduates are churned out by the 100s of colleges, but only 7 percent turn out to be employable, says a study conducted by ASSOCHAM. In fact, only a top few colleges are able to boast of quality education and great career impact. Beyond the top 20 colleges – all metrics related to career impact, whether it is post-college CTC or percentage of class employed after 3 months, fall drastically. This shows, it’s not enough to just get a management education – the college you get it from is very important. For a lot of working professionals, going back to the campus is not the best alternative. Many of them can’t spend 5-15 lakhs on getting an on-campus MBA. Some want to continue their jobs and get promoted and some are not able to get into campus programs of a reputed college. As a result, every year approximately 140,000 people enroll in distance education management programs available in India (MHRD report). Do You Really Need an MBA to Become a Manager? But in most of these distance education programs, the quality of education is substandard. This also is not much of a secret – all recruiters understand this well. To help aspiring managers to actually achieve their career goals without taking a 2-year long break, we joined hands with IMT Ghaziabad to develop a PG Program in Management. IMT Ghaziabad is widely regarded as one of India’s leading B-Schools. The alumni of IMT Ghaziabad can be found in almost every industry in leadership positions. IMT G alumni are serving in senior leadership positions in organisations such as Google, Genpact, Verizon, Ashok Leyland, Citibank, Credit Suisse and Zomato. What are some unique features of PG Program in Management Become a graduate from one of the best B-schools Having a great B-school on your profile benefits you throughout the career. Be it getting shortlisted for interviews or getting promoted faster – there are lots of intangible and tangible benefits. You will also have access to campus facilities and be a part of IMT alumni network. UpGrad learning experience: Tailor made for busy working professionals This program requires only 6-8 hours of time per week. In a typical week, students go through lectures and assignments by taking out 3 hours from Monday to Friday. All the live lectures are scheduled over non-work hours for their convenience. And all deadlines are on Sunday midnight – so that you have the entire weekend to complete everything. Learn from top professors and top industry professionals One very unique feature of the program is that the lectures are not only taken by professors from IMT Ghaziabad – but we also have lots of industry leaders teaching you in the program. These industry leaders have decades of experience and work in leadership positions in top companies and access to multiple networking sessions during and after the program. Learn by doing; go beyond learning through lecture notes We believe learning doesn’t happen by going through lecture videos or Hangouts – learning happens when you apply the lectures taught you to real-life problems. This program will have 13 case studies based on actual problems faced by companies. It will also have live projects where you will be running digital marketing campaigns on Facebook and Google Ad platforms. Get mentored 1:1 by industry leaders In this program, you will get 5 sessions with an industry professional with years of experience. You will get to choose this mentor from a pool of mentors. In these 1:1 sessions, your mentor will help you develop a better resume, conduct mock interviews and help you understand what kind of roles should you apply to. Get career opportunities Through our network of over 200 industry partners, we share career opportunities with our students. Additionally, students get to be part of IMT Ghaziabad official alumni group – where a lot of top opportunities are shared. Transition into your dream role faster Unlike most management programs that take 2 years, we have designed this program to be only 10-months long. A short MBA program helps the students achieve their career goals faster and are ideal for experienced professionals. Many top MBA schools like the Indian School of Business, INSEAD France, and HEC Paris also offer short duration management degrees. No need to take a lot of leaves for the end exam In a usual distance management degree, students have to take end semester exams. Most students end up taking a 10-15 day leave to give these exams – which is a big pain point. To solve for this – we have a lot of smaller components throughout the program where you will be graded. These include case studies, assignments, live projects and so on. This means, you just need to turn in your assignments on time and there is no end term exam. Real Individual Growth, the Catalyst for Success We are excited to train the next generation of leaders for the country. Check out the PG Program in Management now if you wish to race ahead of the curve in leadership roles! Learn MBA Courses from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career.

