According to Alan Safahi, an entrepreneur, business expert, marketing professional, and founder of a startup company in San Francisco, understanding and implementing a marketing mix strategy is critical for entrepreneurs to achieve their goals and promote their brands, products, or services. It has four Ps:
Today’s article will discuss the 4Ps of the marketing mix and give you a few practical ways to streamline your strategy based on Alan Safahi’s experience and insights. Read on! 4Ps of Marketing Mix When you perfect your marketing mix via the four Ps model, you can achieve your goals, improve your business reputation, increase sales, and generate more revenues. Here is what you need to know! Product According to Safahi, a solid marketing mix strategy starts with a product or service that meets consumers’ needs. Therefore, it is crucial to assess your product and its features before launching it on the market. For example, when you develop a new product, you need to understand how it can positively change consumers’ lives and whether it aligns with their demands, preferences, and lifestyle. Remember, the product is an integral component of a sophisticated marketing mix strategy. So, understanding your product inside and out is critical to optimizing your marketing strategy and achieving your goals. Price Alan Safahi Orinda says pricing is essential for entrepreneurs and small businesses. For instance, if you set higher prices, you will lose customers. On the other hand, you won’t generate higher revenues when you set low prices. Therefore, you need to focus on the product pricing strategy and set its prices according to the market conditions. Otherwise, you won’t achieve a competitive advantage. Consider pricing as a marathon and not a sprint. When you frequently set or change prices, it will create a sense of distrust among consumers. So, find the correct/suitable price for your product or service and make changes according to the market or competitor’s strategy to stay afloat. Place The third P of the marketing mix model is the place. It refers to the geographical location or eCommerce market to sell your product or service. It also involves the methods for sourcing the materials and delivery of the product. Therefore, Safahi recommends evaluating the domain/area and knowing your target audience. Create a buyer’s persona and decide the sort of business or platform to attract more customers. Promotion Promotion is the last P of the marketing mix model that involves improving public relations, using rewards/promotional products, developing discount strategies, and leveraging different online/offline channels to market your product or service. According to Alan Safahi, digital marketing has dominated the business world. Social media sites like Facebook, Twitter, and Instagram, allow entrepreneurs and businesses to use targeted ads to reach their audience or potential customers. However, a marketing mix strategy also requires using traditional advertising methods, such as signage, billboards, print ads, and broadcast ads. Thus, you can reach your target audience online and offline and encourage them to know more about your brand, product, or service. Originally Posted: https://medium.com/@AlanSafahi/everything-you-need-to-know-about-marketing-mix-for-entrepreneurs-b10299d7faad
0 Comments
Pricing and cost issues are the most significant reasons for small business failure. According to Alan Safahi Orinda, an experienced entrepreneur, a business losing focus and running out of cash will experience a bad fate. However, Safahi says small business owners can prevent these issues by creating a realistic budget. Read on!
Analyze Costs Research your business’s operating costs before drafting a budget. Safahi recommends knowing your operational costs inside and out because it gives you the baseline knowledge to create an adequate budget or spending plan. Focus on your budget’s fixed, variable, one-time, and unexpected factors. Examples of a fixed budget include mortgages, rent, salaries, accounting services, insurance, and the internet. Variable costs are the cost of goods sold and labor commissions. Estimate Your Revenue Many startups and small businesses have failed because they overestimate revenues. Safahi argues that companies that borrow more cash can meet their operational needs, but at the same time, they fail to create a solid budget. Therefore, analyzing previously documented revenues is essential to keep things realistic and objective. Alan Safahi recommends tracking your small business revenues periodically bi-monthly, monthly, bi-annually, and annually. When you analyze the previous revenues, they give you a reference point for the following year. So, focus on the empirical data and use financial tools to examine thoroughly. The purpose is to make informed decisions and set realistic goals for your business growth. Evaluate Your Gross Profit Margin The gross profit margin refers to the money or cash you have after your company has dealt with expenses at the end of the year. The purpose of evaluating gross profit margin is to