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Basics around international marketing

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Hi there! We will begin this interesting chapter keeping in mind that the references of consumers constantly change according to the needs of life and the needs that form the competition in the market. Therefore, being attentive to the updates of the target market is an advantage, since it works hand in hand with the consumer.

One aspect that can affect market research (specifically consumer analysis) is the way information is collected. Some basic techniques are used for this activity, such as: the survey, the interview, the observation technique, the market test, the focus group and the survey.

A large number of functions or stages are included, among which are: analysis of business opportunities, segmentation and selection of markets, analysis and forecast of demand, analysis of competition, design of marketing strategies, organization and implementation and control.

THE PRODUCT

Strategic marketing is the result of logic, method and effort. It aims to provide work tools to manage it. It does not eliminate uncertainties, but it helps reduce and coexist with them, positioning the company in a highly competitive situation.

Therefore, and based on a generic definition of marketing, we observe that at least a series of variables that occur in every market economy converge. The first is the product, which is all that material or intangible asset that placed on the market comes to meet the need of a particular customer. The material good is called the product and the intangible service, hence the main distinguishing feature is the tangibility of the good in question. The market is defined as the physical or virtual place where buyers and sellers meet to make a transaction. The concept of need. The so crowded question that whether or not marketing creates needs is not an obstacle for this to be an important basic marketing variable, being able to define it as the feeling of physical, physiological or psychological lack common to all the people who make up the market.

Another concept is that of perception, considered as a voluntary act after the need, we can define it as the way in which the person expresses the will to meet the mentioned need. Logically the social, cultural and environmental factors will be those that mark the stimuli of marketing for its achievement.

OFFER AND DEMAND

The last two concepts that determine a large part of the market strategy are: demand, which is the number of people interested in a particular product, service or brand. The activity carried out by the marketing department should be aimed at adapting the unlimited need that exists in the market to the best of the limited resources available to the consumer. And the second is the offer, which we can define as the set of goods or services that are oriented to satisfy the demand detected in the market; It is generally sufficiently covered by companies.

Meaning

Keep in mind that marketing is a way of organizing a set of actions and processes when creating a product «to communicate and deliver value to customers, and to manage relationships» and its purpose is to benefit the organization by satisfying customers. customers.

The importance of digital marketing

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As the name implies, digital marketing refers to the promotion of your products or services through digital channels, such as social networks, Internet, and others.

Nowadays most consumers do an online search before buying a product or service. On the other hand, statistics indicate that an average adult spends up to 5.9 hours a day on digital media. These are two compelling reasons for your business to have a strong online presence online; otherwise, it will remain invisible to most consumers.

Therefore, be sure to establish an online presence by actively posting articles on a blog that provide useful content for your readers, that help solve their problems or achieve their goals.

It is also recommended that you invest some of your time in the social networks used by your target market and offer them something that may be useful. It is a great way to meet your customers and interact with them.

To create a solid and lasting relationship with your customers, you can also send them a monthly or weekly newsletter to their email. Emails now occupy the place they used to have phone numbers, so you have to collect them.

Keep in mind that it takes some time to develop good digital media marketing, so be patient and persistent.

That is all?
Not yet! Small business marketing includes many components, different channels and strategies, as well as several tools. These are other elements and concepts that you should know:

• Brand identity implies how you want to present your business and how you want consumers to perceive it. Your logo, the color palette, your business cards, brochures, your website, the uniforms of your employees, the “look” of your company’s vehicles, etc. They are part of your brand identity. All these elements must share the same aspect and communicate the same message: after all they represent your business.

• An elevator speech is a summary of the basic information about your business that you can provide when someone asks you what you do. Create an interesting and brief speech (as the name implies, it should not last more than the journey of an elevator) and prepare to make a good first impression.

• Word of mouth is one of the most effective forms of marketing for small businesses, even in the era of digital marketing: people rely on the recommendations and opinions of those they know. It offers discounts or additional benefits in exchange for recommendations to promote word of mouth.

Last words
Being familiar with the basics and trends of marketing will help you understand the rules of this complex system and become a professional. Through effective marketing, you will reach more customers, retain your current customers and sell more.

Allocating capital for your marketing activities is a safe investment. If you need additional funds for this investment, Camino Financial offers convenient loans for small businesses with the best rates and terms available.

Create a budget for your marketing strategies and then apply for a business loan to grow your business. It takes some time and effort to get results: be patient and persistent, and success will come.

What is a marketing budget?

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Simply put, the marketing budget is an estimated amount of the cost that will be needed to promote your products or services.

However, most small business owners have no idea how much money they should invest in marketing and also have limited resources.

As a general rule, if you want to maintain your current position in the market, you must invest in marketing about 5 percent of your total income. In case you want to grow your business, you will need to spend a higher percentage, about 10 percent.

Consider small business marketing as an investment, not as an expense. In the same way that you invest in your health by paying, for example, a gym membership, you must invest in your business to prosper.

Fortunately, with a little creativity, even small businesses with a small budget can achieve significant marketing results. Here are some ideas to inspire you:

• Attend events where you can meet and interact with your target audience. It is a perfect opportunity to get new customers or establish new collaborations that can help you promote your products or services.

• Share your story in online or print magazines that your audience reads and thus get promoted for free.

• Organize workshops or events that are useful for your customers and where they can invite family and friends. This is a situation in which everyone can win.