by Apeksha Minz

20 Mar'18

5.36K+

4 Customer Retention Strategies You Never Tried

We live in a world of constant competition. When it comes to the business, brands are working rigorously to make sure that consumers don’t buy from their competitors. In such situations, the best option is to work on your customer retention strategies. Customer retention, in a nutshell, refers to the process of keeping and nurturing your existing customers. It involves building trust among existing consumers and earning their continued patronage. According to Invesp, the probability of any business selling to existing customers is 60-70%. The study further shows that existing customers are 50% more likely to try out your brand’s new products. They are also likely to spend 31% more compared to new prospects. These statistics explain why you should concentrate more on customer retention rather than focus only on getting more customers. And due to all these benefits, customer retention is one of the key factors that drive the success of any business. So for optimum results, your brand should have proper strategies in place for retaining your existing customers. Here are a few tried and tested strategies you can use to excel at customer retention: #1. Add Value to Your Products Providing something extra to customers so that they don’t buy from your competitors is a good way to retain customers. It is not only limited to providing benefits and features, you can also provide unique experiences to your consumers that no one else provides. You can alternatively provide unique benefits and experiences to certain groups of customers rather than providing them to everyone. This way, you can also reap huge benefits by offering a sense of exclusivity to certain customers. An example of a company that adds value to its products and provides unique experiences to its customers is Apple. Apple has always been known for making products that are easy to use. In its recent development, the iPhone X is one of the first mobile devices to have facial recognition technology. This allows you to you scan your face so that it can only be unlocked by you. Not only this, Apple perfected the face ID technology significantly so that their product is one-of-a-kind. They have yet again managed to set themselves apart to continue retaining their loyal customers. Brand Positioning: A Focal Point of All Marketing Efforts #2. Delight Your Customers As a business owner, there’s no doubt that you can offer your product at a fair price and deliver it to your customers in a timely manner. However, this does not give them an unforgettable and meaningful experience. Nor does it ensure that you’ll gain their loyalty. In order to retain customers, your brand should think of effective ways to consistently provide memorable experiences to customers. There may even be times when you go above and beyond to ensure that their experience is unique and pleasant. To delight and surprise your customers you can: Ask customers to take part in surveys to show that you care about their opinions. Bring them onboard for product testing so they have a unique pre-launch experience. Celebrate their birthdays by sending out exclusive gifts or discount offers. This way, your customers will know that you truly care about them and not just about their business with you. It will help them understand that you’re serious about delivering a one-of-a-kind experience to them. And this will enforce their trust in your brand. Foundr magazine recently published a guide anyone can use to start and scale an online store. In 2012, the people of Bethel, Alaska were delighted to hear the news of a Taco Bell opening there. But they later discovered that the opening of the Taco Bell in their remote town was merely a hoax. Not long after, the news reached Taco Bell. The company understood the amount of excitement that was built around the potential Taco Bell opening. This is when the company thought of surprising the citizens of Bethel. Taco Bell soon executed an event named “Operation Alaska.” During the event, the company sent out a helicopter carrying a Taco Bell truck to the town of Bethel. This truck was filled with enough food ingredients to make 10,000 Doritos Tacos for the people of the small town. Taco Bell did this to surprise the people of the town and appreciate the brand’s loyal fans. Although they were unable to open up a physical store in Bethel, the company went out of their way to address their customers’ demands. Learn How To Use Audience Targeting In Marketing! #3. Provide Great Customer Service It doesn’t matter how good your product or service may be if you can’t deliver good customer service. If your customer service is not up to the mark, you will have a hard time retaining the customers who choose to do business with you. Brands should understand that the quality of service they provide is the main factor that differentiates them from competitors who sell the same products as they do. That’s why it is of the utmost importance that your company has effective customer service strategies in place if you wish to boost customer loyalty. This would also include everything from setting up a proper after-sales protocol to providing a good user experience to your site visitors. They need to know how to build, launch and grow a profitable online store. Just think about it – will visitors return if your web pages load slowly, or if it takes several minutes for them to find the information they need? It will not only frustrate them but also increase their sensitivity towards price. And this could significantly affect your brand’s revenue in the long run. By focusing on personalized customer service solutions, brands can easily retain the majority of their customers. Here’s an example of great customer service being provided by Amazon. Here we see that the customer has reported that the product order is yet to be delivered. The customer support agent Jeff informed the customer that the product has been delivered to Australia. He apologized for the inconvenience and created a replacement order for the customer. Jeff also went on to provide an expedited delivery of the replacement order. This way, he not only answered all the customer’s questions but gave her a personalized solution to the issue. Segmentation in Marketing: Get Started with Effective Strategies #4. Boost Your Content Marketing Strategy By understanding the customer’s perspective, you’ll realize that consumers are more comfortable buying products and services that they think they’re familiar with. So when it comes to purchasing decisions, they choose products and services they’ve heard of from some other source. This source could be anything – from friends and family to news articles. That’s what makes content marketing so effective for businesses. Content marketing involves publishing content in a way that not only reaches out to the masses but also influences them. It helps consumers learn more about your product or service in a way that’s not overly promotional. Additionally, it also provides useful information to existing customers on how to further benefit from your product or service. There are a few steps you can take to optimize your existing content marketing strategy. Here are some ideas you should implement: Combine Content Marketing with Influencer Marketing – Work with influencers who have a voice in a relevant niche. You could have them create content in which they talk about your products or services in front of their audience, which can help you win over an engaged audience. You could also have them vouch for your products or services in testimonials, expert roundup posts, or interviews. And since the recommendation is coming from someone they trust, this audience is highly likely to be smitten about what you’re selling. This will give you an easier time winning their trust and loyalty, which is vital for retaining them. Keep Track of Where Your Content Stands – It’s also crucial that you ensure your content remains consistently visible and valuable. The goal here is to ensure that you continue to attract and engage a highly relevant audience and win over their loyalty. Additionally, strategies such as updating content can have a significant impact on your content visibility and customer retention efforts. The strategy involves picking out older pieces of content and updating them with new information, new ideas, or new images that can continue to engage your audience. Winning the Market with Consumer Journeys Conclusion It’s important to understand that your current customer base is the best asset your business has. These people are the ones who are already aware of your brand as well as its products and services. Focusing your energy and time on making these people happy will help you generate substantial revenue. Do you know any more strategies that can help in customer retention? Feel free to let us know in the comments section below. Learn MBA Courses from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career.

