THE ENTREPRENEUR VOL.1 POST 3

From my previous post I told you that entrepreneurs are some of the most powerful individuals in the society, not just because of their wealth, but because the kind of habits and characters they possess ensures that they are successful in whatever they set their mind to do.

Most people overvalue ideas and being first. I'm glad to let you know that you don’t have to be first to have a good business, and you don’t necessarily have to be unique. The simple foundation of giving your customers a good value is far more important than being first or unique. Give good value for every amount spent, and that will build your business and word-of-mouth advertising.

Let us go back to our 14 top questions asked by small business startups in the last post. So let’s continue…

(To read the previous posts please click on the post you want to read on the blog archive menu on the top right corner of this blog... Thanks )

14 Questions Asked By Small Business startups (Contd.)

Q6. What makes a successful marketing strategy?

First thing you need to know is that a strategy is a carefully devised plan of action to achieve a goal, or the art of developing or carrying out such a plan. So when creating a marketing strategy, keep in mind what is popularly called the “four P‘s” of marketing: PRODUCT: What product or service will your business offer? How is your product better than those offered by your competitors? Why will people buy your product? PRICE: How much can you charge? How do you find the balance between ,sales volume and price to maximize income. PROMOTION: How will your product or service be positioned in the marketplace? Will your product carry a premium image with a price to match? What kind of advertising and packaging will you use? PLACE: Which sales channel will you use? Will you sell online or will your product be carried in retail outlet? Which channel will economically reach your market? The  marketing strategy should summarize your findings about the key target buyer description, the market segment the company will compete in, the unique positioning of the company and it’s product compared to the competition, and so many others that you can think of. Q7. Is location an important aspect of my business? Well if you are not operating a home based business then location is one of the most important aspects of your business. Q8. Why is there competition? The truth is that there is no business operating without competition. It will either be a direct or an indirect competition. Direct and indirect competitors try to convince consumers to buy their products or services instead of yours. I’ll advice you to know the strengths and weaknesses of your competitors. Then adopt some of their strategies you admire and avoid their mistakes. Q9. How can I improve customer service in my business? I want you to know that no matter the kind or type of business you are into, quality customer service is very important. So try to develop a strategy that puts your customers first. Let them receive the best possible service. I do not agree to the fact that you have to be lenient with your policies to have a good customer service. But make sure you make room for flexibility. Just remember, a lost customer could spread the word of his discontent, resulting in more lost customers. Q10. If I am not applying for a loan from a bank, why do I need a business plan? The truth is this, the fact that banks and other lending institutes require a well-executed business plan is a secondary consideration when writing a business plan. The primary purpose of writing a business plan is to guide the owner or manager in successfully operating the business. Preparing the plan forces the owner to consider all aspects of the business and to confront any problems the plan highlights. In my next post I’ll be answering the last four questions. Thanks for reading this blog. To be continued… Keep winning even in tough times. Watch out for my next post. Feel free to post a comment… If you have not joined the group of entrepreneurs on facebook then I ‘m sorry to say you may be missing out on a lot of things. Join us now on Facebook To get notified whenever there is a new post, I’ll advice you to subscribe to this blog by clicking on the link (Subscribe to post) below. If you like this blog, make sure you share with your friends on facebook or twitter by clicking on the SHARE link below or the top right corner.