Posted by: admin in Advertising,Business,Customer Loyalty,Marketing,Social Networks on May 9th, 2012

 

Businesses specially start-ups and small enterprises can take full advantage on branding their product or service through the effective use of social media. The same way that we use social media for our personal purposes like communicating, sharing photos, getting recommendations from friends, and getting in touch with loved ones, so do our social media for business should convey true interaction with your target audience to promote your business. Here are some helpful tips to fully maximize the use of social media for your business:

1. Engage to your market. People no longer buy sales pitches and will most likely buy products recommended by their peers and family. Answer inquiries, features and comments on blogs, create polls, and join forums related to your niche and share relevant information to enhance your business’ credibility to readers and customers.

2. Post quality content. Generate readers and followers to your site by providing useful information for free to help you be perceived as a credible source.

3. Update your posts consistently. Quality content plus consistent daily posts and updates are important to keep your readers interested and eventually become converts to become followers and customers.

4. Be searchable. Put your company name in the URL, headers of fans pages or groups for easy recall. Use relevant key words for easy recognition among your followers.

 

Tremendous growth success is measured in terms of growing sales, profits, and assets. Analysts tend to look at the overall business environment as an important factor in the growth of these business enterprises, but most of the owners and managers of these best-performing business enterprises think that what matters most is the internal character of the company- the relationship wit your client and the quality of the services you provide. Some other secrets for a thriving business are as follows:

Empower your staff. An entrepreneur should believe and encourage his staff to make decisions for the company, and pay them reasonably and on time. Success is always about teamwork, so make sure you work with motivated people.

Deliver the highest level of service. This is an old business dictum that still works all the time. Make sure that your business’ competitive advantage is the level of service you provide to your clients.

Innovate and adapt to changes. Anticipate the trends in the market and what it needs and innovate on how to do business better based on those changing market needs. Be open to change and embrace what is new. Be a step ahead of the market.

Below-the-line marketing or simply BTL is the marketing mode of choice for businesses that don’t have a lot of money but are desirous of making a meaningful connection with their customers. BTL has also been used by big companies as well like McDonald’s and Nike. Now that technology is shifting power away from the mainstream media, people are taking control. Customers have a powerful voice, and the Internet and social media are their amplifier- the largest distribution channel of communication in the world.

BTL enables companies to deliver a highly targeted, personal message to consumers. Among the BTL methods that companies commonly use are as follows:

1) Price promotions. These include percentage discounts and two-for-one promos.

2) Vouchers and coupons. The objective of using them is to maximize the number of people who redeem them. When doing coupon campaigns, retailers must ensure they have enough products in stock for customers redeeming the coupons.

3) Refunds or rebates. The retailer or manufacturer pays customers a certain sum when they submit proof of purchase of a product.

4) Gifts with purchase. This is a common promo technique that gives customers something extra when they buy an item or subscribe to a service.

Network marketing, or networking, is a marketing strategy typically done by an individual, rather than a company, to retain and enhance contact or personal connections for promotions of a product or service, in lieu of traditional advertising. It is a great means to expand one’s business to a wider market, beyond your current contact. Here are tips to help you know how to utilize networking properly:

1) Choose the right business networking group. Select a networking group that will secure you the most benefit, do not join every networking opportunity. Ask the opinion of other entrepreneurs who have joined these events.

2) Avoid being an aggressive salesman. Aggressive sales talk is bad. Learn to create perfect business spiels that may last for a few seconds, but are appealing.

3) Remember the names of the persons within the group and their business profile. Listen to other people and utilize interpersonal relationships and social networks.

4) Follow up. Thank the people you have met before the networking event is over, and hand a professional business card. Ask politely if you can meet up soon, and then ask when you could make a follow-up call.

Even in the midst of the global economic crisis, it should not let a true entrepreneur resignedly accept financial loss as an unavoidable pit stop. If you are selling your business, be vigilant so as not to sell you business for so much less than what it is actually worth. Here are some useful tips if you are selling your business:


1)
 Assess the value of your business. Get help with a reputable accounting firm to go over your assets, inventory, receivables, and profit-and-loss records. This will boost your confidence in asking for a fair price.

2) Give your business a presentable look. A clean, orderly, functional and well-managed business will make it easy for you to get your asking price. Do some repair, clean up the clutter, throw out the junk, and make your business presentable to the full extent that you can.

3) Negotiate price and terms of payment. Don’t go below your bottom line by referring to your business valuation report. A bad economy is also a great opportunity for speculators looking to buy a business. If your prospective buyer withdraws, simply push your broker to find other buyers.