Category Archives: Marketing

Marketing

Product Vs Service Based Marketing

When it comes to marketing, there are endless different possible things you may be aiming to sell, but broadly speaking there are two main groups; product or service marketing. These both require different strategies to optimize sales, but there are a few main similarities.

Product based marketing is for when your business produces a physical or digital final product, such as with a mobile phone, or program. Service based marketing is when your business provides an optional service, for example your ISP, or a lawyer. Now, many businesses provide some aspect of both of these things, but the marketing for each aspect is always different. Think of BT for example, offering line rental as a service and its proprietary routers as a product.

Both products and services can utilize many of the same media, albeit with limited effectiveness. Products are more suited to interactive media, such as internet, demos, and TV. This is mostly due to people preferring to try a product before they buy it, and watching it being used on a screen is an effective way of compromising for this. Service marketing is different, and is much more suited to solid media advertising like newspapers or mailing. The easiest marketing for anybody is when a company offers both a service and a product; it can appeal in any market.

Service marketing is, on the whole, more difficult than product based marketing. It is hard to prove the value of your services without a tangible item, or a sample of the serine itself. It’s often easier for service marketers to bundle a product in with their service, such as a free radio with landline rental. Even providing offers can be used to great effect, with offers like free-first-month usually bringing in the most repeat business. As per usual, be careful when making these offers; it can leave your company exposed. In a similar vein, it’s important not to oversaturate your market when making offers, as many people will start to believe that your product or service is only worth the offer price; a trap which many companies easily fall into. This happens often with ‘big-chain’ products, in which many people simply won’t buy an item if it isn’t on offer. If your company is guilty of this, then unfortunately you have devalued your product, and this requires a brand revamp.

There’s a large amount of support needed to back up either marketing group, from troubleshooting the product over the phone, to helping with a service on your end. It’s vital for any business to thrive that they can back their product up with excellent aftercare, otherwise you risk alienating your audience.

Of course, there are massive variations in how you market something within the broad categories. When a company offers a product and service, they usually ‘lean’ more in one direction. Take someone who installs windows; they provide a product and a service, but their business is more service based. For this example, advertising could be a combination of media forms; newspaper adverts showing their competitive prices to local residents, radio adverts telling how fast and cleanly they work, and even mailing their emergency repair card to nearby areas. This would be an effective marketing strategy, and would be a small investment for a big increase in business. However if this same builder wanted to do a TV advert, they wouldn’t get the same increase for the cost. Let’s face it, they don’t make entertaining or memorable adverts, and in the UK at least, most TV is national broadcasts. A business like this would not have national coverage, and the advert would be widely wasted.

Resource allocation is always a major influencer in any marketing campaign, and ties in to the market analysis a company should do before any campaign; if your market is local, then market locally.

The Power Of Internet In Business Advertising

The advent of the digital age has influenced the way of gathering and disseminating information. With the use of the internet, it became easy for people to connect and communicate with others, even when they’re not physically together. This feature opened up a lot of opportunities to different fields, like research and marketing.

As a business owner, you can utilize the internet to gain an edge over your competitors. You can actually promote your business with 4 methods:

1. Buying ad spaces on regularly visited websites

2. Registering your business with websites like TripAdvisor and Angie’s List

3. Creating a business page/profile in popular social media (ie. Facebook, Twitter, Instagram)

4. Building a website that contains information about your business

There are lots of advantages when you promote your business using the internet. As you see, people are already swarming all over the net, so it’s easy to spot interested customers. You can also extend your scope since your promotion will be able to reach the whole world.

With social media, you can build a relationship with your customer, and you can get instant feedback from them. Internet marketing is also cheaper than traditional marketing (ie. flyers, commercials, billboards).

If you’re starting a small business, the 4 methods mentioned can be helpful to increase your business visibility and revenue. Each of them is fairly easy to do, but you need to be careful on the 4th method. You should understand that after you built a website, you need to monitor and maintain it. It’s advisable to hire a web professional in order to maximize the potential of your websites.

* Tracking and updating of website. As a business owner, you’ll find yourself busy most of the time. One advantage of hiring a web professional is that you don’t need to worry about monitoring your website, since they can manage and modify the website for you.

* Increase web rank and report analytics. Customers often use search engines to look for solutions to their needs. It’s vital for your website to use SEO techniques, so that potential customers can see your website when they search for your services. You should also monitor your webpage traffic because it can be a good tool to determine what your customers want in your services. SEO and analytics can easily be produced by web experts.

* Reinforce security. Unlike social media profiles and webpage advertisements, websites are prone to glitches and vulnerable to hacking. It could be detrimental to your business if confidential data were extracted without permission. Protecting your website from these cases is a hard task, especially if you’re not familiar with web development and security.

