Marketing is a combination of different strategies where companies identify and intermingle with their target buyers in order to build relationships that are mutually beneficial for both parties. The end-goal of this transaction is usually for business-owners to promote their products and effectively convince the public to avail their services.
Nowadays, entrepreneurs recognize marketing in two general distinctions—Traditional and Modern Marketing. Each category operates at opposing principles, with their own array of advantages and disadvantages, as enumerated by BCS Leadership below:
- Concentrates heavily on branding
- Relies on creativity and art when advertising
- Has effective staying power and can be highly iconic and familiar to consumers
- Impersonal, one-way communication
- It is the oldest-known strategy to businesses across the globe, and it continues to generate high success rates at present
- Can easily be replaced by more innovative marketing techniques
- Short-term promotional activities
- Methods of advertising are print media, broadcasting, direct mail, fax, cold calling, seminars and product samples
- Concentrates on consumer’s needs, personal preferences and overall satisfaction
- Attracts, nurtures and retains new clients
- Utilizes statistical data, science and math as authentic and valuable content in measuring the company’s progress
- Experiences with consumers help build stronger connections
- Can do business-to-business marketing via selling services and products to other corporations
- Can also assume a responsibility towards the society’s welfare by producing eco-friendly products and campaigns that warn the public against harmful chemicals or drugs
- Sustained promotional activities
- Online marketing may not be readily accessible to all because some may have limited knowledge in operating new gadgets or may not have good internet connection at home or at work
- Presents products through social media, email marketing, websites, print advertising and event marketing
As more and more trades emerge, it is highly expected that trends in both traditional and modern marketing will keep developing further in order to meet the demands of different companies. At BCS Leadership, we suggest using supplementary marketing, or the combination of these two approaches by highlighting their individual strengths and pairing them with an appropriate project or product in your line of business. This way, you can sell your products and services in a manner that easily gains familiarity with your consumers and at the same time be able to keep up with newer marketing trends.
Putting up your own business is pretty simple, but gearing it towards achieving surefire victory demands more than your energy and attention. While many entrepreneurs employ a special ingredient of their own in securing success for their trade, BCS Leadership believes that there are still some very basic and time-tested business advices that prove to be just as effective as any businessman’s trump card. In fact, our team continues to apply these simple tips in our customized approach to business coaching.
That said, we decided to reveal the secret practices of prosperous industries that you can adapt in enhancing your business’s game plan for success.
- Establish your brand
- Set real goals
- Encourage collaboration
- Be an effective leader
Your brand alone will help you make a bigger impact to the consumers while serving as your basis in determining your edge against your competitors. Choosing a specialization for your trade entails you focus to on things that you are highly passionate about. Concentrate on areas where you have already invested extensive knowledge and carefully assess its marketable value. From there, you can generate a more logical flow of creative ideas that will eventually represent specific objectives that you envision your products to fulfill in the near future.
At the very beginning, express clearly and concisely what you want your company to achieve and map out possible courses of action. Tell your employees exactly the kind of performance and output that you will be expecting from them. Then, set a strict timeline for all tasks, and evaluate all big and small decisions to be made. Moreover, remember to update your employees on every significant progress and make a genuine effort to show that their contributions and ideas are all valuable to the company’s accomplishments.
Create a work environment where mutual respect, equality and camaraderie is openly embraced and practiced. When working on different projects, let employees group together and brainstorm ideas. Encourage them to give each other a chance to show their strengths and creativity and reward them accordingly for their participation. This will surely motivate your team to exert their best efforts in fulfilling their work responsibilities.
As the head of your company, possessing a well-rounded background in all matters significantly involving your products and services is not enough. You must also be an inspiration and set an example by exhibiting an unquenchable thirst for more innovations and possibilities for development. Surround yourself and your colleagues with positive reinforcements such as living a healthy lifestyle both in and out of work and openly responding to constructive criticisms.
The road to success is never an easy one, but if you have the right attitude and if you can adapt all these tips and fashion it to suit the distinct structure of your business, then you are slowly paving a clearer path towards materializing your objectives.
Building a business takes time and persistence, but it also takes effective marketing. However, most of us don’t have the luxury of starting a business with a huge budget. So how do you throw yourself into a solid marketing plan with so little?
At BCS Leadership, we believe that the secret to creating a high-impact marketing plan is to optimize your limited budget. Here are some low-cost strategies that could work for you:
Work with Current Customers
Your existing customers know that you have a great product or service to offer to the community. And these customers know people who can also benefit from what you are offering. Hence, you can ask them for introductions and referrals to other potential clients. You can also ask them to provide endorsements or testimonials, or see if they would serve as references. From here, you can start paying attention to your best referral sources. Make sure you thank those people or service providers for helping to build your businesses and then create a strategy to stay in touch with them as often as possible.
Spread the Word
Knowing your local media outlets could help you get free PR for your business. Start building relationships by checking out local gatherings of journalists or contact a few members of the local media directly. Don’t simply start by asking for an opportunity, just get to know your contacts and tell them about your business. When the time is right, inquire about an interview opportunity, whether in print, on TV, or the radio.
Devote Time to Social Media
As of now, Social Media is one of the most inexpensive marketing strategies you can delve into. It is also one of the most effective since social media is also a niche for a huge community of possible consumers. Furthermore, it also does not require much time and energy. If you already have a solid Facebook and Twitter presence, upsell is a guarantee.
If you don’t have the cash for a grander initiative, there are usually plenty of marketing options you can take advantage of, especially in terms of getting involved in your community. For instance, setting up a booth at a local festival and organizing raffle promos can be a great low-cost means of promoting your business.
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