This is a valid question. All businessmen want to know how to market their product and services effectively and efficiently. No entrepreneur would start a business without profit in mind and all revenue comes in when people are able to know about what you have to offer. Unfortunately, people will never know what you have to offer unless you market your product or services. So the question is valid: How can I market my product and services even if I am a small business player?
Here are some important points for you to remember:
1. Know what sells
Admit it, many people who start a small business focus on creating a product or selling a service that they like. They envision themselves making a trend and changing the world with their product and services. This is not so in the real world. For instance, they would think of a product or services that they believe other people need without enough market research and survey.
In my Sales and Marketing trainings and seminars, I have always taught my participants that business is all about "calculated risk". When you don't calculate then you are speculating, and we all know that speculation is the twin brother of failure.
Know what people are buying and why they are buying it. Always remember that people always ask the WIIFM question: What's in it for me? People don't really care about your idealistic approach, people go for practical nowadays. In my trainings and seminars I always talk about the Pendulum effect in our society that affects sales and marketing. This is a 40 year effect where society swings from idealism to realism. Take my advice; we are still in the realist swing.
Check out products that have been successful in spite of it being new in the market. Among these are Apple's products like iPhone, iPad, iPod, etc. Samsung has also been successful in selling their product. You see the price of these products has nothing to do with its saleability but it is the practicality of it. People, nowadays, buy because it is practical. They are realist and you don't need to tell them what they need - they already know what they need.
Once you know that then it will be easy to market your product and services.
2. Know your customers
John Maxwell, in one of his books, said "No one will really care what you know, unless they know that you care". Many times, entrepreneurs never realize that they have not paid enough attention to their customers.
I remember when I was new in sales. I was so aggressive presenting every feature my product can offer and overwhelming the customer with information they don't even need. At the end of my sales pitch the customer was so confused that they needed more time to think.
In the end, I never made that sale. I realize that I need to stop talking and start listening to my customers. Can you imagine going on a date only to hear the other person talk about himself? The way I did it was asking questions on the first meeting. I won't even talk about my product and myself. I would spend time listening to my client. I realized that the more I do this, the more I understand my customers; and the more I understand them the better I can sell my product - it was a precision sale. All I need to do was listen and know what they need and how my product can satisfy that need.
Imagine marketing as building relationships. You need to develop your relationship with your customers from stranger to friend. It's easy to convince a friend than a stranger.
3. Know your competitors
Do you really know your competition? Many of us are so engulfed with our own product that we forget that there are also other businesses who offer the same product and reaching out to the same prospects.
ince you are "still" a small entrepreneur, you need to know 2 things: 1] Your competition's weaknesses and 2] your competition's strength.
Do some research about your competitor and learn about them. Know what's keeping them in the business and how they are doing it. Know where they are getting their customers and why customers flock to them.
Understanding these things will help you strategize better and market your product well in spite of competition. This is what I call riding with the waves. You see, when you are in the ocean you can't control or stop the waves from coming but you can always surf and ride with it. The secret to riding the waves, as any other surfer would tell you, is knowing and understanding the waves.
There it is folks. Now you know how to effectively market your product and services. Let me know how this article has helped you and share this with a friend.
- Al Echegoyen
For more info on Sales and Marketing Trainings.
For more info on Sales and Marketing Trainings.
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