However, if you want to take your business to a higher level, perhaps a small business loan is an excellent solution to increase your marketing budget.

Camino Financial offers commercial loans with flexible terms and reasonable rates that fit the objectives and needs of any small business. As your marketing budget is a priority, Camino Financial offers you a commercial loan calculator with which you can shuffle different figures and scenarios until you reach the monthly payment and the total cost of the loan with which you feel comfortable. In addition, the Camino Financial application process is quick and simple: it will take you only a few minutes to fill out your application and, once you have been preapproved, a loan specialist will contact you to guide you through the process. Within 4 to 10 days you can receive the funds you need to invest in any area of ​​your small business or carry out your marketing initiatives. Apply for a commercial loan with Camino Financial and thus secure the necessary funds to launch your marketing campaign and grow your business.

hat is a marketing plan?

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What is a marketing plan?
Another crucial element in a successful marketing strategy is a marketing plan. It is the route or “map” to follow that specifies your marketing activities and details the steps and actions necessary to achieve your marketing objectives. A marketing plan includes the following elements:

  1. Positioning of the company: by positioning your product or service, you create the image of your business (and products or services) based on your audience. In other words, you place or position your product among the segment of the population to which it belongs.
  2. Objectives and strategies: they are an indispensable part of every marketing plan. The objectives indicate a specific desired result in a certain time frame that will have a positive impact on your business, while the strategies imply concrete ways to make these objectives a reality. These two factors are detailed in a goal setting plan. A good goal setting plan will help you know how much to invest in your business; In this case, how much to invest in your marketing activities. For example, one goal could be to increase your earnings by 20%, while the strategy could be email marketing and social media promotion.
  3. Detailed strategies to price your products and services competitively: this point can make a business succeed or fail. Putting the right prices will help your business run on its own and get you to stand out above the competition.
  4. Market opportunities: refers to finding new or existing market opportunities that you can take advantage of in the short or long term. It is advisable to invest your resources only in the most promising opportunities.
  5. Definition of the target market: as we have seen before, identifying and defining your market will help you find customers interested in your product or service. Researching about your preferences and needs will allow you to grow your business.
  6. The marketing budget represents the financial means you will devote to marketing implementation. We will analyze in detail this component of your marketing plan below.

BASIC MARKETING CONCEPTS FOR SMALL COMPANIES

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Small business marketing can work wonders: it can help you increase your income, reach new customers, build strong relationships, and much more. It is not something reserved only for large companies. All companies, regardless of size and budget, should use this tool to grow and prosper.

However, most small business owners feel intimidated and overwhelmed by the amount of terms associated with marketing. They don’t know where to start and how to create effective marketing strategies. This article will help you understand the basic marketing concepts that all small business owners should know. Moreover, here you will learn how to launch your marketing strategies. If you’re just starting in the world of small business marketing, you’ve come to the right place.

What is marketing?
You already know that marketing is an essential tool for the growth and success of your business. But do you know what it is?
In simple terms, these are activities that you can quantify and that help you create and maintain customers. With a constant flow of new and loyal customers, you can guarantee the prosperity of your business. Basically, marketing gives you different tactics for your company to succeed, including:

  • Strategies to create more customers.
  • Strategies to persuade customers to buy more.

As you can see, the core of all good marketing is to consider your customers as the most important. Creating relationships with your customers, knowing who they are, and what their challenges and needs are, is the basis of effective marketing for small businesses. But how can you achieve those goals if you don’t know very well who your customers are?

These tips can help you:

● Know your customers online: understand who your customers are and what their shopping habits are. You can collect this information through emails or personal calls.
● Create a profile of your client: this profile details your gender, age, habits, tastes and challenges.
● Create a customer database: you can add any information about a customer that is relevant to your company in an Excel spreadsheet or in a customer relationship management system (or “Customer Relationship Management” in English, CRM by its acronym).
● Meet your customers not only online but also in person, so you can establish a solid relationship with them. In return, this will allow you to provide a first class service and establish the confidence necessary for the successful purchase process.

That said, keep in mind that marketing is not the same as advertising. Advertising is just one component of marketing, which is a broader concept. Advertising refers to paying for the space necessary to promote a product or service, while marketing, on the other hand, includes public relations, pricing, product distribution, sales strategy, customer service , participation in your community, market research, a marketing plan and a budget allocated to marketing. We will focus next on the last three crucial components.

What is market research?
Now that you know what marketing really is, let’s see what market research is about. This strategy will help you identify the specific segment of customers that may be interested in your product or service and that may benefit from it.

Adequate market research is not only reserved for large companies. It is a necessary step that will help you understand who is willing to pay for your products. That way, you will avoid costly marketing mistakes.

Your target market is a very specific and small segment of the population interested in your business, services or products. Not everyone or all consumers make up your target group. Directing your marketing activities to a very specific sector will benefit your business in many ways: it will save you time and money and get faster results.

For example, if you have a dog care business, your target market will be reduced to pet owners only. If you have a beauty salon, your target market will be broader, but as a small business owner, you can focus only on the female population of your area or neighborhood.

To identify your target market, think about who needs your product or service. Determine their gender, age, location, level of education, income, interests, main challenges and needs. Your website or the statistics of your social networks can provide you with valuable information. In addition, you can organize online surveys, telephone interviews or different contests to obtain information about your audience.