How do you run a successful business in 2022?

 

1. By conducting a market research

 This should be the first thing you will do when you want success in your business. you should gather information about the type of business you want to set up, like the location, your customers, your customers thinking, and their purchasing patterns as well. Conducting market research before starting a business will help you to undertake an initial market sales forecast, you will be able to know what is trending in the market and to know what your competitors are doing.

 2. Customer profiling 

Customer profiling is of very importance in the successful running of a business as it helps you to know your target market/audience. When you are starting your business, you cant target your product to everyone as it will be very costly and ineffective. so, customer profiling will help you to segment your potential customers into certain characteristics as it will make you focus on your marketing activities.

 You should consider the following factors while segmenting your target audience: 

  • The geography that is their location
  •  demography has to do with your customer’s gender, age bracket, educational qualification/level, income, and occupation. 
  • Behavior like their loyalty, attitude, their readiness to buy your product, and how often they make use of your product.
  •  Their lifestyles have to do with their personality, personal values, and social class.

 Therefore, your target audience should always have a need for your product and be willing to pay for what you have to offer to them.

 3. Know your unique selling point

 This is the unique reason your customers want to buy from you and not from your competitors. Your unique selling point is what makes your product different from that of your competitors, it makes you stand out from others in the market. You should be able to do what do differently from others and this has to do with the special skill which you possess.

 Your unique selling point might be, providing after-sales services to your potential customers. Know what makes your service or product distinct from others and keep up with it. 

In understanding your unique selling point, you should be able to note the following points:

  •  When you are describing your product or services to people, 
  • which aspect of it do you generally highlight to them. 
  • do your potential customers benefit by purchasing your products?
  •  know the reason why your customers come to you and not your competitors.
  •  The special skills that you possess that your competitor does not have. 
  • And the things you like about your market offering.

 4. Building a good business brand

 A good business brand is what defines you and your product in the market, It’s what people use in knowing your product in the market. So, for your business to thrive in the market you need to build your brand regardless of the size of your business. A brand may be the color of your product, the name you gave it, the mark, or the logo or label you made on your product in order to stand out in the market. A good brand name is what defines you and your business to your target market and what you can offer.

 5. Choosing where to market your products

 

 There are many places where you can market your product or services. but while choosing where to market your products, the first thing that should come to your mind is your target audience. You should bear in the back of your mind that you have to use the medium that will suit your target market. It depends on which medium you can use to reach where your target audience. It can be on social media, websites that publish about business, flyers, on television, or through word of mouth. Whichever way, your target audience should be considered before choosing which one you would like to use. 

6. Goal and budget setting

 

 Before starting up a business, I believe you have what you want to achieve in the end. This makes setting up a goal very much important. your goal should be attainable, measurable at the same time specific. Knowing what you want to achieve in your business will help your marketing journey to thrive. More so, allocating your budget to your marketing activities by Developing and maintaining your website SEO Branding Getting promotional materials like business cards and brochures Advertising Employment of staff

7. Learn how to keep your loyal customers

 

 Without customers, your business will not sell very well and your business will crash.so you have to treat your loyal customers with care and love. make them always come back and buy from you, to always stick around. And The way you treat your customers will determine whether they will come back or not.

 In order to build loyalty in your customers you have to make sure you do the following: 

  1. Learn how to always wear a cheerful smile for your customers and not frown your face’ 
  1. Good communication does it better. Make sure to always communicate with your potential customers either through emails, or social media. 
  1. By providing after-sale services for products that are technical.
  1.  Always give your customers a good listening ear by hearing what their complaint about your product or service is. 
  1. Help to educate your workers on basic things they should know about each product. and also educate your customers on how to use the product they have purchased from you if need be.
  1.  Once you promise your customer that you will deliver on a particular date, make sure the product is been delivered that same day so that you will not lose the trust they have for your brand.
  1.  By giving discounts to your loyal customers when they buy from you.
  1.  Learn to give gifts to your loyal customers as these make them keep coming back. 
  1. Lastly, accept feedback from your customers.

 8. Monitor and review your marketing activities

 Make it a point of duty to always monitor and review your marketing activities in order to know whether you are moving forward in business or not. Review your marketing activities especially when you have a new product in order to know if there is a new competitor in the market or if there is an issue that may affect your business.

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