Marketing Advice on How to Maintain Pricing Strategies in an Economic Downturn

These days, thanks to the economic recession, it can be tough to continually think of marketing tactics to maintain your market share and avoid losing sales. There is the temptation to slash prices or even

contemplate the action in order to compete with others in the same niche as you. While cutting prices may seem to be a simple thing to do, particularly in the short term, it does not always make sense to do so because it could become a habit. What if the recession stretches further than you thought? You cannot keep cutting prices because you could soon be selling at a loss rather than a profit.

Offering the Best Value for the Price

Having a strong, recognisable brand is important if you want to maintain your pricing strategy as high as possible without losing customers to the competition. How you define the value of what you offer is important when communicating with your customers. The stronger the communication you have with them, the more control you can exercise over your pricing strategy. Of course, you should have a few business marketing tactics available to you so that any issues a customer might have will not be about price.

One smart move to try is bundling some of your products together which will accomplish several things. First, bundling effectively creates the illusion that you have broadened your product base. And second, bundling offers you a way to establish a broad spectrum of low to medium to high value offerings, so you can create a pricing strategy accordingly, without a straight price cut, thus maintain your profitability.

Long Range Planning

Lowering your pricing in order to make more sales and stay competitive in the market may work in the immediate short term, but it will not do much for the long term. However, you can alleviate cutting tactics and the effect on your profits by controlling operating costs in your company and look for ways to eliminate any redundancies and inefficiencies.

Streamlining your operations to reduce costs and increase efficiency makes good business sense anyway. Unfortunately, when business is good, you don't always look for ways to streamline. Rather, it takes a recession and reduction in sales to prompt action.

To maintain your competitive edge, even in a recession, look for ways to offer something innovative or unique to your customers. Can you easily change the packaging for some of your products to create a new look to attract attention? Can you offer any sales incentives or coupons for future purchases? Perhaps partnering with a complementary business (one that does not necessarily directly compete with you) can drum up new business.

Marketing new products during the recession can be a good move but don't expect an overnight boost in business. The same principle applies when cutting prices. If you do this too often, just to stay in business, then that is what customers will expect once the economy improves. Instead, try the product bundling or offer sales incentives so that you can present the illusion of offering a deal without negatively impacting your business financial bottom line.

How to Run Your Home Business Accounts

If you decide to set up and run your own home business then it is vital that you understand the importance of managing your accounts. This short article will provide you with some suggestions on how to make sure you are always on top of your books.

Making sure that you keep on top of your accounts is one area that you may have little experience in if you have never run a home business before. Although it is not the most exciting of topics it is one that you need to master if you are to have a successful career.

Obviously the most important area is keeping track of the amount of money that you have coming in and going out. Some will choose to use an accountant to keep their books in order; however this does depend upon the scale of your business. Others prefer to keep their own books so that they are always aware of what is going on with their finances but also because it can be expensive to use a professional.

1.Keeping your Books

Bookkeeping is essentially a way for you to keep track of your outgoings and the amount of money you have coming in so that you can decide if your home business is profitable. The idea is that you record all of this information either in a specially designated book or on a spreadsheet. Make sure that if you decide to keep yours on your computer that you either have it backed up somewhere or have paper records too. The last thing you want is your computer to die and for you to have lost all your accounts.

It is important that you keep an accurate list and that you make sure it is correct as it is one of the main ways you can tell if your business is viable. You will also know how much money you have available to you for things like marketing, networking and any materials required to run your home business.


2.Managing your Accounts

It is common for someone with their own home business to have one or more bank accounts set up primarily for work purposes. This is where managing your accounts comes into its own since it is incredibly important that you know exactly where your finances stand.

Having a filing system in place is the best way to keep track of your accounts. Within this keep all paper copies of your statements, bills and receipts so that you have them to hand. It is important to keep your books as up to date as possible so that everything tallies and you know that your accounts are all in order.

If you do find that you struggle to manage your accounts and books then you will find that there are a number of courses available that can help you.

