Why is psychology in marketing important?

Research highlights that psychology and marketing are connected. For the Entrepreneur, the advantage in knowing this is in the execution of their sales strategy. Not all small businesses have big marketing budgets, so marketing and planning the spending is crucial.

We aim to help small businesses generate sales and maximize profits in your corporation, the same way larger corporates do! The article looks at how entrepreneurs can use psychological principles to their advantage, such as understanding consumers’ needs and desires.

Things to consider:

Do you really know your target market? – It’s not a trick question!

What do you know about your target market? Sure, you have an idea about who you are selling to – but what else do you know about them?

In understanding everything there is to know about your target market, you are not only able to constantly place your product in front of your ideal consumer, but you are also able to convince them effectively that your product fills their need. So what should be considered?

Where are your customers buying? – Online, in-store, or through a partner are essential bits of information for your product placements. Are you advertising in these places?

What do they usually buy? – Are there possible partnership opportunities here? Do you have to consider competitors here or consider the threat of substitute products? Do you measure your market share?

Why do they usually buy what they do? – What needs are your customers filling through their purchases?

Whom do they communicate with? – Your customer’s family, friends, and social media connections will most likely hear about your product that fills their needs. So who are these people, and how can you capture that market too? What role can influencer’s play in your marketing plan?

How do they buy? -This focuses on the transaction and payment methods, i.e., EFT, reward programmes, or impulse buys? Should you be considering new ways of product messaging?

Where are they making decisions to buy? On the road, in the car, at a store? Online?

How often do they buy? How can you get them to keep coming back to purchase from you? Do you offer reward benefits? Are you focusing on your customer satisfaction index?

And you may also want to spend some time understanding why they buy your product and if you are considering the difference between the customer and consumer. There may also be a need to relook other areas and opportunities of your strategy if critical information arises from understanding your customer.

The translation into sales:

With all this information about your customer at your disposal, use it strategically to spend your marketing budget. If this article has been helpful, imagine what could happen to the rest of your business if you start your business with B.E.T – your digital business manager and advisor! Why not visit www.yvrbet.com to find how to maximize profits in your corporation?

Success can mean many things to different businesses, corporations, and Entrepreneurs. Still, all stem from the willingness to do what it takes to stay operational, remain sustainable, and maximize profits in your corporation.

In this article on how to be successful in business, ten keys to success are listed – based on business failure rates. The applicability of all ten in combination may vary; however, it will create an opportunity for consideration. Whether you are an established corporation or about to start your business with B.E.T, the list applies to you.

10 Keys to success:

1. Get a good idea for a business

Without a good idea, you won’t have anything to build on. Going for an idea that you feel passionate about will result in commitment because you will want to see your passion through. Owning and running a business is a challenge mentally, physically, and emotionally – when you are passionate about something, these challenges are not constantly draining. If there is nothing that you are passionate enough to turn into a business, you could also look at an underserved market, a pain point, or where there is room for growth.

2. Be a confident leader

All great entrepreneurs are confident leaders. Before you begin building your business, you must have confidence in yourself and your business idea because if you don’t, others will notice it and fail. This is especially true for your employees or partner in business. If you cannot convince them that you believe in your brand and your corporation, they will not believe in your vision or execution

3. Know your audience

One of the first things you need to do is know your audience. This is probably the most overlooked business principle: to have a clear idea of who your customers are, you can tailor your product or service to them. You need to gather as much information about them as possible: Where do they shop? How do they shop? Where do they make their decisions to buy? What are they currently paying for the same or similar products or services?

4. Be relentless

If you are passionate and believe in your business or corporation, you’ll have the grit and emotional courage to pursue it relentlessly. Often, business owners talk of the emotional challenges that come with successful businesses – it’s filled with rejection and a need for resilience. Being self-motivated and willing to go the extra mile for your business is essential.

5. Communicate with your employees

In any successful business, it is common to practice continuous engagement. When entrepreneurs listen to their employee’s ideas about how their roles and performance adjustments can be implemented in the business, a culture of employee motivation and commitment is entrenched. By ensuring that your employees are informed about what is expected of them, how their roles and performance contribute to overall business performance, and most importantly, facilitating two-way communication, your business will see better results.

