Marketing Strategy for Business Growth
Marketing plays a significant role in business development and growth. Marketing is a vital player in constructing and delivering the proper message for your prospects and customers. It is very important to understand that one of the main roles that marketing has is to generate the interest in potential customers and to bring them in to the business. There is a major difference in marketing for B2B
and marketing for B2C. While creating a marketing campaign for business-to-business organization can create an interest most often you still need sales people to actually close the deal. The primer reason is that usually you have higher sums to work with and to pay for the service or product. Let’s take a telecommunications dealer as an example; they sell phone systems for businesses. A phone system is not cheap, and there is a process of implementation and maintenance attached to it. Therefore a sales person has to go over all of those details in order to sale. Now in comparison let’s take a headphones by Sony, you as a marketer create several different messages including numerous channels such as: TV ads, radio spots, billboards and internet marketing to generate general interest. Next, customer usually goes online to read review or research features of the headphone piece then travels to the store to play with them and finally finishes up with purchase (if he liked them).
The process is different, however the main idea stays the same as the goal is to create an interest and to influence one’s buying decision. Marketing uses multiple channels to reach the most appropriate target audience. It is always the best to go for a targeted audience approach then to blast out your message to the general audience. The more targeted it is the more results it will bring to you as you’ll be speaking with the audience of interest. To establish the most appropriate target audience marketing professional needs to use marketing research
. Marketing research helps to create a plan supported with the actual data of the research to establish areas where the product or service can be advertised for the most beneficial outcome.
It doesn’t matter how big or small the company is, because marketing is one practice that is needed all the time. It helps to develop and grow the business at any level. Marketing is very broad and rich in its practice, there are many creative solutions to any problem that marketing needs to solve. The most amazing thing is that marketing is endless in its creation and creativity. Marketers can be as creative as they want to be, there is no limit!
How to out power the competition
Every business has competition. Even if you are in the niche market, there can be only a small amount of time until others jump into your market. This is a usual strategy to wait until someone succeeds in the niche market. Being in the competitive environment brings many positive and negative aspects. From the positive side we have several factors that actually help us succeed and develop better business by perfecting products or services. From the negative side we have factors that are not allowing us to gain the higher market share because our competition does things to become better as well. Here are several positive and negative factors about being in competitive environment:
· Better product or service development
· Enhanced customer service
· Competitive advantage
· Marketing strategy
· Employee engagement
· Tougher to compete
· Competition does the same
· Competition advances (more resources)
· Many players
Competition is one thing that makes it more challenging to any business to survive on the market. Unfortunately, every market has at least several players who are taking out the majority of clients. New businesses have to compete with minimal resources in order to have a chance to become a bigger firm at one point. Company’s growth fully depends on the owner’s ability to strategically rationalize goals and plan out good tactics to achieve them. A good leader must understand the business he is in and needs to understand the competition. It is very important to do a competitive market research
in order to establish competitor’s advantages and weaknesses. It is also important to do a competitive analysis on your own business to understand what might be the potential treats and opportunities. SWOT analysis might be very helpful in this situation as it defines: strength, weaknesses, opportunities and treats.
SWOT analysis can be used at any growth stage of the business to rationalize what can be done to strengthen the business. It is important to use competitive research in order to know who you competing against, without knowing you are shooting in the dark.
Identifying new leads and opportunities
Every business is determined to live upon finding new leads and opportunities
and converting them into customers. Without customers and sales there is not business. Business can only be successful if all sales cycles are met and the customer is willing to buy service or product. Depending on the business you might have different challenges with one remaining constant throughout all organizations striving to get more sales through acquiring new lead and generating new customers. Generating new customers
is somewhat challenging especially at the beginning stage of business. When you are in the early stages of business it is hard for you to get a constant customer flow and big numbers of sales, but don’t worry it’s almost the same for everybody. At the early stages when you don’t know many tricks and pitfalls you are destined to make business mistakes. It is better to do them now with lower amount and lower risks then when you have big sums and big deals.
Now, let’s come closer to identifying how to get new leads and where to find new opportunities.
