A Good Marketing Strategy

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A Marketing Strategy is Essential if Your Business is to go Forward

The growth of any business depends on its marketing strategy. How you get your product or services out there matters? A good marketing strategy should be able to set you apart from your competitors. It should make you better than them all and in turn increase sales.

What kind of marketing strategy do you have?

You need a winning strategy.

You can develop your own strategy as longer as you understand your business space well or you can hire an expert to do it for you. Whichever the case, you need something that will give you results.

But how do you know your strategy is working?

These important questions should help.

  1).Are you getting relevant leads?

Knowing your target audience is very crucial. Target marketing has a higher impact in term of sales  compared to general marketing. Your target audience can be either the

  • An age group
  • A location.
  • Certain Professional etc

You need to analyse and see which audiences are responding. It will be a waste of time if you run an online advertisement and people responding will never be customers. Target marketing will mean getting relevant leads and in turn high conversion rate.

  2).Are you getting return customers?

A good marketing strategy should include giving your customers a memorable experience. Do not just attract customers, but give them a reason to return.

You should ask yourself if you are:-

  • Getting positive feedback.
  • Providing incentives like discounts.

These will help you determine to increase the number of returning customers.

Having a high conversion rate on your marketing is one thing, making them return is another thing. You should strive to have both, attract and retain.

 

 

 

 

Don’t Shy away from Trading Internationally

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If you’re selling something, you’ll be wanting to think about the advantages and disadvantages of selling locally and abroad and even adapt your product a bit to meet requirements.  In business the right approach will help you develop a whole new customer base. Investigate customers and their requirements, and learn what your competitors are offering. If you’re trading overseas, make sure you understand the implications. For instance, how will you organise transport of your product and what payment methods you’ll use, not to mention the risk of non-payment!

making money with international trading
Do you have a website, because you can sell directly from your website. Selling direct gives you a lot of control but maybe you’ll need a marketing and distribution team if you think you may battle with language and cultural barriers. Using a distributor can be a quick way into your new market, whether locally or abroad, but then there’s the disadvantage of losing direct control of your sales and marketing. I always say keep up a regular communication channel with your customers even if it is just a courtesy call because it gives you the change to keep in touch with market conditions and developments . On your website you can also welcome some feedback from new and old customers.

5 Simple ways to save cash when on Vacation

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Save cash while travelling

You will generally save for spending when on vacation. This is the normal way of doing things. You will not worry about how expensive the food is or how expensive the hotel is. It is not the time to save but the time for enjoyment. However there is so much at stake in these troubled times that I am forced to tell you about very simple tricks to enjoy your vacations and save too. Here are 5 simple ways which will keep your bank balance good even after a long vacation.

  • Rent a house or apartment for stay instead of a hotel – If you really want to enjoy the vacations, it is advisable to rent a house or apartment. It is economical and you will enjoy the stay with more freedom. No cameras and you will save almost daily on the hotel rooms. Try this on your next vacation and save and enjoy your savings.
  • Avoid eating out at restaurants – Of course you will like to try the local cuisine. But daily eating at the restaurant can cause havoc with your digestive system. Once you have the rented house, buy some provisions and start cooking home meals. You will save the cash and also will be healthy to enjoy your time out.
  • Avoid buying drinking water – Generally you will drink bottled water on vacation. Use the facilities at your rented house. It will have a water purifier. Just carry a flask along with the water. In emergency cases only buy the bottled drinking water. The habit is Eco-friendly and also saves money.
  • Use the Metro transport – When compared to taxi , the local transport is almost one-tenth of the cost. Just try using these to save money and also enjoy the flavor of the locality.
  • Use smart phone apps for saving – Yes this I did the last time I was travelling. Many apps will give discounts for their promotion. Just download get the discount and remove. It is not cheating anyways.

​Creating an Amortization Schedule

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Amortization Schedule

Amortization means reducing debt over a period of time. The period is the time for which loan is taken. The installments consist of Principal and Interest. As the time passes with regular payment of installments, the Principal decreases and at the end it is $ 0. The calculation requires a lot of math but is easy.
– Step 1 First write down the Principal Amount, Interest rate and tenure of the Loan. We will try to understand with help of an example. Principal: $100,000; Interest rate: 6% Annual; Tenure: 360 Months (12 Years). Also know your Installment from the schedule here it is $ 599.55
Step 2 Then we calculate the monthly interest rate. Just divide the Annual rate by number of years. Here it will be 6% divided by 12 that is 0.5% = 0.005 the interest part paid in first month will be $100,000 x 0.005 = $500.
Step 3 Subtract the interest part from the installment to get the Principal payment in the first Month. Here it would be $599.55 – $500 = $99.55.
Now you can subtract the Principal paid from initial Principal which is $100,000 – $99.55 = $99,900.45.
Step 4 Now just calculate the interest amount for next month by multiplying the interest rate with the remaining Principal. $99,900.45 x 0.005 = $499.50.
Step 5 Now we can easily calculate the Principal paid in second month. It will be $599.55 – $499.50 = $100.05.The reaming Principal after second installment payment will be $99,900.45 – $100.05 = $99,800.40.Similarly all other calculations can be made.The period of the schedule will be for 360 months, and you can check each month. It is that simple

This is how an Amortization schedule is made by the bank and you can keep a record on your computer on MS-Excel. It is very easy. The calculations here are just made to make you understand the basics behind making an Amortization schedule. Understand how are paying your loan back.

Marketing and Business Development

Marketing is the thing which leads to business success and development.The asterisk of business development has long been the rubble of failure, and no more has that been the case than in instances of high competition. the technical terms for competition defines the failure of one party and the success of another, and that can not be reached in the presence of impasse. Impasse brings stagnancy which can be satiated by proprietary inflation, but not real business. For real business to flourish, there must be a winner and a loser.

