Social Media

These days, when people do something, it's gonna be all over social media. 

With this in mind, it means your business could get some free advertising, whether it's good or bad. 

People write posts on Facebook, upload pictures on Instagram and make 10 second videos on Snapchat, so what you're doing for your business will get attention. Make sure it gets the good kind.

Advertising Pt. 2

Advertising is more than just using Facebook or putting up posters in public places.

Another way to get your business out in the public is to sponsor a local baseball team, or help out with school fundraisers. This not only gets the name of your business out in the open to all different people groups, but it shows everyone that your business wants to be helpful and loves the community.

Employee Requirements

As an employee of Smith Farms, I know I am representing the company I work for. When I come across customers, I am required to be nice and polite to them, as I am serving them and they are spending money at the place I work, which then gives me a paycheck!
Of course, that is not the only reason that I am polite to the customers...but it is the BEST reason.
Customers are people too, and we as employees are required to treat them so, and to give them sincere service, with a smile!

E-Marketing

E-Marketing, or electronic marketing, is defined on Wikipedia as "advertising and marketing efforts that use the Web and email to drive direct sales via electronic commerce, in addition to sales leads from Web sites or emails."
In other words,  internet marketing.
E-marketing is important, for example, it can help reach the younger generation that constantly has their nose in their phones. E-marketing uses social media, ads, videos, internet searches, newsletters and a ton of other forms of communication to spread their advertisements. One good use of e-marketing that I have found is very efficient is advertisement videos on games or other websites.

Competition

Here in life, there is always competitions going on, whether it be legit competitions like sports games or dancing, or the not-so official competitions like *who can be the loudest*... or the fastest/strongest/bestest at anything ever. 

Business is a lot like life in this way: there is always some type of competition. Who has the best price, who has the best customer service, who is in the best location, etc. And as a business, you can have a competitive advantage. 

What is that?

A competitive advantage is: a condition or circumstance that puts a company in a favorable or surperior business position. In other words, what makes you better than the rest. 

So think about it for your business. What puts you aside from everyone else that's just like you? What makes you special and why? If you figure that out, you are in it to win it. 

Location, location, location

Something you would hear from a realtor, right? Location is everything for a home...what school district you're placed in, where the nearest grocery store is, how far away the hospital is...all are important aspects for a home, and they're also important for business!

I think the number 1 importance for business location is how easy it is to get in and out of. If there is a restaurant, store, or any other place of business that is not easy to get into, I usually don't venture out and explore that place of business. I don't like getting stuck in difficult traffic situations. Driving scares me, and I also don't like to park far away and walk, because that also scares me.

Another importance for business location is the amount of traffic it gets around the central location. No, I'm not talking about actual traffic like I mentioned above, but foot traffic, aka the amount of people that comes around the business. If the business is in a good place, people/potential customers will pass by and go into the place of business, tell their friends, etc.

Being in a location away from the direct competition is a good thing, in my opinion. This way, the customers aren't torn between the two, if they're in the general area where your business is, they will forget about the competition and visit your business.

Location, location, location!

Pricing

Pricing is probably the most complex decision an entrepreneur will make, and it is the most important.

As an entrepreneur, your business is your way of life, and the products you're selling is your way of revenue. If you price too high, customers won't buy anything, and if you price too low, you lose money from the process. Either way, you're going to lose if you don't price it right.
Doing research will help. Find a product/service that's similar to what you're trying to price and base your new pricing idea off of their price.

Marketing Plans

Marketing plans are part of an overall business plan, but focus on the strategic moves you will be making in order to market your business or product.
The marketing plan for your business will also help you stay focused. It shows the goals and actions you will take to achieve those goals. Writing out your goals and strategies with the marketing plan helps you stay focused and helps show you where you need to go/what you need to do in order to achieve those goals. It helps you stay on track so you don't fall behind in your business.

What Consumers Want pt. 2

A couple of weeks ago I wrote a short post of what is important to consumers, and my main point was to have a good relationship with the customer.

Today, I went to Chick-Fil-A for lunch. As I was eating, I thought of what makes Chick-Fil-A so amazing. Of course, their food is great. But I can get a chicken sandwich at McDonald's, right? So why do I keep going to Chick-Fil-A?
(Okay, I agree, their food is so much better than Mickey D's, but that's not the point here...)
I like CFA because their customer service is awesome! They are polite workers and are genuinely ready to serve you. They are personable and see you as more as just someone that's giving you money. I like that in a restaurant, or in any place of business really.

Maslow's Hierarchy of Needs and Marketing

Maslow's Hierarchy of Needs can relate to various marketing strategies. 

At the bottom are Physiological needs. Physiological needs are things needed for survival, such as food, water, clothes, shelter, etc. If your goal of your product/service is to provide a sort of comfort to these physiological needs, then that is how you need to bring attention to your customers. 

Then there's Safety, such as health, security, protection, law, employment and so on. I think of this as a physiological need also.

Above safety is Love/Belonging. I don't know anyone that doesn't want to feel like they're loved and that they belong. One way to integrate that into your marketing campaign could be to get on your customer's level, communicate with them and be personal with them. Using social media can help with this.

