Happy to Help

     Many businesses forget about one of the most important marketing tools, word of mouth. The question that arises from this statement is, "how?". How do you make a product or deliver a service that people will want to scream about from their rooftops? A great way to achieve this attitude is by simply being helpful. Think about the companies you love. What sticks out about them? If you are like me, the companies that stand above the rest are the ones who seem to care about your needs. Remember to always help your customers. This will help you to succeed as a business. 

Social Media Marketing

About a year ago, I started an Instagram account for my dog. This helped me learn about growing a following on social media. Social media has become important in marketing, but it is easy to make mistakes, because it is a relatively new tool. The main thing I learned was to post consistently. If people follow your account that means they WANT to see more posts. It is crucial not to let them down. I have found it's best to post one picture everyday. Make sure, however, not to over post. This can annoy your followers and scare potential followers away. The other thing I learned was to post quality pictures. I use my Canon Rebel to take the pictures I post. People are more likely to follow an account which posts quality pictures or information. There are many other tips for using social media. Social media is a great low cost way for businesses to get their name out there.  

The Tale of Two Coffee Shops

This summer in a nearby town a coffee shop opened. Everyone was excited because it was something the town had wanted for a long time. Then it happened. A second coffee shop opened up just a few stores down from the other. There was not enough need for two coffee shops in such a small town. Not only did the second coffee shop hurt the sales of the other, they also hurt themselves because they did not take the time to find out if the need for a coffee shop had already been met. If they had investigated they would have found a larger town nearby did not have a coffee shop.  Market research is essential.

Integrity is Your Best Policy

Zig Ziglar once said, "You can have everything in life you want, if you will just help other people get what they want." This saying still holds true today. Don't try to cheat people out of their money by tricking them into buying your product with false advertising or gimmicks. It may gain you a few dollars in the beginning, but as time goes on you will lose much more. People are more willing to spend money at a business they trust, but if your company has cheated them, good luck getting their business back. Being honest in business doesn't cost a lot of money, and people will remember your company when you them fairly. Honesty is a great marketing tool, it has helped to build many trusted companies.

 Try New Things

  The easiest way to sell more of your products is to increase sales to your current customers. For example, my family started selling beef several years ago. Our customers began asking for other meats, we began raising lamb, pork, and eggs. We didn't have to spend any more money on advertising and we increased our sells tremendously. So the bottom line is, develop a brand people trust then try adding new products.

Direct Marketing

Direct marketing is not a norm in some parts of the business world, but it is something to consider when you start a company. Direct marketing means you sell directly to consumers, skipping the middleman. This adds risk to your business, but it has a lot of benefits. If you direct market you can price the product for less than your competitors. That means you can make more money and your customer can get a better price. You are able form a relationship with your customer. Not only will your customer appreciate the one on one care, you will also receive invaluable information from your customer if you keep your ears open. Relationships are hard and often impossible to form when you sell through stores.

What Do You WANT?

Watching people can be an excellent way to discover a new business opportunity. People can tell you what they think they want, but sometimes that's not actually what they need. It's up to you, the entrepreneur, to find viable businesses that meet consumers' needs. Go watch people and see if you can find a recurring problem they have or even think of a problem that you have been faced with yourself. When Ben Franklin was eleven he invented, "flippers." He was swimming in the creek with friends. He wanted to be able to swim faster, but he was trying as hard as he could. He put two wooden boards with holes in the center on his hands. These allowed him to swim faster without exerting so much energy. He found a problem and he solved it. Once people are made aware of the problem, selling the solution will be easy. Today, millions of flippers are sold every summer.

Who Will Your Customers Be?

Before you start a business, you need to know who you will be selling to. A lot of people think businesses want to market to everyone, but this is simply not true. Whole Foods is a grocery store that focuses on organic products, but this quality comes at a much higher price. WalMart on the other hand offers an inexpensive option, but lower quality products. Obviously, the people who shop at Whole Foods and those who shop at WalMart have the same basic need, food; however, one desires quality while the other wants a less expensive option. Will your business offer high quality products? Will it cater to people who can't spend a lot of money? These are just a few questions you need to ask before you begin marketing so you can do so effectively.

Try Before You Buy

Every year, my town hosts a festival called Depot Days. Businesses rent booths to advertise and sell their wares. Some businesses handout pamphlets and cards while others give away random paraphernalia. One of the most popular booths was the local gym's. They were giving away free seven day passes and a chance to win a three month family membership. These passes cost very little to give away, but they had a big impact. This business not only had a wonderful opportunity to show consumers around their gym, they also gained customer approval. Who doesn't like free stuff? Giving away products is a great way to interest potential customers.  

Test the Waters

Test the Waters

   Tom decided to open a rental business. His store offered the finest table linens, chairs, and various items necessary for large parties. After two months, Tom had lost several thousand dollars. He racked his brain trying to figure out what he had done wrong. He asked several people who lived in his town, why they didn't take advantage of his quality products and reasonable prices. Everyone said the same thing, "We live in a farming community. We don't have time to have many parties because we are always working."

   Tom had an idea. He decided to take a risk and invest more money into his business. He bought expensive time-saving equipment that most farmers couldn't afford to purchase. A month later, he not only recovered the money he had lost in the first two months, he made a profit.

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    To run a successful business, you must research the market before you invest time and money. Searching existing data, setting up focus groups, and observing your would-be-competition are excellent ways to discover if your business will be successful. If you do not research your business before you embark on an entrepreneurial journey, you are risking countless hours and dollars. 

                                                           
 I Want What You Have

     In Gone With the Wind, Scarlett O'Hara tries relentlessly to win Ashley Wilkes' heart. Scarlett could have had any man she wanted, but she only desired the man who she could never have. Have you ever thought about how the "Scarlett O'Hara" mentality follows us into the marketplace? For example, LL Bean's famous Bean Boots. They are crafted in Maine by hand. Every winter, these boots are on back order for months. If LL Bean desired they could make enough of these boots to shoe every person in America and their dog; however, they use the limited supply to make consumers feel like they are buying something special. When companies do this they are able to sell their products for a higher price with less effort.

Going with the Flow

Keeping up with trends is critical in the real estate market. You must know what your consumers want.

 For example:

You just bought a house to resell in an area, in which thirty years ago only wealthier people lived in. When you arrive at the house you see all the houses in the area are in disrepair and the neighbors have police cars circling their house. Obviously, the upper class people (who you want to sell your home to) stopped buying houses here. Why? Well if you had done research you would have seen that nearby a lake was developed ten years ago and now everyone wants to live by the lake. 

GIVE THE PEOPLE WHAT THEY WANT

EVEN WHEN THEY DON'T KNOW 

WHAT THEY WANT

Before we bought this house, the neighbors wanted to tear it down. They were sure it would never look decent again.

Six months later, we had completely redone this home and sold it to a newly-wed couple. We took something nobody wanted and turned into something people loved. 

 Week one-

Whew!! It's been a crazy week, but we've gotten a lot done. In just a few more weeks we will list a home we bought as a foreclosure. When we purchased this house it needed three major things a new central unit, flooring, and a completely new bathroom. The longer a house takes to fix up, the more money you have to put into it and the longer it takes to get a return. If something happens and you can't fix it up completely, it can be difficult for someone to get a loan to buy it. That means you will probably have to sell it to another investor. When you have less people you can sell it to it makes it harder to get top dollar. Thankfully, this house is almost finished and it will be on the market soon. Stay tuned for before and after pictures.   

Hello Everyone!!
      My family owns a real estate business. They have always made sure I was involved with the family business. My dream is to own a real estate company. This blog will address the lessons I learn while helping my family run their business.