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Marketing

7 Ways to Market a New Business

Many tools are needed to achieve success with a new business. One of the most important tools is marketing–it is the key to building long term customer relationships. Without marketing, there is a slim chance for a new business to prosper and gain a competitive edge. Here are some cost effective ways to market a new business.

Make Sure Your Customers Feel Special

Gaining customer loyalty is very important to every business, which means that your customers have to feel special. Any business can take a few steps to provide good customer service. The customers will understand the willingness of the business to ensure a good experience, and it will keep them coming back.

Have a Target Customer Base

When trying to market your business, it is very important that you are selling to the profitable customers. A lot of time and money goes into marketing and there is no reason to waste it by targeting the wrong customers. Find your target market and invest in it rather than reaching out to everyone. Target marketing gives you higher profits and ensures customer loyalty.

Market with E-Newsletters

It is important for a business to market itself so that potential customers will know what it has to offer. A good and cheap way to do this is with e-newsletters. Customers rely on reminders to keep them wanting certain products, and this makes e-newsletters a perfect tool. As long as the newsletters have value to the customer, they will hold customer interest and increase sales.

Try Adding Pleasure and Charity to Business

Marketing a new business is usually going to take countless hours of effort, so sometimes it is helpful to add a bit of pleasure. Most people in the general population look up to businesses that do more than just make a product every day. Customers like businesses that go the extra mile and think of pleasurable activities such as a sports in order to create relationships. If a new business can add some sort of charity to raise money for a selected organization, all the better.

Consider Making the Business a Destination

There are many cases where potential customers have no idea that a new business has opened let alone what it has to offer. It may be wise to create some type of destination at a newly opened business so that customers have a reason to visit. If a business is not known by the public very well, things are much more difficult in the beginning. Offer something that will draw in a huge customer base such as food or refreshments aside from the primary product at a new business.

Become an Expert Online

The internet is growing so fast, and what some people do not know is that it is one of the best ways to market a new business. Many online resources can help with new business, especially web pages and help sites. Creating a webpage is a good way to show off a business as well as give customers options. E-commerce is becoming more and more popular and it is important that a new business uses the internet to market; otherwise it would be hard to compete.

Keep the Loyal Customers

Holding on to a customer who is angry or disappointed costs much less than attempting to get a new one. Just because a customer is agitated does not mean that they will never return. Loyal customers are most important because they are the ones who guarantee sales. Make every customer feel like they are an asset and are appreciated. If a customer feels like they have a relationship with a company or somebody in it, they will most likely always come back. The loyal customers in this case would be the ones doing the marketing for the business.

Guest post from Bailey Harris. Bailey writes for www.businessinsurance.org.

Entrepreneurship

Where to Get Start-Up Funds for a Home Business

In today’s economy, people are always looking for ways to supplement their income. Starting a home-based business is one way to do that. In fact, if you play your cards right you may even be able to turn it into a full time job and ditch the commute. Of course, starting a business requires cash, which can be hard to come by. Following are a few suggestions on where you can get start-up funds for a home business.

Plan Ahead

The first step in starting a home business is to have a plan. Before attempting to raise funds for a business, know what the money will be used for. Set a goal and determine how you’re going to get there, then you’ll know how much you’re going to need to start the business and keep it running until the business can pay for itself.

Your Own Money

Although most people won’t have the money for a start-up simply sitting in their savings account, using your own money is probably the best method of funding a home business. Dipping into a 401k or a Certificate of Deposit may impact your future, but not having to borrow the money may offset the loss of interest you would accrue by leaving the money in savings. Another possibility is to sell some of your assets, such as an extra vehicle or unused property. You’ll have to weigh the pros and cons and make the decision. If financing the business yourself is not an option, taking out a loan will be necessary.

Borrowing from the Bank

If you don’t have the money to do it yourself, the most logical place to start is the bank you already deal with. If you have borrowed money from them previously and can demonstrate you have a chance of making the business show a profit, they’ll probably be willing to lend you the money. Of course, interest will have to be paid, and you’ll most likely have to provide collateral, such as taking out a mortgage or second mortgage to finance the business. If you don’t have a good credit record, the bank will be hesitant on taking a chance on you, which makes it difficult for first time borrowers or those with prior financial setbacks, such as a bankruptcy.

