An effective marketing strategy can save you money and give you fantastic results.
Five Principles of Marketing
By Tim Walterbach
Hello, my name is Tim Walter Bach with IBB talks. We are going to be talking a little bit about your marketing plan today. These are just five different principles that I have operated by, and I have been in business for the last thirty years. This information is nothing earth shattering, but maybe a good reminder of how to most effectively get your product out there. As a result, market sharing is therefore increased.
First of all, really zero in on whom you are selling to. Also focus on your market area, whether it be wholesale, retail, or individuals. However, it is always good to analyze, and see exactly where the most effective market is, and focus on that. A businessman should also contemplate in what areas, they have the highest volume. Nonetheless, it is important to find out which way of marketing is most effective for that particular region or locality. For example, a sales kiosk may be ideal or a retail outlet may be better depending on where you are at in the world. If you are in another country, like Africa, they may even have something like a farmer’s market. We live in a consumer based society that caters to the individual. These are different kinds of products: a person-to-person product, a home-based product, or a product you can sell online. It is still very critical to apply these principles, no matter which ones. However, it is important to really do the research and find out what is most effective, and possibly curtail some areas that are not providing high rates of return.
Secondly, just know your competition. You need to figure out your advantage. How are you going to provide a superior product or service? There is a number of ways to go about this. In addition, you could actually buy the product of your customer and do a little reverse engineering. If it is a house cleaning service, you can hire them to clean your house. Most of us are just trying to improve upon what is already out there. You cannot skip this point! You cannot think that just by the superiority of your charm or your intelligence, you are going to capture the marketplace. We will not capture it, unless we know what is already available to us and figure out a way to increase the business. Create your own original market sharing experience! In essence, the marketplace is a competition. You are going to have to beat them in service, quality, or pricing somehow. You might do this by talking to their customers and analyzing what they like and do not like. In all these ways, you are just looking for your opening into the market.
Thirdly, research your market. What particular areas do you want to cover? Most people, including myself at times, have not clearly identified the actual territory that I am covering. Your marketing and advertising need to be focused on an area. If you practice this, you will know where you want to go in life or business even 3 or 4 years down the road. You always yearn to be pushing against the odds! You will have some ideas that are guiding you on how to constantly improve your market sharing audience. Customer surveys are key in determining, why they should choose you over your competitors. Satisfaction makes a big difference when it comes to customer service. For example, there is a dry-cleaning company that does great work, but they are pricey and do not deliver. Your niche may be to deliver and provide a great price in the process. According to this advice, do whatever you think is going to give you that market edge in order to get ahead! The business world can be challenging at times unless you know how to competitively work in this field.
Fourthly, building relationships in your community are important. I am talking about personally one-on-one, but also community-wide. Whenever you are presenting your product or service, you should have a good elevator speech. You want to be able to share your marketing experience in a nutshell. You want to communicate to people what you are all about in a very clear and concise way. People need to know what you do, and how it is going to increase the quality of their life. Whether this is through the superiority of your product or the fact that they are left with more money than what they started with. When you are presenting your product or service one-on-one, and you are going into somebody’s office or shop, always try to find out their interests when walking through. You can get to know them by analyzing the surroundings, and you can then start to build on that relationship. Therefore, business relationships are built on those personal relationships.
Something really important to consider, in business, is the community services provided. For example, I just completed a conference call with a group in Africa. One of the services represented there was a couple of tailors. We were discussing how to engage the community and demonstrate the quality of their product in a good light. They came up with an idea to provide uniforms for poor children, who could not afford them. It was part of their marketing plan, so to speak. It actually meets the needs of somebody else and helps them as well. But it also is an opportunity for them to prove their quality of work.
In conclusion, I hope this has encouraged you to expand your marketing strategies. Everything that I have discussed leads up to my fifth point which is advertising. However, I am going to save that for the next video, since advertising is built on marketing. In our next session, we are going to talk about five practical ways you can advertise your business or service effectively; in order to capture your market-sharing audience.
Thank you so much for your time!