The End

This is my last blog post for ETP! As this semester comes to a close I have to say, it's bitter sweet. Upon completion of this semester, I will receive my degree from Wallace State! I will have earned an AAS in Business Management along with a Certificate in Office Supervision. Completing the ETP courses offered by WS will be an asset to my degree and career. I have learned a lot of valuable information, tools and tips. I hope everyone had a great semester. I wish everyone the best of luck in the pursuit of their happiness and dreams. 

Thank you all!
Misty

Guerrilla Marketing

Guerrilla Marketing is defined as innovative, unconventional, and low-cost marketing techniques aimed at obtaining maximum exposure for a product. It requires high energy, lots of creativity, and a constant focus on grasping the attention of the public in a personal and memorable way. So where is guerrilla marketing more prominent? The streets, of course, where people are roaming about and are perfect subjects to a fun advertisement. It’s all about catching attention and getting people talking. In 1984, the term ‘Guerrilla Marketing’ was introduced by Jay Conrad Levinson in his book ‘Guerrilla Advertising’. The term itself was from the inspiration of guerrilla warfare which was unconventional warfare using different techniques from usual and small tactic strategies used by armed civilians. This technique can be intimidating, but it can also be a lot of fun. Take a look at some of these cool examples.

Check out this site for more neat Guerrilla Marketing ideas.

http://www.creativeguerrillamarketing.com/guerrilla-marketing/122-must-see-guerilla-marketing-examples/

The Importance of PR

Regardless of how effective an organization is, it doesn't have the desired impact if the public and consumers are not aware of the business’s brand, successes or contributions. A public relations campaign that educates and informs people about the contributions of the organization enhances its brand recognition and makes it more relevant in the public eye. A good public relations campaign highlights a small business’s products and services through creative means. One way to gain positive public relations, is to make the public aware of your charitable and community involvement. When the general public is aware of a small business’s charitable contributions and community support, it can make it more interested in patronizing the business. For example, a public relations outreach effort that notifies the community about a small business's cash donation to a local school paints the business as a good corporate citizen. This can help elevate an image of trust and respect, which can translate to a better overall perception of a company. All in all, a positive PR campaign can be a huge success for a business.

e-Marketing

In the digital era we live in, online or e-marketing is a popular tool many businesses and entrepreneurs use. Like I said in a previous blog, marketing is the key to success for any business. E-marketing is so much more than just a Facebook page. E-marketing or online marketing overs a wide range of digital marketing options. These can include: search engine marketing, search engine optimization, email marketing, and online advertising. Having a presents in the online world can make your business more successful. 

What is competitive advantage?

The simple definition of competitive advantage is: “a condition or circumstance that puts a company in a favorable or superior business position”. In a nut shell, competitive advantage is what sets you apart from your peers. There are several different components that factor into your competitive advantage. Most of the time we think about price, but a company or business cannot be successful just by offering low prices and not making a profit. Your advantage may be your customer service, hours, and products. When it comes to competitive advantage I think back to the bank I used to work for, Bank Independent. A service like banking is met by many competitors. The number one focus for the Bank was customer service. Our priority was providing the highest level of service to our customer. Another advantage on our competitors was our hours. The Bank’s drive-thru hours were available from 8:30 am to 8:00 pm Monday through Saturday. These two components combined showed to be a competitive advantage for the bank.

Why location is important?

Where your business is located can play an important role in the success of your business. This success also depends on what type of business you have.  You may be running a home-based business, a retail, commercial or even an industrial business.  Each business location will very. My focus throughout my ETP courses have been a retail business. I have always dreamed of opening my own boutique. The location of a business like a boutique can be crucial. There are several factors that need to be considered when selecting a location.  Foot traffic is extremely important. The flow of customer in a retail business will be your success. Your location also needs to be easily accessible to your customers. A location that is tucked in a corner or on a side street will not receive the same attentions as a business located on a main street. Another thing to consider is your location in relation to your competitors. Being located closely to your competitors can have its pros and cons.  You may have an advantage if your prices are lower or you offer a product or service that is in higher demand. On the flip side, you make have to market more or more creatively. No matter what type of business you have or think about starting, location is an important factor to consider.

Is The Price Right?

One thing entrepreneurs must focus on is the price of their products or services. There are several different pricing strategies entrepreneurs can consider before deciding on a final price.  Two of the strategies are cost-plus pricing and competitive pricing. These two strategies can prove to be successful for entrepreneurs. Cost-plus pricing, in my option, is the simplest. This strategy simply takes the cost of the product and adds too it the mark-up profit desired. The mark-up can be anywhere from 1%-100%, depending on the cost of the product. On the other hand, competitive pricing is looking at the price of the same or similar product offered by your competitor. The strategy of competitive pricing focuses on the price that will make you the most desirable among your competitors. As an entrepreneur, you must do your research and choose competitors in your footprint. Entrepreneurs are charged with choosing the strategy that will be the most profitable for their business. After all, we  want the biggest bang for our buck.   