First of all, let’s not forget about the oldest way of unintentional marketing that is transferred by your customers – word-of-mouth. It is the oldest and probably one of the most influential forms of “marketing” that the world knows. Each customer’s reference is a powerful tool and has a very high chance of converting into a sale. People trust each other and share information. Therefore, if your product is good and reliable be ready for some customer references. However, to be successful in word-of-mouth you have to be sure that you have a good solid product or service; otherwise people will be sharing their negative experience with their friends!
Second, there are many and many business/professional directories where you can find business names including contact information such as phone and emails, or at least you can get the name of the person or persons you want to reach. Having a name of the person your contact is critical. You can always find out extra information such as email or phone number from contacting the firm directly and talking to the reception and telling them that you’d like to send something to Mr. or Ms. so and so but don’t have their email. One of good business directories is Jigsaw
. Certain information is free such as: name, position and title; however the information that you need the most such as email and telephone number is paid.
Third, traditional forms of marketing. For a very long time marketing played a very important role in any business, its primer role is to create awareness, attract customers and communicate with them through the means of marketing messages. If this is applicable to your business you should be trying traditional newspaper and magazine advertising, billboards, direct mail, radio ads (if the budget allows you) and other forms of traditional marketing.
Fourth, online forms of marketing. With the internet expansions there are many different forms of marketing that you can engage yourself into, they range from email marketing, banner advertising, paid targeted websites ads, Pay-per-click by Google
, SEO (search engine optimization), affiliate programs with other websites and other types that would suite your business.
All those sources should work cohesively to create a good funnel and a fresh flow of leads and opportunities for your prospect to customer conversion.
Online Business and E-commerce
5 Tips for Powerful Online Business and Online Selling Business Blog
is keen to providing you with the best reading and learning experience. We do our best to provide you with the most useful and filtered information for you to spend less time on going through the material and more time on actually extracting all the needed information. We do understand that in the busy business life you don’t get much time to spend on information that does not bring any benefit. Therefore, every week we update of 5 Tips section to help you learn and develop your skills.
This week we’ve decided to spend some time on sharing some tips on online business and sales. Let’s start with 5 Tips for Powerful Online Business and Online Selling: 1.
Introduce your business to the prospect or buyer. In order for someone to buy from you or do business with you they need some history. Provide them with several important tips about your achievements in the industry, years in business, products, your overall mission and vision. Many businesses suffer from not realizing that people need to know you before doing business with you. If the prospect does not know how long you’ve been selling online or doesn’t see obvious signs that you can be trusted most likely he won’t convert into a buyer. 2. Use social media! Social media becoming more important in the customer service and customer interaction than any other source; customers can contact you and have conversations with you at the time and location convenient for them. It is a very important channel of picking up new customers as well. A well deployed social media channel is very likely to bring you new customers and keep connected with old. The more friends and likes you have the more you can appear on the pages of your customers which in its turn will bring you more exposure. One thing to keep in mind is that all social channels have to be updated on a regular bases, you might not have time to update it every day but it has to show a sign that someone is taking care of the account and it’s posts not dated one month old. 3. Check on competition.
It is your task to keep up with the competition and to scan through what they do. The suggestion is very simple learn of what they do and do it better! All developments can be enhanced and developed better than what is available now on the market. 4.
Update your technology. Make sure that whatever you use is up to date and in a good condition. For example if you use software for your e-commerce make sure you bought all the necessary upgrades and licences, same goes with computers, servers and any other important tools for your business. 5.
Deliver more! Your customers are important to you, therefore deliver more then you actually can. It is your responsibility to make ever customer happy. Of course there are situations where it is not possible but still try to do your best not to do just a minimum job, do more and you’ll see the benefits.
We hope our tips on online business and online selling (e-commerce) helped you to increase your knowledge. If you have any questions or suggestions, please contact us or leave a comment.
