Marketing Confusion

As a marketing student I learnt a lot at school. Things like new product development among others were direct. At least I knew that if I had a new idea; that is how I could scrutinize and see if it was viable for business. While in school I hit on so many ideas but didn’t have time to use the ideas. Despite all my marketing and project plans everything failed. While doing my business I would get caught in the jaw with a business knockout and fall flat because of finances. Growth strategies like the Ansof matrix and the BCG models made me confused as to when to use them.  l always asked myself this question ‘what is the head and tail of all these marketing stuff?’.

Then I moved on to do my professional with CIM UK and I understood it better. They sought of put everything together for me. My courage increased and my finances increased. However, I discover that my business success were limited. I couldn’t go beyond certain level. Starting up a new business isn’t easy because not everything is taught in school. For instance, while in school nobody taught me that when I start my own business my problem with finances would not be as a result of lack of sales (because I always made sales) but ploughing the money back into the business. Paying fees for courses, taking care of myself among others stopped me from putting my revenue back int
o the business.

Small business lesson; a small business in its fresh stage is like a new baby, it is not grown yet to take care of its parents; all it does is feed and feed and feed, so don’t depend on it for your upkeep, always put the revenue back, that is the secret of growth. If you don’t do this, regardless of your marketing and project plans you would receive an entrepreneurial stomach kick.

I also remembered when I did marketing management and we were taught forming, norming, storming and so on. I didn’t take team work seriously until after much advertisement for my remedial school, I couldn’t take in students anymore nor do extra marketing; my hands were full. Doing everything by myself had become a habit unknowingly and I learnt a  costly lesson once again.

Small business lesson; if you want to expand your business, don’t do it alone. Include more people and make them take different portions of the business and you would be surprised how your business would grow. If you refuse to do this, not even the Ansof growth matrix would make your business grow.  

Different Marketing Specialization

When I graduated from school and had more time to do business, I didn’t know what to call myself. ‘Should I call myself a brand manager or what’, I thought. I discover there were so many titles. So I picked the brand manager title for myself. But I discover that this wasn’t good for my small business because putting a title on me sort of put a siege on my mind. I did more than just managing my brand. I was the accountant, the teacher, the graphic designer, the marketer and so on and so forth. It even dawned on me that graduating from school didn’t mean I had graduated from learning because, I got to know I was ignorant of a lot of things.

Small business lesson; as a small business owner, understand that you would have to play several roles. You might not have enough cash to employ many people. Your business might only be a question mark at that time and people may not have faith in it. So keep learning many things from books and the internet. As your business grows, you would have the opportunity to relinquish your duties one by one.

Different Business Strategies

I grew up in business from the spare parts lane where I was a jack of all trades. I knew how to repair computers, do graphic designing, teach (software and SHS and JHS courses) supply spare parts, and serve as a secretary. When I did marketing at the Polytechnic, I saw things differently. For instance, I learnt there were network marketing companies like the Amway and forever living to mention but a few. There were also customer service companies like the Nordstrom and discount businesses like the Wal-Mart.  Though I did my thesis in customer care I didn’t know which method to choose, I did a little bit of this and that. Things weren’t going on well for me at all.

Small business lesson; pick a marketing strategy that you believe in and give it all you’ve got. Learn everything about it and you would be amazed at your success. You can’t just can’t pick one method at the expense of other methods. For instance, you can’t decide to practice network marketing and have bad customer service, your business would fall before it rises. Instead, have a standard level which has all the business ingredients and then lift one as your flag.

Social and content marketing

I have been studious all my life and I kept searching for better ways of doing business. Then I bumped into social media marketing and I said wow! People were making money out of it while we were using the traditional ways of marketing. I became good at what I did with the old ways but this one was new. These social media buffs said we should put all our eggs in one basket and we would make it big.  I was skeptical in the beginning, but when I looked again I saw they were really making money.  Having been seared with the hot iron of years of business experience, I plunged into it too. The journey has not ended. It is good and it has lots of returns. Yet, I have decided not to put all my eggs in one basket.

Small business; Content or social media marketing is perhaps the new age. However, it takes lots of practice to actually make it big like how the others are doing. The thing is, it is their system of marketing, they understand it and it works for them. If you copy blindly you may get nothing out of it; it would have been better if you had used your own method. These social media gurus started years ago and to drop everything for it is dangerous, grow into it. As your revenue grows and your business matures you would know when it is ripe for you to totally give it your all. Even so, my dear friends don’t give it your all.