generate insights and achieve a stable financial status for your small business. For example, if your company has generated $10,000,000 in revenues but still has debt problems, you have more expenses than the revenue generated. According to Safahi Orinda, this can negatively impact your business. Therefore, identify the expenses that deteriorate your business operations and determine ways to eliminate them. Listing out the cost of goods sold for materials and deducting them from your overall sales revenues is the best way to mitigate this issue. Focus On Cash Flow Vendor and customer payments are two integral components of your business cash flow. According to Alan Safahi, owner of a successful startup company in San Francisco, you must balance these components to optimize the cash flow in your business. The best way to do this is to ensure timely customer payments and have flexible terms to receive payments via common channels. Develop a solid strategy and deal with customers who fail to comply with the defined terms. So this will help you create and maintain a reliable budget, mitigate risks, and increase your revenues. You can hire a financial expert or advisor if you don’t understand how to streamline the process. Originally Posted: https://alansafahicontracosta.wordpress.com/2022/07/25/how-create-a-realistic-budget-for-small-business/ Miscommunication is one of the most significant factors that cause a stressful situation within your organization. It disrupts collaboration between your teams, decreases productivity, and impacts your business’s overall bottom line. According to Alan Safahi, founder of a profitable startup business in San Francisco, avoiding miscommunication and focusing on clear communication strategies is essential for employee management. Although your communication style will vary from time to time because it depends on the situation, Safahi recommends the following guidelines to avoid miscommunication in your organization. Read on! Set Expectations: Miscommunication is primarily due to the expectations of your employees or managers. Alan Safahi recommends proper communication of expectations and repeating the process periodically to prevent distractions and confusion on multiple topics or situations within your organization. Try to remain on a single topic at a time to make informed decisions. Use Declarative Speech: Declarative speech is essential to clear communication, allowing you to craft a compelling message to your target audience and employees. However, this does not mean dumbing down your message. Safahi recommends using your common prose, allowing people to understand your message. Respect Debate: Squashing an honest and decent debate closes off communication channels quickly, creates confusion, and leads to conflicts within your organization. As an entrepreneur, it is essential to have respectful debates with your managers and employees to clarify positions and allow them to understand the objective of the discussion. According to Alan Safahi Orinda, a successful entrepreneur, embracing workplace diversity is crucial because it improves the talent pool, allows for new ideas, skills, and perspectives, increases productivity, and boosts your company’s overall bottom line. Make Decisions: Making informed decisions will solidify communications and reduce the risk of miscommunication. Decisions convert communications into something tangible, leading to appropriate actions. On the other hand, indecisions leave things hanging and cause confusion among your employees because they don’t know what to do next. An informed decision enables you and your organization to thrive and survive for a prolonged period. In contrast, poor decision-making can lead to bankruptcy. Admit Your Mistakes: Admitting mistakes is critical to constructive dialog; allowing people to voice concerns and ensure proper communication is vital. When you accept and take responsibility for your errors, you show human vulnerabilities and transparency. Safahi says this cultivates a sense of trust, improves your credibility, earns respect, and makes you a good leader. When a leader realizes they have committed a mistake, employees will notice your behavior and try to follow him as an example. Active Listening: Most entrepreneurs do not listen enough, causing conflicts within the organization. Listening is a soft skill to practice every day. Active listening allows entrepreneurs to get at the heart of situations quickly, avoid miscommunication, and improve collaboration to resolve problems. When you listen to your employees’ concerns, they become more engaged with the company’s rules and regulations, increasing their productivity levels and playing a critical role in making the company successful. Originally Posted: https://alansafahicontracosta.com/2022/07/20/how-to-avoid-miscommunication-in-company/ Targeted marketing is an innovative approach to improve your brand awareness, promote your products or services among a specific group of audience, and boost your revenues. It saves you money and time while helping you achieve your company’s goals.