Business Development Strategy and Planning
Creating Business Development Strategy (Part 2)
Please read Creating Business Development Strategy (Part 1)
Up-Sale or transform old customers to New Opportunities:
The cost of finding a new customer is always higher than the cost of transitioning individual to the returning customer or retaining the customer. It cost several times more to target, develop a message and communicate that message to the potential target. Therefore, after developing a onetime relationship with the customer it is critical to continue your communique and to retain the customer for the future business. You have to grow your funnel by continuously growing the number of prospects and the number of existing customers. If the customer bought your major product you can up sale anything that will logically suite customer’s needs. For example you’ve sold a phone system
to a customer you can also sell peripherals
because they suite the purpose of communication.
Uncovering and Creating New Opportunities:
There are numerous ways to target and create a potential interest from the customer to you; you can use marketing to target your audience. Here are several marketing methods
that can be implied to find new prospects:
· Internet Marketing
· Email Marketing
· Direct Mailing
· Lead Purchase
· Researching existing Tier 2 and Tier 3 customers for potential conversion
· Exhibitions, seminars, user groups
· Other forms of marketing
Be cautious as not all of the above might suite you or might be effective for your industry, but they will lead you into the ideas of how you can attract and what methods to use when trying to find new prospects. It is recommended to have marketing campaigns at least once in 3 month. Marketing should be a reoccurring and constant practice that you should be using for your business to grow. You have to experiment with various strategies and techniques to find the best marketing bundle that will work best for you. It is important to mention that there is no ultimate one practice that will be brining you all the opportunities but at least several different practices that should make you successful.
Business Development Plan Example and Ideas:
It is your best bet to develop a Business Development Plan and review it every 2-3 month to identify what stage you are at and to see what needs to be changed in order for you to succeed more and what is successful right now.
You need a copy of all existing accounts to go over and to sort out what is logical to target. If you are just starting out, you might as well use all leads that you have or you’ll need to find all the leads to target.
Target all possible sources: business directories, online directories, websites, verticals, etc. At the development and growth stage you must be adding a certain percentage of leads rapidly. Every week you must increase your funnel and work on the current leads. Growing you funnel doesn’t mean anything until you close the deal. Therefore, develop skills for closing deals.
After developing a certain amount of leads you must develop marketing strategy and message. Contact your prospects through the means of marketing.
You should be getting opinions of others, ask people who might know of what you are doing and know business side.
You can use a “SMARTER” mnemonic to set objectives and measure you success or failure (read more at Wikipedia
Successful Business Development Strategy comes from developing your thoughts and constantly looking and measuring the results. It is critical to work hard on all the errors and things that don’t bring any positive feedback. Your strategy has to be supported with your action, which is the only way to track your results.
It is important to set goals and to follow the plan; no goal means - no target to reach. You have to have a specific target to make sure you are where you want to be.
Product Export (5 Tips)
Every week Business Blog
provides its readers with the 5 tips of the week. This week we’ve decided to provide you with several tips about the exporting; they should help you to decide whether exporting your products is something your business requires.
Here we go, 5 tips on Product Export:
1. Are you established in your own area? Before getting into exporting you have to think strategically and logically. The reasons why many export are: it is very competitive in their own land, they’ve capture the majority of their own land, they have an ability to produce in big quantities, they have an ability to produce at much cheaper price and many other reasons. All the named reasons are good for anyone who is already established in their own area. Therefore before thinking about the export think if you have any of those factors and can meet large enough quantities to export. However, if you have a good connection at the place where you want to export, research first if your product is needed.
is a very risk taking practice. You have to realize that fact and research if you want to get into exporting. In addition, exporting might dramatically influence on the core ideas and beliefs that you had about your business and the ways you though you want to develop you organization. In addition exporting takes lots of time to establish all needed relationships and find the right people.
3. Market research
. All successful exporters have done a successful and full exporting research on the target market where they’ve decided to export. You can’t just assume that someone from another county would love your product just because it came from outside of the county. You have to really get into the heads of the consumer from the targeted export place. You have to realize that their needs, wishes and wants will be different and sometimes drastically different from what you are used to, therefore your product has to accommodate their needs, not yours and not the market’s that you are coming from.
