SEC-S20W3 | My Business Ideas |Marketing Strategies

Hello Teachers,

It's amazing to be in the week three of this class, learning so much and putting them together practice is interesting. This week talks about marketing strategies.

I would start by saying that marketing strategies are laid down plan of actions for achieving a business goal by understanding customer's needs. It is how to reach out to prospective customers and turning them into real customers.

Customer support

“A satisfied customer is the best business strategy of all.” – Michael LeBoeuf

Customers are the peak in every business, and I tell you, no business survives without a customer. Customers are the judge of whatever a business has got to offer; however, businesses go through a lot of stress to handle or meet customer problems, as it is better to have satisfied customers than dissatisfied customers.

Since my business is a small-scale business and would be mostly dealt with online, I have decided to make myself available for my customers, I mean adding live chat to support my customers. Creating a chat box where fast responses would be delivered when complaints are tendered reduces the queue time and boosts satisfaction level.

Helping customers define their problems is another way to support. I may come across a customer who is finding it difficult to explain what is wrong but questions like, "When did you notice this problem?" "Is this the first time you are experiencing it?" Once more information like this is generated, it would help come up with a solution for helping the customer.

In some cases, a refund could be made just for the customer to be satisfied. That is why I would have the time to listen, think critically, and be able to communicate. This way, I gain loyalty with my customers.

source

I should be able to educate my customers on how to use the product. For example, there are some foods that don't require using boiled water to prepare; a little education on that can save a lot of trouble.

Professional hiring, if any

It is true that as business grows, more capable hands are needed. Although I wouldn't want to hire anyone for my business, I know that a time will come when I will need to hire.

I might not necessarily hire a professional because when these professionals notice their importance in the business, they lose themselves and probably behave in a bad manner, and this is bad for any business.

When hiring, I would go for people who exhibit signs of loyalty, integrity, motivation, sincerity, and empathy for customers. People who have developed customer relationships over time, who are team players, who can overcome tasks, and who can go extra miles to see the growth of the business.

Since my customers are the main priority in my business, my workers should know how to treat and handle customers to keep them in the business. Think outside the box and bring ideas to the table.

My workers should be able to contribute to the business growth and not just follow orders. I should have competent workers who would respond when called upon. As the business is expanding, more ideas to grow are needed, and so everyone gets involved.

I can't hire people and still run the business all alone.

Expansion plans

source

An expansion plan is a roadmap that explains a business strategy that must be followed to reach business growth and target.

Market research: Even though I have done some preliminary groundwork before setting up my business, I still need to go for market research. Find out why customers react the way they do to certain products and get informed on how many people are dealing with that product within my business area.

These steps would help me get a comprehensive picture of the profits my business would keep generating in time to come.

Develop ideas for my products and services: Finding out through market research some necessary information, it is time to develop new ideas for my products and services.

I could decide to run a promotion, like buy two and get one free, or decide to slash my product price by 20-30%. Customers enjoy such incentives, and this would generate more customers for my business, but I have to be sure that I am not losing out even after running the promotions.

Define marketing strategy: How do I reach my potential customers? How do I make them know about my business and gain trust? These are the questions that come to mind.

I could ask for referrals; this is a way to reach my potential customers really fast. When one person uses my products, they should refer and get a bonus. Then newly referred customers should be given a bonus to ground them in the business.

Aggressive or soft marketing strategies

source

I would go for a soft marketing strategy. There is what we call follow-up in business, and that is relationship building; it is when business owners continue to reach out to their customers. Finding out how they are doing, how the business is effectively working, how they were able to implement the rules, and to also find out if they have any challenges.

I don't necessarily have to be hard, even though I want to remain professional when dealing with customers. I should be empathetic in my style of communication and offer good recommendations to help my prospects solve their problems.

After communicating and passing information, I should allow my customers to take a soft landing. Let them decide what they want to do. They don't need to be pushed or talked into what to do or not. They should also be given the space to make their decisions.

I should be able to ask some meaningful and thoughtful questions; this shows them how interested I am in solving their problems. Not just that, it also helps to build closeness with prospects.

With this light,I would like to invite @okere-blessing @mesola @tripple-e