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Marketing Is The Heart Of Your Business Success

Without marketing, your potential customers may never be aware of your business offerings and your business will not be given the opportunity to progress and succeed.

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Almost every aspect of your business relies on successful marketing. The overall marketing umbrella covers; advertising, public relations, promotions and sales.

Your business may be offering the best product or service in the industry but without marketing, none of your potential buyers would know about it. Your sales may crash and your company may be forced to close. You may wonder why marketing is important. Well here are some of the reasons why you need to implement a successful marketing strategy right away.

  1. Marketing helps in getting the word out.

The initial step to take to succeed in business is to make your potential buyers aware of the product’s existence in the market.

Unless your business is already well known and you have established a customer base, you have to create marketing strategies to create product and service awareness.

Without marketing, your potential customers may never be aware of your business offerings and your business will not be given the opportunity to progress and succeed.

  1. Marketing helps in realizing higher sales.

Once your product, service or brand is familiar to your prospect clients, it increases the chances your clients will make a purchase. As awareness increases, new customers begin to spread word, telling their friends about this amazing new products that they have discovered. Your sales will steadily increase as the word spreads. Without employing marketing strategies these sales will not happen and you are likely to fail in business.

  1. Brand reputation.

The success of any brand rests on a solid reputation. Marketing helps to build brand recognition. When a brand reaches the high expectations of the public, its reputation stands on a firmer ground.

As your reputation grows, your business expands and the sales increase. The reputation of your brand is built through active participation in community programs, effective communication internally and externally, and creating quality products and services.

  1. Marketing fosters an environment in the market place for healthy competition.

Marketing efforts get the word out on pricing of products and services, which not only reaches the intended consumers, but also reaches other companies competing for the consumers’ business.

Marketing will help keep your prices competitive for your business to try to win over consumers before the competition does. Without competition, well-known brands would continue to sell while lesser known or new brands would stand little chance of ever becoming successful.

Marketing facilitates the healthy competition that allows small businesses and new businesses to be successful, enter and grow in the marketplace.

Although marketing is hugely important for a business to succeed, it can also be very expensive. In its first year, a company might spend as much as half of its sales on marketing programs. After the first year, a marketing budget can reach as much as 30 percent sometimes most of the annual sales.

A marketing program that gives your brand the best chance is a healthy mix of different forms of marketing, such as website development, public relations, print and broadcast advertising, design and printing for all print materials, trade shows and other special events.

 

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Startup

Lean Startup Strategy and How It Works For StartUps

Kimani Patrick

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Most startups fail. But many of those failures are preventable. The Lean Startup is a new approach being adopted across the globe, changing the way companies are built and new products are launched.

Lean startup is a method for developing businesses and products proposed by Eric Ries in 2008 at Silicon Valley.

The method helps startups to shorten their product development cycles by adopting a combination of business-hypothesis-driven experimentation, iterative product releases and validated learning.  

Below are 4 ways Lean Startup can help your start up.

1. Minimum viable product

This is the version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.

MVP tests your fundamental business processes and helps you to learn as quickly as possible to identify whether customers need your product or not.

Through the Lean Startup method, your startup will also utilize an investigative development method called the “Five Whys”-asking simple questions to study and solve problems along the way.

When this process of measuring and learning is done correctly, it will be clear that a company is either moving the   drivers of the business model or not. If not, it is a sign that it is time to pivot or make a structural course correction to test a new fundamental hypothesis about the product, strategy and engine of growth.

2. Validated Learning

Progress in manufacturing is measured by the production of high quality goods. The unit of progress for Lean Startups is validated learning-a rigorous method for demonstrating progress when one is embedded in the soil of extreme uncertainty.

Once entrepreneurs embrace validated learning, the development process can shrink substantially.

When you focus on figuring the right thing to build-the thing customers want and will pay for-you need not spend months waiting for a product beta launch to change the company’s direction. Instead, entrepreneurs can adapt their plans incrementally, inch by inch, minute by minute.

3. Work smarter not harder

The Lean Startup methodology has as a premise that every startup is a grand experiment that attempts to answer a question.

The question is not “Can this product be built?” Instead, the questions are “Should this product be built?” and “Can we build a sustainable business around this set of products and services?”

This experiment is more than just theoretical inquiry; it is a first product. If it is successful, it allows you to get started with your campaign: enlisting early adopters, adding employees to each further experiment or iteration, and eventually starting to build a product.

By the time that product is ready to be distributed widely, it will already have established customers. It will have solved real problems and offer detailed specifications for what needs to be build.

4. Split Testing

A split or A/B test is an experiment in which “different versions of a product are offered to customers at the same time.”

