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5 steps to effectively sell your product or service

Category: ENTREPRENEURSHIP Published: Saturday, 06 October 2018 Written by Life Coach Efosa Emovon

Entrepreneurship


 

The aim of the entrepreneur is to first satisfy a need and then make money. That is why after a product development an entrepreneur focuses his or her attention on sales.

No matter how good the product or services the entrepreneur renders, without an effective marketing plan, it would be virtually impossible for him or her to succeed in the business world.

About seventy percent of businesses fail, before the end of their second year of establishment and this had been attributed to a poor marketing plan.

All properly planned businesses start and end with marketing. As an entrepreneur, it is important that you know this truth and carries it wherever you go. However, it may be helpful to define the term marketing.

 

Marketing has been defined as the creative management function which promotes trade and employment by assessing consumer need and initiating research development to meet them.

Many products fail in the market not because something is wrong with them, but because something is wrong with the marketing plan the entrepreneur employ to sell them.

 

An inappropriate research could be adduced for this. Two to three years after starting up a business, if you are not rich you should evaluate your marketing strategies before anything else.

If nothing is wrong with it, then nothing stops you from making money. The fact is even a product considered to be unhealthy for human consumption can still do very well in the market with an effective marketing plan.

Take, for instance, cigarette. There is nothing in the world that scares a man than the word “death”. In fact, the Italian writer Machiavelli the Don knows this and that was why he wrote, “To anticipate death is worse than death itself.”

Even though smokers are told repeatedly that they are liable to die young by the same people producing it, why is it that cigarette companies are among the richest companies in the world?

Have you ever stopped to ask yourself this question? The answer to this question is simple. They succeed beyond all measures in their trade because they have an effective marketing plan. To succeed in the business world, an entrepreneur must do the three things listed below.

1. Do business in the right business climate

Before setting up an enterprise or venture in an environment, an entrepreneur through proper research must be able to identify his or her customers. This should, in fact, be his or her first marketing plan.

For example, if an entrepreneur deals on hijab [Muslim clothes] it would be the height of stupidity for him or her to set up his or her business venture in the Vatican where it is little or no Muslim. The success of an entrepreneur is dependent on having the right goods in the right place.

2. Package his or her product properly

This is one of the best marketing plans for an entrepreneur. There is a saying that, “Don’t judge a book by its cover.” People are in the habit of judging things with what they see hence this proverb or adage.

No matter how rich the content of a book is, the gospel truth is without an attractive cover, it may not be able to attract a sizable number of people.

Therefore, packaging has been defined as the activities involved in the design of the container of a product to attract customer’s patronage. Those who succeed easily in the business world are those who recognize packaging as a sales tool.

Yes, an entrepreneur who wishes to succeed in the business world must try as much as possible to package his or her products in a way that will be catchy to the eye.

If it is intangible goods with no physical attributes [service], he should ensure his or her business environment is clean and inviting.

And if it is tangible goods which the consumers can feel, taste and see, it should be well packaged. The fact is even a fake product can first do well in the market with an effective packaging.

3. Awareness and promotion

After setting an appropriate method to distribute his or her product, an entrepreneur who wants to be successful must ensure that consumers are aware of the product by developing various promotional techniques.

In fact, he must be ready to advertise his or her product in the view to let people know what to benefit or gain by buying his goods or patronizing him or her. He can do this through the social media, print media or electronic media depending on what his goods or services are.

4. Distribution

If this is done properly, before long, an entrepreneur will be recognized as a successful businessman or woman. Many entrepreneurs make the mistake to think distribution is all about attaining adequate market coverage.

But the truth is if you decide to market such goods as supercars in an environment where people can’t afford three square meals, you are not going to make a dime. Therefore, distribution is also having the right goods, in the right place, at the right time.

5. Have a quality product for the market

According to a leading entrepreneur, “The ability of the product to satisfy consumers is even more important than the most expensive, advertising campaign. In fact, when a product is right for the market, less expenditure on promotion may be necessary. A successful product provides its own promotion.”

This implies that an entrepreneur who wants to succeed in the business world must channel his or her time and energy in producing or getting the right product because this is one of the most effective marketing plans. Thanks for giving me your time!

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 I grew up in an environment where I was made to believe life was difficult. In fact, while growing up, I thought rich people were some sort of magicians.

I was in the habit of moaning and groaning about the state of affairs in my country and criticizing my country’s leaders because I was made to understand our government policies were responsible for all our problems.

My understanding was darkened and my heart so blinded to the truth that I could not see that the same government policies we claimed caused our financial problems was working to the advantage of others.

Ignorance is truly the curse of God. I think William Shakespeare deserves an award for this word of wisdom.

 According to English playwright William Shakespeare, “Some are born great, some achieve greatness, and some have greatness thrust upon them.”

What does this mean; this means that the fact that you are not born a king doesn’t mean you cannot own a kingdom. Remember, some of the world’s greatest emperors and leaders in history never had the start in life most people had let alone being heir to a thrown.

