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Wednesday, 27 May 2015

5 Strategies for Generating Consumer Demand


This Article was written by:
Firas Kittaneh

Contributor
CEO at One Mall Group, Entrepreneur, SEO and Ecommerce Expert
 
I must say anybody who reads this article and follow the sequential steps must succeed.


Generating demand for your product requires much more than simply releasing it onto the market. You need to conduct research, determine what consumers' needs are, establish yourself as a leader in your industry and repeatedly prove your products' worth.

Pay attention to market research. Your company should aim to figure out what customers need and want through surveys, test groups and feedback on social media and reviews left on your website. If you notice certain issues that keep popping up, there might be a need for a new product to solve the problem

Produce stellar content. If you're just starting out, your business should promote its new product and prove that it's solving a problem currently plaguing consumers through informative and educational content. Determine your target demographic and do some research to find out where they are active on social media and elsewhere online. Your content should aim to entertain and inform your customers of the value of your products.
Release an explainer video that relates to your business or a humorous video they'll want to share with friends (think Old Spice or Dollar Shave Club's spots), an infographic that educates consumers about a pertinent issue, or a blog post written by your CEO that contains industry insights. By producing quality content on a regular basis, you'll begin to build trust with your audience and ideally increase sales from this newly established relationship.

Feature customers' reviews. On your website, product pages and elsewhere, you should be featuring customer reviews. Customers are going to trust testimonials from their fellow shoppers. In a survey conducted by Ipsos Open Thinking Exchange, it was found that 78 percent of American customers aged 18 to 64 who shop online consult reviews before purchasing a product.
They won't hesitate to purchase from your competitors if there's a plethora of bad reviews about your products, which is why your employees should be apologetic to any customers who had negative experiences and respond quickly to any feedback that comes up. You also need to track their reviews and analyze them in order to improve products. Rating and review software such as Bazaarvoice, Re-Vu or Gigya will allow you to do just that depending on the size of your business and your budget.

Give new customers a deal. Another method to get consumers to try your products for the first time is to offer them a discounted or special rate. Initially, customers may not be willing to try out a product at full price. If it's offered at a rate lower than your competitors' -- they just might.
Once customers have received your product and find it useful, they'll likely be inclined to purchase from you again at the regular price. Make sure you're clear that the deal is a one-time offer, because you don't want customers to be discouraged when they decide to shop with you again and find your products priced differently.

Create an exclusive club. Once a person becomes a repeat customer, you'll want to reward them and make them feel appreciated. Create an exclusive club for these loyal customers that gives them access to certain promotions, lets them in on company news and secrets before they're released to the general public, and communicates to them that they're part of the process of perfecting your products. Ask for their opinions and encourage them to take surveys.
Virgin Airlines offers its loyal customers a tier system where they are given more perks including discounts, expedited check in on flights and priority boarding depending upon their status. Boloco, a restaurant chain in New England, encourages customer spending where after every $50 purchase, they get a free menu item.
When attempting to generate customer demand, you have to realize that no one is going to listen until you substantiate your usefulness. Always keep the customers' needs in mind and aim to please.

How did your company generate demand for your products or services? We'd love to hear your effective strategies for demand generation in the comments section below.


http://www.entrepreneur.com/article/230981



 

Tuesday, 26 May 2015

Hey guys, learn how to sell in 60secs!

60secs! really?

