There are two major causes of business failure that result in closure or bankruptcy. The first is a company’s inability to sell its products or services, and the second is a company’s inability to get paid on time, which leads to it running out of money.
1. A company’s inability to sell its products or services: Nothing happens in a company until a sale takes place and the sales person brings in the money that everybody can live off. (more…)
No one has control over the state of the economy. Today, due to the pandemic and its resultant impacts, the aggregate consumer demand is low. We are indeed in tough economic times.
However, this is not the time to focus less on marketing, but rather the opposite. In reality, reducing your marketing efforts in tough economic times is the last thing you should do. Instead, it is recommended that you change your approach by expanding your channels of marketing so as to increase reach without spending more. (more…)
At some point in the sales and marketing process of most organizations, they will use the phone to reach the right person, close a sale, follow-up with a customer or to handle a customer inquiry. Thus the phone is necessary and integral to most organizations’ success.
This is primarily because there is nothing entirely as personal and as fast as a phone call, which is why potential customers still prefer to call, despite having other options such as social media or chats.
Also, many people have phones. There are almost as many phone subscriptions as there are people on the planet. In Nigeria alone, the total active telephone subscriptions were 182.70 million at the end of November, 2019. This ubiquity of phones means that many prospects are accessible through calls. (more…)
In a challenging economy, consumers become value oriented, set stricter priorities, and reduce their spending. Although it’s wise to contain costs, this is not the time for your organization to stop spending on marketing. Rather it’s the time to put customer needs under the microscope to understand how they have changed, and nimbly adjust your strategies, tactics, and product offerings to the new reality.
Organizations may forget that, in prosperous times, rising sales are not caused by clever advertising and appealing products and services alone. Purchases depend on consumers’ having disposable income, feeling confident about their future, and trusting in business and the economy. In a challenging economy, these things have changed for the consumer. (more…)