How to Market for Entreprenuers

"Build a better mouse trap & world beats the path to your home" is an old metaphor & still many think of it as the truth, which is not, An Idea doesn't have much importance as execution in the real world( As the people who approached the venture capitalists know). So even if you make a better product then your competitor you need to market it effectively so as maximize your sales. Marketing is critical for organic growth of a business and its central role is in creating, communicating, capturing and sustaining value for an organization. Here are few Tips that i complied that will help the budding entrepreneurs. The tips which i am compiling came out of experience of being an entrepreneur since 1997.

1) Help the customer: Who ever your customer is, help him by telling/writing (Blogs) about the problems he faces, how they can be solved ( if possible the solution includes your products).

2) Building the trust: is foremost in any startup for longtime survival, so build it, let the initial few interactions be about the trusty things about the product & the company & see that the customer believes you, your product & your company. Don't outright ask them to buy your product.

3) Update your site & blog: Having a updates site about your company & your product gives a positive impression on the customer, If possiable, do include testimonials of satisfied customers & also if possiable any help( Complete Chronology) that you have went out of way to solve a particular problem of a customer ( Do include problem & solution).

4) Market Directly: Why spend lakhs of rupees, when you can reach out directly to your customer, just find out what does majority of your customers have in common, whether they attend a particular conference or a festival, try finding a pattern & use it by sponsoring that event. You will find your "Paisa"* to be effectively used. If you know where you customers live, you can also reach out to them personally and directly. Which would be a complete "Paisa vasool**".

* http://en.wikipedia.org/wiki/Paisa

5) Name your services: Giving a name to some particular service, makes it tangible. It’s much easier to understand and purchase something that looks like a product. Notice that even software downloads or e-books actually look like a tangible product so that people can have a sense of what they are purchasing. Turn your service into a product by giving it a name, describing your process as a specification and then charging a flat rate instead of by the hour. You’ll find that it’s easier to sell, easier to buy and more profitable for your business.

6) Using Mobile: Not just in India, but in the most of world, mobiles still dominate internet when it comes to reach out to the people. Globally twice as many people use text messaging than e-mail. Mobile Marketing Programs allow your customer to opt-in and request certain kinds of messages and updates from you, give updates about specific offers, new arrivals & also status of the current order. Do use it infrequently to wish your customers on there birthdays, anniversaries or on some specific festivals which generally makes the customers to buy ( i.e., Diwali, Christmas,..etc).

7) Word of mouth/reference system: Word of mouth references play a very important role in getting new customers, Hence, Stop treating referrals like a happy accident. Run a referral program that includes regular meetings with people who agree to enthusiastically refer you. Start by creating a referral guideline that outlines what sets your business apart, profiles your ideal customer and describes what they might say that should trigger a referral to you. Put your focus on attracting “Centers of Influence” and “trusted advisers” who will refer you to their clients and customers. It’s like having a free sales force!

8) 20-80 Rule : 80% of your Customers are satisfied by 20% of your effort, Identify such customers, who are happy with what you offer and refer you. Profile them in detail; what’s important to them, what are their 7 biggest frustrations? Outline in what ways your company gives them what’s important and eases their frustrations. Now go get more customers just like that.

This is my first blog on marketing, please do add tips/tricks that you have some experience with or worked with you.

Thanks in Advance.