Q:  I've always equated selling with telling, and lately I've noticed that my prospects cut me off when I am giving them my pitch. What's the best way to get my point across and win the sale?
A: I would imagine that this month's question has value to all of us in sales and marketing. Let's face it: Buyers are more educated than ever before. What we sales and marketing types need to focus more on is understanding our prospect's world--and the best way I know of to do just that is to ask intelligent questions. Here's a rundown of the best questions to use and when to use them. My strong suggestion is that each and every one of us should ask a whole lot more questions and speak a whole lot less.
When interacting with a prospect, you must first seek to understand what's going on in the other person's world. Then and only then will your ideas be accepted and understood by the prospect.
The best way to do this is to set strict limits on your own "talk time." Keep it under 60 seconds. Yes, you read right: You must never, ever speak for more than 60 seconds without asking for approval to continue. This approval comes when you ask open-ended "prompting" questions. Generally speaking, these questions:
  • Cannot be answered with a simple yes or no.
  • Do not lead, control or try to manipulate the other person.
  • Enable dialoging.
  • Begin with the words "when," "what," "how," "why" or "where."
  • Require thought to be answered.
  • Encourage the other person to reveal feelings.
  • Build rapport.
The opposite of an open-ended question is a closed-ended question. Closed-ended questions, unlike the kind we've just examined, put an end to effective dialoging and will not get you any closer to a second appointment. Therefore, you should totally avoid this type of questioning as a means of getting approval to win another 60 seconds.
One example of a closed-ended question might be, "You're interested in attracting new customers, right?" The best place to use the closed-ended question is in a situation where you need to validate or confirm what you think is going on in your prospect's world. Generally speaking, closed-ended questions:
  • Are useful to give feedback during a dialog.
  • Can be used to obtain specific information and/or confirm facts.
During a dialogue, if you need to make sure that you've heard the prospect correctly, you can use what's called a clarifying question. These questions, too, can win you a fresh 60 seconds. A good clarifying question might begin with the words, "So, if I understand you correctly, you're saying that...". Warning: you should always preface your clarifying question with a statement such as this and then creatively paraphrase what you think your contact's main point is. It's a really bad idea to parrot back what you've just heard your prospect say. That approach may be perceived as condescending, sarcastic and disrespectful. Generally speaking, clarifying questions:
  • Secure the other person's approval and prove to a greater degree that you've got a good understanding of what he or she said.
  • Express in your own words what you just heard.
  • Clear up differences in the definition of words and phrases being used.
  • Clarify the meaning of "global" words (like "always" and "never").
Typically, once you clarify with your prospect, you can then use a developmental question to move the dialog in a desired direction to further understand the prospect's purpose and/or result he or she wants to achieve. These questions, too, can win you another 60 seconds of time to talk--once the contact has responded to your question, of course. Generally speaking, developmental questions:
  • Encourage the other person to elaborate on what he or she just said.
  • Begin to make it possible for the other person to show his or her true feelings about the topic at hand.
  • Obtain further definition of what's under discussion.
Optionally, you can also use a directional question to win another 60 seconds. These questions steer the dialog to a certain direction that a developmental question just uncovered. Directional questions are like a roadmap of your conversation and allow the dialog to take another path, one that's beneficial to uncovering the prospect's purpose and needs. Generally speaking, directional questions:
  • Move the dialog from one logical topic to another.
  • Invite the other person to participate in an informational exchange.
  • Can be used to replace a closed-ended question you were tempted to ask.
Important: Don't fall into the trap of using directional questions to control or manipulate the prospect in any way. This will destroy any business rapport you've built and reduce your chances of getting a second appointment.
Another question type you can use to earn another 60 seconds of talk time is called an opinion question. This kind of question is extremely helpful in revealing where a prospect stands on any particular issue, and it can be used to give you more insight into someone's unique needs. Opinion questions are also a nonthreatening way to ensure that the other person is actually engaged in the dialog. As a general rule, opinion questions:
  • Ask a direct question in a nonconfrontational way.
  • Get the other person to speak frankly and openly.
  • Allow the opportunity to share feelings.
  • Show esteem and respect for the other person.
  • Help to extend and prolong dialogues.
Finally, you can use what I call a social proof question to justify another 60 seconds of talk time. This is an indirect way of getting the other person to realize that his situation is similar to that of other people you've worked with. As with any other reference to a third party, there is the chance that your contact will respond favorably to what you cite within the question. On the other hand, there is a chance that the social proof you introduce will be looked upon as competitive or irrelevant to what's being discussed. So these questions can be tricky. Generally speaking, social proof questions:
  • Introduce a third party that is relevant to the discussion.
  • May increase confidence that you can address the purpose and needs of the other person.
  • Validate the other person's reasoning.
  • Can be used to address concerns or problems before they arise.
Intelligent use of each of these question types will encourage your prospect to begin to show his or her true feelings about whatever subject is under discussion. Build business rapport with prospects, and they'll be less likely to tune out while you're delivering your pitch.

