Business can be defined as a way to earn a living by selling products and services. It can be through the production of these goods or buying them at a lesser cost and charging a higher price for profit. Marketing, on the other hand, is the process of fostering relationships with customers to ensure that they keep coming back for your merchandise.
The two work hand-in-hand to guarantee the success of your enterprise. Here are a few strategies on how you can get the best results:
1. Provide an Outstanding Product at a Reasonable Price
Whether you manufacture your own products or buy them at a low price and sell them for profit, you must ensure that you provide consumers with a high-quality item or service that is priced appropriately. It doesn’t mean that you shouldn’t trade expensive goods; it means that your customers must gain something more valuable from you than the money they spent.
Some guidelines on how to price your product:
Research the Market – Identify your products’ market price by researching how much your customers are willing to pay for it and what your competitors are charging for it.
Consider Your Costs – Aside from matching the industry price of an item, you must consider how much you spent for its production or purchase, transport, materials, packaging, and even taxes. Take note that overhead costs such as rent, rates, and wages also affect the pricing of your product.
Determine Your Pricing Strategy – Evaluate if your merchandise can give you more profit if you do cost-plus pricing, which is adding the costs mentioned above to each item, or value-based pricing, which largely depends on how much your customers are willing to pay for the item.
2. Balance Inbound and Outbound Marketing
Inbound marketing focuses on attracting and capturing potential customers with assets that supplement your brand, products, and services. It allows you to draw in consumers and to intrigue them enough to spark a desire to learn more about your company. In a blog post by the University of Alabama Birmingham, the educational institution noted that this practice is essential for businesses nowadays since the Internet helps the modern shopper make smart buying decisions through research.
These are examples of inbound marketing strategies:
Search engine optimized blogs
Social media campaigns
Ebooks or digital guides
Webinars or web-based seminars
Meanwhile, outbound marketing is also crucial to the growth of your business since it allows you to boost awareness for your brand by reaching your target audience. A significant disadvantage of this method is that it may appear intrusive to the mind of the consumer because you don’t know if the individual is interested in what you can provide them. What’s worse is when your advertisement obstructs their search for the solution to their problem.
These are examples of outbound marketing strategies:
Paid online advertisements
Social media sponsored posts
3. Make Your Company Easily Discoverable with Google My Business
Google My Business, also known as GMB, is a free tool explicitly created for entrepreneurs. It allows you to gain more control of what information pops up when a consumer searches for your company name through the search engine. With this, you establish the credibility of your brand by providing first-hand data about your products, services, and advocacy.
Here are the steps on how to optimize your GMB page to get more sales:
Provide Accurate Information – Check your GMB listing regularly and make sure that all information is accurate and up-to-date. Crucial factors to investigate are your business’ phone number, email address, store address, and open hours.
Respond to Reviews – Be proactive and ask for reviews from customers who already bought your product or service and reply to their posts. Positive feedback is beneficial since it builds your reputation as a reliable source of goods, but criticisms are also advantageous since these allow you to figure out what went wrong with a particular transaction and make it up to the customer.
Create Posts for Updates – The Google Post feature enables business owners to craft content that can be viewed by customers directly on the search engine. It reduces the number of clicks and pages that a buyer goes through to access the information they want, which is very convenient.
Marketing plays a critical role in any industry because it allows owners to reach out to their customers and foster a relationship with them. Often, a shopper’s emotions have a more significant impact on theirbuying decisions than reasoning; that’s why it’s necessary to build your credibility as a seller before consumers can trust you.