** Shanun Jamali **
As we all know, marketing is one of the core elements of any business activity. It is directly connected to sales and brand awareness. To reach out to target customers, one has to go through various marketing activities. So, no one can deny its significant contribution. But if someone does not properly execute their marketing strategy, then it can lead to disaster for them. Here, I am talking about 3 (three) essential marketing principles that can help a self-employed person make their business stand out from others.
1) Most Appealing Location: The first and foremost element of any business activity is figuring out the best location from which to serve customers’ needs. It would not be a wise decision to choose a location randomly. Instead, one should focus on what kind of business they are willing to operate, and based on that, which location would be the most preferable for their target audience. There are two types of locations: one is residential and the other is commercial.
When someone selects a location for their business, they have to determine which location would be the most suitable for their audience. For example: if someone is willing to start a cafe, restaurant, stationery shop, or any kind of tech repair service, then it would be more suitable to choose a commercial area because of the foot traffic and its surrounding environment, such as offices, banks, institutions, and business hubs. On the other hand, if someone is willing to start a gym service, dry cleaning center, grocery store, or salon, then it would be better to choose a residential location because of its appeal.
Maximum of you will struggle to find the most appealing location to set up a business. Let me share what I would do if I were in your shoes. Suppose I want to open a toy shop. First, I would look for a specialized hospital or clinic that caters only to children. Then I would rent a space for my shop inside or in front of that hospital. This would allow me to display toys in front of children who come to the hospital for treatment. It would create an eye-catching scenario for the children, who would naturally be drawn to the toys.
At that point, the parents of the sick child would be in a psychological condition where they would care less about the cost and focus more on whatever might help their child recover from sickness, disease, or illness – anything that could bring back their child’s smile. As we know, parents from the Indian subcontinent are extremely protective of their children and willing to provide anything that would give their children moments of pleasure, especially during difficult times. In such cases, parents rarely deny purchasing toys that might lift their children’s spirits. (You may also consider renting a toy shop space in front of the hospital/clinic).
2) Trick with Mind: To sustain in the business world for the long term, one has to think about the long-term vision of their business. For that reason, one has to consider how they can differentiate themselves from their competitors.
Suppose, there is a male Dentist called Mr. X and he is operating his chamber as a sole-proprietorship. He is providing the same services that are also provided by his competitors. Now, what can Mr. X do to set himself apart from the competition? He can offer ‘free basic dental services and consultation’ by distributing eye-catching pamphlets through newspaper agents to potential customers. People love the word ‘free,’ and if a service is offered without any consultation fee, people would embrace it without hesitation. Here, there can be 2 (two) types of advantages. First, those who have actual dental problems would seek his service. Second, if any major surgical procedures are needed for treatment, it would generate revenue for the doctor.
In addition, Mr. X can implement a price anchoring method for patients who need surgical procedures. Suppose a particular service costs 1700 BDT. Rather than directly stating the actual price, he can quote a higher price initially and then offer a special discount, telling his patients, ‘Since you are my local patient, I would like to offer you a 25% discount as a gesture of respect.’ After a 25% discount, the final price would still be 1700 BDT. In this way, Mr. X can benefit in multiple ways: increased customer acceptance, satisfaction, and positive word-of-mouth.
In your business, try to figure out what will make your customers happy and how to create a sense of value that makes your product or service irresistible to them.
3) Digital Marketing: We all have heard that knowledge is power, but if we look at today’s world, we can see that information is power. That does not mean knowledge is less vital; of course, we need knowledge, and this knowledge should come from correct information. Today, we live in a society that is called a global village, and if anyone wants to know about anything, we often use search engines to get proper information. Yes, I am talking about the virtual identity of your business activity.
If you have a website, Facebook page, Instagram, or Twitter profile (now X) about your business activities, it would help your future customers to know about you more thoroughly and vividly. So, leveraging virtual tools will always be an advantage, and many free tools can help you build your website, pages, and profiles without any cost or paid versions. Therefore, utilize these resources properly at the maximum level of potential.
Written By: Shanun Jamali, ID: 19204015; Undergraduate Student (final year) at BRAC Business School, BRAC UNIVERSITY. Email: shanunjamali99@gmail.com, LinkedIn:linkedin.com/in/shanun-jamali-0441131ab