Source: www.entrepreneur.com
Hopefully you have all your merchandise in and ready to go on display for Mother’s Day.To put the finishing touches on your strategy consider these low cost, easy to implement and sure to ring the till tips!
1.  Double Duty: Include a “gift for you..gift for Mom” option on retail items that you want to move! This is great way to clear out aging and non-performing stock. You capture your wholesale cost of the item..and make a big impact. This approach is better than 2 for 1.
2. Promote Gift Cards:  You reap the benefit knowing that more than 50%  of us will make a purchase above the value of the gift card.
3. Gift Card Part II :Include a small pre-wrapped retail item for Gift Certificates above a pre-set level. A double-nice treat! You will be surprised how this will raise the level of the gift certificate price point. ( We all love a “free gift!)
4.  Remember shoppers are like bumble bees: Draw them to you! Use your windows, front door,  retail display area, cash wrap and welcome desk to promote your Mother’s Day offers. If you have  a guest bath room, locker room, or parking area use it to remind and promote sales! Shelf talkers too!
5. Branch Out! Mother’s Day is not just for Moms..but grandmothers, aunts, special friends, Moms to Be..include these other targets in your marketing efforts and spread the message! Many people call themselves “Pet Parents” let’s include them too!
by Patti Biro
http://www.pattibiro.com
- See more at: http://www.harms-software.com/blog/index.php/5-tips-to-maximize-your-sales/#sthash.rA3f0mwp.dpuf

Monday, 25 May 2015

FIVE SUCCESSFUL MARKETING TECHNIQUES


                                                       

       Five Successful Marketing Techniques

by Bob Leduc



Hello guys, it's been a while I know.... so i came along this article by Bob Leduc and I think its a must read for every aspiring entrepreneur. ENJOY


Marketing your business doesn't have to be complicated. Use these five simple marketing techniques to build your business.
Marketing strategies street sign
Image source: BigStockPhoto.com
Here are 5 successful marketing techniques you can use to increase your sales. All of them are simple to use. And they're effective for building any businesses. 

1. Keep Adding Something New Every time you add something new to your business you create an opportunity to get more sales. For example, something as simple as adding new information on your web site creates another selling opportunity when prospects and customers visit your site to see the new information.
Adding a new product or service to the list of those you already offer usually produces a big increase in sales. The added product increases your sales in 3 different ways:
  • It attracts new customers who were not interested in your current products and services.
  • It generates repeat sales from existing customers who also want to have your new product.
  • It enables you to get bigger sales by combining 2 or more items into special package offers.
2. Become a Valuable Resource Look for ways you can be a resource for your prospects and customers. Supply them with free information. Help them do things faster, easier, less expensively. You get another opportunity to sell something every time they come back to you for help.
3. Separate Yourself from Your Competition Find or create a reason for customers to do business with you instead of with someone else offering the same or similar products. For example, do you provide faster results, easier procedures, personal attention or a better guarantee?
Determine the unique advantage you offer to customers that your competitors do not offer. Promote that advantage in all of your advertising. Give your prospects a reason to do business with you instead of with your competition and you'll automatically get more sales.
4. Promote the End Result Your customers don't really want your product or service. They want the benefit produced by using it.
For example, car buyers want convenient transportation with a certain image. Dental patients want healthy and good-looking teeth without suffering any pain. Business opportunity seekers want personal and financial freedom for themselves and their family.
Make sure your web pages, sales letters and other sales messages are promoting the end result your customers want.
5. Anticipate Change Change is the biggest challenge to your business success. The days are gone when a business could constantly grow by simply repeating what it did successfully in the past ...or even recently. Aggressive, innovative competitors and rapidly changing technology make it impossible.
Expect change and prepare for it. Don't wait until your income declines to take action. Develop the habit of looking for early signs that something is changing. Then confront it before you start to lose business.
Tip: Insulate yourself against the impact of change by increasing the number of products and services you offer and by using a variety of different marketing methods. Only a small portion of your total business will be affected if the sales of one product decline or the response to one marketing method drops.
How many of these 5 proven marketing techniques have you overlooked or ignored? Start using them today and you'll see an immediate increase in your sales.

Wednesday, 11 February 2015

Ideas for Growing Your Business

For those of you who have already successfully started a business and are ready to take the next step, you may be wondering what you can do to help your business grow. There are many ways to do this, 10 of which are outlined below. Choosing the proper one (or ones) for your business will depend on the type of business you own, your available resources, and how much money, time and resources you're willing to invest all over again. If you're ready to grow, take a look at these tips.


Open another location. This is often the first way business owners approach growth. If you feel confident that your current business location is under control, consider expanding by opening a new location.


Offer your business as a franchise or business opportunity. Franchising your business will allow for growth without requiring you to manage the new location. This will help to maximize the time you spend improving your business in other ways, too.


