5 Simple Marketing Strategies part 2

3. Develop a Newsletter

A newsletter is an excellent way to maintain contact with your customers, particularly your regular customers. A newsletter both personalizes your advertising strategy and looks professional. Your newsletter might incorporate some of the following ideas. Give the newsletter a practical focus by including information based on frequently asked questions (e.g., keep readers abreast of current or impending legislative rulings on the sale of selected pesticides, and provide information on the correct application of fertilizers or the safe handling, use, and disposal of dangerous chemicals). Discuss those items you wish to promote, particularly over-stocked or slow-moving products. Promote your firm by becoming involved with the community and supporting special programs, attending seminars, or devising in-store demonstrations. The point is simple—attract customers by developing a positive image as an educated, responsible, and concerned member of the local community. A newsletter offering practical solutions to environmentally sensitive issues will also go a long way towards making that image credible.

4. Charge the Right Price

For the most part, pricing is controlled by the forces of supply and demand. As market forces increase demand, prices increase. Products and services can be divided into two categories: price sensitive and price insensitive. Buyers will shop around for a low price on price-sensitive items. As prices decrease, volumes sold will increase. Purchase decisions on price-insensitive goods are governed more by quality, uniqueness, and appearance, and less by price. The category that products and services fall under depends on how much they are needed or wanted by consumers. Generally speaking, those items that are critical to maintaining day-to-day living will be price insensitive. Conversely, in the event real incomes fall, less essential, leisure-type items will be the first to experience a decline in consumer demand.

Numerous methods are used in setting price, such as charging prices that consumers expect to pay, which is determined through experience based on last year's prices and customers; charging the same or better prices than your competitors; or charging prices based on production or purchase costs. Indeed, costs should be used as a gauge to set the lower bounds of the prices for the products and services you are selling. An effective pricing strategy includes elements of several methods. However, regardless of the policy used, price must be justified by value to the customer. Remember, ultimately, customers determine prices.

5 Simple Marketing Strategies part 2

5. Create a Positive Work Environment

A final area central to business success is good relations between management and employees. Have your ever watched little league baseball when a few players tried to win the game by themselves? Individual achievement is no substitute for team effort. The same holds true for a business. Too often, managers forget that employees are part of the team, which can destroy a business. Work with your employees and communicate with them regularly. Educate them on financial aspects of the business, including the value of their service to customers. Give employees financial and educational incentives for doing their jobs well. Remember, employees are your most important resource. A sound employee retention program will pay back big dividends in a work force that is highly motivated and productive.

Notes :

With competition growing daily, it is increasingly important to exercise good marketing management skills. Without a basic marketing plan, there is simply no way to determine whether the demand you have come to depend on today will be available to you tomorrow. Implementing simple but fundamental measures such as these five marketing strategies can make a positive difference in end-of-year earnings statements.