Customer Relations and Marketing Strategies for New Ventures
Explore techniques for promoting products and services in a new venture. Learn about cost-effective marketing strategies to reach target customers and drive sales. Discover the importance of promotions, marketing, and selling in entrepreneurship.
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Presentation Transcript
ENTREPRENEURSHIP LEVEL 2 Topic 2 : Customer Relations and Marketing 2.3 DETERMINE AND IMPLEMENT SUITABLE WAYS TO PROMOTE THE PRODUCTS OR SERVICE OF A NEW VENTURE. MR Masibi T
LEARNING OUTCOMES Define promotion, using examples of different advertising strategies. Prepare a list of suitable ways to promote the product or service of the new venture. Provide suitable examples of the promotion of the product or service of the new venture
INTRODUCTION As we discussed the importance of research, types of research (Primary and secondary) and other various ways to conduct it. Though the main important part for previous lesson was questionnaires. Now we have to use promotion as to test the results of the questionnaires that was conducted which brings us to the topic of today which is determining and implementing of suitable ways to promote the products or service of a new venture. Marketing is a challenge for small businesses, most of entrepreneurs neglect it because they think is expensive and difficult. In this chapter we will discuss techniques that are also relatively cheap to market for small business.
TERMINOLOGIES Promotions means that an entrepreneur can use to communicate with the customers for them to know about service or product that are offered. It has two components : communicating products/services to the market and persuading the market ( Customers) that they need or desire his or her service or product. Persuade Ethical Stakeholders Signage Niche market Budget
MARKETING AND SELLING Selling is the actual buying of product or service, mainly giving the customer goods and he or she pays for them Marketing are all the means that are done to make customers buy goods. - There are techniques that can be used for marketing which are as follows ( this techniques differ in cost and difficulty): 1. PERSONAL SELLING[ Page 73-74] - This is a costly technique as you have to hire salesperson to initially perform this technique - But in small businesses or newly venture enterprises an entrepreneur performs this technique by himself this results in various advantages as customers have the chance to personally be told how the product works and they can also ask question, it builds a strong reputation and customer base
MARKETING AND SELLING TECHNIQUES.. 2. SALES PROMOTIONS [ Page 74-75 ] -This are the things that encourages customers to buy goods in a short-term from businesses. Below are some of promotions that can be done: Sales offering goods at relatively low prices or bargains Samples offering of mini version of goods to potential customers Launches invitation of potential customers to official opening or function for your goods Exhibitions there are variety of exhibitions
MARKETING AND SELLING TECHNIQUES.. 3. PUBLICITY AND PUBLIC RELATIONS[ page 76 ] - Publicity is information about a company that is published by media. The entrepreneur does not have control over it because he or she does not pay for publicity. - Public relations are the means that an entrepreneur takes for the business to get good publicity. E.g. giving back to the community. Is done to build good relationship with stakeholders
MARKETING AND SELLING TECHNIQUES.. 4. ADVERTISING[ Page 77-80 ] - Promotion of goods or services to customers and the business pays for it. Sources of advertisement [ n.b the sources have advantages and also disadvantages ]are the following : Television Radio Flyers Newspapers Magazines Websites - Other sources include signs and billboards-posters also stationery
MARKETING AND SELLING TECHNIQUES.. HOW TO DESIGN AN ADVERTISEMENT The advertisement should provide enough information that can be useful to potential customers. Hence it is important to follow the below checklist: Is the product or service that I offer made very clear? Do customers know where to find my business? Do customers have my contact details? E.g. Contact details and email/fax or post Have you provided clear reason for customers to respond ? E.g. discount or reward or special offer Will customers understand benefits of the service or product?
PROMOTIONAL IDEAS FOR SMALL BUSINESSES This promotional techniques are not difficult or even expensive to adopt or use. 1. Signage 2. Advertising - Print and radio ads - Trade or specialist publications - Flyers and brochures - Business cards 3. Publicity - Word of mouth - Community fairs, festivals and exhibitions
MARKETING PLAN Marketing plan is a strategy that is adopted by an entrepreneur to achieve the goals of a business, it normally includes the marketing strategy, sales forecast and expense budget to indicate a few. When constructing a marketing plan you must be able to do the following: Describe potential market Describe your target market Describe promotion strategy Provide a marketing or promotion budget
MARKETING AND SELLING TECHNIQUES.. A good advertisement should also follow the AIDA principle: Attention -it should grab attention of customers. Interest -It should arouse interest of customers Desire - Potential customers should want the product or service Action Encourage your customers to contact you/ buy / use the product or service How can you as an entrepreneur ensure that the above principle is adhered to when designing an advertisement? N.B STUDENTS WERE INSTRUCTED TO CONSTRUCT AN ADVERTISEMENT FOR THEIR OWN BUSINESS IDEA THAT THEY SUBMITTED IN PREVIOUS LESSONS. SOME OF THE ADS ARE BELOW
STUDENT SUBMISSION [ POSTERS AND FLYERS ] The ad met all requirements of AIDA principles. Physical address was not indicated also the price range. One contact detail was provided, no physical address of the business, range of prices was not indicated. Overall the ad met 60% of AIDA principles
CONCLUSION In this lesson I explained the importance of marketing for small businesses. If there are no customers, there will be no business. In which promotions as one of the four marketing Ps has various form in which businesses can benefit when marketing the goods and services to customers. Remember the main categories of promotion are personal selling, sales promotion, publicity and advertising. It is highly expected of you to know the advantages and disadvantages of advertising in various media and draw up an advertisement that is in line with AIDA principles The other important discussion was promotional techniques for small businesses. Drafting of a marketing plan is vital and also promotional budget for small businesses for a year.