License your product. This can be an effective, low-cost growth medium, particularly if you have a service product or branded product. Licensing also minimizes your risk and is low cost in comparison to the price of starting your own company to produce and sell your brand or product. To find a licensing partner, start by researching companies that provide products or services similar to yours.


Form an alliance. Aligning yourself with a similar type of business can be a powerful way to expand quickly.


Diversify. Diversifying is an excellent strategy for growth, because it allows you to have multiple streams of income that can often fill seasonal voids and, of course, increase sales and profit margins. Here are a few of the most common ways to diversify:


Sell complementary products or services


Teach adult education or other types of classes


Import or export yours or others' products


Become a paid speaker or columnist


Target other markets. Your current market is serving you well. Are there others? Probably. Use your imagination to determine what other markets could use your product.


Win a government contract. One of the best ways to grow your business is to win business from the government. Work with your local SBA and Small Business Development Center to help you determine the types of contracts available to you.


Merge with or acquire another business. Two is always bigger than one. Investigate companies that are similar to yours, or that have offerings that are complementary to yours, and consider the benefits of combining forces or acquiring the company.


Expand globally. To do this, you'll need a foreign distributor who can carry your product and resell it in their domestic markets. You can locate foreign distributors by scouring your city or state for a foreign company with a U.S. representative.


Expand to the Internet. Very often, customers discover a business through an online search engine. Be sure that your business has an online presence in order to maximize your exposure.

www.sba.gov.com

Monday, 9 February 2015

How to Define Your Target Market

To build a solid foundation for your business, you must first identify your typical customer and tailor your marketing pitch accordingly.

With the current state of the economy, having a well-defined target market is more important than ever. No one can afford to target everyone. Small businesses can effectively compete with large companies by targeting a niche market.

Many businesses say they target "anyone interested in my services." Some may say they target small business owners, homeowners, or stay-at-home moms. All of these targets are too general.

Targeting a specific market does not mean that you have to exclude people that do not fit your criteria from buying from you. Rather, target marketing allows you to focus your marketing dollars and brand message on a specific market that is more likely to buy from you than other markets. This is a much more affordable, efficient, and effective way to reach potential clients and generate business.

For example, an interior design company could choose to market to homeowners between the ages of 35-65 with incomes of $150,000+ in the Baton Rouge, Louisiana, market. To define the market even further, the company could choose to target only those interested in kitchen and bath remodeling and traditional styles. This market could be broken down into two niches: parents on the go and retiring baby boomers.

With a clearly defined target audience, it is much easier to determine where and how to market your company. Here are some tips to help you define your target market.

How to Define Your Target Market: Look at Your Current Customer Base

Who are your current customers, and why do they buy from you? Look for common characteristics and interests. Which ones bring in the most business? It is very likely that other people like them could also benefit from your product/service.


How to Define Your Target Market: Check Out Your Competition

Who are your competitors targeting? Who are their current customers? Don't go after the same market. You may find a niche market that they are overlooking.

How to Define Your Target Market: Choose Specific Demographics to Target

Figure out not only who has a need for your product or service, but also who is most likely to buy it. Think about the following factors:
• Age
• Location
• Gender
• Income level
• Education level
• Marital or family status
• Occupation
• Ethnic background

How to Define You Target Market: Evaluate Your Decision

Once you've decided on a target market, be sure to consider these questions:
• Are there enough people that fit my criteria?
• Will my target really benefit from my product/service? Will they see a need for it?
• Do I understand what drives my target to make decisions?
• Can they afford my product/service?
• Can I reach them with my message? Are they easily accessible?

Don't break your target down too far! Remember, you can have more than one niche market. Consider if your marketing message should be different for each niche market. If you can reach both niches effectively with the same message, then maybe you have broken down your market too far. Also, if you find that there are only 50 people that fit all of your criteria, maybe you should reevaluate your target. The trick is to find that perfect balance.

You may be asking, "How do I find all this information?" Try searching online for research others have done on your target. Search for magazine articles and blogs that talk about your target market or that talk to your target market. Search for blogs and forums where people in your target market communicate their opinions. Look for survey results, or consider conducting a survey of your own. Ask your current customers for feedback.

Defining your target market is the hard part. Once you know who you are targeting, it is much easier to figure out which media you can use to reach them and what marketing messages will resonate with them. Instead of sending direct mail to everyone in your zipcode, you can send only to those who fit your criteria. Save money and get a better return on investment by defining your target audience.

source: INC.com