Marketing

Now that the busy Christmas season is over and my potential customers have spent all their money, I am now facing what is probably the slowest month of the year –The month after Christmas - January. What’s worse is not only have these potential customers of mine spent their entire December’s salary, they’ve also spent part of January’s salary, seeing that they all got paid early for the Christmas season.
So what am I to do??

This brings me to a very important factor in running your own business – Marketing and how it can make a difference in your business. As entrepreneurs we have to be innovative in our marketing!! During these down times, it’s important that we place even greater focus on our marketing efforts!!!

Now remember, marketing is not just about promoting your products – no I’m taking about the 4 P’s: Products, Pricing, Placement and Promotion.

Products – This business started with an idea for one main product line. During the initial launch phase, we came to realize that putting most of our eggs in one basket was not the best thing for us and we decided to start catering to a wider variety of customers. By varying our product lines, we were able to test the market and determine the products that were likely to generate the greatest sales. This is an ongoing exercise as consumer demands are always changing. And it’s important that online stores carry not just seasonal items, but items that customers are likely to buy throughout the year.

Pricing – This is a major differentiating factor for most online stores. As an online store my recurring monthly overheads are pretty low – there are no rent or electricity charges and no salary (not even for me sometimes). And my prices reflect this – I don’t need to charge what those big brick and mortar stores are charging. I can compete on prices! So my after-Christmas discounts and my sale prices are still lower than what is offered at most stores. And which Trini doesn’t love a really good SALE!!!

Place - So my store is not your typical brick and mortar store. However while I may not have a physical location, my website must be maintained the same way a store front would. It’s important that content is updated frequently and the design is kept fresh so that customers would keep coming back to my website.

Promotion – This is a very important “P”. An entrepreneur is required to think outside the box when it comes to promoting a business. Facebook has assisted us tremendously - a Facebook page is free and you can update your fans on sales and new products on an hourly basis if you like. And Facebook ads expand your market reach and even allow you to see how people are responding to your ad. And there are hundreds of online articles with tips and advice on marketing your website. So get on the internet and do your research!!