How to Become a Better Marketer & Tips For Your Business Startup

You just launched your business. You make all the operations, finance, and marketing decisions. But how well do you really know your market? Are you doing everything you can to maximize ROI from your campaigns? Many people think they know their market all too well, unfortunately, that is not the case. In this post, I will discuss the various steps you should consider to better understand your market and hopefully maximize your return. The biggest pitfall is lack of planning because people don’t take the time to layout a map of what they need to do. That is why I’ve developed an outline for you to consider when planning for your own business.

Step 1 – Know Your Environment

The first thing you should do is prepare a situation analysis. You should firstly start by looking at past business and marketing plans. The whole point to this step is to analyze your environment. This includes identifying competitors, the various macroeconomic factors that impact your environment and the various driving forces behind these changes. Typically, the driving forces affect legal, technological, and market related factors, so you should be aware of how these changes will affect your environment and hence ability to sell. The next step is for you to prepare a SWOT analysis of your own company. This is an effective tool to analyze your company’s internal strengths and weaknesses, and your external opportunities and threats you could face. One of the most important parts is to consider your competitor’s strengths and weaknesses since that will ultimately help you identify your own competitive advantages.

Step 2 – Objectives

After you understand your environment, your next step should be to formulate your objectives. Your objectives should be unambiguous and very specific. Each objective should cover three broad aspects: What are you trying to accomplish, what and how much do you need to get there, and a specific time frame. Essentially, this ensures your objectives are SMART (Specific, Measurable, Attainable, Realistic, Time bound). An example would be: Increase online sales by 25% by the end of Q1 09. Knowing your objectives means knowing exactly what you want to do.

Step 3 – E-marketing Planning

After you’ve established where your company is and where it should be going, you must prepare the strategic planning process that will outline how your company will get to where you want it to be, that is, to accomplish your goals. You should then conduct a Market Opportunity analysis which includes demand and supply analyses for segmenting and targeting. The demand analysis evaluates the potential profitability and sustainability of potential market segments. The segment analysis should draw conclusions about the characteristics about your target market, including the demographics, psychographics, and past behavior of consumers with similar products. By doing the Segment analysis, you can determine the level of demand for your product or service and you can better anticipate behavior. You can also tailor your product to conform to your target markets needs you have identified. The next thing you should do is consider how you’re going to differentiate your offerings and how you plan to position your product, services, and brand against your competitors in the target market.

Step 4 – Marketing strategy

The next step is for you to develop strategies regarding the 4Ps. You should outline specific plans regarding your product offering, your value proposition (price), how you’re going to distribute your offering (place), and how you’re going to effectively promote it. One of the most important parts to this step is your value proposition. You must consider the margins you think are fair by deciding how much you are going to charge, and you should also have done some simple financial calculations such as breakeven points, NPV, and IRR so you have a better idea of what price to charge. By taking the time to plan, you can better forecast future cash flows and mitigate capital shortages and also even determine if your goals are realistic. You should charge a price as close to the industry equilibrium or try to differentiate your price based on value added.

Step 5 – Budget

This is one of the most important parts in your marketing plan. Here you should try to forecast the revenue in units and dollars you will receive from each of your revenue streams. Also, don’t forget to consider intangible benefits as they count as well. It is important to be reasonably conservative (especially forecasting near your launch or at the first level of your product cycle) because most of the time revenue is materially less of what was first expected. You should also carefully consider your expenses, including marketing, operating, administrative, technology and other expenses. Expenses are also usually more than you first anticipate, so plan accordingly. You should then calculate the return on investment (ROI) and the internal rate of return. These results will tell you if what your doing has potential and if you should pursue your business idea. Just remember, not all businesses are initially profitable, it may take some time, just ensure you have the required capital to be successful over time.

Step 6 – Implementation

This step is all about what you’re going to do to accomplish your objectives. There are a variety of marketing mediums, including online marketing, direct marketing, website advertising partnerships, etc. There are endless possibilities to begin implementing your plans and to promote your products/services; you just need to choose what’s best for your offerings based on price, value, and simply what’s appropriate.