According to Alan Safahi, targeted audiences are an integral part of the total market and include specific professionals, consumers, households, or businesses, depending on your business requirements. Today’s article will discuss improving your targeted marketing campaign. Read on! Determine The Total Available Market Defining your target market requires thorough research and extensive knowledge of the overall/total market. Alan Safahi Orinda, founder of a profitable business in San Francisco, says this broad view is an excellent way to check whether your target audience’s assumptions are correct. In addition, analyzing the overall market help, you understand the existing trends and modify your products/services accordingly. For example, if you look at the supplements market, you will see that organic supplements are growing more than products made of synthetic or biochemical materials. Segment Into PiecesOnce you have defined your total available market, it is time to segment it according to your needs. Bear in mind that segmentation requires you to analyze your end customer, identify their characteristics, and generate valuable insights. Alan Safahi recommends:
Geographic and Demographic Characteristics Regions, cities, urban areas, metro areas, climate density, etc., are geographic characteristics that define your targeted market—for example, the northwestern U.S supplement market or the San Francisco eco-tourism sector. Age, gender, education, income, religion, ethnicity, etc., are demographic characteristics that help you define your target audience and streamline your marketing efforts—for example, weight loss supplements for female low-income employees in San Francisco. Psychographic and Behavioral Psychographics refers to the personality and lifestyles of your target audience. It shows you how your customers live their lives. For example, older adults with cognitive disorders move to Oklahoma to live in affordable nursing homes. Behavioral characteristics refer to buyers’ usage, status, benefits, attitudes, and readiness. According to Alan Safahi, combining these elements with psychographic characteristics is an excellent way to boost your targeted marketing campaigns. Refine the Product DefinitionWhen you segment, identify the opportunities for your product or service refinement. Improving your product based on your target audience’s needs and wants will help you achieve a better product-market fit, increase sales, and improve your company’s overall revenues. Safahi says targeted marketing has a solid association with product definition. Therefore, iterate your strategy until everything goes smoothly and according to the plan. Position in the Target Market Once you have achieved a well-defined product and segment, it is time to position it in the market. Create a solid approach to market your product effectively. Alan Safahi recommends reviewing why your customers will use your product, identifying the segments and focusing on the buyers’ persona, determining the market’s maturity, and using automation tools with predictive models to achieve your goals. Originally Posted: https://alansafahicontracosta.com/2022/07/18/what-is-targeted-marketing-for-entrepreneurs/ A common question in many entrepreneurs’ minds is how to improve the overall return on investment (ROI). Although many things have changed in the past few decades to transform the business world, the factors that determine, affect, and streamline a company’s ROI have remained the same. Today’s article will discuss these factors.
Market Share According to Alan Safahi Orinda CA, a successful startup owner in San Francisco, market share is one of the most significant determinants of your business ROI. When your company achieves a higher market share, it has a higher profit margin. At the same time, it has higher-priced products with reduced marketing costs. Companies with a market share above 35% earn thrice than businesses with less than a 5% to 7% share on the market. Economies of scale, management quality, and market power contribute to market share. Product or Service Quality Product or service quality is the second-most critical determinant of a business’s ROI. For example, when you have higher customer satisfaction rates, you will have repeated business, increased sales, and higher ROIs. According to Alan Safahi, entrepreneurs must ensure superior product quality and high market share. Even if the quality is reasonable and the market share is high, you will have increased ROIs. On the other hand, companies that produce high-quality products with low market positions have lower ROIs. Research and Development (R&D) Research and development spending is a critical factor that affects your company’s ROI. A high market share is directly proportional to high research and development spending, increasing overall company sales and generating revenues. According to Alan Safahi Orinda, profitable businesses invest more of their revenues and earnings in research. The positive relationship between R&D and ROI reflects this kind of reverse causation – i.e., higher ROIs encourage entrepreneurs to invest in research and development. Remember, investing in R&D increases the overall return on investments. Marketing Expenditure In contrast to product or service quality, market share, and research and development expenditure, which are correlated with ROI, marketing expenditure negatively affects returns on investments. When you have a high level of marketing expenditure, it eliminates ROIs for your business. Therefore, you need to increase your revenues with product quality and market share. Once you achieve your goals and have a surplus amount, you can spend it on your marketing strategy. Alan Safahi says it does not pay to promote a low-quality product. Likewise, sellers of premium-quality products may inflict severe penalties on weaker competitors by improving the level of marketing costs. Therefore, instead of focusing on marketing your low-quality product, it is crucial to spend less money on marketing to promote your premium-quality product. For example, you are less likely to increase sales when you spend $1,000 on social media to promote an average-quality product. On the other hand, when you spend $500 on social media marketing to promote a quality product, you are more likely to generate leads and increase sales. Originally Posted: https://alansafahiorindaca.wordpress.com/2022/07/17/factors-affecting-return-on-investments/ Soft skills have become crucial for entrepreneurs in today’s competitive business world. These types of skills improve your intuition, attitude, and communication abilities, improving your personality as a leader of the organization and positively impacting your business.