How to Deal with Late or Non Paying Clients

Nothing is more frustrating then having to deal with a late or non paying client. Unfortunately though it can occur from time to time and is one of the risks with running a business, but how do you deal with this type of client?

1.Retain all Correspondence

When you are first discussing the project and payment it is worthwhile making sure that you keep all correspondence so that you can refer back to it if necessary. Try to keep separate folders on your computer for each client and a hard copy of any agreements in a file. It is always a good idea to get some kind of contract to avoid problems at a later date.

Depending on your line of business you may like to ask for some form of deposit up front so that you can guarantee receiving at least some of the money. Many people also state that there will be interest or late fees payable if the money is not paid in a reasonable amount of time. Often this is enough of a deterrent to prevent late payment from occurring.

2.Invoice on Time

It may sound simple but if you want to make sure that a client pays on time, make sure that you send out your invoice in a prompt manner. You simply cannot expect a client to pay on time if you are late sending the invoice.

Always make sure that your invoices are laid out well and that it is clear what the payment is for. Be sure to include details for your chosen method of payment on the invoice so there is no obvious reason for any delay. If you do find that you have had to wait some time and have still not been paid then you could issue another invoice with a reminder attached. In many cases it may be that the client has simply been too busy to pay the invoice.

3.Consider Professional Help

Unfortunately there may be times in which you are forced to seek professional help such as a business consultant for a non paying client. However make sure that you have first given the client enough time to pay and sent them several clear invoices stating that further action will be taken. Make sure that you remain professional at all times so as not to damage your reputation or business.

How to Make Your Home Business Advertising Work

Many people who have started their own home business and have been advertising and internet marketing for some months may feel down heartened that they are not receiving as much work as they had hoped. There are a number of reasons why this may be and it is important that you find these out quickly so as not to waste your time and effort.

1.Follow up any Leads

When people contact you directly or you have details passed to you then you will nearly always follow these leads up. However you should try to get into the habit of contacting anyone who shows interest in your business as you never know where this may lead. It is also worth investing your time in contacting people directly yourself and asking if they are interested in what you have to offer instead of waiting for them to come to you.

2.Never Stop Marketing

Even if your initial internet marketing campaign is successful you need to make sure that you do not get complacent and stop. However for those that have not had much success it may be tempting to give up and use your time to concentrate on other areas. This is not a wise move and will never result in a successful business. You need to make sure that you dedicate some of your time to your advertising campaign every day. This can be as little or as much as you can spare but is vital to spread the word about your business. In some cases advertising can be slow to be productive so the sooner you get started the better.

One of the best ways to gain the attention of a potential customer is to offer some kind of free incentive. This is normally done in exchange for peoples contact details and is a great way to build up your contact list. You can offer such free gifts as an e-book or cd on your blog or website. If this does not appeal to you then you could offer a discount or run a small competition. This is a good way to gather contact details as generally people will only sign up if they have an interest in what it is you offer. Make sure you follow up and send information out to anyone who signs up in this way.

By following these tips you should find that your advertising and internet marketing becomes more effective which in turn means more publicity for your business and more work!

Ways a Marketing Consultant Can Keep Your Promotional Costs Down

Whenever you are considering a marketing consultant for your business, your budget is always one of the things you have to consider. Many marketers use expansive strategies that result in a rather costly marketing budget. But there are marketers who know how to use less costly strategies and still achieve success for their clients so that clients could experience in an influx of business, providing additional revenue to take even more aggressive marketing approaches.

Many marketing specialists utilise a variety of techniques to help their clients improve their profits and gain more customers. While no successful professional campaign is free, you can find marketers who know how to achieve success without breaking your budget. Firms that have a solid grasp of online business promoting are able to help clients save money, promote their business, and get a great ROI.

Website Design and Layout
Look for a consultant who knows how to design websites. Depending on the complexity of your site, you may be able to find a consultancy firm who charges a nominal fee for a simple site design but may have higher fees for more involved designs. However once your site is active, it becomes a low- cost way to keep your business up and running 24/7.
One of the ways to save money is to work with a consultant who will look at your current website design and suggest changes. They may include a small fee into their initial consultation charge rather than charging a larger fee for total website redesign. You can then utilise the suggestions given if you think they're a good fit for your business.