by Shane Barker

27 Mar'18

5.46K+

The Ultimate Sales and Marketing Resource Guide

The present marketing world is evolving every minute. In a perfect world, sales and marketing work in collaboration. However, the reality is otherwise. The old-school approach of recruiting people with just sales knowledge or marketing experience is dying. The digital ecosphere has bridged the gap between the marketing and sales professionals. Today, no business organisation requires or recruits human resources who possess a very narrow knowledge and skill set. Today, every front-end professional who interacts with the consumers must hold knowledge about the end to end cycle of the business. We all have the habit of bookmarking interesting and informative articles to be read in our leisure time, and that time never comes. The thought of acquiring all the knowledge of sales and marketing is in itself quite overwhelming. Even though the industry requirements are changing, most professionals are unable to stay updated with their skills and knowledge. Here we are sharing the ultimate sales and marketing resource guide for all the professionals who are into marketing and sales. This is an attempt to share the basic requirements of the industry and also the list of the resource from where one can gain the knowledge and skill set of Sales and Marketing Management. While on hand, the marketing team would bring the latest ideas and strategies for advertising the product to generate leads. On the other hand, the sales team would be handling calls and answering consumer queries to convert them into loyal customers. But, this would happen separately and the information given to the consumers would be different. The biggest challenge which most businesses face is the gap between the sales and marketing team because of a lack of communication between each other. The efforts to convert the traffic to customers would be all in vain. In short, the business would run at a loss if both these segments work individually. Today sales and marketing team should know about the workflow and functioning style of each other and work in cohesion to drive revenue. Here are some of the mandatory knowledge which every sales and marketing professional must own. Foundational Skills of a Marketing and Sales Professional Hard Skills Storytelling Thought Process No marketing and sales professional should throw a direct pitch for purchase to the consumer. With the widespread use of technology, today’s consumers make better-informed choices and purchase decisions. Every marketing and sales professional should sell their products or services in the form of a persuasive tale to the consumers. These professionals must have a storytelling thought process to capture the attention of the audience at the first instinct. A journalistic mind along with a creative feature writer’s attitude and ability in dealing with consumers is one of the more essential hard skills of the industry. Digital Media Skills The digital world is evolving and challenging the traditional frameworks of marketing and sales. It is evident that digital media is the way forward and every professional must own digital media skills to flourish in this industry. The digital media is dramatically impacting the buyer-seller relationship and the brands. An effective and active digital media presence is the new path to enjoy the tangible results of sales and marketing. Design Skills Today, every professional is mandated to be a tech-savvy to grow in this field. The advancement of technology has automated the marketing and sales process. Hence, all professionals must devour the knowledge of process modelling, project management, web and graphic designing along with content curation. Possessing a technical know-how is a must to climb up the ladder of professional growth. Data Analytics Skills The technology has enabled to capture massive data about every step a consumer takes towards the brand. The knowledge to interpret these data into viable inferences and frame effective strategies is quite essential to gain and retain the target audience. The intellect to understand and appreciate the enormous data of the consumer and brand relationship involves exceptional analytic skills. Domain Expertise Yes, knowing the hard-core skills of sales and marketing are vital. Beyond that, professionals are also expected