Advertising your products is getting people to know about your products and your business, but sometimes this tend to prove difficult for new business owners who actually have no clue of how to start advertising their products.
Social media has become an effective means of advertising products and businesses to different people without having a face to face contact with them, but this actually depends on the form or kind of business and products you are selling.
A good example would be a female student trying to sell ladies wear. She really has no clue about how to do such business, probably got the idea from her sister. She has no store to put those goods, probably had to put it at home or try walking around to meet some friends who are interested in buying. She has no clue about advertising on social media or an online platform and even if she was given that opportunity of advertising on any social media, she probably doesn’t have the money to maintain the expenses at the moment.
So tell me, such person, do you think advertising on a social media is the best advice for her at the moment?
No, it’s not.
Here are the 5 Confusing questions business owners tend to face in business, at least that would prepare your minds for the things to expect. Advertising isn’t only based on social media, the best form of advertising for new business owners is a face to face advertisement where you see your customers and your customers see you.
• Budget some money for advertising
Budgeting some money in this case is setting aside some money for advertising your products, making plans and keeping records about how to spend such money on advertising your products.
Now this might sound a little complicated, but do you expect to gain without spending?
From our example above about a lady who wants to start selling ladies wear, this strategy of advertising benefited her in some ways.
She’s into selling ladies wear so probably she needs customers to come and buy, but the number of people she knows are limited. So what she did is try to talk to some of her friends, she told them about her products, telling them she really needs customers to buy her products. At first they told her, ”well, just keep trying we are sure they would come around”. She smiled and told them the benefits they would get if there are able to bring customers to her.
At first they were confused about what she meant, so she made it simpler by the telling them she would give them 20% out of the profit she made from every customers they bring to her. The next day, one of her friends actually brought up 1 customer for her, she sold to the customer and kept her end of the bargain by giving her friend 20% of the profit.
• Target your customers
Targeting your customers in this case is about knowing who you want or who wants your products. As a business man or woman, you are selling a product, so of course who you should focus on are those who wants your products or those who your products can benefit a lot.
A good example is about the same lady who is into selling ladies wear, she’s selling ladies wear so of course the people she needs the most are the ones interested in buying a ladies wear while the people she focused on are ladies who actually needs something to wear.
• Know your customers expectations
Customers are who you need so knowing their expectations is the best means of getting in contact with them. Expectations are what they want, what they are looking for and what they hope to get, knowing all that just made it more easier to get them to come.
Continuing with our example about the lady who wants to sell ladies wear. You know ladies wear are of different types and she knows that as well, so what she did is try to seek for advice from her friends. She knows her own ideas are limited, so she seek out ideas from her friends.
She not only depends on her friend’s opinion but she also seek out the opinion of those who had come to buy from her. There she got a lot of ideas of what to buy and sell to her customers.
• Try offer discounts
One of the best means of getting more customers is trying to offer discounts to them. Discount is just a small percentage taken away from the given price of your products when sold to customers.
In this case, some might suffer a loss due to the reductions in their profit, but that’s because they don’t know how to offer discounts to customers. When offering up discount to customers, it’s not appropriate to offer below your cost price instead you offer in between your selling price and your cost price.
A good example is the lady we mentioned above who is into selling ladies wear. She knows she’s new to the business and not much people knows what she’s selling and even her customers sometimes complain about the price. So, what she did is try to offer out discounts to her customers.
At first, the idea looks laughable to her, but she still gave it a try. She told her customers that if they are able to buy more than three of the ladies wear she’s selling she’s going to give them a discount by selling to them one ladies wear at the cost price (meaning she won’t gain from that ladies wear).
Note: Cost price is the amount she bought the ladies wear from the market while the selling price is the amount she’s selling it to her customers.
The strategy she used is, buy three at the selling price and one at the cost price meaning her customers must be willing to buy four or more than four before the discount can take place.
You can try to improve yourself by learning the 3 steps in formulating a simple strategy for your business.
• Do not aim high at first
One major issues business owners face when advertising their products is the complaints about price of the products. Customers are rational human beings, they think before they buy, meaning they check out their wallet before bringing out money from it.
Some business owners do say their products is of the best quality out there so the price is meant to be high, but would that still be the case when no one even try to take a second glance at your products?
No, they would probably loss.
Instead of starting with products with high price, why not start from the low price before going up to the high price.
A good example is still the lady selling ladies wear. You all know ladies wear are of different qualities with different prices and she knows that too. What she did was tried to mix both the high price and the low price products together.
She bought two different kinds of ladies wear from the market; she bought the ones with the high quality and the ones with the low quality. At first, she started with 30% high qualities ladies wear and 70% low qualities ladies wear.
It’s because she knows her environment and how the people in her environment behaves. She knows majorities of them like cheap things and minorities of them like high things.
• Know your competitors
Competitors are those selling the same product as you but with different approaches and styles. Everyone wants to be successful and so are you. In a business, it’s hard not to see competitors available unless you are offering up something no one else knows about.
Speaking of competitors, you should know: If you are also selling a product someone else is selling then you have also become a competitor to that person.
A good example would be the lady selling a ladies wear. She’s new to the business, so what she did was trying to learn how others are doing it. Ladies wear is a common business most fashion companies or ladies do, so what she did was trying to buy from them. As a lady, she also needs something to wear but instead of going directly to company to buy, she chose to buy from another lady.
Once in while she goes there to buy stuffs till she actually became a favourite customer of that lady. From her, she learnt a lot of stuff about selling ladies wear and how to actually convince some customers to buy more. She notice the mistakes of that lady and try to make the corrections in her own business.
Now she’s a hot-shot when it comes to selling ladies wear with different qualities but mostly she deals with high qualities product now.
Coming up next: How He Made That Awesome Strategy
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- Move with passion to interact and work with like-minded individuals. Hello! am PAnC, nice to meet you.