6. Listen to Complaints

Complaints are a form of feedback, and if you let them go unanswered, you’re missing out on valuable information about your company. Growth and cost-saving opportunities lie in talking to customers about their satisfaction levels. Remember – not every complaint needs to cause a shift in business operations.

7. To Become a Successful Entrepreneur, You Must Take Risks

Achieving success is not an easy feat, but it is possible. If you don’t do anything different, how can you expect to achieve something out-of-the-ordinary? Risks need to be well thought through and based on rational decisions

8. PR is a must

Do not underestimate the importance of PR. Nothing is more potent than an excellent reputation and word of mouth when generating new business. Find creative ways that don’t cost a fortune to get you and your business the limelight you deserve.

9. Develop a support base and build your network

Having a person that you can rely on to be a supportive ear is essential! Find someone who can relate to your challenges and experiences and even offer advice. A trusting, different perspective is always better than listening to your thoughts.

10. Make time to think

Making time to think and strategize for your business is an absolute must as an Entrepreneur. More often, Entrepreneurs don’t have the time to think; they are occupied with the day-to-day operations of their businesses. Carve out some time daily to shut off and think – even if it’s asking yourself two simple questions – “what could I have done differently today?” and “What am I looking to achieve tomorrow?”. You never know what can come up! The more you allow the mind to wander, the more creative the solutions.

You might be wondering, how do I maximize the profits?

There are many different ways to increase your profits; some critical decisions will need to be made first. Understand that this is no an overnight exercise if embarked on – gradual changes need to be made if you want a sustainable business. But it will be worth it! Deciding to increase your business profits is the beginning of a huge commitment.

Regardless of the nature of your business, the logic is still the same – increase sales and reduce the cost of sales. It seems simple enough but requires far more investigation and thought.

This article will provide a few tips on how to maximize profits for your corporation.

Increasing sales:

Common ways to increase sales include:

1) Investigate your product offerings

Ensuring that you are selling the right products that sell is essential. There is no point in having your money tied up in stock that doesn’t sell, right? What can you do to move old or unselling stock?

2) Reassess your target market

Do you need to make some adjustments to the customer base you are selling to? Are they the right fit for your products? This exercise aims to make sure that the products or services sold in your business are suitable for your customers.

3) Are you placing your product in front of the correct audience?

How are you advertising your business? There are many ways to promoting your business to achieve organic growth – free! Did you know that affiliate marketing is also low-cost? Marketing and advertising is a crucial step and cannot be poorly executed. This can become a costly exercise if not well thought out and can result in wastage! What has worked for you in the past? Can you do more of that more effectively?

4) Pricing at the best points

Pricing, pricing, pricing! It doesn’t matter how good your advertising is to the right customer; if your pricing points are out, customers will find it cheaper elsewhere. Remember, the vast access to a global market will result in no customer loyalty! Don’t undersell your value either – you cant give away your products, but keep an eye on what other products of a similar or substitue nature are regularly selling! Your pricing could be the thing standing between your profit and loss!

Reducing your cost of sales:

With a bit of effort and creativity, you can start reducing your costs

1) What can be outsourced in your business?

Take your list of cost-of-sales and expenses in your business – start with your non-negotiable costs and assess what you don’t need to do yourself. When you have an idea of what can be done better, faster, and cheaper – you can focus on where other opportunities may be.

2) Can you sell off assets and lease instead?

This may not always be possible, taking into consideration depreciation. However, there may be an opportunity for you to look into this. The recovery of cash vs. the cost of leasing an asset, i.e., machinery, may present some value.

3) Can you find cheaper suppliers?

Consider your options. Like your customers will always look for the same price cheaper, you should always look for suppliers that offer the same/better or substitute goods at a better cost. Some suppliers may provide you with better payment terms if the price of the product is not negotiable.

4) Where is there wastage in your business that can be reduced or eradicated?