4. Culture and cultural differences. As stated above research should help you outline and predict the cultural differences and the tastes of the potential consumers. Although it is the best way to spend some time living in the actual culture to grasp all the needed habits, most of the time small-medium businesses don’t have enough resources to conduct such a full research. However, with the help of internet and many business websites especially those provided by the government, you should be able to find all the needed data.
5. Decreasing costs
. When exporting there are always costs of travel, communication costs and etc. There are several ways to decrease those. For example, instead of flying in every time for the meeting you can arrange virtual office and instead of using long distance you can use Skype
as your VoIP
solution and chat through the Internet and your computer.
If you have any question please leave a comment or use the “contact us” section.
Market research creates business success
Let’s say that you have a good idea to start a new business or a start-up and because you are very excited about it you want to start it as fast as you can. Stop right there! Before you jump into working on your project, thinking out strategies and other business related matters, you might be missing one very important step! You have to take the time to research whether the business model you are interested in is worthwhile spending your time on. Developing an in-depth market research
and market analysis on your business idea will give you the knowledge you need to be informed of the current trends and competition.
Below is the list of several important topics that you should be researching in order to make your business profitable and successful:
1. Are you unique or do you have a niche? You have to identify if your idea is unique or has a niche to demonstrate the successful start of the idea. Ultimately, don’t worry if you are not the first on the block and there is someone else. In order to be successful you don’t have to be the only person to provide such service, although it is nice. As mentioned you don’t have to be first, but what you have to do is – provide the best service. Therefore, get to know the market place, the type of business and ensure your business has something unique to offer to the clientele as a point of differentiation.
2. Target market. Do you know who your potential customers are? Yes? No? Researching and identifying the target market is an essential part of starting any business. Your main goal is to get to know their needs, wants, wishes, likes as well as spending habits and approximate amount that they can spend.
3. Calculating profitability. It is somewhat difficult to calculate what you don’t have, but you have to calculate roughly the amount of hours, labour force
, purchases, hourly rates and everything else that is relevant to the price of your business operation. When calculated try to identify how much profit left after everything is paid off. Your main mission is to forecast future sales and to guess the operational costs of the business
4. Competition. Are you different? You have to identify yourself as a point of differentiation on the market to attract clients to your business. You have to maximize on whatever makes you more attractive. For example, you can sell at a lower price, deliver day or two faster; give better product or service quality.
5. Business Plan
. Do you have one? If you don’t have a solid business plan - you are losing out! Business plan is a must for any business start. Business plan is a journal with the guidelines for you to follow.
6. Permits and licenses. Before starting out you should also find out what permits or licences you must obtain in order to open you business.
Attract new Customers
How to attract new customers and build customer relationships
A healthy client base is a key in a successful business growth. It is essential to keep positive relationship with your current client base, however it is even more important to find and grow new clients for your organization. Here is why it is important to win new customers while keeping your current clients: every new customer brings new revenue to the business, while current customer brings maintenance profit. It is essential to understand that both are important and together they will ensure the success of your business. In the current economy situation, captivating new business can be somewhat difficult, yet there are several techniques that can be an advantage of yours when battling with competition.
