You all will agree with me that for a business to experience success, yielding much more income that the marketing sector or unit of such business or company must be as rigid as ever. That is to say, if such unit functions properly, there’s a greater tendency of such a business to experience success, since marketing is the heart of all business.
Reaching Out to People
I wish to let you know that no matter how little your profits may be on a business, the more people you make contacts with or get involved in consuming whatever product or goods produced, the higher your profits and the chances of making a fortune from such businesses.
How it Works (an illustration)
To further clear you of this point, let me take you off the box. Considering the banking industry in Nigeria as a reference, fidelity bank to be precise. Virtually all customers banking with fidelity got or possess a debit card mostly referred to as an automated teller machine card (ATM card).
At the end of every month, a sum of #56 is deducted from an individual customers account for card maintenance, not minding whether it was used or not during that period. This arises to a total deduction of #672 per customer for a duration of one year.
So this statistics shows that if fidelity bank got about one million customers, in a year they could boast of earning a profit of #672 million for card maintenance only. Same applies to the #3 deducted for bank alerts and so on. That is simply a practical business strategy/ idea which the bank use in making money work for them and not the other way round.
The Secret: Making everyone a marketer for your product.
This article exposes a business marketing strategy that is far above that of the bank’s strategy in making a profit. The biggest opportunity/strategy in making an unlimited profit in business is simply by converting every human into a marketer for your product. I will give you an illustration.
Take, for instance, I own a company that produces noodles and wish to make the pillars of marketing in my company as firm as ever. What do I do?
I simply put up an advert that shows the general public that everyone is entitled to be a marketer for me, not minding your skills, educational background etc, provided you could communicate to others, you are indeed qualified to claim a slot of being a marketer with benefits.
Furthering my illustration, if the cost of producing a carton of noodles is $600 and I sell for #1000. Imagine I give out a public offer to all my marketers to claim a profit of #250 for every carton sold. It then means that am left with a profit of #150 for each carton sold.
At first look, it seems like though I have succeeded in making my marketers earn more profit than myself. While on a second look, I have only succeeded in extending my marketing links. So if probably I have got a million marketers, with each making his or her own individual profit, if they all sold a carton of noodles a day-they all are entitled individual to a gain of #250, leaving me with a profit of #150 million.
This is just a little trick of utilizing more marketers to reaching more people- it’s called the division of labor in its most practical form.
Challenges in business marketing
Utilizing the method of marketing, one is required to rightfully draft out his/her marketers’ channels. You have got to understand and master the use of various skills like;
- How marketers are to be registered
- Placing cuts
- Unionism of marketers
- Advantages over disadvantages
- Minimizing risks etc
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