3 Reasons Why You Need A Budget
Last Updated ( Thursday, 03 November 2011 14:14 )
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.
Marketing Prescriptions: KISS – Keep It Simple Sir
MARKETING PRESCRIPTION # 12
KISS – Keep It Simple Sir (Silly? Stupid?)
Marketing 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
MARKETING PRESCRIPTION # 11
3 Is of Marketing: I + I + I = I x I x I
Modern 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
MARKETING PRESCRIPTION # 10
Go where your customers go
Smart 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
Do 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
MARKEING 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.
Marketing Prescriptions: Always afraid of competition, but never of a competitor
MARKETING PRESCRIPTION #7
Always afraid of competition, but never of a competitor
Competition is inevitable in today’s business – be it from local, regional, zonal, national or international competitors, one has no choice but to fight. To fight local competition, you can use Guerilla Marketing Strategy and Global marketing strategy for Global business, but unlike lessons taught at management schools i.e.” find your strength, find your weakness (SWOT)”, the marketing guru suggests to find the “weakness in the strength” of competitors, and attack. You are small, no problem, and find weakness focus on it. You offer products and services that overcome that weakness. Since you are small you can decide fast, take quick execution steps, and attack market in short time. Large companies are like elephant, take a long time. If you feel you are dominated by a single competitor than the above lesson works well. By not ignoring competition, you are always on toes to improve product, pricing, promotion besides management techniques.
Marketing Prescription: Think like buyer, not seller
Last Updated ( Thursday, 02 June 2011 12:45 )
Think like buyer, not seller
In last ten years how you have changed as customer? Demanding quality, best price, free delivery, extended credits, more guarantee, choice of colors, size, shape, material … but, when you make products you do incorporate some of these and many more that your customer demands?
Think and answer these 5 questions to yourself : who is my customer? who is not? why my customers are mine? why others don't? what my customers buy from me and what I have to sell?