to possess domain expertise within the industry. The in-depth knowledge of the product and the technology and also the consumer’s requirements are inevitable to bridge the gap between the business and its evolving needs of the audience. Having domain expertise always would give an upper hand over other competitors. Importance of Digital Marketing in Logical Business Decision-Making Soft Skills Creativity Marketing and sales professionals are required to think and act creatively in every step to attract new consumers. The innovative designs, gratifying content writing, amusing and appealing concepts and exceptional skill to think outside the box are a must. Besides selling a product pitch, this would enable us to offer the customers incredible brand experience. Creativity is not just required but rewarded as well. Communication Verbal and non-verbal communication is a must. Most professionals overlook this skill. But to stay consistent and grow up in a career, strong communication skills play a significant role. The golden rule of every marketer or sales personnel has to appeal to the clients in a persuasive manner and help them solve their problems through the business products and services. Whether it is writing a marketing ad copy or drafting a sales pitch and presenting to the clients, a great orator and communicator could make or break the game of the business. Collaborative Skills No business segment works individually. Every team must collaborate with each other and work in tandem. The present-day recruiters and hiring managers look for individuals who are collaborative in nature and work well with multiple people at the same time. The emotional and empathetic connect within the organisation as well as with the customers are a necessity to shine as a true professional in this field. Negotiation Skills The most vital tactical skill is negotiating skills. The art of convincing and negotiating a client comes with experience. From negotiating to acquire a project with a client, to convincing on the timelines, budget, priorities, and expectations, every step needs incomparable negotiating skills. The capability to drive the hardest bargain is one of the biggest challenges as well as the notable skill to grow in glory for all the professionals. Leadership Skills A professional who goes beyond seeking one’s own growth. Taking risks, driving change, building trust, owning the failures and sharing success with everyone is the real traits of a great leader. Leadership skills are vital to make vital decisions and empower the ownership of the business to the professionals. Today, every marketer or salesperson has the opportunity to showcase their leadership skills in every aspect of their working environment. Every great leader is a mentor for the next generation. How Does a Digital Marketer’s Salary Grow? Business Models of Marketing and Sales Renowned frameworks which are adopted by the marketers and sales professionals if the industry. Pragmatic Marketing Framework: The Pragmatic Marketing Framework gives the end to end picture of the business operations for both the product and marketing and sales team. Go-to-Market Strategy: A model that shows the collaborative interplay of the sales and marketing team. The Startup Pyramid – Growth Frameworks: This framework is completely driven and help to determine how to grow when to expand and which metrics to be tracked in a specific stage of the business. Technology Marketing Framework: Think beyond the 4Ps of marketing. Today 14Ps govern the marketing framework. The 2016 TOPO Sales Framework: Decode the elements present in high-growth sales infrastructure. Agile Sales Framework: The Ultimate Sales framework to Empower the marketing and sales professionals with decisions and results. The CLEAR Culture & Framework of Sales: This framework will help to convert the audience into potential consumers and lead to conversions quickly. Sales Enablement Metric: This metric will help to empower the organisation’s sales delivery strategy. Books Gain in-depth knowledge by inculcating a habit of reading books. Most Popular books to read on marketing & sales industry: Building a Story Brand: Donald Miller Marketing: A Love Story, How to Matter to Your Customers – Bernadette Jiwa Hit Makers: The Science of Popularity in an Age of Digital Distraction – Derek Thomson What