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The Importance of Business Marketing

Business marketing is one of the most important parts that your business needs to be addressed with careful attention and proactive thoughts. In last decade or so, the importance of business marketing has increased volcanically, as the advent of Internet and online business has ushered a whole new era in business. It should be noted that the competition and urgency among businessmen has increased due to the fact that Internet has rendered a whole world as a virtual world, and you never know when and from where a potential competitor has entered your territory unnoticed by you. And this is where proper business marketing strategies and sound business marketing plans play their part to make you the choicest businessman for your customers and dealers. For successful business marketing, you need to develop a proper business marketing plan, and then gauge its performance for your business growth. There are many things that your business marketing plan needs to address and these points may include some of the following: • What are your business marketing goals This actually delineates what are you looking for. What goals you have set for your business and what are you looking to achieve through your marketing plans? • What is your target audience This is an important point that you need to know beforehand, for, it describes the scope and range of your business marketing plan. There is no advantage of advertising your fashion prone apparels to the old people, for, they are less likely to buy it. You must be very clear about who you are addressing and will your audience generate the leads that you are looking for. Sometimes, you keep on targeting wrong audience that do not have the need of your products and expertise, and the result is as you can think: you are wasting your money and not getting the results that you have set for your business. So, it becomes utterly necessary to chalk out the group of people that you are going to address and market your business. Business marketing plans often have detailed study of the audience: their liking, their predominant choice, and their habitual circumstances, for, actually audience is the thing for which business marketing is done! • Deciding business marketing system As it is already said that Internet has made business marketing a whole new concept, every growing business should address the need of Internet or online marketing. Apart from the conventional advertisement systems in newspapers, magazines, online marketing tools should be incorporated in the business marketing plan, which may include: search engine optimization, e-mail marketing, banner ads, etc. At the end, we can say that business marketing has grown wide and wild with the added horizons of Internet and online business, and a business owner should be proactive enough to handle the situation steadily and should incorporate all possible techniques for better business marketing plans and strategies.

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Two Methods of Marketing Using Joint Ventures

Whether you’re a contractor a local merchant with 150 employees, whichever, however or whatever, you’ve got to know how to keep your business alive during rough economic times. Anytime the cash flow in a business, large or small, starts to tighten up, the money management of that business has to be run as a “tight ship.” This is where an Honest Joint Venture will help increase, not only business sales, but strong business relationships. When things go together, they’re said to be complimentary. An example of two items that might go together are flowers and baskets. If you’re in the market for one of these two items, you might be in the market for the other. You may be able to increase your business marketing efforts by combining the marketing of one of your products or services with the marketing of someone else’s products or services. There are two Methods of marketing using Joint Ventures: External joint venture marketing- You combine your marketing with that of another business that uses a product or service that compliments your own. You both benefit from the exposure and your customers will be looking to this other business for its complimentary offering. Likewise, the other business, and their customers will look to you for their complimentary products or services. You both access each other’s customer database. An example would be a cabinet maker and a hardware store that could work together. Internal joint venture marketing- You probably offer complimentary products within your own business. If this is the case, you need to market this so potential customers will be aware that your business offers certain products or services that compliments each other. This encourages one stop shopping and also allows your business to sell one product or service on the back of the other. An example is ‘computer repair store’ that also sells virus protection software. I’ve actually seen one business that sells a course on how to write successful marketing campaigns. The majority of their customers never find out that in addition to selling that course, they do consulting and write marketing campaigns themselves. They don’t do an effective job of letting their customer base know that Those things naturally go hand-in-hand. Another kind of internal joint venture marketing would be a combined location or common business. You can have businesses that shares a common location such as a mall or a strip mall shopping center. They can market their businesses as complimentary to each other. This can take a number of forms, but the most popular is sharing the media cost. An example would be a strip mall with a number of home improvement products or services. You want to take advantage of this either by phone or by sending the other business a letter. You might say, “Dear Mr. or Mrs. Business Owner. Our company specializes in (or sells). We have discovered a logical tie into your business or customer base in that it . We have created a system for dramatically increasing your profits without risk, investment or even effort on your part”. where you say, ‘Mr. or Mrs., let me ask if you could generate sufficient profits to – would that interest you?’ The process is relatively simple. First, we create a joint marketing plan together to consist of either (choose 1 or 2 of the following) a letter of endorsement from you, a telemarketing campaign, a seminar, workshop, sales presentation, display or design a customer/client newsletter, or a display ad. We will share the profits on a 50/50 basis etc.” Copyright © 2005 You may publish this article in your ezine, newsletter on your web site as long as the byline is included and the article is included in it’s entirety. I also ask that you activate any html links found in the article and in the byline. Please send a courtesy link or email where you publish to: support@multiplestreammktg.com