According to Alan Safahi Orinda, soft skills are essential for entrepreneurs to share ideas and connect with partners, stakeholders, and customers. Consider developing soft skills as a marathon, not a sprint. Here are the top five soft skills to develop as an entrepreneur. Read on! 1. Leadership Leadership skills are vital for entrepreneurs. It motivates you and the people working in your organization. However, Safahi says that leadership requires the ability to understand people in your organization. When you know your employees and where they best fit, you can put them in positions where they belong. As a result, you can build a better corporate culture in your company and increase productivity. 2. TeamworkTeamwork is another soft skill to develop for achieving success. According to Alan Safahi, you must understand how to collaborate and work with others, leading to effective corporate teams. Safahi Orinda recommends listing to others, utilizing your business’s human capital, and inspiring employees to work collaboratively. The purpose is to increase productivity and improve your company’s overall bottom line. Build diverse and inclusive teams, create a trust factor within the team, clearly define roles for every team member, encourage clear communication, manage team meetings, and give yourself autonomy in decision-making. 3. CommunicationCommunication involves various factors, such as listening, writing, speaking, and presenting. Developing communication skills is vital for your personality development and business growth. When you effectively communicate with your partners, stakeholders, employees, and customers, you can share your message efficiently and quickly, allowing others to understand your schedule, plan, or strategy. When others understand you, they will catch your vision and work toward your business productivity. 4. Problem Solving Problem identification and solving are integral for entrepreneurs to mitigate risks and improve their business strategy. Problem-solving requires creative and analytical skills, allowing you to better analyze the situation and look at the problem from different angles. Alan Safahi recommends finding different out-of-the-box solutions to your business issues using cutting-edge tools, evidence-based information, and collaboration with top managers and employees in your organization. The purpose is to overcome challenges and obstacles and improve your company’s overall bottom line. 5. Time ManagementLast but not least, time management is one of the critical soft skills for entrepreneurs. You must understand how to manage your time, create realistic objectives/goals, and complete your projects on time. According to Alan Safahi, prioritize urgent tasks that benefit your business and determine which projects to do later. Knowing how to manage your time is directly proportional to improving the disciplinary side of your personality. Time management leads to less stress, more freedom, better work-life balance, improved focus, higher productivity levels, and less procrastination. You can perform thorough research to learn time management tactics or hire a professional coach to improve this skill. Originally Posted: https://alansafahicontracosta.com/2022/07/14/soft-skills-to-develop-as-an-entrepreneur/ According to Alan Safahi, an entrepreneur who runs a profitable company in San Francisco, starting your own business gives you the freedom to financial stability and create enough wealth to live a happy life.
