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There are approximately 2 million Micro, Small and Medium Enterprises in Pakistan. These include 400,000 manufacturing units, 600,000 Service sector units and 1 million Trade sector units. SMEs (Manufacturing units) contribute approximately 34 billion Rupees a year to GDP. They constitute nearly one third (29%) of the total value of manufacturing in the country. Most of the advanced countries Like Japan and Korea are managing more than 70% of their GDP and Pakistan is lacking in this sector as huge progress can be made in this sector.
There are many ways to promote the business of SME’s in and outside country. Many SME’s are already on their way either by advertising, Direct Marketing, dot com and just click (Internet based tools) for promotion. Being an entrepreneur and owner of a Medium unit, obviously with limited resources, what would you suggest for your enterprise for an effective promotion campaign and why? Discuss logically
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A lot of small businesses on tight budgets are worried about investing in marketing because they think marketing costs way more money than they can afford to spare and they think it’s a risky proposition.
Investing a lot of money in marketing might feel like a bit of a gamble. But not only is marketing cheaper than you might think, but it’s also vitally important in helping you make grow your business.
Marketing is one of the instances where you can get a significant return on your investment — even on a shoestring budget.
Marketing in the 21st century is easier than in the past because it can be more focused (laser-targeted, really) and can be easier to measure, too. It’s easier with the internet age to quickly get information from your marketing campaigns, to replicate and maximize successes, or to quickly switch gears, if necessary, which minimizes wasted marketing dollars.
Instead of thinking about investing in marketing and advertising for your business as a gamble, the right approach will make your efforts more like a calculated risk.
Here are some ideas for marketing on a shoestring budget:
One of the first things a lot of small businesses cut first when money is tight is marketing. This is a usually a huge mistake. The right approach to marketing can mean great things for your business. If you’re having trouble, consider varying your approach and measuring the results. There has never been a better time for marketing as the opportunities in our globally connected world are huge!
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Marketing campaigns are a great way to drum up business, this we know. But a successful campaign must be thoughtfully coordinated, and should meet with certain key criteria, without fail. Nailing down these principles goes a long way toward ensuring the success of your marketing efforts. Let’s have a look at the top seven must-haves of a successful marketing campaign.
Establish a goal
Nothing in business ever works without a plan. Your marketing campaigns need to be purpose-made to achieve some tangible goal for your business. Do you want to expand your list of prospects or newsletter subscribers? That’s a reasonable objective. Here’s a better one: setting a goal to move the first thousand or so units of a new product via your next marketing campaign. As we all know, the only sure fired way to fail is to go to business without a plan, so always approach marketing with a goal-oriented strategy.
Know your audience
It may sound obvious, but companies frequently overlook establishing exactly who their clientele is supposed to be. The most common approach is to treat the audience as literally anyone. The truth is, very few companies can realistically address absolutely everyone as their customer.
You need to know your business and your niche in order to know who would convert into a sale via your marketing campaign. Tip: whatever your niche may be, it is probably near and dear to you personally. So you can draw from your own interests and consumer expectations to help address your audience, who most likely aren’t all that different from you.
Clearly state your Unique Selling Proposition (USP)
USP is a key term when it comes to generating sales. What makes your company unique – and thus worth doing business with? What value, feature, and/or benefit do you have to offer your audience? These are the kinds of questions you should bear in mind as you begin your marketing campaigns. What impetus does your customer have to take the plunge and make a purchase? The answer: only the one you give them, so give them one that sells.
Choose your outlets – wisely
Having a website alone won’t cut it – this we also know. But what other outlets do you choose to engage your audience through? Well, at first, more is better than one. You have tremendous freedom to choose the outlets you’d like to use in your marketing campaigns. Facebook, Twitter, and YouTube are all red-hot resources at the moment. Chances are, regardless of niche, your business will only benefit from engaging on at least a couple of those fronts. The best advice is to try them all, then hone in your focus on the one that brings the best results.
Lose no leads
Everyone who enters your sales funnel – that is, your website, social media pages, and mailing list – can prove to be valuable, even the ones who leave early. Data collected from every interaction lets your company know what worked, and what didn’t. Beyond that underlying value, the ability to identify unique clients and remain in contact (through follow up, or “retargeting”) is crucial to making the most out of every lead.
Keeping an up-to-date prospect list is a great way to maximize your marketing campaigns.
Non-converting leads will initially leave the sales funnel, but that may not be the end of the interaction. Sometimes, all that is needed is a little follow up. Following up with an automated, yet personalized, email or strategic ad can do wonders for customer growth and retention.
Sometimes, people aren’t ready to make a purchase the first time they discovery your business, but later, when they have more disposable income to burn, they might be inclined to buy. It’s up to you to make sure you drop in on their radar from time to time, just to see if they are still interested. If they aren’t, they’ll opt-out.
