Thursday, July 3, 2014

How to Get a Bigger Business Market Share for Your Industry

Increasing market share is the goal of every business. It is not the final step for these organizations. Commercial enterprises expect that an increase in market share will lead to an increase in revenue.

If a company that sells corned beef slowly starts to take customers from one of its competitors, they expect that those customers will continue buying corned beef at the same rate that they always did, so the earnings of the other company will now fall in their coffers.

Customers will only make the switch if they perceive that in some way, the newer company has a better product than the one that they previously did business with. If both are determined to be the same, there will be no basis for preference and things will remain unchanged.

This idea applies to both tangible products and people who are building their personal brands. Suppose two actors are going up for the same job. The one who consistently performs well every time they go to an audition will slowly build preference for their brand.

When opportunities arise, they will be cast in the roles that are available. They have built awareness of themselves by making sure they turn up at every audition possible. They did a good job and industry players started preferring them over others. That preference led to an increase in the number of jobs that they were able to get, that is, an increase in market share.

When they were able to get more jobs, or their market share increased, they were able to earn more money. In fact, as time goes by, if they continue to perform well, they will be able to command a higher rate per job than the average person. They have created preference and that has led to increased profitability for them.
Let’s consider two companies, they are real but I have adjusted the story a bit. Both of these companies sell coconut milk but in the past, one of the brands was more popular because they had positioned their brand as the authority on what made food great.

The newer brand took its time and made sure it appeared everywhere that its competitor was. It also made sure its product was consistently of a higher quality. As a result, people now prefer the newer brand of coconut milk and that company earns more revenue than its competitor.

What is Marketing via Good Copywriting Content and How Can it Increase Sales?

People who use copywriting content to market their products usually have to be good at using words to persuade others. Persuasive writing is something that is learnt and by improving your skills in this area, you can improve the number of sales that you make as an affiliate marketer.

Copywriters who want to create good content sometimes have a difficult job. When a person who is writing copy encounters a product that they are completely unfamiliar with, the temptation to just gloss over the real benefits of the product arises.

Since marketing, according to John Janstch of Duct Tape Marketing, is “getting someone who has a need to know, like and trust you”, your writing must serve your readers. They must you see you as a reliable source of information who is able to help them meet their needs.

You may not really be able to write about the specific benefits of a product until you become familiar with it. If someone doesn’t work in a particular industry where they encounter the problems that the product solves, they may not be comfortable talking about its specific advantages.

However, even if you are not an accountant, for example, your job as a copywriter is to learn exactly what problems an accounting package or other product for that industry solves. To do otherwise would cheat the potential client. They would never really understand what the item can do for them unless you tell them. Sure, if they have heard about it before they may have some idea of a few of the advantages they get from using it. However the complete picture should come from you.

When you write using specifics, readers are more likely to feel that you actually understand the problems that they face. They will be better able to relate to you since they feel that you have an understanding of the issues they face and how much they require a solution that actually does what it is supposed to.

Make a list of the issues that are important to your potential clients. Be as specific as you can with that list. For example, if you are describing a tool for customer relations, instead of just saying that it helps you stay in contact with customers, state that it allows you to automatically send reminders to clients.

Be as specific as you can by asking yourself questions about what you have written. If you claim that something is a breakthrough in a particular sector, ask yourself how, or in what way that is true. Write about those advantages specifically in your text.

While copywriters only have a few minutes to communicate with potential buyers, they can use those few minutes to form a relationship based on some degree of understanding. People become purchasers after a marketer has shown them that they understand the problems they face and they have a real, workable solution to those concerns.

Saturday, December 21, 2013

How to Design Infographics Using Your Own Business Statistics: Best Steps and Strategies

Building infographics is enjoyable if you like design and have an interest in visual communication. There are many sites nowadays that make this process easier by offering infographic templates for free. There are also high quality templates available on membership sites which only require you to pay a low fee every month.

Infographics make it easier to understand information and can be used to demonstrate the steps involved in a process more easily than would be possible with just plain text. For example, you could develop an infographic for the number of people who use Twitter worldwide at particular times of day. You could also do an infographic on the ways in which people across the world enjoy milk.
South African Business woman Mamphela Ramphele
Business woman Mamphela Ramphele-via Wikimedia, Creative Commons Attribution-Share Alike 3.0
People in business use infographics for communicating with their clients and sharing information about their own business with potential customers. Some of these charts require data that can only be gathered in house. In order to do this, you will need to find a means of collecting the facts easily.