The goal of a split test is to observe differences in behavior between the two groups and to measure the impact of each version on an actionable metric.

A/B testing can also be performed in serial fashion where a group of users one week may see one version of the product while the next week users see another.

This can be criticized in circumstances where external events may influence user behavior one time period but not the other.

For example, a split test of two ice cream flavors performed in serial during the summer and winter would see a marked decrease in demand during the winter where that decrease is mostly related to the weather and not to the flavor offer.

Winding Up

Lean startup method involves ways in which startups invest their time into alliteratively building products or services to meet the needs of early customers.

This helps them to reduce the market risks and sidestep the need for large amounts of initial project funding and expensive product launches and failures.

Published on 1st Issue of Inversk Magazine.

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Business

Eddy Njoroge Elected The First African Boss Of The International Organization For Standardization

Inversk Review

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Eddy Njoroge has become the first Africa’s president of the International Organization for Standardization (ISO) after inauguration ceremony held on 21st Sept 2019 at International conference centre in Cape Town, South Africa. Eddy Njoroge was elected as president during ISO‘s general assembly in October 2018 held in Geneva, Switzerland.

ISO is an international standard setting body composed of representatives from various national standards organizations. It was founded on 23rd February 1947 and it seeks to promote worldwide proprietary, industrial and commercial standards.

Eddy Njoroge has served as Chief executive of Kenya Electricity Generating Company (KENGEN) and a board chair for Nairobi Stock Exchange (NSE). Eddy Njoroge took over from Canadian John Walker.

“I am fully prepared to champion use of standards in our everyday lives.” Eddy Njoroge affirmed. Eddy Njoroge has promised to spearhead participation  of developing economies on global trade by championing standards formulation.

“Standard formulation should no longer be a preserve of a developed countries that are later forced in developing countries denying them global market access. We will adopt a participatory approach that ensures developing nations are involved in standard formulation activities ” Eddy Njoroge added.

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Startup

How to Scale Your Small Business for Greater Profit

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It is the dream of every startup to grow. As your business continues to make profits, it gets to a point where you have to scale it. This is because your customers will continue to   increase and you will have no option but meet the growing demand for your products. Scaling is all about capability and capacity. Scaling is meant to empower your business for the task ahead.

If your business is unable to meet the orders, lacks the infrastructure needed for production and sufficient stuff, you might have a hard time keeping the customers happy. Scaling your business will support the growth of your enterprise and help achieve higher profits.

Below are the ways through which you can scale your small business.

  1. Invest in technology

If you invest wisely in technology, scaling your business will be successful and less expensive. Automation of processes, for instance, will reduce manual work and consequently save on costs. Also, the integration of systems makes the management of your business seamless: which results in the improvement of the company as a whole.

Technology systems like CRM, inventory, sales management, accounting, and HR will enable your business to accommodate higher volume in all areas.

  1. Secure the sales

Scaling your business means you are preparing yourself to handle more sales. At this point, you should work with an online marketing agency and embrace digital marketing. You can empower your sales and marketing team by having them take a digital marketing course in Kenya. It will all be for the good of your business.

Online marketing takes a targeted approach leading to the generation of more and quality leads. More so, you can employ marketing systems to track and manage leads. Having such a structure will help you sell more.

  1. Identify your competitive edge

Every business has something that makes it stand out from the competition. For you to successfully scale your business, you need first to   identify your strengths.

Conducting a SWOT (Strengths, Weaknesses, Threats, and Opportunities) analysis, you will be able to identify the strengths of your business. By SO Doing, you will have a more focused growth by investing in your strengths.

  1. Avoid shortcuts

Cutting corners will do your business more harm than good. As you look to scale your business, you should be ready to put in the work. Not only will shortcuts compromise your ethics, but your customers will also pay the price. Note that scaling is meant to have long term results. Short cuts will not give you that.

  1. Be involved

As your business grows, there is a need to hire skilled and talented people to handle different operations.

However, this does not warrant you leave. You need to be there. Being tuned in to your business will help you adjust together with your business. Also, it will be easier for you to identify the areas and processes that need to be changed for successful scaling.

As you do the climb, you need to be familiar and aware of every loose stone and foothold to make it to the top.

When scaling your business, you need to know that time is a precious commodity. You need to put it into good use. What that means is that proper time management should be prioritized.

While there are so many things to do, you need to distinguish what is more important and give it the          priority. Setting daily goals will help you plan better and keep you moving to the bigger goal. For your business succeed, you need to not only focus on growing but also scaling.

Article by Antonio Amos

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