So, in my last blog I touched on my interest in marketing and advertising, as well as, this new world of e-marketing that I have just learned about. I went as far to say that e-marketing is probably the smartest, most effective and efficient way to market anything. Now-a-days marketing on television is not as effective since most of us either mute the commercials, or own DVR’s that can zip right past them. Let me ask, how many of you actually watch commercials? According to a website called, Wisdom Talks they posted some statistics on Internet marketing vs. Convential marketing (meaning like t.v., newspaper) There is a significant gap of $40,000 in costs when it comes to the difference in prices with marketing on the internet and television, but what is most important is the leads that the internet has over television. Wisdom Talks shows the lead on e-marketing is up 700-800, compared to television which is at 500-600. It all comes down to being able to have on demand approach to marketing, according to Wisdom Talks, People like to look on the net for what they want, when they want.
So my next question is, how do you know what people want? And what is it that makes you loyal to some of your favorite websites? As a business student my goal is to eventually open up my own business, so a feasibility study is where I need to start. Consider this my bases of a feasabitly study. So any input is greatly accepted. Of course I would like to market my business online in hopes to pull in consumers to my products, In other words the push vs. pull effect of pushing my market out there in hopes of pulling in viewers. Since I will be taking my first step as to market online I should be able to gather input that far exceeds what I could get with a regular paper survey. I need to know is there a market for the service I am trying to provide, with whom should my target market be? And lastly is there a potential growth that could benefit from this small service?
All of this lies under strategic planning. I am trying to strategize ways to achieve this goal. Now a couple classes ago I was confused as to build a business then build the business plan, or build the business plan then the business. With the help of my professor, people have been able to do it both ways. However, a business plan is somewhat like a blueprint of where you need to be and where you need to go to make your business a success. Not to mention a well built business plan is going to get you capital if you need it to build a business. I am unsure of who said this but think about this quote if you ever want to invest, “Invest in people, not the idea!” Next is communicating! Which, I am trying to do right now, I am trying to gather some information so I know where to start on building my website -for my business the faster I can get this service to become e-marketed, the faster I can build a company.
I think the main hurdle for starting any business is just that, starting. Therefore, to create effective marketing strategies e-marketers need to understand what motivates people to buy certain goods. Developing a good marketing plan along with your business plan allows for these two plans to work hand in hand in making a successful business. Certain steps need to be taken to create either plan, I will enclose the list:
· Analysis of your Strengths, weaknesses, opportunities, and threats. (SWOT)
· Strategic planning (Which I have been covering) you need to know who you are marketing too?
· Objectives- What tasks do you wish to accomplish?
· E-Marketing Strategies- Coming up with promotional and pricing strategies.
· Budget- What to expect when you put your money out there and your return on investments. (ROI)
· Evaluation plan- Evaluate where you want to be, and how to get there.
· Lastly, setting up a Chart to measure if you are on the right track.
All of these steps will ensure a great marketing plan, and ensure a great start to your business. I know it’s all easier said than done, but when you have great organizations skills, great marketing on ideas, and the drive anything can be accomplished.
Well my ideas are still trying to get put together; I do want to open up a business that will provide a service. I know my target market will be women of all ages! Once I can get my thoughts in order and follow my business plans I will be able to start my marketing. I am still conducting my feasibility study, so as I continue to learn more and gain more information I will start unveiling this business. Stay tuned for my next blog!