More Marketing Dope

Written by Joy Gendusa

Direct marketing can make you very successful, but youíve got to understandrepparttar basics. Here are some more gems ofrepparttar 150480 industry that can take you from being a diamond inrepparttar 150481 rough torepparttar 150482 luminous bling-bling.

When advertising your product or service, honesty is not onlyrepparttar 150483 legal and ethical path, but alsorepparttar 150484 path torepparttar 150485 highest amount of repeat business.

Many times companies fall intorepparttar 150486 trap of trying to "lure" customers in to their store. They make claims that are technically true but are worded in a way that make them sound better than they actually are. The company may not be consciously trying to deceive their customer, but nonerepparttar 150487 less if exactly what is advertised is not deliveredrepparttar 150488 customer will feel deceived. This customer is not likely to do business with this company no matter what their advertising offers inrepparttar 150489 future. Listrepparttar 150490 benefits of your product factually and deliver what is promised and your customers will keep coming back.

When advertising, it is best to outlinerepparttar 150491 benefits of your product or service. Simply namingrepparttar 150492 features that it has may not show what it can actually do for your customer.

Example: A car company releases a new model of car that features "new indestructible porcelain brakes". This fact is touted in all of their commercials butrepparttar 150493 cars arenít flying offrepparttar 150494 lot. It is very likely thatrepparttar 150495 customers in their target market, mostly families that are concerned about safety, have no idea what difference these brakes make inrepparttar 150496 performance ofrepparttar 150497 vehicle. If they had instead advertisedrepparttar 150498 benefit thatrepparttar 150499 car is "equipped with brakes that can stop your car three times faster" it would have givenrepparttar 150500 customer a compelling reason to be interested.

Small Business Marketing: Overtaking Your Competitors

Written by Ben Botes

Few businesses keep tabs on competitors, yet such knowledge can give you a distinctive competitive edge. Building a file on them, looking at everything fromrepparttar customerís viewpoint and asking suppliers and employees what they know about them can be worthwhile. Keeping a jump ahead ofrepparttar 150479 competition means knowing precisely what they are up to. Here are some tips to help you stay one, if not several, leaps ahead.

Step 1 Get clear on your marketing mix

You will often here someone onrepparttar 150480 website refer torepparttar 150481 marketing mix. This refers torepparttar 150482 five P's of marketing. Product, Place, Price, Promotion and People. Any business who combinesrepparttar 150483 5 P's effectively will be successful.

Who is Your Customer? In order to tailor your marketing and advertising strategies to appeal torepparttar 150484 tastes and interests of your market, you must first identify your customer. In order to do this, you it is necessary to conduct thorough research ofrepparttar 150485 consumer marketplace. Keep in mind,repparttar 150486 more information you have about your target market,repparttar 150487 better able you will be to develop a successful marketing plan.

A market profile typically uses primary and secondary sources to answer key questions about a potential market. A profile is a picture or an outline. Information that makes uprepparttar 150488 social profiles ofrepparttar 150489 people in your target market is called demographic information, and includes: age, usually given in a range (20-35 years) sex marriage/partner status location of household family size and description income, especially disposable income (money available to spend) education level, usually to last level completed occupation interests, purchasing profile (what are consumers known to want?) cultural, ethnic, racial background

A clothing manufacturer may consider a number of possible target markets--toddlers, athletes, grandparents (for grandchildren), teenagers, and tourists. A general profile of each of these possible markets will reveal which ones are more realistic, pose less risk, and which are more likely to show a profit. A test market survey ofrepparttar 150490 most likely market groups, or those who buy for them, such as parents for babies and toddlers, can help you separate real target markets from unlikely possibilities. The Right Product What are your customer's needs? What do they expect to get when they buy your product or use your service? The right product isrepparttar 150491 one that best fits their requirements. People who eat in restaurants want more than a good meal. They might expect quick service, a reasonable price, a vegetarian menu, a children's menu, entertainment, a drive through window, or to be identified with a trendy crowd. It becomes a difficult and probably an unprofitable venture trying to satisfy everyone's needs.

If you have identified your customer and listed their expectations, you can design your product or service around their requirements.

The more you fulfil your customer's expectations,repparttar 150492 betterrepparttar 150493 quality of your product. Think of your product or service as more than just whatrepparttar 150494 customers pays for. When you are planning your business consider howrepparttar 150495 whole transaction meetsrepparttar 150496 customer's needs.

It is important to note that developingrepparttar 150497 product or service COMES AFTER you have identifiedrepparttar 150498 customer and their need. If you have an idea you think might be worth pursuing, developrepparttar 150499 concept only when you have determined a genuine need and interest inrepparttar 150500 product.

Then letrepparttar 150501 market help you develop it and strengthen it. Most small businesses fail becauserepparttar 150502 market was not enthusiastic about their idea andrepparttar 150503 entrepreneur was too vested to listen torepparttar 150504 market early inrepparttar 150505 process. Positioning your Business Positioning refers torepparttar 150506 image customers have of your business. The goal is to create a business image that enables you to position your business in such a way that, in essence, it acts as a natural magnet for your intended customers. A number of factors that customers often look for include: price (i.e. cheapest price, fair price, price for quality, etc.) assortment parking service sales personnel quality fashion convenience location atmosphere

Your overall position should emphasize those areas that your customers value most, and those which make you different from your competition. Pricing Techniques The importance of pricing can not be underestimated as incorrect pricing can often result inrepparttar 150507 failure of a business. New businesses often makerepparttar 150508 mistake of either charging too little or too much for their product or service. So to help you avoid making one of these mistakes,repparttar 150509 following section will outline some ofrepparttar 150510 guiding principles of price determination. Price is a key part of marketing. Setting prices is called pricing.

Pricing torepparttar 150511 Market Compare prices with your competitors for similar products and services. Setrepparttar 150512 price range that customers will expect. You can use that market price range--what is acceptable torepparttar 150513 market--as a guide to set your prices. Businesses or people to whom you sell may also price torepparttar 150514 market by telling you what they will pay for your product or service. As you keep records of actual costs,repparttar 150515 cost approach to pricing will help you make sure all your costs are covered, which may not be true in a market approach to pricing.

NOTE: Be careful about under pricing in order to compete or make sales. Use competitor's prices to establishrepparttar 150516 price range for similar products or services but don't under price; if your true costs are higher, your final prices will have to be higher.

Cost Approach to Pricing Price must cover all costs of goods/services sold, including production costs of supplies, materials, fixed overhead, and time/labour, plus a profit. Costs should include costs of production, labour and non-labour, including overhead or fixed costs as well as supplies and materials. Use this simple formula in setting a price (per unit): Total Costs of Production Per Unit + Desired Dollar Profit Per Unit.

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