Step 7 – Feedback

Feedback is extremely important. You should implement various performance metrics to help you evaluate your progress. You can do this effectively by developing a Balance Scorecard with all four dimensions, including the Customer, Internal Financial, and the Innovative/Learning dimensions. For each dimension, you should come up with a goal, and how you can measure that goal. Here are two examples.

Financial Perspective:

Goal: Lower customer acquisition costs. Measure: promotion costs/number of customers

Internal:

Goal: Improve tech support. Measure: Time to complete calls, number of satisfied callers.

Side Note: If you have a website, it is important to ensure your website becomes noticeable online. You should ensure you optimize your content for search engines (SEO). You can do this by making SEO friendly URLs (the long ones that describe your title/date). You should also note search engines analyze the number of times keywords appear within pages. Search engines also consider the number of high ranking websites that link to your site, so try to partner up! Why is SEO important? Because it drives traffic which can convert into sales. A good page rank can also keep prospects away from your competitors.

Tips for Starting Your Own eBay Women’s Clothing Store Business

Launching your very own women’s eBay clothing store is a great way to begin a journey of financial freedom and independence while working from the comfort of your own home. Starting your own eBay women’s clothing store requires a bit of planning, preparation and some creativity to get your store off of the ground and running. The more you prepare to run your online store, the easier it will be once you begin to receive orders from those who are interested in the merchandise you have to offer.

Tips for Choosing Your Inventory

Determine what type of merchandise and inventory you plan to stock within your online eBay store before you begin searching for merchants that are right for your business. Create a list of the type of inventory you want to stock along with specific sizes you require for each piece of clothing or good you are interested in. The more detailed you are with your budget and specific about the type of clothing you want, the easier it is to work with merchants and wholesalers who provide what you need for the industry you represent.

Keep in mind any colors you want to offer as well as size charts from each vendor before you place any order to ensure you keep your customers as satisfied as possible when they make a purchase from you.

Finding the Right Wholesale Suppliers for Your Business

Finding the right wholesale suppliers is also necessary when you are shopping for a women’s clothing store on eBay. Finding a wholesaler online that caters to those who have eBay shops is highly recommended to purchase high-quality products and merchandise at a discounted price, especially when ordering in higher volumes. Shopping online to find the right wholesalers is a way for you to save time while also getting more access to hundreds and thousands of items depending on what you plan to sell to your customers.

Avoiding Shipping Nightmares

Avoid shipping nightmares when ordering any of your products wholesale by reading and reviewing all terms and conditions that have been put in place by wholesalers and other merchants you are using to purchase your items. Be sure to read the terms and conditions of all vendors you work with when operating a store of your own on eBay, especially if you plan to order items in bulk. You may also be able to find discounts from various merchants with the more you order in wholesale.

Importance of Pricing Factors

It is essential to factor in the pricing of your items and the markup you want to charge before launching your online eBay women’s clothing store. Consider the price you have paid for each item before marking it up and selling it to others. Additionally, it is also important to consider whether you are paying for shipping or requiring your customers to pay for shipping before setting a price for the merchandise you have for sale. If you plan to pay for shipping yourself, it is highly recommended to consider marking up the total cost of the item more to increase profit margin.

Consider Potential Fees

Whenever you have an eBay shop for women’s clothing, it is necessary to consider all PayPal and eBay fees you may encounter each time you make a sale or transfer your funds to different accounts online. Your eBay account may charge you for each sale that is generated, which is important to keep in mind when you are setting your prices online based on the amount of profit you are looking to generate in revenue altogether. Additionally, PayPal also takes fees depending on the type of merchant account you currently have as well as the number of sales you are making regularly. Read the terms and conditions of both sites before you begin selling your merchandise.

eBay Feedback Run-Ins and How to Keep Everyone Happy

Although you may ship your items on time and deliver a high-quality product, it is important to be realistic and to expect poor feedback from time to time, often from a difficult customer. It is essential to push for positive feedback from all customers to help negate any negative feedback you receive with your eBay account.

Learning all about the selling and marketing process of running an eBay store is a great way to get started in running a successful online women’s clothing business from home. The more time and effort you put into building your own eBay store with high-quality goods at affordable prices, the easier it is to build a loyal following of fans and potential customers for your brand.

