Tweet

Gaining Market Leverage

Written by: Mark Anthony

Article Overview: Whether you have an established business or are developing a home based business in your spare time the ability to market and sell your product or service is the key to profitability and growth.

Gaining Market Leverage

Whether you have an established business or are developing a home based business in your spare time the ability to market and sell your product or service is the key to profitability and growth. On a recent show I had Mark Anthony the president of Training For Success, Inc., which is a marketing consulting company as my guest. Since all businesses need sales to grow and many callers expressed an interest on the subject of sales and marketing I asked Mark to share some product marketing secrets.

One of the oldest myths is that good products will sell themselves. There are many ways to move your product and get it to the consumer, unfortunately most business people and entrepreneurs use only one or two, even if they are aware of other alternatives.

To move out of that comfort zone, business owners should ask themselves if they are selling their product as aggressively as possible? They should review if they can find creative and fresh approaches to moving their product in addition to what they are currently doing. Each marketing vehicle is like a putting a top notch sales person to work for you.

There are many ways to sell your product beyond opening a store front or building a direct sales force. In an effort to help you out of your marketing comfort zone and realize new heights of profitability we will discuss nine of the more than 25 ways we use to help clients build a marketing and sales mix.

Every method will not be appropriate for every product or service but if you keep an open mind and be creative you will find ways to multiply your sales efforts exponentially.

1) Catalog sales: offer your product to a mail order house that will share in the proceeds from your product. Because it is so risky to make money on one product thru mail order you are much better off getting a mail order house to act as your distributor.

2) Department stores: when you get your product in a department store it enhances the credibility of your product and exposes it to high store traffic. If your product would be appropriate for a department store you must find out the name of the buyer for the specific department your product would be sold in. Then you must find out the specific days and times they will see sales people and make your presentation at that specific time.

3) Supermarkets: the major trend in supermarkets is to offer the convenience of one stop shopping. In many supermarkets you can now buy everything from the family dinner to socks to motor oil. Seek out the buyer for the particular chain or store you have your eye on and benefit from Americas new shopping habits.

4) Wholesaler and Jobber: if you have a product that can be sold on consignment this may be an avenue for you. In the yellow pages, trade publications or thru trade associations locate wholesales, jobber and distributors that would be appropriate for your product line. These distributors own the racks in high traffic stores such as supermarkets. The store takes the product on consignment and pays for those items that are sold or stolen. The jobber usually also wants your product on consignment but can get you into numerous high volume stores.

5) Independent sales reps: from your list of jobbers ask for recommendations on specific representatives that would be able to handle your line. Most people want to be helpful and enjoy giving referrals if they feel it will profit an associate of theirs. By developing sales reps in major markets that are working on a commission only basis you have an incredibly cost effective sales tool that can penetrate your markets.

6) The government as a sales outlet: The Army, Navy, Air Force and Marines have thousands of PX's throughout the world that must stock a wide variety of products. Get in touch with each branch of the service to inquire about having them carry your product. A second option is the general service administration which buys for all government agencies. There is an office in most major cities and you can contact them about being entered on their bid lists.

7) Trade shows: are appropriate for both products and services. They give you the opportunity to meet decision makers in your industry. At the show you have the opportunity to meet people who want to learn about your product as they visit your display and when traffic is slower you can network with other players in your industry. Often business success is about contacts and who you know, trade shows can often put you in the right place at the right time.

8) Seminars: a properly promoted seminar can attract quality prospects that need your product, need your service and are making an aggressive effort to learn about it. You have a captive audience that is giving you the opportunity to show your credibility, expertise and how you can benefit them.

9) Ad specialties: a pen, ashtray or calendar with a company name affixed to it is an ad specialty. Even cars, VCRs and trips when tied to a promotion or company logo are ad specialties. Jobbers that specialize in this field can help you move thousands of units while simultaneously building awareness of your product.

At this point you should be getting the feel for the abundance of marketing and sales opportunities that present themselves each day, many of which require little more expense than your time and effort to make good things happen. Keep your eyes and mind open, take action and higher sales will come.

To make the task of approaching a more diversified marketing strategy more manageable an entrepreneur can explore a new avenue each month or every other month. Remember one or two new sales vehicles is all it may take to move your enterprises to the next level.

Written by Ed Slot

Related Articles
  Home Business Expert: Leverage Your Time
  Leverage The Key That Unlocks The Door to Growing Your Business
  How To Apply Leverage In Your Business!
  The Power of Leverage
  How to maximise your sales account opportunities

Article Tags: business owners, catalog sales, comfort zone, consulting company, credibility, department store, department stores, home based business, mail order, mark anthony, marketing consulting, notch sales, product marketing, profitability, sales and marketing, sales efforts, sales person, spare time, success inc, top notch



Related Forum Posts
Re: How should i promote a new website? - ignore this message IF it's already been stated. I haven't had a chance to read all the replies and i have to jet from the office... I suggest marketing where ever your Target Market congregates. If it's a forum of concerned parents - go there. Strike up a deal with the forum owner (JV) and have him promote it to the list of members (Integration Marketing). If you want to go with Forums then i would partner with a parent who is a frequent poster/moderator on a particular Target Market Forum and have him/her add your link to their signature. That was just a thought but it's not as intense once you get buy in from the Forum owner or high ranked poster/moderator. Hope that sparks some new ideas.
Re: Ideas For Business - Hello Lucy, you may consider this list for Ideas for Business: (Top 23 list) Rank Company 1 Google 2 Genentech 3 Wegmans Food Markets 4 Container Store 5 Whole Foods Market 6 Network Appliance 7 S.C. Johnson & Son 8 Boston Consulting Grp. 9 Methodist Hospital Sys. 10 W.L. Gore & Associates 11 Cisco Systems 12 David Weekley Homes 13 Nugget Market 14 Qualcomm 15 American Century Invest. 16 Starbucks Coffee 17 Quicken Loans 18 Station Casinos 19 Alston & Bird 20 QuikTrip 21 Griffin Hospital 22 Valero Energy 23 Vision Service Plan
Re: Do Women Play the Stock Market? - I also play Stock Market.....
.. - We are the UK Market Leaders.....the first to venture into this on a huge scale. What makes this a success is the simplicity of the product and the price, very affordable to the mass market.
Points which are considered in a bank? - I have tried to value banks several times and found it very hard to proceed with it. I know a bit. But it seems to be too less to proceed. Can we take this up?? Here is what I know 1. Price to book is a more imp. 2. Net interest income and non-interest income need to thought of. 3. Loan loss provisioning. 4. Coverage ratio. 5. Cost of funds. 6. ROA, ROE 7. NPA 8. Deposits and advances. 9. Capital adequacy ratio 10. Tier 1, Tier 2 capital consideration. 11. Leverage, loan book value 12. LIBOR, SLR, CRR There are many more. And even in the ones above, it’s pretty hard to value a bank.


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Work at Home Moms and Their Bad Rap?

SEO and the Entrepreneur

Quick Tips on Buying a Business

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.