There was a time when word of mouth was the best way to spread the buzz surrounding a service or a product to potential customers. Now more than ever, word of mouth advertising has come back into vogue through social media. By harnessing the power of tweets via Twitter and status updates on Facebook, you can inspire your current customers to make peer recommendations to their friends and neighbors, which increases the bottom line of your brand for the long term.
If your company has little or no money available for advertising or marketing, social media represents a powerful tool to get the word out about your product or service. A customer referral from a satisfied patron to his or her friends can carry far more weight than even the most persuasive or expensive advertising. Best of all, you can launch and manage highly effective social media campaigns without blowing your company’s budget.
By encouraging your present customers to spread the word about the great products and services you have to offer, you can save money on advertising, while generating trust among potential customers. As a result, you can concentrate your time, effort and money into producing the best possible products and services. With the winning combination of excellent offerings and trusted peer referrals, your company has a better chance of enjoying a healthy profit margin now and in the future.
Not everybody is attracted by prospect of jobs with fat pay packages, especially if they have a desire to live life on own terms. There are numerous examples of people starting small sized ventures at home which blossomed into large companies in long run. PC giant HP’s founders started operating from a garage in Palo Alto and it grew into one of the world’s leading IT giants. If you have an entrepreneur’s spirit and teamwork and customer service skills, starting up your own business may be the best option.
However, you may want to try venturing into lesser known niche areas to make a mark for yourself and the company. Rather than joining an industry laden with cutthroat competition, changing taste of consumers and other hiccups, you may tread into uncharted territories and tap the potential.
With the myriad of available resources online full of advice on how you should run and market your business, it wouldn’t be surprising if you tried most, if not all of them, on for size. While doing so isn’t wrong necessarily, there are pieces of marketing advice that can contradict with your business’ principles. When this happens, these kinds of tips can be counterproductive instead of advantageous especially if something goes wrong with your business despite following that particular piece of advice exactly. Watch out for these six big marketing mistakes – you may be committing them without even realizing it.
1) You assume that your customers think just like you.
If you’re the kind of entrepreneur who is able to pull brilliant ideas out of thin air and that your customers will “get it” despite risking ambiguity, hats off to you. But most entrepreneurs can’t afford to think or act like that. Ignoring what your customers have to say about your product and settling with what you think they’ll like can put your business in jeopardy. Avoid this by soliciting feedback from your customers on a regular basis. What they have to say about your product can help you decide which areas you should put less of a focus on and the ones that you need to strengthen.
Rescuing a dead brand and nurturing it back to life is a special kind of business art that requires enterprise, vision and a bit of psychological savvy. Building a brand from scratch is easier, but it lacks the historic richness and recognition of a long established brand. Brands with history are already embedded in the public consciousness; whether memories are bad or good, the presence of any memory can be a marketing boon.
The burden of a brand revivalist is to rewrite the memories and reputation, erasing negative connotations and associations by reinforcing good brand qualities and rolling out new, impressive features. Following are typical strategies to reviving any brand.
A business is a business regardless of its size. But when it comes to marketing, big companies are able to splurge more on their marketing tools while small businesses have a much smaller pool of finances to be resourceful in. Limited resources shouldn’t be seen as a challenge – it’s actually an opportunity to be more creative with how you market your business.
Lacking some creative juices for marketing strategies? Worry no more with these budget friendly marketing tips! Continue reading
The traditional sales funnel is dead, at least according to McKinsey & Company – a global management consulting firm. Replacing it is a circular sales cycle. It used to be that marketers could rely solely on direct mail and other marketing initiatives to “push” information to consumers. Since consumers’ information channels were limited, and research avenues were often hidden from the public, consumers relied on various marketing initiatives to make decisions about future purchases. Today, consumers can easily “pull” information to them online through social media websites and review-based sites like Yelp. This diminishes the power of focused marketing initiatives by companies. Consumers now rely on strong word-of-mouth over a corporation’s advertising campaign so if you want your small business to succeed, you’re going to have to change the way you reach your customer base. Continue reading
You’ve just finished the end of your business quarter. Yes, it was busy and stressful, but thankfully very unlike the scene one of your colleagues described for his quarter’s end. He relayed a tale of sales staff pulling out their hair, piles of unsigned contracts, sales slipping left and right, emails unanswered and phone calls unresponsive. Fortunately for you, you not only met your sales numbers, you exceeded them. As a matter of fact, you’ve met your sales goal for the last three quarters. Your boss is pleased, your colleagues are envious, and your customers—they love you! What makes your clients different than the guy one office over? It’s no secret—happy customers are not only loyal, they will increase your overall success. How can you maintain this satisfaction? Let’s take a look: Continue reading
Today is National Donut Day and all throughout the country, the scent of glazed and sprinkled deliciousness is flooding our nostrils. These lighter than air confections are available from tasty donut shops like Dunkin’ Donuts and Krispy Kreme for the low, low price of zero dollars today. As in, FREE! On a Friday?
Now wait just one minute. Why is today free donut day? Why did companies decide June 3rd was the best day to give away free donuts? And how late is my Dunkin’ open till again? Continue reading