Conclusion

Internet marketing brought business promotion to a new level. Business owners can choose from managing social media, to building their own websites. All methods are cost effective, and don’t demand a lot of manpower. If you’re going to settle for a website, make sure to hire a professional who can manage your content and set up security protocols.

How to Effectively Locate Your Business

Location is one of the fundamental aspects of a business. Locating your business at an ideal place is essential in its overall success and that is why it is important considering a few issues before getting settled with your plan to go ahead. Consider your customers’ proximity to your business as well as the other underlying aspects that may affect the effectiveness of your business.

Demographics

There are two important angles to the issue of demographics. First, consider who your customers are and how important their proximity to your location is. For a retailer and some service providers, this is critical; for other types of businesses, it might not be as important. The demographic profile you have of your target market will help you make this decision.

Then take a look at the community. If your customer base is local, does a sufficient percentage of that population match your customer profile to support your business? Does the community have a stable economic base that will provide a healthy environment for your business? Be cautious when considering communities that are largely dependent on a particular industry for their economy; a downturn could be bad for business.

Now think about your work force. What skills do you need, and are people with those talents available? Does the community have the resources to serve their needs? Is there sufficient housing in the appropriate price range? Will your employees find the schools, recreational opportunities, culture, and other aspects of the community satisfactory?

Sourced from: https://www.entrepreneur.com/article/244866

A business’ success is greatly affected by its location, the better you locate your business the higher the chances of succeeding. Taking care of the three essential types of locating your business that can be charted; which are the profitable, break-even and Go-broke is inevitable. The size of your business, the budget as well as the management is also vital in locating your business strategically.

A truly profitable location will make money and the business will appreciate in value.

A break-even location will pay the owner a small salary and pay the rent but not much more.

The go-broke location demands the owner continually pour more money in to survive. The example that comes to mind lasted less than three months from opening to closing for one unfortunate tenant. Despite my warnings that this was a go-broke location, the business owners spent over $80,000 into their store setup and, by the second month of operation. couldn’t pay their rent. Usually a go-broke location will not only steal your capital but put you into personal bankruptcy, after you’ve maxxed out your credit and second-mortgaged your home.

If you thought site selection was all about Location – Location – Location you’re right … intellectually. However, when tenants are involved in the site selection process, good old common sense often goes out the window. Consider for a moment that site selection is not a science; it’s an art, part research, part luck, part timing and many other ingredients combined. For example, is the best time to do site selection is before or after you commit yourself to opening a business? If it sounds too obvious don’t be fooled; most tenants do their site selection after – not before – committing themselves to a business opportunity. One such case involved a retailer who began receiving seasonal spring inventory for a new store but he hadn’t finished picking the location for the store or negotiating the terms yet. Consequently, this entrepreneur compromised on the location and on the best deal he could have made … just to finally get open.

Sourced from: http://www.bluemaumau.org/successful_site_selection_good_business_poor_location_will_become_poor_business

It is normal sometimes that people develop the urge to move their businesses to new frontiers. This may be influenced by a number of factors. More importantly, however, what one needs to consider more is the essential factors worth considering when moving to new environments. Among these are the customer relations you will need to establish in the new market, costs and possibilities that may arise.

Ecosystem Support

“If you’re going to try to break into a new market, it helps to have support. Who from your ecosystem has connections or extensions in the new market? What intros can they make? How can you parlay existing relationships into new ones? If you see a great opportunity for your offering in a new market but don’t have the insider track on getting the word out, it will be hard to get traction. ” ~ David Ehrenberg, Early Growth Financial Services

Cost of Living

“Manhattan sounds like a great place to do business, but if you’re moving from Conway, AR, you might be in for a surprise. Don’t let this prevent you from making the switch, but make sure the potential income gains outweigh the increase in expenses you’ll face. ” ~ Nicolas Gremion, Free-eBooks.net

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Minimum Viable Move

“Expanding to a new city tends to get us dreaming about new office space, additional hires and other expensive changes to our companies. But an expansion can be as simple as driving to that city once a month and getting a day pass for a coworking space. Consider what the minimum presence you can get away with is, along with how you can test that you’re moving to the right city.” ~ Thursday Bram, Hyper Modern Consulting.

Remote Possibilities

“If you’re moving for talent or moving your existing team, ask yourself, ‘Can I do this remotely?’ We have employees in nine different countries and have offices in the U.S., Canada, Australia and the Philippines. It allows us to scale faster and more efficiently than any local company because when we need more talent, we just hire it regardless of where it is.” ~ Liam Martin, Staff.com

Sourced from: http://smallbiztrends.com/2014/02/relocating-your-company.html