Business Growth Technique

Business – What is business ? Business is that which helps people to earn by selling & purchasing goods or services, employing yourself & to make employment in society . Business is for those people who don’t want a boss over their head but to be a boss of their own. But in the time of 2024 you have good strategies to grow your business & growth is mandatory in every field. Basic need to grow a business is 4 P’s – Product, Placement, Promotion & Price. These 4 P’s are necessary to grow your business. But there are also some other things on which you have to focus like competition. Research on your competitors , their strategies, their schemes, how they are interacting with their customers. If they are growing, that means they did hardwork in the past. That’s why they grow. Don’t hesitate to interact with them if you are able to visit their business place then go and visit that place. These kinds of things make you compete with your competitor because at the end that person is the only one who can bring you down because that person is already a well settled person in your industry. Now talk about 4 P’s. 

Product – Product is the most important thing in a business. If you don’t have a product that means you don’t have a business. If you are  launching a new product in the market then you must have a proper market knowledge like, you must know the market trend. What is the most trending product in the market? Because of that you don’t have to make extra effort to find customers. You already have the customer because of the trend. There is also one important thing about the product. Do research as much as you can & find that product which is the need of  people. This helps you to launch that product which can boost your sale because it is the necessity of people & they will purchase your product. These are the best possible ways that can help you to launch a best product.

Placement – After deciding your product it’s time to decide the right place for your product.  Means at the starting days of your business you are required to find that place where you think your product is necessary for people, basically you have to find that place which is suitable for your business & that place gives your business a boost at starting days. Proper r&d is required to find the right place for your business. Right place matters a lot for a product. For an example – you are opening a new garments store in your area but there are already 3 stores in your area, so it might happen your store doesn’t work in your area. You should try to open your store in a place where there is no store. Or if you still want to open your store in your area you have to focus on price technique.

Price – After deciding a perfect product & a perfect place now you have to focus on your pricing. Pricing is totally based on which type of audience you are targeting, means if you are targeting an audience like middle class families, students then your pricing should be low. If your target audience are rich people then your pricing should be according to that class of people. Pricing is totally based on your product & audience. You should do pricing to take your audience & product in mind.

Promotion – Make visibility of your product in people’s eye is promotion. After deciding product, price & placement it’s time to promote your product to make visibility in people’s eyes. This can give a boost in sales. If your product is worth it according to its price then promotion gives a boost in sales. It’s not like that you are selling toothpaste for 1000 rupees & expecting a boost in sales after promoting this product, no one will purchase this product because of competition. People of this generation are very smart, they only buy things if it is worth it. The only point is that your product is worth for money, this can give a boost through promotion. 

Promotion can be done in 2 ways – offline or online.

Offline Promotion – Offline promotion is a very good way to attract people. Because in this way of promotion you can directly connect to the consumer. After direct connection you can convince them to take your product or service & whatever you have. This is the best way to promote your business if you have lots of time, because it is a time consuming process. And after all your hardwork in convincing them you’re not sure that person will take your product or not ? Unfortunately you’re not sure in both ways because it completely depends on your product, whether it is capable or not to fulfill the needs of a consumer in terms of money & quality. There are some ways of Offline Promotion which are – 

• Trade Shows – Trade Shows are the best way to showcase your brand to your consumer. These shows help both seller & buyer because seller gets their consumer & buyer gets what they are founding. Trade shows are very helpful for new startups because they get a chance to showcase  their products to consumers
• Business Cards –. Business cards are a very helpful tool for offline marketing. Business cards help your target audience to remind you. For an example – if you are an accountant & you want more clients, so you can give your business cards to shopkeepers whom you think are eligible for filing returns or may be in future they can be eligible. In these cases business cards help others to remind you. 

There are also so many ways offline promotion like holdings, pamphlets, mouth to mouth promotion, etc. But in the end these ways are so time consuming. 

Online Promotion – Online promotion means to promote your business online on the platform like social media, search engines, etc. Online promotion is less time consuming in comparison to offline promotion. In this way of promotion we are not required to go anywhere to promote our product, all the work is done online that’s why this promotion saves our time & money both. Online promotion is also better in one way also cause it has a large no. of audience. 

Nowadays, this way of promotion gets more preference compared to offline promotion. The only reason for this is time & money. This way of promotion is far cheaper in terms of money &  time both. One more reason for why this promotion is getting higher preference is the audience, because the audience is the king in the field of promotion, both online & offline. If you want more sales you have to find an audience whether you promote online or offline, your only want is to get more sales. & the online platforms are like an ocean of audience because in 2024 mostly all of us are connected to online platforms in our own way. That’s the only reason online platforms are the ocean of audience. There are some ways of online promotion which are – 

• SEO – Search Engine Optimisation, it is one of the best way to promote your business organically. Nowadays, we are fully dependent on GOOGLE. We search small-small things on it. & we mostly prefer those things which come on top after search. So, SEO helps us to come on top on SERP (Search Engine Result Page) organically. In this way of promotion we make blogs & add relevant keywords according to our product or service that helps us to rank on SERP. But this way is far more time consuming because in this way we write content, add keywords & wait to get results. If you don’t want to save your time you should go for SEM. 
• SEM – Search Engine Marketing, comparatively it saves you time so much because in this way you promote or make visibility in the eyes of people for your product or service by running ads & it is less cheaper in terms of time only because there are lots of category in this way of promotion like if you want only impression ( people only view your product ) it is less expensive but if you want conversion it is not that expensive but yes, it is expensive. Google Ads is the best example for SEM. So the decision is yours if you want to save your time you can go for SEM & if you want to save your money, you can definitely go for SEO. 
• SMO & SMM – Social Media Optimisation & Social Media Marketing, this way of promotion is getting higher preference in all the ways of promotion because social media have made that kind of thing which is used by a baby to o 90 year old men or women. There is a large audience which consumes a lot of content regularly. That’s the only reason the promotions on social media give the best result. Now , the difference between social media optimization & social media marketing is only that, if you want to spend less you can go for social media optimization & if you want to spend & save you time you can go for social media marketing. Social Media Optimisation means optimizing your content, it takes time but it gives you a genuine audience. Social media Marketing is simple, run ads that can give you impressions & it is less time consuming.

There are also other ways for promoting online which are email marketing , asking influencers to promote, etc. 

Online Promotion vs Offline Promotion

Both ways of promotion are best in their own way because it is not possible to get best results by promoting only online or offline. Only promoting online is not the only best way to get a genuine audience & this same is applicable on offline also. 

 If you want the best category of audience you have to use both ways because online promotion saves our time & offline promotion saves our money but if you want a good no. of conversion you should use both ways. Using both ways helps you to get a good number of conversions because offline promotion is time consuming but in this method you can connect your consumer directly but in online promotions you cannot connect to your customers. In online promotions you get a vast no. audience according to your product or service but in offline promotion you can connect only that audience which is nearby you but online promotion covers the whole world, you get customers all over the world. Both ways are good, but if you want more & more conversion than always go for both ways. 

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FAQs

1. What are 4P’s ?

          Product, Price, Placement, Promotion

2. For starting a new business is it necessary to check the market trend?

Yes, it is a mandatory work for starting a new business & it helps you to choose your product. 

3. Full forms of SEO & SEM.

Search Engine Optimisation & Search Engine Marketing

4. What is the difference between SEO & SMO?

Optimizing your search engine in SEO & Optimizing your social media is SMO, in both we optimize it organically.

5. Is it necessary to have a website for SEO ?

Yes, it is necessary because SEO can only be possible on your own website only.

6. Which way of promotion is best online or offline ?

Both are best in their own way. If you want the best result you have to promote in both ways.