Ten Tips to Effective Advertising Copy

Unfortunately there is no guarantee as to what product people will buy. So any tactics that can increase your odds are good. Good sales copy can really help. There have been many companies with great products but the advertising copy is so unappealing or even revolting that people avoid the product just to avoid the copy.

1. Be realistic.

Average response rates are less than 3%, which means 3 people out 100 will actually buy.

2. Have a strong headline.

Your potential customer needs a reason to keep reading the rest of the page. Make certain you give them a reason in the headline.

3. Be Friendly.

A friendly sales letter is going to be appealing to more people than a stiff letter. You want the potential buyer to be curious and excited.

4. Short is better.

You may have had English teachers tell you that you should always have three or more sentences in a paragraph. In advertising this is only true if the sentences are short. Keep your readers moving.

5. Plenty of white space.

This helps break your advertising copy up, which helps people who are skimming and even people reading in vast detail. It allows their eyes to relax rather than strain.

6. Elicit emotion.

Which of these sounds better? “Read this article and improve your advertising copy.” or “Imagine how much better your advertising copy will be after reading this article.”

7. Remember the radio station WIIFM.

These buyers want to know first, second and last, “What’s In It For Me?” Tune into that station. Remember to keep tuning in to that station and answering that question. Do not think about it from your perspective but from their favorite radio station WIIFM.

8. Why are they there?

Your advertising copy needs to tell them something very important. People sometimes forget to tell people one thing to do in their copy and that is “buy now.” Yes, it may seem obvious that a sales letter is about selling, but tell them to buy. Tell them when, where and how. Tell them why they should buy and tell them again to buy now.

9. Remember to have a beginning, a middle and an end.

The headline gets the buyer started. Describe their problem. Tell them the solutions you have. Then tell them to buy. This is the summary of your sales letter.

10. Perfect never gets done.

A perfect letter will never make it online, if you are writing a sales letter online, meet your deadline. You can always go back and change the wording. You can re-write the whole letter. You can keep making updates.

These ten hints will hopefully help you write better advertising copy that gets higher response rates.

P.S. Include a P.S. with another great reason to get it today.

P.P.S. By the way, check out my Rockstar Guide Books.

Business Planning – Tips for Successfully Running a Dropshipping Business

If you ask any successful internet marketer, or search the many forums and websites, you will soon discover that they all agree on two points. Firstly, ensure that you are using the services of a reliable and well established dropshipping company. This is vital and cannot be stressed enough. Put yourself in the other persons shoe’s as they come to your website and order a product that they want. Rather than wait a day or two for it to arrive, they receive an out-of-stock notice, which, as far as they are concerned, you should have sent this as soon as they placed the order. As a result they are not very impressed with the service provided by your website. Do you think they will return and buy from you again? Would you? Making sure you sign to the services of a good dropshipping company is paramount, not only to their success, but to yours as well.

Secondly, as you research your supplies, research your market as well. Understanding the buying habits of the general public can have a dramatic effect on the success of any market. Look at your competition and their prices, achieving a good profit margin can be acquired by either selling luxury, high cost goods but with few sales, or cheaper products with a lower profit but sold in greater volume. Understanding the economics and geography of your target market can tip the balance between making a few sales, and becoming an on-line entrepreneur.

People are becoming more and more critical of the internet, and websites particularly. With the rise in popularity of cheap hosting and easy to build websites, the design can often be a deciding factor in whether or not that person buys the product they are searching for from you, or the next website they visit. Many people get into the habit of installing as many flashing banners on their sites and web pages in the belief that all the flashing colors and lights will attract them to buy. In fact, recent studies have shown that this actually deters would-be buyers as they feel too distracted to read the reviews or product descriptions placed around these adverts.

Choosing the right Dropshipping supplier, together with a well-built and thought-out website, advertising the right products, to the right people, at the right time will ultimately lead to a successful career as an on-line entrepreneur and internet marketer. If these are your dreams and ambitions visit our website today and find out more about how to be a successful dropshipper.