Showing posts with label strategies. Show all posts
Showing posts with label strategies. Show all posts

How to build buzz for your brand

Posted by oink2 Saturday, December 24, 2011 2 comments
To ensure your product’s success, you need to let the public know what it’s all about. Here’s how to do it.

For a business to succeed, it’s important to have a great product, but equally important is how to make the product known to its target market.

Product launches can help complement a great product by generating public awareness and buzz for it.
According to Majivel Marbibi, media relations director of EON, a public relations company, there are several steps to do a special product launch.

She says: “Once you have conceived and researched an idea for a new product, you need to plan the product launch. To do this, you need to work with funding, marketing, public relations, development and several other channels to get the thing off the ground.”

The first step for the launch, according to Marbibi, is for the entrepreneur to define the company’s sales objectives clearly in its marketing plan. “They need to be realistic about the numbers; they would need to use market research to back up their claims, because the more research they do in the planning stage, the better they can understand the market and demand. They should develop their plan to include the timing of the rollout as well as the actual markets they plan to release the product into,” she says.

The second step is to make sure the product is as good as it can be before planning to launch it. “Decide when the product needs to be available and work with the development team to make sure the product is ready and available for the launch,” Marbibi says. “This would entail using the research data acquired from the market study. Using this, one must map out the distribution networks and other logistical needs. Finally, additional modifications to the product must be made to ensure that one ends up with the best possible product.”

Next, the entrepreneur must ensure there is proper communication and work coordination with all channels in the company to make sure the marketing plan includes all objectives and deadlines.

According to Marbibi, “One must keep in mind the needs of engineers, artists, business, marketing, PR and advertising executives. Print and email new product literature with specifications of the product and the differences between the new and current products out in the market. During this time, one may consider getting the services of a public relations agency to help organize the launch.”

After this, the entrepreneur must finalize the product’s promotional schedule, with advertisements, press releases, free samples, direct mailings and any other tools. “Promotion should begin before the product launches to gain interest—just make sure the product is as great as promised and alert the media of any changes in the launch date,” Marbibi says. “Once the [PR] agency gets their product briefings, they will now conceptualize the theme and gimmick for the event.”

The entrepreneur must monitor the progress of the launch campaign and change its overall plan whenever necessary. However, Marbibi says that for cost reasons, one must try to stick to the plan as much as possible. The PR agency must also start designing press campaigns, make promo materials and event concepts, and coordinate with event suppliers. The agency should also help the entrepreneur prepare to deal with the media via coaching or formulating the communication strategy.

Then the entrepreneur has to ensure that everyone in the company is aware of what they need to do to help launch the product, by communicating with the senior management and staff as necessary. “Plan staff training sessions with any extra information on the uses and specifications of the new product to familiarize them with it and deal with any inquiries,” Marbibi advises. “This process of internal communication trains your customer service team as well as any managerial staff needs to know how to answer consumer questions.”

Finally, the company must schedule meetings and speak with all the involved parties in the launch, like the PR, venue, logistics, and retail outlets to finalize all the details and deal with any concerns.

“The business must pay particular attention to the transportation, retail stores and individual product carriers about the specifications of moving the product from the warehouse, to the 
shelves, to the consumers,” Marbibi says. 

source: entrepreneur.com.ph

Smalltalk can be a key in negotiations

Posted by oink2 Wednesday, November 30, 2011 0 comments

In the Philippines, business matters are always best dealt with on a face-to-face basis in a warm and pleasant atmosphere.

While many Western business people think that time is gold and want to get to the point immediately, the Filipino likes to be indirect, talk about mutual friends and family, exchange pleasantries, and share a joke or two. Only after establishing a cordial atmosphere will people negotiate.

To a Filipino, cultivating a friend, establishing a valuable contact and developing personal rapport are what make business wheels turn. Coming to negotiations armed with a few but great conversation starters can help you get a better for the coming business deal. Only in the Philippines!

source: entrepreneur.com.ph

10 tips to thrive in a competitive market

Posted by oink2 Sunday, November 27, 2011 1 comments
With the world going through another financial crisis, the cartoon of a chicken screaming “The sky is falling!” is in vogue again. But businessmen don’t have to act like a panicked fowl in times like this.