Articles, Press Releases, and Newsletters
One of the most cost effective ways to promote your business is through articles, press releases, and newsletters. Online marketing firms can help you implement all of these into your strategy. Articles can be written for your website that promote your product while providing information about your field of business. These can also be done as short blog posts rather than longer articles.

A marketing firm can help you create press releases to announce new products or business structure to customers. These are often printed online, but they can also go into trade magazines or local publications. To further enhance your reputation, you can create an email newsletter that your customers can subscribe to. This way you can stay in touch with your customers on a weekly, monthly, or bi-monthly basis without having to invest too much money.

Why Use a Consultant?
You may think the above mentioned ideas would be easily implemented by your own employees. However, a specialised small business consultant can look at your business from the outside and notice any current actions that may not be helping your business prosper 100%. By using a marketing consultant, you can get professional advice and maximize your budget.

Are Smartphone Applications Going To Become The Future of Search?

With the ever increasing array of smartphone applications and with Apple really taking the lead with Apple Apps and the App store development demand is on an increase just because the popularity of the iPhone has increased. With the increasing numbers of iPhone users, the number of people trying to access the internet through the iPhone has increased, so the demand for Apps that iPhone users have to be now considered a market segment.

Business Apps
The opportunity for businesses to promote their company and their services through Apple Apps has yet to be fully appreciated by businesses. As this sector develops I am sure Apple will look to improve its search facility. If you are considering an App then these points may help you in deciding.
Experience:
Make sure the App developer has experience and can verify Apps they have undertaken. You can verify this by visiting the App Store, searching for the particular App and then checking the credentials of the developer.
Costing:
There are many App developers both in the UK and abroad. As with anything you are purchasing it is wise to gain a selection of prices before making your decision. Also be sure to have a detailed project development so you know what you are going to be receiving.
Maintenance:
It is possible that the app may need to be modified in the future and there maybe new developments through the iPhone which older Apps may need to be updated for. With this in mind make sure your developer is going to be around for a while or that you have access to the back end development of the App.

How an Outsourced Marketing Professional Can Help You Identify your Company's Marketing Problems

When you realize that something is wrong with your marketing efforts but are not sure what it is, an outsourced marketing consultant can help. As the owner of a small business, you are likely too close to the problem to accurately identify your marketing problems. Sometimes, it could be a simple fix while other times may require a major overhaul of your marketing ways. An outside perspective may be just what you need.

Problem Identification
Your salespeople may believe that your prices are too high while customers may not realize that you have multiple product or service lines. Maybe you feel that your business is not targeting the right demographics or geographical area. The first step in solving your marketing problems is identifying the cause. An outsourced marketing professional will bring the perspective you need to accurately identify the problem or problems.

A consultant will use consumer research, if there is any, to help identify the cause. However, they will also meet with you and your staff and perhaps even vendors and faithful customers to brainstorm so that the cause can be narrowed down. Typical causes include lack of brand recognition, market shrinkage, not enough employees to carry out marketing duties and loss of current customers. Your small business may not have a consistent marketing plan or even have one at all. Attracting the wrong customers, a lack of marketing presentation such as brochures or product flyers, and inability to communicate effectively with consumers are additional problems that can be resolved.

Problem Solving
Working together with you and your staff, along with input from vendors and faithful clients, the marketing consultant can pinpoint several key areas where improvements can be made. They will study other businesses in the same industry or niche to see what works for them and what does. With their overall marketing knowledge, a game plan can be created.

When a workable plan, with action steps is established, it will be easier for you and your company to follow through. This plan of action also is a good way to track your progress. When you employ a tactic that doesn't work, you can revisit the new marketing plan and tweak that particular actionable step.

The bottom line is that all too often, small business owners are simply too close to the problem to identify it. It takes the perspective of an outsourced marketing professional to bring the problem or problems to light. Without problem identification, you cannot develop an actionable plan to turn things around.