12 December 2018

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Advertising for Growing Businesses

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In some businesses, advertising can be an important and integral part of its activity. Having said this, advertising can be very costly and many small businesses just can’t afford it, hence they often tend to ignore this side of the business.

However, it is like insurance, even if you can’t afford it, but you cannot ever afford not to have it. As someone has wisely said, “When business is good it pays to advertise, when business is bad you’ve got to advertise.”

Last Updated ( Wednesday, 16 November 2011 11:54 )

Employee Loyalty: Key to success

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For any business, team work is essential. For entrepreneurs it is a must to explore the best possible ways to engage people around him for his business In most cases of small business owners, this becomes a challenge because entrepreneurs often look for such people to take responsibilities but they don’t really think on enabling those people around him to take those responsibilities.

There are few other important aspects in this area but employee loyalty becomes a major aspect in this.

3 Reasons Why You Need A Budget

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A budget is one of the basic tools for good money management. I see so many first time entrepreneurs and sometimes even experienced entrepreneurs who don’t have a budget. Then, one day they wake up and they realize they’ve run out of money. This is even more important for a start-up because a budget establishes good financial control for a start-up and during the early years of a start-up, money needs to be invested wisely.

Last Updated ( Thursday, 03 November 2011 14:14 )

Marketing Prescriptions: KISS – Keep It Simple Sir

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MARKETING PRESCRIPTION # 12

KISS – Keep It Simple Sir (Silly? Stupid?)

Mr Ashwin MerchantMarketing communication must be written in simple to read, understand and act. Depending on target audience words, meanings and length of communication can be worked out, of course, language of communication is very important. Talk with customers in a language which they will understand and hence remember, respond and react to buy. Stylish font, difficult words, color of words, back ground color must be in tune and taste with targeted customers else, who will read your communication? So, please, K I S S.

MARKETING PRESCRIPTION: 3 Is of Marketing

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MARKETING PRESCRIPTION # 11

3 Is of Marketing: I + I + I = I x I x I

Mr Ashwin MerchantModern day marketing incorporates Information, Interactive, and Integration components while forming a strategy. No more marketing decisions can be taken from gut feeling, but data / information is critical while arriving to knowledge driven marketing – about customers, market, competitors and more. Whether print, electronic, digital media, one and more must be perfectly integrated for transition from one to another to seek more information, to respond, for texts to pictures media integration is essential. Not only that, all strategy for marketing must keep in mind interactive feature i.e. having a dialogue with the customers and potential buyers. It cannot be unidirectional i.e. monologue as it was before 10-15 years back. Theory of AIDS – Attention, Interest, Desire, Action must be executed in order using 3 Is of Marketing. If done rightly, results will have multiplying effect.

 

MARKETING PRESCRIPTION: Go where your customers go

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MARKETING PRESCRIPTION # 10

Go where your customers go

Ashwin MerchantSmart way of marketing is think like a customer – his behavior in daily life – what he does, where he goes, when, how often, what time he spends, what is the prime objective of his visit and much more. Gone are the days that you assume the first thing your customer will do in the morning is to read the news paper – may be true, but how far he has time at that time to read and understand your products and benefits, remember price and place where it will be available, unless you have sole objective of brand recall and increase brand equity. Instead, find vehicles that carry your  message – bus, rickshaw, local train and tram, taxi or place – restaurants, club, gym, super market, time – when hungry, thirsty, relaxed, rejuvenated, roaming, people – with colleagues, family, friends … So, Go where your customers go and promote your business – the important word is “your customer” and not any customer.

Marketing Prescription: Do not pay much attention to what competitor says, but what they do

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MARKETING PRESCRIPTION#9

Ashwin MerchantDo not pay much attention to what competitor says, but what they do

One who has mastered the art of marketing, PR, strategic  planning, knowledge  about  market and customers, will always keep on making new announcements, but to understand their move, you must not just keep your ears open but also the eyes open – very wide, always.

MARKETING PRESCRIPTION: Powered Marketing – Innovative, Practical & Economical

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Mr Ashwin MerchantMARKEING PRESCRIPTION # 8

Powered Marketing – Innovative, Practical & Economical

As SME it is very important that all your marketing originate from new ideas, practical execution and constant eye on return on investment in marketing.

You need to follow marketing prescriptions and many more revelations from ground level evolving from fundamentals of marketing and application of strategy, but, you have constraints of money unlike your big brothers in corporate world. Spend and invest on professionals who not only saves your money on marketing but also suggest effective and economical means, methods, tools and techniques with simple tips, mantras and prescriptions.

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