After an establishment or business set up, it is so essential to maintain it. Which is the sole aim of this article on strategies in promoting a business.
Maintenance goes a long process which needs thorough and painstaking moves or strategies, to achieve it. These painstaking moves or strategies are the keys to unlock the progress to the successfulness of a business.
So, in this article, I will be giving you insight to various searches like strategies in promoting a business, the promotional strategy definition, marketing strategy and lastly, give your response to the request on “how I can expand my business”.
Firstly, I will like to dig inside to the true meaning of business and business strategy, which will be the foundation of this course.
Now let knock on it…
Strategies in promoting a business
Let start with;
A business is a form of activity of making, buying, or selling goods or providing services in exchange for money.
It is also a financial establishment that comprises a form of exchange of goods and services with the aim to yield profit in the end.
Starting a business is more like starting an official work; it is more of beginning, building and establishing a standing monetary monument. That is business stand as a way to expand both your financial life and good living.
This is a type of business where the raw materials are bought to be transformed and used, so as to sell it out in large quantities or wholesales to the public, through the retailers.
For example, the manufacturing companies in Nigeria
These are businesses that provide a no physical or concrete items to be sold to the public. But instead they are ready to render a form of services to the people.
For example, laundry, cars wash, and so on…
They are a very lucrative business, the yield good income in the end.
READ ALSO: Laundry business in Nigeria
They are also known as “buy and sell” businesses. They are those businesses that buy goods at wholesale and sell it
back to the market at retails.
This kind of business makes more income with their way of buying at wholesale’s prize and sells back at a higher retail’s prize.
These are businesses with a combination of two or more businesses in a single one. They are said to be companies that combine many sales together in one single business.
For example, a restaurant which combines the sales of meals, drinks (that includes wines and) and so many more.
List of Strategies in promoting a business
This is the number one strategy out of the strategies in promoting a business. Though it has been paramount all over that people’s drives to business is to earn more income (because of lack or poverty). But this shouldn’t be your number one priority.
I am not condemning the fact that your enterprise should base on profit consuming, but it shouldn’t neglect the fact that it should be services or products rendering.
But, to maintain a good and large enterprise you have to aim at your customer’s preference which will give you the quota for expanding your products.
This is how it works, before establishing a firm the first thing you should have in hand or pocket is “a stable income” which is the first agent of finance. This particular income is the one that will help build your business right from the grassroots points to the apex of your desire for it.
Even after you might have commenced your business activities; you shouldn’t neglect or forget as well to continue to follow and monitor your business with that stable income.
Many businesses today have collapsed due to this. Many entrepreneurs use their profit to maintain their enterprise which in the end it culminated to a total loss for them.
So, what you should have in mind, or should be your number one priority before establishing is a good stable income; which will stimulate the continuity of the business.
This is another precaution; I mean prominent precaution you should take into practice before thinking to establish a firm. An emergency is an unexpected thief in business; it is always ready to destroy every business.
But now that you know; you will have to stand to defend your business with one tool which I called “the emergency savings”. That is, you have to find an extra saving account which will hold some funds for you in case of an emergency.
This is one compulsory promotional strategy that will give you adequate security over any unexpected or sudden loss. Get an extra account today for this and start saving at least every week or month to this account. And in the end, you will be assured that you have jeopardized jeopardy itself.
An alternative is one of the strategies in promoting a business that you should always consider in your business. Though you may think this is not important but believe me, it is as important as the rest listed strategies in promoting a business. It is this “alternative” that will stand in between the “fear of loss” and “your business”.
For example, you can have a boutique shop and laundry could be your dream. Now, the boutique is the alternative. So, if peradventure you established the two; then the boutique which is your alternative will help you maintain the laundry.
When am talking of alternative here, not the business you see as another big dream but the dream that will skyrocket your vision, and help you nurture your main or big dream.
What I am trying to say is that it is not bad to have a dream and also have a supporting dream as well.
Please, don’t misunderstand this to venturing in gross alternatives of having too many enterprises that will later be difficult for you to maintain altogether.
This comprises brand, design and all other advert’s graphics that persuade the spirit of action in the audience. A package is your product personality as well as yours. It speaks to your target audience and encourages their awareness.
Here is the picture you want to send out to your customers or the symbol that represent your business. It is also the way you want the audience to see your products.
The shape, the style, the fashion and all other things that make your products competitive; all this that ensure its stance in the market world.
For example, puff-puff is normally sold covered with paper, but you could repackage the level by getting a transparent nylon that has good designs of your business details to pack it (after you might have wrapped it in a paper).
The extent of your courtesy to your customer, your environment (location), the way you look yourself, are all elements that will add more flavors to your package. This could buy you a good set of customers and promote your business to a more modernize and a standard one.
This is one of the strategies in promoting a business that is never to be left untouched
Here is also one of the essential strategies in promoting a business. It is a promotional strategy that should be employed or see to before any establishment, as a matter of fact, economic survey depicts that each environment or location has its own target or preferences in the market.
Which speaks that, the individuals’ environment will determine their immediate needs in that particular community.
All have been trying to say is that you need to study the environment you want to place your business and even your advert (signpost, board fliers and many more). Because this will determine the rate at which you will be patronized.
One of the strategies in promoting a business is “business orientation”; which is all about you knowing everything pertaining to the business you want to venture into, thus, your knowledge about and to what you are doing.
At first, you have to gather any information (as many as possible) about the business you want to do before you can start it, like, where you can locate it to enhance more customers, how you can manage it after you have started and other compulsories.
This does not rule out the way you manage your resources; both human and material resources. Speaking of human resources, I mean your workers and staffs.
The way you motivate them to perform their duties, diligently and responsibly; while materials resources are what you use in the process of your production and marketing or those things your workers use.
