What you need to know about Business Marketing
Let’s talk about Business Marketing. Developing a proper strategy for marketing in business allows you to capture and reach the right audience for your product/service. If you are an entrepreneur trying to market your products/service on a shoestring budget, developing a good marketing strategy is a good place to start. This way, you are able to manage the resources you have, allocated to marketing efficiently and getting the most of it. [bctt tweet=”If you are an entrepreneur trying to market your products/service on a shoestring budget, developing a good marketing strategy is a good place to start.” username=”SheLeadsAfrica”] Here are the overall steps to developing a good marketing strategy for your business: 1. Analyze your marketing environment The external marketing environment include the micro and macro environment The micro-environment – These are forces in the external marketing environment that are distinct and individual to a particular business; such as suppliers, distributors, customers, competition and the general public. The macro environment – These are forces in the external marketing environment that affect businesses in general such as demographics, natural factors, technology, political factors, legal factors, social factors, cultural factors 2. Identify your competitive advantage Analyze competition. What are your competitors doing, what have they done successfully, what have they failed at? Analyze the internal resources of your company to determine what can be used to create an advantage. Identify and build up your competitive advantage. 3. Segment your market This involves breaking down broad markets into smaller homogeneous groups of customers. Broad markets are broken down based on certain traits. This makes it easier to understand, focus and connect with potential customers who are likely to buy your product/service; thus making marketing efforts more efficient. Market segmentation can be done based on different factors such as demographics, lifestyle, geographical locations e.t.c. It is however important that markets are segmented based on factors that are relevant to individuals within each of the groups. 4. Select your target market From the market segments you have been able to create, you can test to determine your main target audience, test, select and decide to focus on customers your company can best satisfy. 5. Identify core benefits your company can offer to its customers (your target market) It’s important to understand what value means to your customers. 6. Position your business Write a positioning statement to consciously position your brand in the minds of your customers/clients. Your positioning statement should determine how you present your business to customers/clients, it should show what you are known for. Elements of a strong positioning statement include your core value proposition, the unique value you offer customers/clients in relation to your top competitors, target audience and finally benefits your products/services offer the target audience. There are various formats for writing positioning statements, here are 2 practical ones you can use: Your core value proposition: for your target audience who are in need of the benefits your business offers as well as its unique value. For target market description who target market need, how your business offering meets the need, unlike the key competition, its most distinguishing feature. 7. The marketing mix ( the 4Ps) Product – What product will be sold and what differentiates this products from that of the competition? Are the products on offer relevant to the (target) customers? Are there related products that can be marketed with the initial products? Price – This refers to how much a customer is willing to pay for a product /service. Three factors to be considered when determining the price of a product include the “cost price of the product, what the competitors are selling for and value added”. Place – Where your product is sold matters. How accessible are your products to potential customers? Consider the type of product to determine where to sell or distribute your products. Promotion – This involves the way you tell customers about your products/services. Activities involved include adverts, personal selling, PR efforts, and sales promotion. Overall here are tips that can make your marketing strategy better. Marketing strategies should be flexible Define the right marketing message to determine the right marketing method. Think of your brand in terms of your customers’ needs and how you intend to satisfy them. Selling is not marketing and marketing is not selling. Don’t always use pricing as a basis for competing; especially when you don’t know the depth of the pockets of your competitors so you don’t end up pricing yourself out of the market. I hope this helps you market your products services better… Interested in contributing for She Leads Africa? Click here.
5 Take Home lessons from the Civic X Launch
On Friday 27th of July, the Civic Foundation for Innovation hit another milestone with the official launching of its mobile learning lab – Civic X, an initiative of the Foundation. Civic-X is a mobile hub transformed from a truck, into a 15-seater tech hub. Retrofitted with an LED screen, smart tabs and computers, electricity and internet facility. The truck is deployed to execute a specially designed program for women and children in rural areas. The program seeks to create access and empower women between the ages of 18-35 years old and children aged 10-16 years old in rural communities with information and skill acquisition on issues relating to healthcare, agriculture, basic ICT and social equality using technology as a vehicle. Civic Foundation launched the program in the School without Walls, a school for children at the Area 1- Internally Displaced Persons (IDP) camp, Abuja. Here are five points and lessons learnt from the event: Breaking Boundaries, Building Synergy Digital revolution is reaching rural areas in many developing countries. However, the rural digital divide continues to present considerable challenges, especially in a country like Nigeria. One thing we are committed to is reducing the gap between rural areas and access to ICT and innovation in Nigeria. Rural residents remain largely marginalized; almost anyone seeking innovative products will look to the city centers and the perceived literates. Civic X allows young children dare to dream by connecting them with Leaders of thought under the mentorship series of the program. Anywhere innovation and technology thrives, community is formed. A community of change influencers and agents of development. The ripple effect of this can be as huge as total poverty elevation from our society. Educational Continuity is Important: The IDPS were not always displaced. One thing we learnt from the launch was that the kids in the IDP camps had proper lives before tragedy struck. Prior to becoming “displaced”, they attended and received basic and fundamental level of education, either completed or half way. There is an urgent need to build on the foundation already established in terms of education for these children. Also, we want to introduce ICT education amongst those that have hitherto, not had any form of ICT education. Civic X seeks to build on this ‘foundation’ by raising the bar and exposing women and children to technology. Starting from the basics and a limited number of communities, it is our plan to scale operations, and increase the number of beneficiaries for this project. Empowering Women Is Empowering the Society The underdevelopment or slow development of any country is directly proportional to the marginalization of women in issues of nation building and entrepreneurial development in the past. This is because statistics and research by business analysts and human resource managers have shown that women are greater maximizers of resources. Studies have shown that women channel a larger chunk of their earnings to building family and society. The place of women in any endeavor cannot be over stretched. Given their huge contributions to socio-economic development, there can be no meaningful advancement when we exclude women from governance and the process of governance. The Civic X initiative for women is designed to help women make better and more informed decisions in their day-to-day lives. The women would be taught on a wide array of topics including but not limited to; personal and financial management, civic education & participation, health, agriculture and governance. Harness the Energy of the Young The energy and excitement with which the kids learnt was amazing. This energy is an untapped resource. This energy must be channeled into productive engagements. As a law of science, energy cannot be destroyed. We can convert it into something impactful or we can watch these kids viciously engage in social crimes and vices. Education and inculcation of societal values at a young age reduces the chances of kids engaging in such vices. Moreover, growing in these camps and rural areas without adequate guidance exposes them to a wide range of vices. Educating and empowering these kids with skills that can be commercialized will have a positive ripple effect on the rural areas over the years because it will hugely reduce crime rate while boosting development. Make the Move and Get the Push There is a general notion that government is not supportive of indigenous initiatives. The launch of the Civic X proved contrary. We got Oludolapo Osinbajo – the wife of the Vice President of the Federal Republic of Nigeria to engage the kids in a Skype call and watch them learn. Three days after, she invited two of the students to the Aso-Villa for an outing and practically spent her day with the kids. They were treated to lunch and spent quality time with her Excellency. At Civic, we believe that what the government is looking for is a value proposition. Its the same thing every top social impact investor is looking for. This article was written by Nwachuku Nnamdi for the Civic Innovation Lab. Sponsored Post.