The Call to Action (CTA)
The absolute most important concept in sales is the offer – the call to action. You really can’t have a sale unless you first have a CTA. The best advice is to make sure your offers aren’t overly advertorial. The most successful marketing campaign has the seemingly uncanny ability to bring the consumer to action because they want to take the action. It comes down to equal parts skill and logic, but you can’t succeed without a CTA.
Marketing campaigns are essential to everyone these days. Like all things in business, the more thought you put into your media and content, the better your results will be. The above seven practical rules are things you can’t afford to miss in your marketing efforts. They must all be present. Perhaps now is a good time to look at your marketing plans and realistically ask: can I do better in one of these areas? If you can answer “yes” to any of these, then you can only benefit by addressing those issues, right away.
in this we just tell the effective promotion campaign mtehod .
There are many print options for marketing and the final decision depends on the market you’re targeting: if it’s business-to-business, the trade press should be your destination; if it's business-to-consumer and you want to reach a local audience, nothing beats the local paper and free sheets. Magazine advertising also depends on your market – if you’re selling a niche product, a specialist magazine will be more effective than a general one. However, if you're aiming for the mass market, a general interest magazine should be your first port of call.
Many believe paid-for magazines and newspapers are more effective channels than free ones, as the consumer has shown commitment by purchasing the publication. At the end of the day, it comes down to which you trust: the free paper that lands on the doormat, or a publication that is established and paid for. Unfortunately, there are no hard and fast rules – the only real way to test the theory is to test the market.
As with all advertising, you should start small and see if the ad sales pitch matches the reality. If there's a good take-up following the ad, you can move things up a notch but if it doesn't work, put it on the back burner. You may be able to negotiate a discount by biding your time and waiting for the sales team to come back to you. Additionally, a failed first attempt can also be a good way of getting a discount second time around.
Print advertising costs are based on the number of colours in the advert, its size, and the number and profile of the readers of the publication. You get discounts for advanced bookings and for booking a number of adverts at one time, with the costs varying from tens of pounds to thousands.
Online marketing is similar to print, particularly when it comes to advertising on websites. If you're looking for local customers, local sites are best. Likewise, if you want to target the B2B market, go directly to niche trade sites.
With websites, advertising costs depend on the advert size, the number of blocks of 1,000 impressions the advert takes up (aka CPM), and where on the site the ad is placed. You will be quoted in pounds per CPM and for a large, busy site you will need to buy big: prices can vary enormously. The actual advert design depends on your ingenuity and the size of your wallet. Static banner advertising still works, but you can use tools like Flash to create interactive advertising, or incorporate video into your ads.
If budgets are tight, affiliate marketing is a cost-effective, online advertising opportunity, as you only pay for your advertising if it's successful. An affiliate advert can be a banner or a logo – or even a link through to a page on your site – which is then used by publishers who sign up to the affiliate scheme. If an end-user clicks on the advert or the link and buys something from your site, you pay a percentage of the sale to the publisher, normally a month or so after the sale.
Search is another cost effective way to advertise, as you only pay when someone clicks through, and the effects are instant. It's like a customer tap: switch it on and you get clicks instantly (as long as your advertising is compelling enough), or switch off the adverts and your customers disappear.
With search you are restricted to text and basic graphics for your advertising but unlike online, you don't pay for an advert view – you only pay when a user clicks on the advert, which is known as cost per click (CPC).
The costs for search vary from tens of pence to tens of pounds: the amount you pay is decided by your marketing budget and the search engine bidding system. This looks at millions of adverts and places the most appropriate – and highest potential earning – adverts in millionths of seconds. Your payment depends on the search terms (aka keywords and key phrases) that you want your advert to appear next to. For example, if you sell deckchairs, relevant search terms could include ‘seaside’, ‘garden loungers’ or ‘garden furniture’. When someone performs a Google search for ‘garden furniture’, if your advert is appropriate and your bid is high enough, your advert will appear. However, you will only be charged if the user actually clicks on the advert.
Television advertising is no longer the expensive deal it once was. The sheer number of channels on cable, fibre, and Freesat and Freeserve, means each channel has to work harder for every viewer and they can no longer charge a premium just for existing. However, while advertising costs have come down, entry costs are still much higher than in other medium. Producing a television advert is still expensive, which is why many advertisers look to animated ads to provide a solution – there are no actors, no casting and no expensive film crews to pay.
Exact costs for advertising depend on the numbers of viewers watching the programme, and the time of day. Peak viewing times are in the evenings so this is when adverts are most expensive.
Radio advertising is particularly popular for businesses looking for a local audience. Unlike television you can't fast forward through the adverts, and if you have an arresting slogan or tune in your advert, listeners – and potential consumers – will have it running around their heads all day.
Costs for radio advertising are generally low: a script, an optional jingle and a voiceover performer are all you need. Exact costs will depend on the listenership, the time of day, and the programmes the adverts feature in.
Peak times are different to those on television: the morning and afternoon commuter shows are the most expensive times, and any time between nine and five in the working week is liable to be more expensive than the evening.