The way you utilize them also is very important.
Who are your target consumers or audiences? They are the set of people you want your products or services reach all cost.
While dealing with this set of people one needs to be very careful. Firstly, let me give a precaution; it is never possible for you to target the whole world for your business but you can set an average target for some group of people.
Do you know that? with the wider range at which bill gate’s Microsoft is, still, there are thousands of people there that haven’t heard of it till date.
This is one of the strategies in promoting a business you need to choose painstakingly. Your goods will determine your customers and your customers will determine the growth of your business.
Don’t allow money to drive you to the extent that you will seek beyond the business’s norms range, which could jeopardize your business.
Some people will start with bread, butter, milk, and tea, but later will add biscuit and sweet, because they noticed the other woman who sells biscuit and sweet has good sales.
This is bad and not an act of competition; competition only speaks for your single product or service and others in the same business; not going out of your products or services range.
Savings and Rotational savings
Your first three-four years in business should be savings oriented and not spending oriented. It is very bad to base your new business motif on spending. I mean spending your profit. But rather you should try and save to meet up with your big dream for the business.
Any business without a big dream tends to collapse anytime. Your aim and dream of your business should always be “I want to sell out my product to the world so that it will bring me the huge income to maintain it and not I want to sell but so that I can eat only”.
This is where the passion comes in, the zeal and every emotion that will help to promote your products to the taste of your customers.
Now you should learn how to save both in bank or rotational, so has to keep your business going high till it meets your dream.
Cultivate the habit of saving today and bring your dream to reality.
Now, I noticed many of us rushed into a business mainly because we want to make instant money to do things will aspire for. Well am not saying it is a bad thing to have that kind of mindset, but what I want to explain is that your mindset determines your dream.
Your mindset should always be big enough to accommodate your big dream. Now, your big dream should never be a dream to maintain your life for a while but forever. It should always be that business you and your children should benefit from.
Your dream may not be up to Dangote’s but it could at least reflect a better life that accompanies you.
I urge you to let start to bring our business into reality by making the dream big.
This is your target in business. You must always set a target for your business before starting it.
These are questions you should always ask yourself before starting a business:
Want do I need to set up this business?
What should I target to have before starting?
What should I target to have when I have started?
Who are those I should target as my customers?
Who should I target as my rivalries?
What should be my target achievement in this business?
These are the question you need to answer to set up a target for yourself.
You can’t just start a business and run it like that; spending all your profit every day and just like that continuously.
Zeal and passion
This is the main tools or strategies in promoting a business. Without this, believe me, your business is more like a building without a foundation.
Here is the strength, power, ability, agility, and capacity that will determine the success of your business. They are the sole determinants of your business promotion.
It is only when you have zeal and passion for what you do, that you will be able to put much effort into it, and never get tired or relent. So, you have to consider what you like the most to offer to the people, before starting a business.
This is one of the strategies in promoting a business that should never be left out.
This is one of the promotional strategies that explain the readiness, seriousness, and effectiveness of you in business. Your punctuality will tell your customers how ready; serious you are to sell out.
This will even speak for your products, it will tell your customers that, your products is quality and that why you need to sell it out on time so as to distribute it widely.
Experience is the mother of education, it is the knowledge you need to apply to your business before and after establishing.
Before starting a business on your own, you need to know much about it at first, gather around information about it, and know the type of your customers you are targeting, and so on.
Am not saying that the only way for you to do that is going to school and study business administration, or marketing.
All I am trying to pass across is that, you need to consult a business consultant and any other individual that you know can help in the same field as yours; to gather up all necessary information you need about it.
Don’t even try to be a layman before establishing, it is the first risk that could jeopardize your business within a short period of time.
Another in this list of the article on strategies in promoting a business is hard work, which is the strength and power in business. There is a say that “An idle man is that man that has summited to the strength and achievement of others”.
That is why “Hard work” starts with your belief in independent life, that is, free from any form of others achievement, but you pursue yours.
Your effort is the first spirit; it is the drives, the pusher of your dream. It is only when you are hardworking that you will be punctual; able to acquire the experience and Courtesy, goal, dream and many more.
Your hard work will tell the level of your profit each day and month. So, learn how to work hard on your brain and with it.
This is how to generate or mobilize your preferred customer (s). This one promotional strategy is very flexible because it could lead to the downfall
of your business of its rise up, depending on the path you are willing to take.
Courtesy is the moral approach you extend to people, especially, your customers in the business. It is an act that lay the path which advertises your business faster.
Someone like me will never buy from a seller that lacks courtesy, because, it doesn’t speak of good morals for that individual in business. It means, that individual does not have the passion for what he or she is doing.
The way you attend to your customers will determine if they will patronize you again or not, whether they will bring you more customers or not.
Find a better way to advertise your business today with good courtesy.
Stop passing aggression on your customers.
Customer’s rule (customer is always right)
This is an ethics in business, one of the rules that guilds your business plus your customers; and also one of the prominent strategies in promoting a business.
This tells that, you should always know the way to blend your customers into your products or services in a more polite manner.
It is the truth that customers are sometimes frustrating, but you should always know that they have something that should be yours. And for this reason, you have to play to be a “fool to get what you want from them every time and every day”.
Always try as much as possible to follow this rule every day in your business. It will guild you through your customer’s preferences and also it is one of the best ways to relate to the public and listen to their opinion on your products and services.
The common adage says “a word is enough for the wise”. I know you reading this article is a wise one, and that why I want to urge you to make this one word a million that go round the circle of your life.
Don’t forget to write them down on your heart and always let it interact with the body. Thanks for reading.
Please, you can also help a friend by sharing this.
God bless you more as you do…
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