Customers Crave – Nicholas Webb Digital Marketing for Dummies – Ryan Deiss and Russ Hennesberry Blue Ocean – W. Chan Kim Think and Grow Rich – Napoleon Hill PRE-SUASION: A Revolutionary Way to Influence and Persuade – Robert Cialdini The Sales Acceleration Formula – Mark Roberge Predictable Revenue – Aaron Ross and Marylou Tyler Thinkertoys – Michael Michalko The Psychology of Selling – Brian Tracy The Challenger Sale: Taking Control of the Customer Conversation – Matthew Dixon and Brent Adamson Influence: Science and Practice – Robert B. Cialdini Cracking the Sales Management Code: The Secrets to Measuring and Managing Sales Performance – Jason Jordan and Michelle Vazzana 7L: The Seven Levels of Communication: Go from Relationships to Referrals – Michael J. Maher Digital Marketing on a Zero Budget Online Courses Popular Niche Courses for Marketing and Sales Professionals. PG Program in Management – upGrad PG Certification in Digital Marketing & Communication – upGrad Executive Program in Strategic Digital Marketing – upGrad Terminologies Do research on these industry jargons and get familiarised to stay confident. Sound Bite Value Proposition Service Level Agreement Smarketing GPCTBA/C&I – Goals, Plans, Challenges, Timeline, Budget, Authority, Negative Consequences, Positive Implications. Churn Rate ABC – Always Be Closing. BANT – Budget, Authority, Need, Timeline Buyer Persona Lifetime Value Qualified Lead Social Selling Adoption process – the buying process Discovery Call Net Promoter Score Customer Acquisition Cost AIDA – Attention/Awareness, Interest, Desire, Action Cold Calling Profit Margin Conversion Rate Marketing and Sales Management Tools To automate and remove the repetitive, mundane tasks of the marketing and sales process. Buffer – Manage all the digital media accounts in a single dashboard. Canva – Unleash the creative potential of the professionals and build a brand for life. Google Analytics – Free data analytics solutions to measure and optimise the growth of your business. Hotjar – One stop solution for website optimisation. Simply Measured – Offers enterprise-level analytics and management data for the digital initiatives. IFTTT (If This Then That) – Single platform to merge all the cross-channel marketing and sales efforts. HubSpot CRM – A perfect tool to manage and enhance customer relationships. Adobe Spark – Create visually appealing stories and marketing designs with minimal efforts. LinkedIn Sales Solutions – Find leads and close deals through the LinkedIn sales navigator. InsideSales.com – Incorporate Artificial Intelligence (AI) to convert leads to loyal consumers. ToutApp – Simple and sophisticated tool to transform the sales team into a revenue-generating machine. SalesForce – Smarter and faster client relationship management infrastructure. Calendly – Aids in scheduling and managing the appointments without the interaction of emails. LeadMine – Look, capture and reach qualified business leads with corporate contact information. Saleshandy – A suite of powerful tools for marketing and sales activities such as email tracking, mail merging, document tracking, auto-follow-up etc. Yesware – Sell smarter with high-level actionable insights of consumers and make focused decisions and strategies to gain real-time results. 10 Influencer Marketing Strategies You Should Know [Gifographic] Influencers and Experts to follow on Twitter In times of crisis, lookup to these Industry Doyens for Inspiration and to stay focused. Donald Miller – @donaldmiller Tabitha Naylor – @tabithanaylor Ann Handley – @annhandley Matt Heinz – @HeinzMarketing Avinash Kaushik – @avinash Scott Galloway – @profgalloway Danny Sullivan – @dannysullivan Larry Kim – @larrykim Vala Afshar – @ValaAfshar Trish Bertuzzi – @BridgeGroupInc Alice Heiman – @aliceheiman Gerhard Gschwandtner- @gerhard20 Jim Keenan – @keenan Peter Ostrow – @PeterOstrow Jill Rowley – @Jill_Rowley I hope this ultimate guide and comprehensive resource list would help you kick-start your career in sales and marketing and aid you to become a qualified professional and a significant player in your domain. Learning never stops. So, make it a part of your personality and always have an open mind to learn and adopt new ideas and knowledge. Learn MBA Courses from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career.

by Anshuman Agrahari

02 Apr'18