John Coates asked:


Marketing is critical to the success of any business, whether it is a one-person operation, a medium sized company or a multinational corporation. When running your home based business, it is even more important that marketing your business is done right, as you cannot afford to get it wrong. Remember that everything you do, and the way that you do it, is all marketing. Doing something well is usually as easy as doing it badly, but wins you a good reputation.

 

The UK’s Chartered Institute of Marketing definition of marketing is, “The management process that identifies, anticipates and supplies customer requirements efficiently and profitably.” So we can see that marketing is not just about advertising and selling products or services. It is about: finding out what potential customers want; creating the products and services that satisfy those needs; selling those products and services at the right price; making those products and services available in the right place.

 

To check if you are doing all of these we can look at the four elements of marketing that are known as the four Ps – Product, Price, Promotion and Place. Let us look closer at the first, your product.

 

Does your product meet the needs of your customers? If it is not perfectly suited to customers then you may want to make some changes. Ideally, your response to this question should be that no changes are required. How do your products compare with your competitors? If they are better or compare reasonably well, then you pass this criteria. But if they do not compare very well or you do not know, you need to urgently review this particular aspect.

 

Every product or service can be said to have a four-stage life cycle. Birth is when a new product is launched and introduced to prospective customers. Growth occurs when the product becomes popular and starts to sell well. Maturity is when the product is selling so well that you are unable to keep up with demand. The final stage is decline, when demand and sales fall. Customers have turned their attention elsewhere. Take a good look at your product or service and decide which of these stages are applicable.

 

The second element of the four Ps is price. The price should be thought to be fair by the customer. It does not necessarily have to be the cheapest, but value for money. It should be competitive so that when your customers compare your prices to those of your competitors, they think yours are within the price range they would expect to pay. The price you set for your product or service must be profitable. If you are not trading at a profit you will not be running your home based business for very long. Remember that the price you set has to cover the cost of your overheads: light, heating, telephone, advertising, etc, and still provide a profit. When costing you product, you should also include your time.

 

The third element of marketing is that of promotion. Promotion is how a product or service is brought to the attention of your potential customers. This can be done in a number of ways and can be paid promotion or free. The former includes advertising in newspapers, magazines, radio or television. Depending on your budget you may want to consider what could be classed as “free” promotion. This could include competitions, e.g. create a winning slogan and win a holiday for two. (Remember that competitions do not have to cost you anything if you consider joint ventures!). You may want to make special offers such as: buy one get one free; buy now and pay next year; 0% interest, etc.

 

The final element to marketing your business is place. This covers where the goods or services are offered for sale and then the way these goods or services are distributed and delivered to the customer. In running your business from home, you need to look at how you distribute and deliver to your customer. Running your home based business does not mean you can forget this element of marketing your business.

 

Marketing your business well, you must get the four Ps right; product, price, promotion and place. Analyze these areas, monitor your results and be prepared to change your marketing strategy. Be willing to ask your customers or clients what they think, and be prepared to act on the results.

Michael Laleye asked:


For those who wish to broaden their MLM network but don’t have the time, money, and energy to do so, a quick and dirty solution is to simply step up your advertising efforts. Take note that advertising does not necessarily mean putting up billboards or placing ads on the TV or radio. It also means doing a number of little things to help your clients recognize and remember you.

If you have advertised in any type of medium before, then you must aware that advertising costs can quickly pile up. If the advertising is done as part of a home business marketing campaign, you simply cannot afford to spend too much. If you did, the cost of building your MLM network will simply outweigh the potential benefits.

You may not have the resources to advertise to a national audience, but you certainly have the means to make people aware of what you are doing. There are many relatively inexpensive ways you can advertise. This article lists some of the alternatives that you can take to improve your visibility.

First, try printing out some flyers or stickers. Then, of course, you give them away. Flyers and stickers are very cost-effective, as you will only practically spend cents on each one. The real challenge will be to get people to notice them. If you now someone who is in advertising, ask them for advice regarding the templates of your mini-ads. If you don’t know anyone in the business, you can do it yourself – try to think of the ads that have stuck by you, and imitate the concepts behind them. Remember, the goal is to make you and your company interesting and unforgettable. You don’t want them to pick up a flyer or a sticker and instantly forget what it says – that defeats the purpose.

Second, advertise in the local paper. You might even start in your town’s local paper. Your MLM network’s foundation should include you, your loved ones, friends, and neighbors. Unless you have all the time in the world, it would be foolish to make the rounds one by one. Better to post an ad and have the people who are interested come to you. Again: make sure the ad is eye-catching and will make an impression on its readers.

Third, provide something for free. Obviously, when you give people something, they will sit up and pay attention. Whatever product you are offering in your MLM network program, experiment with giving away samples with potential clients. Chances are you’ll soon be showered with more attention than you usually would care to have. In the MLM network marketing business though, attention is what you want.

By using these three simple advertising ideas in your home business marketing campaign, you will boost the number of people who will become interested in joining your MLM network.

Henal Patel asked:


You have a brilliant idea for a new business. You go ahead and open your business, ready to offer a wonderful new service to happily awaiting clients. But how can you drive those clients to you? How can you ensure that your business will succeed? What is the most important thing for your business – besides the customer? The answer is marketing. Marketing is the backbone of any business establishment. This is true especially when the targeted business focuses on a local community through local ads. Customized planning procedures are available online to suit each and every business in implementing an excellent marketing strategy.

Small businesses can benefit from the useful tips that are available on the Internet to target local search traffic. Tips are the best shortcut to use. The crucial objective of a marketing strategy is to cost-effectively increase traffic without resorting to banner advertising which is often ineffective. With the advent of the Internet, you will use sophisticated, cutting edge technology that reaches the maximum number of people. You do not have to resort to old, outdated, expensive marketing techniques that are no longer effective for your business, or any business.

Marketing your business on the internet help you to target at the specific group of consumers who are looking for your service or product more effectively. Everybody have internet services or is easily available. Most people simply do a search on the internet for a service or product they are looking for with a few keywords. Your business will be available to them with the necessary information even some description of your service or products. This is what a consumer is looking for.

The best local advertising tips also save considerable time and money when creating a marketing plan. These tips serve as a guide for the beginners in a field who wish to enhance and establish their small businesses. You get to utilize the secrets and tips that have worked for others. Isn’t it great that the work has already been done for you? The Internet is a great source for pioneering pragmatic ideas. It’s been proven through the numerous companies who have achieved success online.

Utilization of marketing resources often grabs the attention of local customers. Effective marketing procedures include perspective planning, conception and formulation of a business strategy, selection of appropriate marketing materials, and local search strategies. The ultimate aim of any business is to grab the attention of a potential local customer so that he or she will utilize their product or service. It is a given that a customer is more likely to use a service or buy from a business when that company is local. Why? Maybe it is because the customer feels ties to the community and feels better about putting money into a local business. Maybe it is because there is a better potential for improved customer service. Whatever the reason, you will want to attract customers who are right there in your community, and this will give you the opportunity to cultivate new business relationships and ensure word-of-mouth marketing.