It should not be difficult for you to gather information from clients who are online or offline, once you make the steps involved in sharing information with you as hassle free as possible.

Face to Face
A simple conversation can provide lots of information. Assign sales representatives in your store with the task of speaking to clients in order to get answers to the questions that your chart will address.

If you don’t have time to have face to face conversations with your clients consider using surveys that they can complete on their own time. Make these as short as possible. In fact, sometimes it is better to break a long survey up into smaller parts that take a couple of minutes than to ask customers to spend a whole block of their time completing a survey.

When you are collecting the information that you will use to design your infographic, make sure that your facts are as accurate as possible. Double check your results using different methods of collecting the facts.

Wednesday, July 3, 2013

Small Business Accounting Expense Categories

Familiarity with small business accounting expense categories makes it easier for you to do your taxes. If you operate a micro enterprise, preparing your tax return is probably not your favorite thing. In fact, it is usually recommended that you get help from a tax preparer you can trust if your budget allows for that.

Image via 123RF

Whether you are doing your taxes yourself or not, it helps to know which expenses are deductible. It gives you greater peace of mind when you are planning or making decisions on a daily basis. For example, if you operate a farm and you want to get a small van to transport goods, you would want to make sure that you could list that as a cost associated with operating a commercial enterprise.

Expenses often fall in the following categories:
  • Commercial use of your home
  • Business use of your car
  • Retirement plans
  • Interest on loans
  • Necessary insurance
The Internal Revenue Service (IRS) in the United States makes it clear on their website that anything you buy must be necessary, for it to qualify. Necessary means that it is helpful and appropriate for your type of trade or service.

Sunday, June 30, 2013

Prospecting for New Business- A Review of New Sales Simplified

If you are prospecting for new business, New Sales Simplified can help you. This guide is written by Mike Weinberg and S. Anthony Lannarino. It is 229 pages long and is focused on techniques you can use to develop a consistent flow of new clients who will regularly make use of your products or the services you offer.

If you are a salesperson or head a sales team, you will find this text useful. It goes through the essentials of developing a strategy for selling your product. If you are new to business or have been doing well for a long period of time but want to improve even further, it will provide tips you can use to raise your income.

One of the biggest strengths of this text is the style that the information is delivered in. It’s lighthearted and funny and that alone makes the idea of cold calling someone seem less intimidating. While it walks you through the best way to build rapport with a new prospect, it makes you relaxed too.

New ideas are taught using stories. This makes it easier for you to remember the how of carrying out a particular strategy when you need to. Even if you are stressed, the examples are pleasant to remember. Things that are learnt while in a strong emotional state, such as happiness, tend to be remembered. The authors use that fact to help ensure that you remember most of their content.

They teach important concepts without being offensive. You learn to remember that every sales conversation involves getting feedback from the prospect as to what their needs are and matching what you have to offer with their needs. All in all, if you want to become a better salesperson, New Sales Simplified will teach the skills that help you get more business and prospects than ever before.

New Sales. Simplified.: The Essential Handbook for Prospecting and New Business Development

Wednesday, August 8, 2012

How The Stock Market Works

Trading on a country’s stock market requires skill and discipline. Some traders have skill and execute a plan for trading; however they don’t have the discipline to stick to their plan, so they lose money.
The stock exchange consists of publicly traded companies. Not all companies which are publicly traded suit individual traders.
Before choosing which shares of a company to trade on the stock market, evaluate the company carefully. Make sure that it meets the criteria you set. These criteria are those that guarantee your success as a trader.
A stock market provides companies with a liquid environment for trading their securities. Strict regulations apply to the market. A body usually oversees the trading in shares that is done every work day in the stock market.

Image via Wikipedia
This regulatory body oversees trade in securities on the stock exchange. It also usually is responsible for licensing brokerage houses that trade on the exchange. Investment dealers and advisors are often licensed by this same organization in most countries.
Actual direct trading on the stock exchange can only be doe by registered stock brokers. Registered stock brokers trade bonds and shares on the market on behalf of their clients.

Image via Wikipedia
Members of the public who want to trade on the exchange but are not licensed as securities dealers usually have to open an account at a licensed brokerage firm. After opening an account with a minimum balance for trading, they can request that stocks be traded on their country’s exchange on their behalf.
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