Self Esteem is the desire to be recognized and rewarded for your achievements either internally, externally or both. Again, I think relationships with the customer are important for this factor.

Lastly, Self-Actualization. This pertains to one's desire and potential to achieve a degree of mastery and accomplishment in life. Once again, social media is a helpful tool to engage your customers with.

What Do Consumers Want?

As a consumer, I am pretty familiar with what we want. As an 18 year old female in college, I may have different wants than my uncle for example. But there is always the same central idea in what we want. Here are some examples:

I think the number one thing that we want is for businesses to listen to us. We want to be heard! We want our wants and needs to be heard and taken into consideration.
We want new ideas! Whether it be a new product to make life easier or a new company, we want something new. We(or maybe it's just me?) are tired of the norm. I love to see new things pop out on the market.
We also love it when the business gets on a personal level with us. I go to a local coffee shop, Berkeley Bob's, every Friday on my way to work. The baristas there are so nice, very personal and always ready to start a conversation with you. That is one of the reasons why I go there(also because of their great coffee!!). I love it when workers are nice to the customer. It shows that they care about the customer and their business.
Probably last, but definitely not least on my list of what a consumer wants, is having a good price that is superior to other competitors. I love getting a good deal on the stuff I buy and while the store/business may have good service, nice people, and great things I'm willing to buy, I won't think for another second if that stuff is too expensive for what it's worth...or if I can get a better deal down the road.

That's just my list of what I want as a consumer and of what I find important in the consumer relations with a business.

Focus Groups

Focus groups are made of a group of people being asked questions about their opinions, attitudes and perceptions towards a product, service, advertisement, idea or concept. During the process of the focus group, the researcher takes notes or records the important points that have been made by the members of the group. 

In a marketing sense, focus groups are especially helpful when coming up with an advertisement or various products. Focus groups are held usually at the beginning of the product or concept development and they allow questions to be asked in order to further the product/concept's creation. Focus groups are a non-traditional alternative to formal marketing research. 

I believe that using a focus group is a great idea. It allows people to state their opinion and allows the researcher to listen and take in all the different opinions about their product/concept. 

Ideas

When I have an idea, whether for a product, business, dinner or outfit, I normally use the notepad app on my iPhone to keep up with it. I usually type it out and save it so I can look back at it later.

Turns out, there are many apps in the app store that help with ideas and idea structuring.

One app in particular that I've come across is Mindly by the developer Dripgrind Oy. This app uses the same concept as a mind map, with the main idea in the center and other tidbits of information to go with it circling around the main idea. Not a bad thing to use, actually.

I know others that use a voice recorder to save their ideas. Usually they're saving song ideas or they're too lazy to write it out on paper or type it in their phone.
I for one prefer to use my notepad.

History of Marketing

In the very early years of business, marketing consisted of "outbound marketing," which is marketing that interrupts the consumer by talking at them. Very recently though, different marketing techniques have been used. 

The late 18th century into the 19th century introduced printed advertising, such as magazines, posters and even billboards. 

In the 1920s radio advertising begins, and 20 years later television and telephone adverts come into the household. Once technology evolved, with mobile phones and computers, people were exposed to more and more advertisements everyday. 

The change in the different uses of marketing has changed how businesses get customers and how they make it in the competitive business environments. 

Advertising

I was talking to a friend earlier this week about the music lessons he teaches. He told me he currently has three students and is working on getting a fourth sometime soon. I asked him how he gets the word out about his little business. He said that he mainly uses social media to promote himself and other friends promote him and so on.

I wondered how small businesses get their word out. Some do not, and eventually the business crashes and burns to the ground(sometimes without the public even knowing...that's how hidden they are!). Some business do get the word out and have great publicity and last for a while.

Advertising is so important, because it determines the life of your business, really. People can't support a business they know nothing about!

Posters, self-promotions on social media, word of mouth, big signs, etc are great ways to make your business known.

The Beginning...

The beginning of the entrepreneur's journey to success can be a hard one.

Business and marketing plans are needed, along with money(which could involve getting a loan), and most importantly-customers. Without customers the business won't make it very far.
There's a lot more involved than what I have listed above, but that's just some of the basics.

Depending on the business that the entrepreneur is trying to create, competition is a factor and can be tough...or there could be little to no competition at all in the surrounding market(which could be great but very unlikely)
For example, if I'm trying to open a bakery in downtown Cullman, I will be competing with a few different bakeries in the surrounding area. Because of the number of bakeries already established, I will have a hard time building a tight customer base for a number of reasons. The bakeries that have been around longer already have their loyal customers, and since I have a new bakery, the public might be wary of trying food at an unfamiliar place. Prices, environment, people, relationships and the product also have a hand in determining your fate with the public in this situation.
To fix this, the entrepreneur needs a good hand in advertising and marketing, two very important aspects in building a customer base.

Of course, I am just a student, observing and learning the ways of entrepreneurship and what works and doesn't work in that lifestyle.