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Making Money Online with Product
& Services:-
To be successful at a home-based
business, you not only have to be
good at what you do, but you have
to be good at letting others know
how good you are at what you do.
You have to come up with a plan
to get your product or service in
the market place. You have to come
up with a marketing plan.
This
marketing plan involves two parts:
- You
have to figure out who the market
is
- You
have to make the product or service
known to that market. These
two work together.
Define
Your Market:
It
is a rare case in marketing when
a product has appeal to everyone
regardless of sex, age, income level
or special interests. The more typical
case is that a product will appeal
to a limited group of people who
are willing to put down their hard-earned
dollars to buy what you have to
sell.
The
basic question to keep in mind as
you develop your marketing plan
is: Who would want to buy the type
of product I make and how can I
develop it to be saleable to these
special people? Once you define
your market, you often have to modify
your product to fit that market.
Sometimes
the answer to this question is clear
and logical. Often, however, a business
person has to do some research and
experimentation to find the answer.
Many a business has failed because
people didn't consider this obvious
but critical question: Who is the
market?
Review
The Competition:
Competition
is critical to marketing. Competition
is defined as any other product
or brand that a customer may buy
instead of the one you are selling.
Competition for the manufacturer
of breakfast cereals, for example,
may come not only from other cereal
makers but from the sellers of bacon
and eggs as well.
Understanding
what other products are on the market
can help you develop a more effective
position for your product. By analyzing
the competition, you can gain valuable
tips on the characteristics of products
that will sell, the appropriate
price level and the necessary promotions
or price breaks you must periodically
offer your customers to keep them
interested in what you have to offer.
You
must view competition as not only
a force to be overcome but an aid
in your marketing efforts.
Find
Your Niche:
There's
an old saying: "To lead, find
out where people want to go and
then hustle yourself around in front
of them."
The
man who started the McDonald's restaurant
chain did this. So did the woman
who founded Mary Kay Cosmetics.
You can do this, too. But you have
to keep your eyes and ears open,
and a little luck now and then won't
hurt.
In
marketing their products, managers
in the corporate world realize one
important truth — to get the
edge on the competition, one must
have a product that is perceived
as different from all the others
and one that fulfills the wants
and needs of customers better than
any other product.
In
technical terms this is called product
differentiation. If you build a
better mousetrap, the world will
beat a path to your door. But if
you build the same one everybody
else does, you'll be locked into
a nonproductive battle with your
competition. You must give customers
a reason to buy your product over
any others. You have to find ways
to make them as enthusiastic about
the product as you are.
There
are several ways to make your product
distinctive. Common strategies are
lower price, superior quality, greater
convenience or faster service. What
techniques you use depend on your
product and your market.
Trends
play a role in this too. If your
product is a craft, you have to
be extremely conscious of trends.
One craft person said it's important
to read the craft magazines. But
by the time a craft or style of
craft hits the magazines, it may
already be on its way out. So you
have to go to shows, talk to people,
look and listen to figure out what
will be "in" this year.
One potter said she prefers earth
tones for her jars. But products
with blue in them sell better. So
she now does more blue pieces.
Promote
Your Product:
Promotion
involves advertising, publicity
and personal contact. But keep in
mind that you are not selling a
product, you are selling what this
product will do for people. A toothpaste
company doesn't sell toothpaste
so much as it sells sex appeal or
lower dentist bills. A car company
doesn't sell cars so much as it
sells an image that a car will help
provide its owner. Decide what your
product will do for people. Then
use this theme in your promotion.
Decide
what form
of promotion you need.
The form you choose should project
the kind of image you want your
business to have. Professionally
printed business cards may suggest
a quality product, whereas a handwritten
note tacked on a bulletin board
may suggest less than professional
work. Choose several forms of promotion
from the following list depending
on their appropriateness to your
business.
Word-of-mouth
This type of promotion is particularly
valuable for a home-based business
because it's free. Be sure the word
passed is favorable. Be professional,
prompt, meet deadlines, keep appointments
and do not accept more work than
you can deliver. One seamstress
relies on this as her only means
of advertising. To do more would
get her more business than she could
handle well.
Business
cards
A professionally printed card is
an asset to almost any business.
Include your name, address, phone
number and products or services
you provide. An attractive logo
can also enhance the professional
image you want to project. It's
ideal to have a professional designer
work with you in the design of your
card. If this is too expensive or
not possible, at least look at a
wide array and model yours after
one you find appealing.
Letterhead
and envelopes
Printed letterheads show your customers
that you are a professional business
person. Use the same logo and design
as is on your business card.
Brochures
A brochure can be well done and
still relatively inexpensive, depending
on the size, number of colors used
and whether or not there are photographs.
Get help from your printer and a
professional designer/editor regarding
layout text and lettering.
Direct
mail
This technique can be valuable if
you have the right mailing list.
You have to know your market. At
the start of a business, you may
have to purchase mailing lists.
This can be costly. Develop and
systematize your own method for
maintaining a mailing list. Keep
track of customers' addresses. You
will find this invaluable and you
may even be able to sell the list
to others as an additional source
of income.
Newspapers
Contact your local editors about
the possibility of doing a news
story and feature story on your
new business. Pay attention to the
types of stories carried in the
newspaper. A news story would be
pegged on the fact that it's a new
business. A feature story on the
other hand needs some kind of human
interest angle. Give this some thought.
Depending on your business, this
may or may not be an option for
you. But if there's something unique
about your business, be sure to
think of these unusual angles before
talking with the editors.
Radio
and television news
Your local radio and television
stations may also be interested
in a news or feature angle. Also
try to get yourself on any talk
shows.
Newspaper
ads
There are two types — display
and classified. Display ads involve
some design and artwork. Your newspaper
advertising representative can help
you with this. Or you may want to
pay for the service of a professional
advertising firm. Classified ads
appear in the classified section
and are much cheaper. Both types
can be effective depending on your
product.
Magazine
ads
Many magazines reach specialized
audiences. Placing an ad, though
expensive, in the right magazine
may be all the advertising you ever
need to do. There are local, regional
and national magazines. Many offer
both classified and display ads
as with newspapers
Portfolio
Put together a collection of your
best work. Many people take photographs
of every project. Include letters
from satisfied customers.
Display
at shows
If you're in the craft business,
this may be a must. Only attend
the shows that will bring you the
type of business you want. One quilter
uses this as her only means of advertising.
She loves the one-on-one contact
with potential customers. She learns
what designs and colors people like.
She keeps up on the trends. Over
the years she has grown selective
about which shows she attends.
Other
businesses
You may want to advertise at a business
that is complementary to yours.
For example a fabric store for alterations
or a gourmet shop for cooking classes.
This type of advertising can be
beneficial to both businesses.
Telephone
book
You may want to do this in the yellow
pages as well as the white pages.
There may be other directories in
your locale you want to be listed
in. For example, if you do refinishing
you may want an ad in an antique
shop directory.
Specialties
You may want to offer matchbooks,
pens, calendars, balloons, hats
or other tokens of appreciation
for doing business. Many of these
items have long-term use and make
good seasonal gifts. Consider the
cost and advantages to your particular
business.
Chamber
of commerce
Joining the local chamber of commerce
and other professional organizations
is a good opportunity to make valuable
contacts and participate in community
activities. It also makes your business
visible.
Make
sure you keep track of all ads you
place as well as promotional work
you do. Do more of what gets results
and less of what doesn't.
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