Four entrepreneurs interviewed for this report— Brian Quebengco of the industrial design firm Inovent Inc., Dondon Atayde of the events company Wishcraft, Richard Cruz of the real-estate consulting company INSPIRE, and Jonathan Dee of Alliance Tuna International Inc.—all agree that instead of yielding to the stress caused by economic instability, SME owners and operators should see the situation as a challenge for their businesses to do even better under great pressure.

1. Know your strengths

Quebengco: “A strength is an activity or talent that makes you feel good while you are doing it, and leaves you energized after,” he explains. “A weakness, on the other hand, leaves you stressed out and tired. Instead of trying to DIY [do it yourself], you need to get partners who are strong where you are weak. You need to build a strong team.”

Cruz: “Instead of spreading the resources of the company thinly, go back to your strengths as a company and focus your resources there,” he explains.

2. Share the load

Quebengco: “Know something about accounting, but if numbers leave you drained, hire an accountant,” he suggests.

Dee: “When my company (it was then called the First Dominion Group) collapsed during the 1997 Asian financial crisis, I found great relief from stress by being with a supportive group of friends and by spending downtime with his family,” he said.

3. Respect the boss

Atayde: “Even if my partners and I have an equal interest in the company and we sometimes clash in the boardroom, we always respect the chain of command. At the end of the day, we are five partners, but there is only one boss.”

4. Stay debt-free

Atayde: “We resisted being greedy and splitting the profits right away when we started,” he says. “We grew the business slowly, a process that allowed us to learn the business better.” The result, he says, is a debt-free company with a very sizable capital base.

5. Protect your capital

Cruz: “Capital is essential in starting a business and protecting that capital is vital especially with the practice of many clients today of paying three to six months after service is rendered to them.”

6. Spend wisely

Atayde on how they grew Wishcraft: “The capital we had put back into our business helped us expand from being simply an events company into a holding company, with businesses in manpower promo activations, staging, rigging and displays, and logistics and vehicle rentals. We are able to keep our costs down because when you own related businesses, you can share resources. In any case, we are cautious about sharing the dividends even until now and would rather invest our capital in new businesses.”

7. Go beyond cost-cutting and strengthen the brand

Atayde: “The old adage, ‘Cut costs to maximize profits,’ still holds true,” he says, “Every year, therefore, we always make it a point to examine where we can cut costs.”

Cruz :“Instead of simply cutting down on advertising, it may be good to study your brand and find a way to make your clients or your customers feel that you care about their situation. In this manner, you can market or advertise your product more effectively to your customers.”

8. Don’t dwell on negatives 

Quebengco: “What holds you back or propels you forward is your belief,” he says.

Atayde : “Business is all about opportunity,” he says. “When you’re on the lookout for opportunities, they will present themselves. Dwelling on the negatives will blind you to the good things coming your way.”

9. Look within and make the hard decisions

Cruz: “An internal failure can be a character flaw like laziness or greed, a loss of drive or passion, depression, or simply doing too much too soon. The ability to honestly assess one’s self at all times can alert one to an internal failure before it becomes detrimental to the business.”

For his part, Dee shares his experience as a once floundering entrepreneur: His First Dominion Group had borrowed heavily in US dollars so it could expand and acquire other companies. This exposed the company to a foreign exchange loss of up to P1 billion when the currency exchange rate went up from P26 to P43 to the dollar, and then to over P50 to the dollar.

When interest rates then rose to 30 percent, Dee’s company—at the time considered the second largest exporter of canned tuna in Asia—got starved of badly needed working capital. He says there were no shortcuts to surviving the crisis, which lasted about six years. “We had to make hard decisions and swallow our pride,” he says. “From a work force of 6,000 in 1996, we shrank to 600 in 2002. From five operating factories, we retained only one.”

10. Pick yourself up

Dee: “If you know your business and are committed to it, you will no doubt find a way to bounce back,” says Dee. “You need to pick yourself up every time you hit the pavement.”

Indeed, in 2003, Dee re-established his tuna canning and export business as Alliance Tuna. Today, the company has a strong balance sheet, zero long-term debt, and is listed as the most profitable tuna packer in the country, with plans to expand operations not only in the Philippines buy also to Indonesia and New Zealand. 



source: entrepreneur.com.ph
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