Your Brand...."People Ask For It By Name"

It's important to establish your brand. This is what people remember your product or service by. Think about cat food. Yes, cat food. What the first brand that pops in your mind? I bet for most of you, like me, its Meow Mix and their jingle, "Meow, Meow, Meow...... So good, cats ask for it by name". Meow Mix has mastered their branding to set them apart from other cat food brands. Something as simple as a catchy jingle can be your key to branding your product. Always think our side of the box, come up with a new or exciting way to brand your product. 

Keep Your Eyes Open

As an entrepreneur or business owner it's important to keep your eyes open to the latest and greatest ideas. Always be thinking about new products and services. Look at the growing trends, the consumers will let you know what they demand. Never get discouraged with yourself or ideas. Many entrepreneurs fail the first time around. The most important thing is to keep your head up and continue to push forward. Developing a product or service that will be successful won't happen over night. It will take time and lots of hard work. Never give up and.... 

 

Social Media Marketing

Who doesn’t have a Facebook, Instagram or Twitter? I guarantee you that everyone in our ETP class has one of the three. While there are a wide range of social media outlets, one reigns above all. Facebook is the champ of social media sites. Facebook ranks in the #1 spot where friends connect and share online. More than just a meeting place for friends, Facebook has become an outlet for businesses to market themselves through interaction with customers and self-promotion. For an entrepreneur or small business owner, Facebook is a powerful marketing tool. It’s a great space to keep customers informed, develop brand identity, and broaden your reach. A Facebook page is a great free marketing tool for businesses. These pages let businesses identify themselves. This is not just through listing product offerings and services, but also by sharing links, images, and posts on a custom page to give a better sense of a business’s personality and character. Your Facebook business page is a great spot to develop your brand identity and show your human side. Facebook is where you can loosen the tie a bit, don’t be afraid to be funny.  Use free social media marketing to your advantage, make your business go viral!  

What is the key?

Offering a product or service people need or want shouldn’t require marketing, right? Wrong! As a business owner, you can never assume your product or services doesn’t need to be promoted. The heart of every business’s success lies in its marketing. Most aspects of your business depend on successful marketing. The overall marketing umbrella covers advertising, public relations, promotions and sales. Marketing is the way your product or service is introduced and promoted to potential customers. Even if your product or service is in high demand, this means you are going to have competitors. Marketing is the key for a successful business venture.

  

Dream and Dream Big

Look around.... what do you see? 

You all are seeing things that were only an imagination or dream at one time. All of the products we use everyday started as an idea. 

An idea from a dreamer, an entrepreneur. 

Think about some of the well know inventors and businessmen; Thomas Edison, Alexander Graham Bell, Henry Ford. Now think about what they all had in common, a dream. They each had an idea that became a dream. To be successful, we can not give up on our dreams. Although sometime they seem so far out of reach, never quit, never give in.    

The Marketing Struggle

For entrepreneurs and small business owners marketing can be a big struggle. Taking the time to create and develop a strategy is just the first step.  Execution and consistently take the matter to a whole other level. When you’re running your own business alone, this becomes even more difficult. Things like, the time spent on customer service, inventory, staffing, banking, and billing seem to push marketing to the bottom of pile.

In the business world today more focus is being placed on “being in the market”, finding and making time for marketing is even more important.  Knowing how and where to start evaluating a marketing opportunity can involve a variety of factors. Each potential commitment should be appraised to gauge a variety of factors that will help you make an informed decision.

Features, cost, potential return, time investment, competition and length of commitment are all factors you need to keep in mind when thinking about a marketing channel, directory or tactic being “worth it.”  When time and effort are limited, it’s important to keep your eye on getting the biggest “bang for your buck.” Your marketing represents you and your company. Always make a good impression. 

Advertising... I know a thing or two about that!

Advertising, it's what I do all day, every day. I am the Account Executive for the Moulton Advertiser, which is the newspaper that serves the town and county I live in. The Moulton Advertiser is known for being Alabama's oldest weekly newspaper, serving the people of Lawrence County since 1828. In my roll, I am responsible for helping my business customers reach their advertising goals. Of course we offer the traditional newspaper ads, but we also offer a wide variety of advertising products through a partner company. Reach256 is a local, North Alabama advertising and marketing agency. I've sold products such as, websites and mobile apps to local business to enhance their marketing strategies. I believe, and will testify, that quality advertising is a huge advantage for local business and entrepreneurs. 

If any current entrepreneurs or business owners have advertising questions or needs, please feel free to reach out to me. I will be glad to help.  

To learn more about Reach256, visit their website: 
www.reach256.com

If you would like to visit the Moulton Advertiser site, the link is below. 
www.moultonadvertiser.com

Entrepreneurial Dream

It as always been a dream of mine to own a boutique. I enjoy learning about the latest fashion trends. Owning my own boutique would allow me to offer the latest fashion trends at a reasonable price. This would allow people from all income brackets the ability to enjoys the latest trends in women's fashions.

I know it will take a lot of hard work and financial support to start-up and run my own business. Completing my degree in Business Management will give me the foundation to build my own business. The ETP courses offered by WSCC are a great advantage to aspiring entrepreneurs. Having experience in banking and currently working in marketing, I have gained a wealth of knowledge in finances and advertising.

I hope everyone is excited to start off this semester. I look forward to reading your blogs and keeping in touch as we take this journey of Entrepreneurial Marketing. 

~Misty