By reorganizing your business, your day-to-day operations can become more effective and efficient. This can make your business more sustainable and set you up to grow and maximize your profits in the long run. The challenge for most entrepreneurs is to ensure that when the business grows after these changes, costs must still be contained, but not to the extent where quality is compromised!

You may find that there is a combination of factors you need to adjust concurrently, do so at your discretion without impacting the operational activity of your corporation. If this sounds daunting to you, not to worry, start your business with B.E.T.

B.E.T is the digital business manager and mentor you need to support you to maximize profits in your corporation.

Small businesses are the backbone of our economy, but they can be especially vulnerable when it comes to protecting themselves against disasters. While the nature of the disaster can vary, the impact on the business is still experienced, COVID 19 was a good example of how an unexpected event can forever change the way a business is run.

Business continuity planning is a critical factor for consideration, an in-depth risk analysis will determine if your business will survive, or not, and how to minimize the impact. A continuity plan that is reviewed regularly should be incorporated into the business standard operating processes.

What is business continuity – and why is it so important?

Business continuity is the ability to resume operations after a disaster and maintain quality service. For small businesses, preparing for a variety of disasters and risks, with the resources to do so implies that there needs to be a high level of preparedness and upskilling within the business.

There is a wide range of business continuity templates available, and most provide great guidance in terms of what to be thinking about. We highlight additional factors that should be incorporated into your planning:

Understand your business processes

Creating a step-by-step flow of every business process is a good way to start with your continuity planning. By knowing every step of the process, you are able to:

• identify who is accountable
• the type of resources that are required
• If in crisis, what alternative process or adjustments needs to be put in place
• Who is impacted by the process
• What are the risks involved

Take the COVID 19 pandemic for example:

Small businesses were forced to adhere to restrictions requirements, this severely impacted the way in which businesses would normally operate. The impact was seen in supply chains, not being able to engage with customers in the same way and needed to shift online immediately. For a kind of transition of this nature to take place, customer communication would be required detailing the new way of operating, the nature of the new business services, and stand the risk of losing customer loyalty. There was also the need to engage staff about the changes that would be implemented, change in processes, ensure adequate upskilling of staff and create transparency with staff about the success of the changes, the impact on the business, and business sustainability.

Can you function in a manual – mode?

We often become reliant on our automated operations to guide us. An invoice would be detailed and printed/communicated automatically. But what if automation fails? Are you and all your staff able to function in manual mode? Would you have errors on your invoices for instance that would later present complications? There is a need not only to understand the step-by-step process but also the principles and logic of each step so that a seamless transition can take place. Knowing, what to do, why to do it, and then how to do it is essential!

Do you have the necessary insurance?

Is your business sufficiently protected financially? what available insurance cover should you be considering? does it cover your business for all possible risks? Do you have an income protection policy? If you were a business that was impacted by COVID 19, you would remember what the impact of not having suitable insurance cover was on your business.

Regardless of the size or impact of the risk, a risk presents challenges. In order to be fully prepared and maximize profits in your corporation, planning is essential. If you would like more support, start your business with B.E.T, your digital business manager and mentor, you won’t have to take on your business challenges alone.

When you’re just starting out or making a concerted effort to grow your business, it’s important to find areas of your personal and professional lives to cut costs. However, while some people might take that too close to heart and start living off Maruchan ramen, you don’t have to make dire sacrifices in order to save a few extra bucks. These ideas can help:

Eat Out Less

The cost of dining at restaurants can add up fast, even if you’re just getting a breakfast sandwich every morning. However, when you’re spending long hours at the office, it’s difficult to make time to grocery shop and cook for yourself. As such, not only do you wind up spending too much money at restaurants, but your nutrition may suffer, too.

A meal subscription service like Sun Basket can save you time and money by delivering complete, organic meals right to your door that are ready to eat in as little as five minutes. All of their chef-crafted, dietitian-approved meals are made from premium, clean ingredients so you won’t have to worry about maintaining your diet, either.

