As I look out my window, as I walk the streets of my neighborhood, and even as I surf through the dailies, I cannot miss the gloom of a weak economy that Nepal represents. Of course, I have completed my Bachelors with the specialization on ‘Marketing’, as surely as most of my classmates, from Tribhuvan University. And within a multiple rounds of clock I would start my Masters in Business Administration in Sydney, Australia.
But the courses that I have done and I will accomplish are designed for a career that is hard to find in my mother land Nepal , where I belong to and where I want to prove myself, where I fell as if I am no one who is helping to develop everyone.
Like any Tom, Dick or Harry I am also a person with infinitive dreams but don’t want all of them to be true. I think that present Political, economical, socio-Cultural & Technological phase of our Nepal are as similar to the Europe of mid or late 40’s. Hence, I think the time is right for all of us to be rational in our thoughts and activities and start to act on the field which we know and have knowledge
And more specifically, the Marketing essentials that we have been taught seem to need a lot of adaptation in the Nepalese context.
I cannot help, but believe that marketing in a weak economy like Nepal is a challenge, and I find it too apparent that word of mouth is the key, given the clutter of media advertisements. I may be wrong, and I do not wish to argue the point with established gurus of marketing, but I do have my own arguments, and have the rights for it, distinct reasons, and my own stance. It could be a result of how we have been taught, or how we have understood whatever we’ve been taught, or how we adapt the concepts to an economy fraught with conflicts.
Marketing in a Weak Economy: A Dozen Ideas
1. Always think MarketingKeep a file of good ideas, direct mail samples, great ads, for future use or brainstorming.- 2. Target your MarketRead up on industry trends, developments, etc. Know your competition and keep a competitive intelligence file.
- 3. Develop your BrandsCreate new services or products. Update them. Trademark protect them. Try to always keep things fresh so your customers see progress.
- 4. Build a TeamEstablish a marketing/public relations advisory team composed of key personnel in or outside of your organization. Attend seminars, read marketing publications, join listserves. Consult outside marketing professionals to get unbiased opinions.
- 5. Establish a BudgetHow much are you currently spending on marketing? How much do you want to spend? How much can you afford to spend? Determine a percentage of gross income that can be spent on marketing. Try to establish a market presence monthly whether through advertising or public relations.
- 6. Stay Top of MindPublish a newsletter. Create a survey. Develop a Web site. Use uniformed signatures denoting contact information/Web site address and slogan at the bottom of every email you send out. Send postcards or electronic briefs to stay connected and offer value add to clients.
- 7. Meet the PressCreate a press kit. Be sure to include an online version with executive bios and high-resolution photographs.
- 8. Service is Job #1Return calls promptly. Refer callers to others when you’re not available. Send out email tips or dedicate a part of your Web site specifically to client needs. Make sure it is easy for people to contact you. Always follow up on calls or messages.
- 9. Word of MouthHold an open house. Join community organizations and network! Contact speakers at conferences you attend.
- 10. AdvertiseDevelop a new or improved logo. Get a memorable phone number, such as “1-800-GOT-DEBT.” Include your Web address, email and slogan consistently on all marketing materials.
- 11. Reach OutSponsor a booth at a tradeshow, hold an event at your office or give a speech at a community gathering.
12. Put it in WritingWrite a column for the local newspaper, local business journal or trade publication. Publish an article and circulate reprints.
Eight Reasons Why Direct Mail Is So Powerful
Direct mail is perhaps, one of the most powerful marketing mediums in use today. Few other marketing tools can deliver your message with exact precision at such a low cost. The amount of mail in your mailbox everyday attests to the effectiveness of this medium (If it didn't work, your mailbox would be empty!).
Here are eight reasons why I believe direct mail is still king of the marketing mediums:
Reason # 1: It works when you're notLike the old saying goes, "In rain, sleet, or snow" the mail arrives. Whether you're sleeping, vacationing, working, or walking, your direct mail is working for you. It gives your best sales presentation over and over again without you having to be present.
Reason # 2: It leverages your effortsDo you want to know how to waste your time? Give your best sales presentation to one person at a time. If you do this, you'll only sell one widget at a time. Send out thousands of letters and your best sales pitch is being presented to thousands of people simultaneously. That's called "leverage!"
Reason # 3: Allows you to target with precisionInstead of "spraying and praying" your message to people who may or may not be interested or even qualified to take advantage of your offer, direct mail allows you to pinpoint the people who fit your psychographic, demographic, and geographic profile.
Reason # 4: You get an immediate responseOnce you send out your direct mail piece it doesn't take long to get a response. Within one to two weeks you'll receive about 80 percent to 90 percent of all those who are going to respond. If your campaign works, you'll know about it quickly. If it's a bomb, you'll that quickly as well.
Reason # 5: It's easy to track your return on investmentIf you're a small business owner you can't afford to waste a single penny on wasteful marketing. With direct mail marketing you can code your mail pieces to determine the exact number of responses you received from each campaign. And as I said before, the results of your direct mail campaign come back fast, so once you know what worked and what didn't, you can immediately start to "tweak" your mail piece to increase your response and hold your marketing dollars accountable.
Reason # 6: It's relatively inexpensiveWith just $.34 (at the time of this writing) you can send out a direct mail piece that includes your full marketing message. It is amazing what you can get into a small business size envelope and keep under the $.34 limit. Photos, newspaper articles, letters, special reports, and more can be put in these envelopes for under $.34. This means you can reach 100 target prospects for only $34. Comparatively speaking, that's a bargain!
Reason # 7: It gets one-on-one attentionOne of the best things about direct mail is that it gets one-on-one attention from your target prospect. Unlike billboards or radio and television commercials that get your attention while two to three other things also have your attention. Direct mail is opened one piece at a time and read one piece at a time. It gives you the best chance of catching your prospect's attention and keeping it for a period of time.
Reason # 8: It's something you can touch and feel—it hangs aroundDirect mail is something that you can hold in your hand. It's not made of electrons that can be deleted with the twitch of a finger. It's not a radio frequency signal that is here and then gone a moment later. It is physical. It is something that can hang around for a period of time. It has "lingering" marketing effects.
All these reasons I've mentioned make direct mail a very powerful marketing medium that, if done right, can have a very high return on your marketing dollar.
Effective Word of Mouth Strategies for Your Business:
Many small and home-based entrepreneurs fail to utilize word-of-mouth marketing driven programs for their businesses. They either do not know how powerful word-of-mouth marketing is, or is not aware how it can improve sales and the bottom line. Others simply do not know what these techniques are, and how easy they are to implement.
According to George Silverman in his book “The Secrets of Word-of-Mouth Advertising”, the word-of-mouth methods that work best are as follows :
Endorsement or recommendation from a trusted advisor.
Big thumbs up score from an advisory service (objective and third party) .
A friend recommending to another friend .
Referrals or reference given by other people (customers, peers, etc.)
Experts’ endorsements in roundtable or teleconference settings.
Peers’ face-to-face endorsements or recommendation .
Recommendation by customers or experts appearing in media articles.
Other ways to spread the word about your products or services include:
Networking events such as dinners, meetings, etc. where customers and prospects are present .Experts’ and/or customers’ testimonials in print ads, mailings, product brochures or commercials.Celebrity endorsements (great if you can get it).Silverman, however, cautions “no particular word-of-mouth method works best in every circumstance.” One method may work spectacularly for one type of product and a particular circumstance, while another may bomb. The key is to experiment and find the best way to market your business.
