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Today’s recession has brought some drastic effects on business. Consumers are more inclined to save than to splurge over items that they want, in lieu of the items that they need. That means more are saving for spending extra on food that gives high nutrition. Marketing studies conducted by IBM revealed a large percentage (72%) are choosy when it comes to the quality of the food that they purchase in stores. An observant businessman will notice that shoppers are dividing their time shopping, spending more time in certain aisles while reducing or even removing themselves from other aisles.
What does this indicate to businessmen? If you are in the produce business, you need to redo your marketing plan. Consider it part of your business and marketing plan to invest in quality improvement of your produce. Put it in your marketing checklist to include certain bargain offers for shoppers that will help them get the best buy without crippling your business. If you own a retail store, consider giving a cheaper offer to consumers, like bulk orders. Even though they still consider spending more on quality, they are still after a good buy. Those who are after nutritious food sometimes opt for pre-cut vegetables for they not only offer the nutrition that they are seeking, but also a cheaper price to help their budget.
Others opt to change their stores in efforts to save and get a better deal for their money. If they hear that this store offers a bargain deal better than the one they are currently patronizing, they will consider visiting the other store to check the prices and compare. If you see that your regular customers are now visiting you less, you need to redo your marketing strategy. Have some help for your marketing plan by looking for marketing plan templates that can help you figure out how to give the best of both worlds for you and for your consumers.
People often start doing business without even considering about their competitors. They draft into their marketing plan templates with a marketing checklist that does not address the issue of competitors putting in risks in their business.
Competitors should be kept under close watch. For one, they impose this risk of lessening traffic and buyers in your own market. They can go subtly, like offering a better product. Or they can do it drastically, by creating a negative feedback and do dirty marketing by dishing out some negative points in your products that does not even exist.
You can never avoid competition. One way or another, you have to face it head on. Or, if you prefer, dance along with their tune and see who will be the last one standing. Find out who they are affiliated with. Once you do, get affiliated with them as well. This way, you will be drawing away some business traffic from our competitor towards you. Some affiliations require a sum of money for continued patronage. Know how much your competitor is offering. Once you do, go up a notch from their price and you may even win that priced contract. Get them to patronize your product, and make them realize the benefits of advertising your trades other than those of your competition.
Thanks to the advancement of technology, it is now easier to spy on your competitors. Media advertisements give you an idea on what they are doing in order to promote their market. The internet is a very useful tool in this process. Visit your competitor’s website. Study it carefully, and see sort of information they are giving to their clients. That information is your gateway to know what are their weak points, as well as their selling points. Once you have that under tabs, you can redesign your marketing plan template to create a whole new marketing strategy that would enable you to go against your competition.
Your social network enables you to keep a friendly relationship with business partners. However, as they say: “Keep your friends close, and your enemies closer.” Always keep a close watch on your competitors for they have the ability to cause failure in your marketing strategy.
You already have a business in mind. All you need to do is put it into fruition so you can get benefits out of a planned market. You already have your target market planned out, and you have a marketing plan already made. All you need now is to address your target market. Businessmen, through countless research and experience, have formulated the 4 P’s of marketing. These 4 P’s are vital when you make your marketing checklist, and must be thought of carefully.
Product: Whatever it is that you wish to offer, your product has a lot of characteristics that you need think of. Harsh as it may, people often look into the packaging of a product, especially when it comes to cosmetics and food. Functional items are often asked about warranty and support services in case the product would fail to perform what it’s supposed to do.
Price: In today’s recession, this is the primary motivator of people when it comes to purchasing a product. Some buy wares that come in discounts when bought in bulk. Your suggested retail price can either sway or dissuade a customer from buying your merchandise.
Place: The area that you need to cover may affect your ROI. A wider area may mean greater expenses in terms of transfer and delivery. Some employ the services of rental warehouses to lessen the travel time between distribution channels, as well as for ease in inventory management. Where do you plan to market your product? Location, location, location is always vital when distributing and selling products and services.
Promotion: You have to make your product known to the buying public. Make sure your plan in you advertising strategy. You might end up spending more on promoting your product in comparison to revenues that you will attain. You can create some other promotional advertising like free samples, free services, or a demonstration of a product.
Carefully go through your marketing plan to make sure that you will fulfill the requirements of the 4 P’s. If you don’t know how to go about your marketing plan, countless marketing plan templates are available to help you get started in making the most out of your marketing strategies.
One of the most important things to consider when writing a business is the business name. It must be good enough, and great enough to get the attention of many and entice them in buying whatever it is you’re selling. What is your business? What do you want to offer to the buying public? Make sure you plan what you want to sell by making a marketing plan. If you are unsure of how to do so, you can download marketing plan templates online. Once you have decided, you have to think about these factors as you create a name for your business.
Head over to the state registry and look for registered names that might be similar to the one you have in mind. Remember, the first one to have a name registered has full rights to the name, and it does not matter if you sell the same thing or not. Make sure that it is catchy – as well as memorable. Even if you have the most exotic and enchanting business name, if people cannot remember it, it does not matter.
A descriptive name can also help attract people. Attaching descriptions such as “salon,” “café” legal services” will surely attract the right people that you wish to cater to. No one would need to wonder what area you specialize since it is plainly stated beside your business name. A logo with the name and the color that you apply will definitely add some persuasive power to your business. Green is ideal for gardening, landscaping. Blue is can be used for hotels since it is often associated with rest. A red sign for a restaurant can help depict the foods served as spicy and full of flavors that would invigorate the body and spirit.
As you think of a name, what do you aspire to achieve in your business? Have you created goals and strategies that would help you not only during the start, but through the entirety of your venture? There are free business plan templates online that can help you figure out your business plan – and may even help you choose a name for your enterprise.