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Construction Marketing

Here are seven creative ideas to get your construction industry marketing strategy off to a great start. 1. At the beginning, throughout the project, and in the end, it is all in the work you do. Ultimately, you’ll succeed at marketing because you do your work well. Any amount of ‘selling’ will just fall apart in practice if you don’t do the actual work you are selling well – and excellent on-the-job results give you the basis for repeat business and referrals, and a network of connections that lead to future work. 2. Great marketing gives you change-order power in conventional price-sensitive areas. As an example, consider the story of an electrical contractor working in a mid-size U.S. city. The local hospital has lots of work, but everything must be publicly bid, and the lowest price always must win the job. How can the well-established contractor make money while coming in low. The key is in the unwritten contract terms which the hospital administrators know and understand. The electrical contractor bids low with qualifications indicating that change orders will truly be necessary for a totally satisfactory project. The hospital, knowing the contractor’s reputation for reliability and integrity, knows that the change orders are to be expected. The contractor wins the job, legitimately, on price, and equally legitimately, change orders are processed allowing the contractor a reasonable margin for the work. Note this only works if there is a relationship of trust and integrity – low balling with the intention of pushing through change orders regardless of the cl! ients’ expectations at the start is simply uncool and will sour any future business relationships. 3. Your employees, especially your project managers, are your best marketers, but don’t ask them to be your sales reps (unless they really want to do that type of work.) A lot is made of ‘cross selling, and “getting everyone involved” but the reality is that most people don’t like selling – if they did, they would be in charge of the marketing department (or become the company president). Nevertheless, if you have staff who show ‘spark’ for marketing, give them business development responsibilities – and compensation that matches their contributions. And if they aren’t business developers, encourage them to report on interesting news and client requests to gain insights into marketing opportunities. And, of course, train them in the basics of client service – it is always good to return calls promptly, no matter how busy your employees are. 4. The name of the game is quality AND quantity A fast growing engineering firm (sales increased by 25 per cent to more than $20 million in one year) discovered its sales volume increased even though the number of proposals it submitted declined from more than 200 per year to less than 100. As well, after several months of expense implementing a sophisticate database system, the company reduced the preparation time for proposal documentation by two-thirds. Theoretically, this means the company could have (at no additional staff or time costs) increased rather than decreased the number of proposal documentations it submits. But this is not the way to go. Focusing on highly targeted and thought through niches, with expertise, the company can turn around high quality proposals without straining its resources, and the ‘hit rate’ has doubled to approximately 50 per cent. 5. Outrageous often works – and can be really effective (but do it right!) Take for example the Canadian roofing contractor that bought an old Cadillac stretch limousine and uses it as its work vehicle. Lots of room on top of course for ladders and equipment, and reasonably comfortable seats for the staff. And of course the used stretch limo purchased for $4,000 is a shocking billboard for the company. A reporter saw it, and the company ended up with national publicity. (Unfortunately, this publicity will do the company absolutely no good. Outside of hard-to-find corporate registration information, you can’t find ANY contact information about the business – no phone listing, no website, nothing!) 6. Indirect often works better than direct, especially when the matter is really important (but you nee to be patient and you still need to ask for the business.) The dance in developing romantic relationships has an echo in the marketing field. You often find you meet the person you love (or the person that you really want to go out with, is ready to go out with you) when your behaviour changes and you connect in ways far away from the individual concerned. Same goes for marketing. Hard rock cold calling and responding to public advertising with RFP submissions can work, and certainly will keep you busy, but the real stuff happens off stage. The challenge is to develop projects and initiatives that bring you close to the decision-makers you really wish to know, without being manipulative. I’m doing this, for example, with my series on marketing ideas and concepts. The research opens the door to suggesting the advantages of our own newspapers and websites – but I know this won’t work if I am just insincerely using my marketing research work for out-and-out selling of my specific service. 7. You’ve got to have fun. It is really hard to keep going if you aren’t enjoying the work. This means you need to tailor your marketing approaches to your own personality. Perhaps you are sports and social orientation; in that case, you want to look at how you can use tickets to sporting events to draw yourself closer to clients. You may love golf, or in my case, I enjoy writing. Now the challenge is in dealing with potential clients who love golf but don’t like reading. No problem. I would interview the golfers for a story and learn about their golf passion; and, if appropriate, would refer a colleague who loves playing golf to work with the clients to work with them on that level. Whatever, it is very difficult to do it well if you don’t like

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