Alternatively, you can meal prep for the week on the weekend, saving money by having all of your meals planned out ahead of time. That still requires cooking but with an Instant Pot, you can prepare a large amount of food that can last you for the week.

Cancel Your Gym Membership

Fitness is often one of the first things on the chopping block when you’re forced to tighten your belt. (Irony fully noted.) However, there are many more ways to stay in shape than paying $50/month for a gym plus the cost of classes.

Tonal is an all-in-one fitness system, letting you get a full-body workout at home while providing access to a virtual personal trainer. Not only will you save on gym fees, but you’ll have a more personalized workout experience that you can do at home.

If you love spin, you don’t have to sacrifice that either. The EX1 Bike lets you say goodbye to $30 SoulCycle classes while still giving you access to live and on-demand classes with top trainers so you don’t have to sacrifice your sweat.

Renegotiate Recurring Bills

Everybody has recurring payments that become simple facts of life. However, with Truebill, you can connect your recurring bills and their expert negotiators will sniff out hidden discounts or promo rates available to you. From there, they’ll either discover a lower monthly rate or score one-time discounts, helping you out in the short term.

Automate Your Savings

When you’re cutting back, it’s important to not neglect your savings. You’re still in it for the long haul. Acorns makes it so easy to save, you almost won’t realize you’re doing it. Acorns connects to an account of your choosing and rounds up the difference between every dollar you spend, depositing the difference in a personalized investment account. It’s a savings account that doubles as an investment portfolio, providing more significant gains.

Reduce Energy Costs

Energy costs, especially if you lease an office space, can be sky-high for entrepreneurs. Save money and help the environment at the same time by investing in some LED Light Bulbs. These bulbs can help you save up to 85% on your energy bill and will last for up to 18 years without needing a change.

Similarly, heat costs can be crippling in the winter months. Rather than turn on the central heating twice a day or loading up on blankets, get a 1500W / 750W Ceramic Space Heater. With an adjustable thermostat control and quiet operation, it’s a perfect addition to any office space.

Make Your Own Coffee

Say you buy a $4 coffee every morning. You work five days/week — roughly 20 days/month. That adds up to at least $80/month! It’s like an extra car insurance payment. Nobody is asking you to give up coffee but you can be smarter about it.

Trade helps you discover your taste preferences and delivers beans from top roasters from around the world. That helps you save in the long run as you make your own coffee that you love.

Prefer cold brew? The Gourmia GCM6800 Automatic Cold Brew Coffee Maker lets you make delicious cold brew in as little as ten minutes.

Ride Your Bike to Work

Riding your bike to work kills a few birds with one stone. You save money on gas, contribute to a healthier planet, and commit to that fitness resolution all at once. The Schwinn Discover Hybrid Bike is a durable, affordable 21-speed bike that’s great for commuters.

Drink More Water

Yes, drinking water can save you money. Think of the beverages you buy during the day. Do you love La Croix? A soda from the vending machine? Do you go out of your way to buy a snack? When you have a Hydro Flask Water Bottle, you’ll stay hydrated, sated, and energized without feeling motivated to blow your paycheck on fancy drinks or snacks.

Take Care of Your Teeth

Sometimes, the best offense is a good defense. That’s especially true in oral hygiene. You never know when you might have to make a painful, expensive, unplanned trip to the dentist. Getting a root canal can easily run you over $1,000, so why not avoid it entirely? The AquaSonic Black Series Ultra Whitening Toothbrush is just $36 and packs a 40,000 VPM motor that blasts away plaque and bristles that get in between teeth. Plus, keeping up a good brushing regimen will give you a brilliant smile that might just help you close some deals.

Exercise For Your Health

One of the most important things you can do for your bottom line is simply take care of yourself. Hiking is a healthy way to clear your head, improve your physical condition, and prevent burnout. When you’re feeling exhausted and unmotivated, you can’t do your best work and your business can’t grow. Don’t get to that point. Grab a pair of Columbia Men’s Newton Ridge Plus II Waterproof Hiking Boots or Columbia Women’s Newton Ridge Plus Waterproof Hiking Boots and get out on the trail.