Family Help

For most people, starting a home business taking out a loan of any sort is not their first choice. But in most cases it’s the only practical way of getting the business off the ground. Approaching a family member for a loan is a traditional method of getting a business started. The terms of a loan from a family member will undoubtedly be much more agreeable than with a bank or credit union. If you are fortunate enough to have a relative that has a lot of money they may be willing to lend you the start-up funds with a pay-me-when-you-can plan, which will ease the pressure of having to make ‘regular’ payments.

Government Grants

Receiving a government grant for a home-based business can be extremely difficult. They are available, but most government grants are geared toward not-for-profit organizations that provide a public service. If you believe your start-up will make you eligible for a grant, be extra careful in seeking them out because many times the offer you come across will be a scam. Sticking with a government website, such as www.business.gov for researching a grant is your best bet to ensure you’re dealing with the right source of government grant money. On a local level there may be programs available aimed at improving the community by providing funding for small businesses. These may be small business investment organizations or local government programs.

Credit Cards

If you’ve exhausted all other possibilities, it may be time to think about using a credit card to finance your endeavor. Consider taking this route only if you’re absolutely sure or as sure as you can possibly be that your home business actually has the potential of becoming a viable business enterprise. Credit card rates can be exorbitant and interest can build quickly.

Guest post from Bailey Harris. Bailey writes for www.insurancequotes.org, a site that provides quotes for car insurance.

Marketing

List Of Successful Indian Entrepreneurs Blogs

This post has a list of top Indian entrepreneurs blogs. These entrepreneurs have been blogging for a long time and their blogs are archives of a great deal of knowledge. They are successful entrepreneurs with a passion towards start-ups and businesses.

Related Post: Top Indian Internet Entrepreneurs

Om Malik: Om Malik runs a blog linking the world’s leading technology innovators to a global audience of prospective customers, business partners, and investors. His blog was launched in 2006 and currently has an Alexa Traffic Rank of 3,458.

Rashmi Sinha: Rashmi Sinha is a designer and entrepreneur. She is confounder & CEO for SlideShare. She writes about writes about social software and entrepreneurship at her blog.

Munjal Shah: Munjal is a serial entrepreneur who focuses on building companies from scratch. He is currently the Co-founder and CEO of Riya Inc (makers of Like.com).

Shripriya Mahesh: She has an MBA from Harvard Business School and a BA in Economics from Stella Maris College, Madras University, India. Shripriya Mahesh has held the post of Vice President of Product Marketing and Platform at eBay (a $400 million business). Currently she is a filmmaker and startup advisor based in New York City.

Dharmesh Shah: He runs a blog for  entrepreneurs who are interested in startups. Dharmesh is a software entrepreneur and currently the co-founder and CEO of HubSpot. He founded Pyramid Digital Solutions which was sold for millions of dollars.

Anand Rajaraman: He is a co-founder of Kosmix, an internet startup focused on organizing the wisdom of the web. Anand has also held the position of Director of Technology at Amazon.com, where he was responsible for technology strategy.

Rakesh Agrawal: This blog will coach you on starting a business and entrepreneurship. He is one of the founders of SnapStream Media, makers of the Beyond TV PC DVR software and SnapStream Enterprise.

Sramana Mitra: She has been an entrepreneur and a strategy consultant in Silicon Valley. Sramana founded three companies: Dais (off-shore software services), Intarka (sales lead generation and qualification Software; VC) and Uuma (online personalized store for selling clothes).

Alok Kejriwal: Alok Kejriwal is a serial internet entrepreneur who is the founder of 2win Group. His first venture Contests2win.com was a contest promotion website in 1998 and the second venture Mobile2win was acquired by Walt Disney in China and Norwest Ventures in India. Alok’s blog is a great community for all aspiring entrepreneurs.

I am sure these entrepreneur blogs will be a source of great insights, analysis and inspiration for you. The names above are industry leaders. There will be more names added to this list of successful Indian entrepreneurs blogs. Leave your thoughts on this post below.