5 B’s of Business Marketing by Vijay Wankhede

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5 B’s of Business Marketing by Vijay Wankhede

It takes real-world knowledge to run a business today. Regardless of the size of your business, there are FIVE B’s that drive it, and having a true working knowledge of them are key to its success.

 

B For BUSINESS

The first B is the business of the business. Running a business is no small chore, irrespective of it's size, nature or operations. The more efficiently you manage it – at the lowest cost per point – the more profit you will keep. Which is why they are referred to as “For Profit” corporations and why it’s so essential!

 

B For BUSINESS DEVELOPMENT

The third B is perhaps the most important and least liked activity by so many, Business Development. Without a strong business development program that initiates and closes new clients any business puts itself at risk. It is the creation of long-term value for an organization from customers, markets, and relationships.

 

B for BUDGETING

Do you want to know why many businesses fail? It’s because of missteps in their budgeting. They might spend too much, and this could result in struggles and bankruptcy in the long-term. Or they might spend too little in a bid to be frugal, and this can have consequences when they lack the purchased resources to grow their business. It’s a fine line, we know, but to succeed in business, you need to get a handle on your budget. And as an extra safeguarding measure, you should seek the assistance of an accountant, as he or she will guide you in your spending to ensure you don’t make any financial mistakes.

 

B for BRANDING

To succeed in business, you need to stand out from those other companies that could be classified as your nearest competitors. To do this, you need to come up with a brand strategy to ensure your business is recognizable in the consumer marketplace.

And when you have created your brand, you should do all you can to push it into the public consciousness. So, you might print your logo and slogan on your website, on flyers, across billboards, and on your car using decals, as just a few examples.

 

B for BENEFITS

You need to think about this in two ways.

What benefits are you offering to the customer? And what benefits are you offering to your employees?

Where your customers are concerned, the more you can do to entice them to your side, the better. Creating a product or service that benefits the customer is a no-brainer, but there is more you can do to benefit the people who use your business.

Where your customers are concerned, the more you can do to entice them to your side, the better. Creating a product or service that benefits the customer is a no-brainer, but there is more you can do to benefit the people who use your business.

When thinking about your employees, you should do what you can to keep them on your side too. By offering such benefits as a competitive wage, a decent quota of holiday days, and the occasional staff bonus, you will have a better chance of retaining the people you employ. And the happier they are, the more productive they will be, and that is obviously good news for you when you’re trying to grow your business