Business development

Business development

 

In the development of business, it should be assumed that the context of the your reality is the characteristic of a new participant whereby you have attained the ability to only achieve as much as your competition. in that sense, every day represent and win/loss perspective. But in bridging those impasses, or to prolong their outcomes, one can continue to replicate the deterrence to competition inevitably. In deterring the win/loss perspective, gains or losses can be achieved, but true development will not occur.

It is only when a winner is defined that the confines of habitat can provide the conducive climate for business development in the terms of a beneficial nature of all parties. In that case, the resolution of conflict is the stated goal for all parties inherent to finding gain in a conflict. However, when a situation has deteriorated into the complexity where parties assume losses based on non-tangible gains, that profitability is reluctant to show itself en masse to wither players or parties involved. That said, groundwork for business development can be laid at any time. Proper marketing at the right time is the winning formula.

 

How important is an online presence?

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If you run a business, it is absolutely vital for you to make sure that you have a strong online presence. Websites and social media provide businesses, especially small businesses, with a unique opportunity they can utilise. As a small business, you will be able to create and maintain strong ties with the local customers and clients. This will come in handy, for it will establish a sort of bond between you and your clients, which will ensure a steady flow of business for you.

You should not make the mistake of creating your own online presence, though. It is a time consuming process, and there is a lot of complicated processes and even psychology involved. This kind of marketing and maintenance can only be done by professionals. Of course, you do not need to hire a large company for your small business- just make sure that the marketing company you choose is capable of handling the tasks you expect them to do. This is a professional investment that will certainly pay off in the long run, and with companies like ferratum.co.uk to assist you, you would not even have to spend a lot of money out of your pocket.

Online Marketing

You should talk to the marketing firm you have hired about your website and social media requirements, so that you don’t waste money on proceses and facilities that will not be of use for you. Of course, you will have to do your own research beforehand- but it is worth all the effort!

Human Resource the Key Resource

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Human Resource the key Resource

Human Resource

Human Resource as factor of production has seen a paradigm shift. It is one of the tare three factors of production. Other two are land and capital.

The Agrarian Economy

When the economy was Agricultural the factor of production that was having the central place was land. The landowners were the rich people. Land was the focus of endeavors which was agriculture. The other two capital and labor (Human Resource) were playing the supporting role. In this age land was the KEY factor.

The Capitalistic Economy

Man made many changes in his environment and started doing other things. He was not only doing farming. He was more into making factories, decreasing costs of production and increasing his wealth. Capital or money as we call it became the KEY factor in this era. So Capital was having the center stage with Land and Labor playing supporting role. Whoever had more capital was controlling things.

Finally the bell has rung for the resource known as human resource.

The Service Economy

The age of skills is here. Most of the space in the economy is occupied by services. Human resource here is the KEY resource, with capital and land playing supporting roles. Whoever has better worker beats the competition.

This is the time for THE RESOURCE – Human Resource.

Pay attention to CSR

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Never underestimate the power of corporate social responsibility. Not only is it your chance to give back to the world, it can actually affect your company in a more direct fashion. A study showed that about 42% of how good people think a company is based on their CSR related activities. It’s no surprise that most of the biggest companies in the world (Sony, Apple, Microsoft) have enormous CSR departments.

There are a number of ways through which you could get involved in CSR. You have to keep your company and your company’s values in mind while determining your CSR plans. You cannot randomly pick a scheme and go with it, for it will not gel with your employees otherwise. Depending on the kind of work you wish to be involved in, you can either make donations to charitable organizations, conduct some philanthropic work, increase awareness, etc.

Corporate Social Responsibility

In fact, if you want to focus on your company and not outside, you could try taking up hazard elimination- a CSR strategy through which you agree to eliminate all harmful and unethical business and other practices from your company.

You should also press the refresh button on your CSR strategies every once in few years, so that you can stay ahead of the game.

Keep your employees happy

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The key to the success of any business is the workers. You might have noticed that Google and Facebook- two of the biggest companies in the world- are considered to be the most employee-friendly companies in the world. Maybe we are looking at it the wrong way- maybe these companies have become this successful because they have provided their employees with enough resources to make them happy.

Keeping Employees Happy

The first thing any employee needs to know is that there is a lot of room for growth. You have to provide them with regular training, so that they stay on their feet and stay excited about the job. If you cannot offer your employees with regular monetary bonuses, you should try doing something nice for them once in a while. Maybe have an impromptu office party if everybody’s been working too hard, maybe you just bring about a nap-room in the office- a place where employees can go and relax for a little while, so that they can get recharged.

Providing your employees with some autonomy would also help- do not run an office that is extremely rigid. Provide your employees with the ability to take breaks, or to work from home. These are changes you’d have to implement over the long term, but they will certainly make your company a lot more employee friendly.

Designing a good office – Innovation

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I was reading an interesting article on the best designs for office spaces that discusses differing theories on the layout of the office and what sort of positives you can get from different layouts. The open office is often cited as having benefits however recent studies have stated that it can also diminish productivity and creativity. Some of the criticisms that the studies target are personal space improving productivity and noise levels increasing stress levels in workplaces. I can only agree with these in some cases, I mean who wants to be in a loud cafeteria performing work when you can have both meeting places and your own personal space.

office spaces - the dreaded cubicle

I’m not sure exactly what I would prefer but there has to be something in between that would be suitable for people to both concentrate and have their own space and also have public areas that they can work together whenever they feel like it. Why does it have to be one or the other? I’m not sure if I really buy the whole extreme layout changes but I could be wrong and perhaps there are some significantly innovative building layouts out there that are being slowly implemented. Regardless the old boring cubicle needs a serious makeover.