We’ll be naming several tips on how to build and win relationships with clients
and convert them from prospects to customers. Hospitality and customer appreciation
Customer appreciation events are a great way of showing your appreciation and your true intent to save the relationship you have with clients. Additionally, hosting hospitality event will initialize that you take care of your customers and will positively affect those who think of becoming your client. There are many different types of activities you can do for your clients, as an example: taking everybody to the sports game for the city’s main sport’s team, boat cruise, having an open house with venue, and etc. The main point about all those events is to make a long lasting positive impression on your current and potential customers. If you are willing to go and spend extra resources on organizing something of that nature it should bring you all the benefits in the long run assuring your commitment towards the customers. Creating such a pleasant experience you’ll guarantee yourself a place in their memory when the time will come to think about the service you provide. Develop press relations
Local press is highly important in developing relationships with public and your audience. Local business presence
has always proved to be one of the most valuable audiences, especially at the growth stage. The relationship that can and should be developed with key editors of your local and ideally nationwide press is essential in developing strong public exposure of your organization. For many years public relations were one of the most trustworthy and gainful ways to capture the attention of the needed target market and it has been used as a resource by many marketers for years. A great idea to use press is when you require promoting a specific aspect of your business such as: new service, new promo, new product or event to raise an overall awareness. The key idea of course for any press releases it to generate interest and grab the attention of your target market. Put internet marketing strategy together
There are numerous ways you can employ the internet to get new leads, win new customers and new business. The selection ranges from: blogging, online press release, pay per click advertising (PPC), SEO
, social media to several others. All above should work together in order to deliver the highest return. Remember that the internet is extremely fast paced place and in order to achieve best results you have to play using all fields. One suggestion, if you are not that good with the internet and don’t have any idea on how to advertise using it, you might think about employing internet marketing specialist. With the increased development, continuous efforts and traffic growth there is huge probability to secure new clients through online methods.
The importance of business development
Business development is very important at any business stage. A well put business development plan is made for a success and growth of the business. Business development is important at any business cycle, however it is highly important and is the key aspect in the times when business straggles for success. A well-developed business plan
should be answering many questions on how business can grow and succeed and compete against the competition. Business development
is a practice of bringing new development strategies and tactics to increase business development, growth and stability as well as positioning yourself well on the market. Business development is critical if business suffers from loss. It is important to come up with a good strategy that involves many different aspects such as: sales cycles, marketing plan, customer relationship, and other. Business development is a practice that is aimed to creating new leads and developing new relationships with partners and clients to increase the bond and the likelihood of doing business with you. Often times business developers search for new leads as well as searching for new ways on how to build and strengthen current relationships.
To be able to create an effective business development plan management
should be asking several questions which are key in understanding factors that prevent company from succeeding. Questions such as:
· What is the current situation of the business?
· What is the level of increase or decrease in the business profit?
· What needs to be done in order to identify threats and weakness of the business?
· What can be done in order to resolve issues?
There are many more questions to be asked and developed in order to create an effective strategy on battling business failure. Business development is just one of the ways to save business while increasing its profitability.
Developing a successful Business Plan
Business plan is essential at an early stage of any business. It helps to define and establish key goals and future opportunities for the business. Identifying key challenges, roles, goals and other important aspects of the business is the key in identifying first year of the starting business.
Business owner and business itself will be facing many different challenges in the industry while establishing itself; therefore it is important to mark what’s needed for a successful business growth and development. Once again it is important to recognize business plan as one of the most important tools in developing future for your business. Basically your business plan should outline your vision of what you want to accomplish and how you plan to accomplish it. Creating business plan
will help you define the direction of your business — making it possible for you to for predefine some of the obstacles, allocate resources and plan some of the opportunities. In addition, as business growths you should be updating it and adding new achievement and opportunities. A good business plan should include several main sections, such as: effective marketing plan, key strategies, resources, service or product propositions and description, etc. Developing a solid business plan is a key in attracting investors for your business, as an example we can use bank. Let’s say that you need a business loan and want to get it from bank “A”, then you will need to go to the bank and present your business plan so that the bank can determine how profitable and achievable your targets are. After insuring that you have a good plan they will be able to determine how much money you need and their ability to provide.
By this time you should probably have one main question popping in your head, “how do I develop an actual business plan with all necessary components?
You have several steps to go over.
First of all, you have to create and establish your business goals. After that, based on what you have as a business goals
brainstorm what your challenges and opportunities might be. The next step would be identifying the target market or markets as well as consumer focus and your potential competition.
It is also important to expand your planning on the operational and financial elements that you’ll need to reach your business goals. A very good test for your business plan is to give it to read to someone who is not familiar with what you do or familiar very little. If the person fully understands and it is clear to the reader, then most likely you’ve got yourself a good business plan. An effective business plan fully answers readers’ questions on how you would create your business. That's why creating a good business plan will help you better outline your main goals, ideas and strategies in your own mind before actually committing to the business development.