How Good Marketing Can Aid Profitability

Research has shown that the high rate of turnover in the marketing profession for some years now has not abated despite new marketing strategies to get products and services across to clients.
Moreover, small businesses fail in their first two years mostly because of their inability to market and sell their products and services.
In a tight economy, it is advisable for small businesses to cut their marketing budgets first because of cash flow concerns.
Business professionals say that when times are tough, it’s even more important to keep your business brand at the front and center.
Therefore, business owners need to empower themselves with simple methods that are strong enough to increase their profit margin.
Review your website and social media pages
For people without a website, it is good to have one in order for prospective clients to learn more about your product and services, a business consultant, Mrs. Dupe Akinyele advises.
She says that veterans in business should not view a website and social media pages as a waste of time and resources but as a new trend that can propel them forward and make them relevant in their business endeavour.
According to her, a website is like a shop where prospective clients can window shop before getting in touch with the business owner while the social media platforms give them the opportunity to interact with their clients and introduce new product offerings and services.
However, the design and structure of the website has to be right, she posits.
She adds, “Set up analytics and study them carefully so as to understand the number of people who view your page, when they viewed it and if their profile fits into what you offer. You will learn a lot about how your customers use your website and why users leave or contact you.
“Ensure that your contact details especially your phone number is located in a conspicuous place on your website. You site should be optimised for mobile devices because most Nigerians browse with their mobile gadgets. Tweet regularly; upload pictures and videos of what you do on your website as well as your social media pages. Interact and join any general discussion.”
Set up a blog to reach out to prospects and customers
Experts note that blogging is an easy and cheap way to boost marketing efforts and drive traffic to your website.
Apart from having a website and social media pages, setting up an active blog is also very important, Akinyele says.
She explains that blog post is a means of building people’s trust in your level of expertise.
She adds, “Provide valuable and expert information in your blog posts. Let your content be qualitative and address trending issues in your industry.
“With regular posts that are relevant to the thoughts of people around you, your blot will be a resource place for people of interest and will drive consumer patronage.”
According to her, the blog can be used to share news, videos, pictures of events and products as well as research materials.
“Creating a blog is easy because WordPress has accounts for start-ups at no cost,” Akinyele adds.
Be creative
Experts say Small and Medium Enterprises do not need to rely exclusively on a small team or just the marketing staff to produce fresh ideas that will drive sales.
Akinyele says building a sustainable business requires courage to shoulder responsibility and performance.
She notes that managers of enterprises need to make innovation everyone’s responsibility with brainstorming sessions, company retreats or by giving special recognition to individuals with the smartest suggestions.
Openness to ideas, she adds, may give an organisation a new perspective in whole.
Engage in CSR
Business consultants note that every challenge provides opportunities.
To drive sales and create awareness for your brand, experts says helping to solve societal problems can portray your business no matter how small it is, as a responsible one.
Recently while speaking at an event, the Director, Public Affairs, Coca-Cola NigeriaPlc, Mr. Clem Ugorji, says environmental challenges that people encounter can provide business opportunities for them.
He says, “Everything we seem to complain about whether in our workplace, street or school represent a business opportunity that someone can develop and package in a way that people can see the value in it.
“Every corporate organisation that exists in this country, especially the multinationals announce business programmes in form of corporate social responsibility with inherent business prospects. Particularly, these days that everyone is trying to contribute to gender inequality. There are huge opportunities in almost every multinational for women-owned ventures.”
Asking for referrals
According to experts, majority of people say they are willing to provide a referral if asked, but very few take the initiative to do it on their own.
They add that referrals make it easier to get in the door with new customers. If you aren’t asking for them, you are missing opportunities.
Offering coupons
Experts say coupons are a good way for many businesses to attract new customers. Research shows that people will go out of their way to use a coupon, proving that this method is successful in expanding your customer base.
They add that coupons can also generate return visits. For example, if you give a customer a coupon for a discount to use on future business, there’s a high probability they’ll be back.

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