During almost every economic depression, corporations shed employees to shave costs and during such a tough time, most of these let-go employees make lemons out of lemonade by starting off with their small business organization, something which they’ve always dreamt of operating, whether this involves doing what they were previously doing as an employee or trying out some different things.
A small business owner usually measures the success of his marketing efforts based on the results as everything depends on how fast revenues grow. However, this success is built on a foundation of sound marketing principles. Conducting a thorough market research in order to gain a better comprehension of competitors and customers, analyzing new and effective business marketing strategies and implementing them in a cost-effective way are all needed to contribute to revenue growth and profitability of business
The small business bible and its 10 commandments
Starting a business involves lot of planning, making some key financial decisions and completing a string of legal activities. If you’re religiously opening your small business firm, here are the 10 commandments that you need to be aware of.
- Knowing and recognizing your customers: We all are aware of the fact that the purchasing power of the customer is driven by what he needs and what he wants. In order to deliver exactly the thing that your customer wants and that which he is willing to pay for, you need to take the time to find out about his needs and wants. While you’re in a small business firm, you can take steps to ask all your present and prospective customers whether you’re successful in offering exactly what they need and also ask for their view about how you can improve your business firm.
- Keep a close watch on your competitors: All business firms face competitive threats but that shouldn’t mow you down. Your competitors will obviously try to lure business away and capture a greater share of your new customers who are brand new to the market. So, you should always be aware of your competitor’s strategy lest you fall behind. The saying “mind your own business” isn’t suitable for a small business owner as you always have to know what the others are doing.
- Don’t try to satisfy everybody: If you think that being able to cater to the needs of everyone is a good sign for your business, you’re mistaken. Segment your business into customer groups which, you think, are most likely to purchase from you. For instance, there are some customers who respond positively to low prices while the others always seek high quality products.
- Boost viral marketing: You can’t get any better spokespersons than your own customers who are thrilled and satisfied with your products and services and are willing to recommend your company to the other potential customers. This is known as word-of-mouth marketing and you can foster this by offering incentives like rebates for brining in newer customers.
- Repeat business can be profitable: Acquiring a new customer needs you to spend on marketing resources, whether it’s on advertising and endorsements cost or the time of a staff of your company. An additional sale to a customer who already exists requires incremental marketing cost. By building repeat business, you can surprise your customers to a higher level of service.
- Utilize different marketing methods: Reach out to your new and old customers in as many marketing resources you have. When the customers see your various marketing resources, they get an idea of the popularity and acceptance of your business among the customers. Don’t overlook the opportunities of free publicity.
- Focus on the key points: Always try to build your brand image by crafting a few marketing messages that project the image for which you’re pursuing. When you achieve success, repeat these themes in all your marketing messages which you offer through advertising, signage to your website and so on.
- Check customer satisfaction: Develop a brand new method of collecting customer satisfaction like handing out to them comment cards or comment diaries where they can jot down their feelings. Never assume that you have achieved 100% customer satisfaction simply because you don’t have lot of complaints.
- Maintain your ethics: Don’t make the mistake of promising more than what you can deliver. If the customers find that you have misled them, they will do nothing but drift away to some other company that doesn’t make them fake promises.
- Adapt to changes in the market: The tastes and lifestyle of consumers are always changing and hence you have to know such changes in order to be able to satisfy them. Always look for something new and try to offer them to your customers.
So, if you don’t want to fall in business debt and take out commercial debt consolidation loans, you can follow the above mentioned commandments. Make sure you’re always on the right track to achieve 100% success.