Marketing is the most important thing when you want to sell products and get success in your business. So, you need to do Marketing. Here are some of the marketing methods you can use:
Best Marketing Methods to Get Success in Your Business
Here are the methods you can use to set the price of your product or service:
i) Cost Addition Cost
Most entrepreneurs use the cost-plus pricing method. This method ensures that the value of a fixed price not only exceeds the cost of the overhead but also provides the required profit. If your overhead costs are inaccurate, the likelihood of profits coming back is low.
Here are some examples of calculations that can help you set prices using the Cost-Effective Price concept:
i) Demand Prices
The demand price is determined by the combination of quantity and profit. Products are usually sold through different channels at different prices as determined by the demand. For example a retailer, discount chain, wholesaler, or direct online marketer. Large purchases will result in lower unit prices.
ii) Competitive Price
Competitive pricing is used when the market price for a product or service is set. This method is used when there are parties who have dominated the market, and smaller companies have to follow that price. To stay competitive, you can also set slightly higher prices but with additional services.
iii) Incremental Price
The way to calculate the incremental price is to add a sum to the cost of the product, and this amount is to be paid by the customer. This method is used by most manufacturers, wholesalers and retailers.
The percentage increase in product cost is RM20 / RM40 = 50%.
Percentage On Markup Cost Is RM20 / RM40= 50%.
The products and services offered should attract the attention of your customers and potential customers to become aware of their presence in the market. Here are some steps you can take to make your product or service different from your competitors:
Packaging is important for a product. The main purpose of packaging is to protect the product from damage during handling and distribution.
Labels are graphic designs on packaging materials that contain detailed information of a product such as a manufacturer, product name, use, and description of the product in written form. Good packaging will provide complete information about the product, so a good label design will attract customers to buy.
Promoting products to the general public is a big challenge.
A promotion can be defined as an activity to increase customer awareness of a product or brand, generate sales and also build brand loyalty.
Advertising is a promotional strategy, a one-way communication method to give customers information about a product or service and how to get it in the market.
Identify locations and methods for selling your products or services to reach end-users. It can be created directly or indirectly through several types of distribution channels such as agents, distributors, wholesalers, and retailers. Alternative methods such as online markets can also be used to sell products or services directly to targeted customers. Using the right place will allow you to penetrate the larger market, increase sales and maximize profits as your product or service reaches the right end-users at the right time.
Need to Know
Price is paid by the customer after taking into consideration the cost of the cost incurred by the seller (including intermediate price)
Manufacturers’ efforts to promote customer service
Customers are looking for a product or service due to strong product branding.
Digitizing Your Business
We are in a modern age where conventional marketing methods have become less suitable for reaching larger goals. The use of technology should be fully utilized, at least using digital marketing methods for your business.
Digital marketing is defined as the promotional activity for a product or brand through an electronic media application. It functions as a medium for exchanging product or service information with customers.
Digital marketing is more cost-effective than conventional marketing methods in terms of reduced sales, measurable, more convenient, and targeted results. Digital marketing is now and in the future aiming to generate sales from internet users.
The easiest way for you to create your online marketing network is to use the email that can be linked to other online applications such as:
- Google Places
- Social media
- Online Advertising
- Special Portal
- Display Marketing
- Based on locations like Foursquare
Digital Marketing Strategies
It is an action plan that needs to be developed using existing online networks to attract customers to your business products or services.
Here are some digital marketing strategies that can be applied to your business:
Online RetailStart an online store so customers can buy your products or get your services online.
Create a mobile application so users can download it on their smartphone or gadget.
Social Media Channels
Build an online business profile on social media. You need to be actively engaged in interacting with your customers to promote and inform your product or service.
Use attractive graphic messages to convey information about your products or services to users via email.
Use unique words or phrases related to products or services that your customers can easily find on the website.
Create responsive and user-friendly websites so that customers can gain access to computers, laptops, smartphones, and tablets. Use a domain name that’s easy to remember.
You want many peoples to do marketing. So, You need to train and provide the skills needed to help your employees understand the company’s objectives, products, and services. This includes salespeople, customer service, technical and support staff as well as knowledgeable so they can help promote your product or service better to potential customers.
Customers are also important people in your business. Customers who have used the product or service will not only make repeated purchases and become loyal customers, they will also pass on the information to their friends and acquaintances. The combination of good employees and satisfied customers will help your company grow and generate revenue.
This is an internal element for establishing an effective and appropriate system in the process of delivering your products and services to end-users. The revenue generated will increase sales and productivity. The system includes the production process until it manages customer inquiries and feedback. A good business will use the Standard Operating Procedure (SOP) in performing certain tasks.
7. Physical Environment
A physical environment such as a business location will have the effect of attracting your customers’ attention. The interior layout of a retail business, such as having a large space for trolley use, will provide convenience for customers to shop. An eatery with a backdrop of music and a relaxing atmosphere will bring your customers comfort.
Additionally, the use of proper names, symbols, or logos will help to brand your business. Proper names and logos allow customers to remember longer and make your business different from your competitors. For example, a large logo can be displayed on business premises or building for easy viewing, as well as a website and packaging box.