In fact, the founder of one of the greatest empire in human history Genghis Khan at a time killed his half-brother in a dispute over food. This is to tell you how disadvantaged this man’s background was.

Here is the truth: You don’t need to be born a king before you can rule a kingdom. Your father or mother doesn’t need to be a president before you can be prominent.

Most of the leading entrepreneurs you hear of today never inherited a single store from their father. This didn’t stop them from setting goals, motivating themselves and from nothing, building multi-billion-dollar business empires.

 

Would you like to make a million dollars in a year from now? If your answer is “yes,” as I am sure it is, then do this one thing. Simply raise the money in your mind account to a million dollar.

You know what; I have just unveiled one of the greatest money-making secrets to you.

Do you know that if a king disguises himself as a madman and mounts a podium the first word that comes out of his mouth is enough to make men and women of means and education trample on one another in order to take a seat at the front row?

Yes, they will pay him attention because his words most reveal who he is. In fact, before long, you will see everyone bowing in courtesy. Here is the truth: What you are reveals the moment you open your mouth.

That is why the most circulated book in human history the holy bible stated, “Out of the abundance of the heart the mouth speaks.” When you see a tree that could be used to carve a canoe, you will know at once.

There is no rag in the world that can successfully conceal the identity of a king because the word of a king is also a king.

Sam Walton Business Advice And Oath Every Entrepreneur Who Wants to Succeed in BusinessMust Take

Category: ENTREPRENEURSHIP Published: Saturday, 06 October 2018 Written by Life Coach Efosa Emovon
 
Entrepreneurship


 

 

Sam Moore Walton was a leading American entrepreneur who used the $25.000 loan given to him by his father-in-law to build the biggest retail company in the world. In fact, his retail stores Wal-Mart stores Inc. is today, the world’s largest corporation by revenue as well as the biggest private employer in the world.

Sam Walton was so successful in business in his time that he was named the richest man in American by Forbes magazine in 1985. Even when American was mired in a devastating economic downturn in 1991, Walton’s stores proved successful.

Any wonder he was honored by President H.W. Bush with Presidential Medal of Freedom a year before his death in 1991.

Of course, there is a lot to learn from this great business mind that once walked on the face of the earth. If you wish to succeed faster as an entrepreneur or as an aspiring one, then you must take the Sam Walton’s oath, and meditate on his business advice.

Let’s hear Mr. Walton!

“I don’t think any other retail company in the world could do what I’ m going to propose to you. It is simple. It won’t cost us anything. And I believe it would just work magic, absolute magic on our customers, and our sales would escalate, and I think we would just shoot past our Kmart Friends in a year or two and probably Sears.

I want you to take a pledge with me. I want you to promise that whenever you come within ten feet of a customer, you will look him in the eye, greet him, and ask him if you can help him. Now I know some of you are just naturally shy, and maybe don’t want to bother folks.

But if you will go along with me on this, it would, I am sure, help you become a leader. It would help your personality develop, you would become more outgoing, and in time you might become a manager, or whatever you choose to be in the company.

It will do wonders for you. I guarantee it. Now I want you to raise your right hand –and remember what we say at Wal-Mart, that a promise we make is a promise we keep-and I want you to repeat after me:

Dear esteemed reader please gets ready to take the Same Walton’s oaths.

Before you take it, it is important to promise yourself to keep to it because keeping to it will help you succeed in the business world faster than you thought possible.

Mr. Walton is set; so let go:

“From this day forward, I solemnly promise and declare that every time a customer comes within ten feet of me, I will smile, look him in the eye, and greet him. So help me Sam.”

 

Sam Walton Business Advice

. “For my whole career in retail, I have stuck by one guiding principle. It’s a simple one, and I have repeated it over in this book until I am sure you are sick to death of it. But I am going to say it again anyway: the secret of successful retailing is to give your customers what they want.”

. “Every time Wal-Mart spends one dollar foolishly, it comes right out of our customers’ pockets. Every time we save them a dollar, that puts us one more step ahead of the competition-which is where we always plan to be.”

As an old time small town merchant, I can tell you that nobody has more love for the heyday of the small town retailing era than I do. That is one of the reasons we chose to put our little Wal-Mart museum on the square in Bentonville.

“If we had gotten smug about our early success, and said, “Well, we are the best merchant in town, and just kept doing everything exactly the way we were doing it, somebody else would have come along and given our customers what they wanted and we would be out of business today.”

. “We used to get in some terrific fights. You have to be just tough as they are. You can’t let them get by with anything because they are going to take care of themselves, and your job is to take care of the customers.”

. “Watson, Sr, was running IBM, He decided they would never more than four layers from the chairman of the board to the lowest level in the company. That may have been one of the greatest single reasons why IBM was successful.”

. “What’s really worried me over the years is not our stock price, but that we might someday fail to take care of our associates. I also was worried that we might lose the team concept, or fail to keep the family concept viable and realistic and meaningful to our folks as we grow. Those challenges are more real than somebody’s theory that we are headed down the wrong path.”

 

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