If you want to become your own boss, you need to find the industries on the rise. Today’s article will list the five growth industries for entrepreneurs to invest in and achieve their goals. Read on! 1. Green Startups Environmentally friendly or green investments can provide substantial profits because the world makes significant efforts to mitigate the harmful effects of climate change. According to the Oxford University research study, sustainable businesses can lower operating costs and generate higher profits with improved share prices. Therefore, green startups are an excellent opportunity for entrepreneurs to focus on and start their own businesses. In addition, companies that focus on eco-friendliness have caught the venture capitalists’ attention, meaning you can make a lot of money in this industry. As an owner of an eco-conscious company, you can leverage generous tax incentives and generate more income. 2. Drones Drones have become popular in recent years, and the industry is booming. According to Brand Essence Market Research, the drone industry will see a growth of 12.3% every year, and by 2027, it will reach a whopping $41 billion. So, whether you invest in drone stocks, start a drone manufacturing company, or develop software solutions for unmanned aircraft, you can generate a lot of money. Drones have applications in agriculture, real estate, construction, telecommunication, defense, photography, insurance, tourism, and many other industries. 3. Virtual Reality Virtual reality and augmented reality have seen massive and rapid growth worldwide. According to Alan Safahi Orinda, the VR industry will dominate the various sectors, reaching a staggering $766 billion by 2025. The growth rate of virtual reality will reach 73.7% by 2025. In addition to gaming, virtual reality has dominated the entertainment, education, architecture, automotive, healthcare, digital marketing, occupational safety, and eCommerce industries. Entrepreneurs have endless opportunities to start a business in the virtual reality industry. 4. Biotechnology Although biotechnology is a relatively new sector, it has massive potential for streamlining the biological and medical industries. For instance, biotechnology and bioinformatics are the critical drivers behind gene therapy, personalized medicine, genetically modified crops, bioremediation, energy production, diagnostics, therapeutics, and waste treatment. Recent studies show that the current CAGR rate of biotechnology is 15.83%. The industry will reach a whopping $2,438 billion by 2028. So, entrepreneurs have plenty of opportunities to start a biotech business. However, Safahi says that entrepreneurs seeking to achieve their goals in this industry must have a vision and understanding of the opportunities and challenges. 5. Cloud Computing Businesses spend millions of dollars safeguarding their data, creating backups, and securing their networks via cloud computing. So, Safahi says establishing a cloud computing company and providing SaaS services has a lot of earning potential. Research shows that the worldwide cloud computing market experienced a growth of 445 billion in 2021, and this will reach $947 billion by 2025 with a CAGR rate of 16.3%. So, it is a golden opportunity for entrepreneurs to develop cloud computing platforms or apps and market their business to generate higher profits. Originally Posted: https://safahi.com/5-growth-industries-for-entrepreneurs-4e6d10e1fe5b All types of businesses, including small companies, face their unique challenges. Keeping up with the rapid pace of advanced technologies is one of the most significant challenges for small businesses.
According to Alan Safahi Orinda, an experienced and skilled entrepreneur in San Francisco, businesses who learn to maintain technological tools and align their operations with trends stay competitive in the market. Here are four technology tips for small businesses. Read on Invest in Network Security Network security has become critical for small businesses because hackers and cybercriminals are more active and can gain access to your confidential data, including customer and financial information. Once hackers get into the system, they can steal your customers’ data and business financial information. Therefore, Alan Safahi recommends investing in network security tools to protect your data, including software and firewall solutions. Follow a proactive approach and look for trustable cybersecurity resources. 2. Upgrade Your Equipment and Tools Most small businesses find it challenging to uncover an issue, fix it, and move forward. However, technology can help you automate the process and save time and resources. According to Alan Safahi, threats evolve, and new ones arise daily. Therefore, it is crucial to upgrade your hardware equipment and software tools. If you have obsolete tools, you will experience complications. For instance, what you incorporated a year ago can lead to higher risks, putting your company in jeopardy. So, Safahi recommends continually assessing the latest technology and evaluating it to implement the best equipment and tools. The purpose is to select and incorporate technologies that align with your business operations. 3. Develop a Data Backup Plan Data is the heart and lifeblood of your small business, meaning you have to make substantial efforts to protect it at all times. Backing up your data can save your business from breaches and cyberattacks. In addition, backup systems apply to the internet that ensures customers’ connectivity, orders, credit card processing, bank accounts, etc. When you have an obsolete system, you can lose valuable data. Therefore, consider cloud backup plans to safeguard your business from potential threats. 4. Establish a Training Program for Your Employees Developing a training program for your employees is the best way to make the most out of the technology tools. Alan Safahi considers this an essential investment. Although technology is expensive, training your employees will increase productivity, increase sales, safeguard the company’s values, and generate higher returns on investments. So, if you want to make your company more competitive, enhance communication and collaboration between employees, increase security, bring efficiency, achieve compliance, and support your business operations, implement training programs for employees every month, three months, or at least twice a year. Safahi suggests training your employees for efficient use of:
Originally Posted: https://alansafahicontracosta.wordpress.com/2022/06/23/technology-tips-for-small-business/ |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
September 2022
Categories |