With the recent increase in development and technology as well as digitalization, advertisement is now seen as a major player in making product and services known to the consumers. Today, for a single product or even a single producer, one can be heavily notified in various ways. With the world even becoming a digital market, many people, firms, industries, companies as well as businesses have chosen advertisement as a perfect mode of spreading information about their goods and services. But which mode do they really consider? As I earlier mentioned, as a digital world, everything seems possible. Nowadays, many people have dived into the most recent form of advertisement where the make money online while advertising other people’s online businesses as well as other people’s products and services. Wise looking into the realm of advertisement, it could be seen as a means of leveraging unemployment. As a result of digitalization, mums can sit home and make money, cripples, single handed people and many more can sit home and make some money just by advertising other people’s products.
Many people think market is a place where buyers and sellers meet to do business. This might sound true only in case of goods but this seems to be the ancient point of view. As of date, buyers and sellers do not always need to meet to do business be it good or a service. With precision I would rather consider a market as any arrangements through which buyers and sellers are brought into contact with one another. They can contact each other by using telephones, telegraph services such as telegram and telex, letters, mails, and so on. And of course, they can meet in certain buildings such as restaurants, coffee shops, offices as well as street markets. Therefore, it suffices to say that a market exist for any commodity whenever a buyer and a seller are in close communication.
Imagine you working as a courier for a major delivery service company. Considering you have never lost a package to be delivered and also you never get late for any delivery, what do you think your customers would think of you? Maybe you might not have that thinking in mind, but the truth is your customers know whom you really are- “The Best Courier in this World” Consider that on one such delivery service of a cake for a marriage party, your truck got broke down flat and you could not help it in anyway and so you decided to hail a taxi strapping the cake to the roof of the taxi and make your delivery just in time just to hear the bride and groom say “thanks”. From this example, it will be wise if you think well to see into it that this is an example of a business market. There are four different types of business markets namely producer markets, reseller markets, institutional markets and government markets.
The producer business market embodies manufacturers, construction companies, refineries just to name a few who are engaged in buying of goods and services most especially in their raw forms then go on to transforming them in to sellable products to the final consumers with the aim of making profit.
The resellers could be wholesalers. The buy their products or services and resell them either to other resellers, or retailers or to the end consumers. They generally do not modify their products or services.
Government business markets generally buy their goods through bidding processes and they do not transform their goods and services as such the sell them to the public with aims of maintaining their internal operations.
The institutional business markets are organizations, they really look smooth, why because of no aim of making profit but rather the aim to make a better community. So these organizations buy goods and services and later on sell just to maintain their internal operations.
Some Strategies in business Marketing
Generally, every business has its own strategy but in a general sense, all businesses have one or more common strategies in order to market their products and services to their final consumers.
Target market; sometimes, the target market for any business product or service is smaller and has more specialized needs reflective of a specific industry. For example, a B2B niche, which is a market segment, usually described in terms of what is called filmographic and which requires marketers to have good business intelligence in order to increase response rates.
Pricing; sometimes, the business market are being convinced to pay premium prices more often than the consumer market with appropriate pricing structure and as well as payment terms of the company or business. Such premiums being priced are usually achieved through supports from strong brands.
Promotion; When the decision making habit of the customer base and the vocabulary of any segment is known, promotional planning becomes relatively easy. Ones certain outlets such as trade show analysis, publications as well as resellers become very common to an industrial area or production area, writing promotional plans becomes simple and hence promotional techniques become dependent on marketing communicational strategies.
Communications methodologies; the purpose of any business marketing communications is to support the organization’s or business sales effort and improve company profitability. Many business marketing communications tactics generally include advertising, public relations, direct mail, and trade show support, sales collateral, branding, and interactive services like through websites and ad words on various other websites.
Positioning statement; an important first step in business to business marketing is the development of a positioning statement. This statement tells us what is done and how it will be better and more efficient than competitors.
Developing messages; usually, many people and businesses have got ideas about how they could develop very strong primary message in order to convey their customers, what is required to be done as well as what their customer might benefit from such messages. After this, a number of secondary messages can then follow in order to support the argument, facts and figures laid forth by the primary message.
Methods of Advertisement
As earlier stated, there are numerous methods of advertising products and services nowadays due to recent development and innovation in technology. Among these numerous methods of advertisement, not all are suitable for making your goods or services easily known to the public. The methods of advertisements are categorized into two namely; best methods of advertising your goods and services and other methods of advertisements.
A. Best Methods of advertising your goods and services
- Advertising through cinema; one can now see many movies carrying many adverts of other movies especially at the start of the movies. Take for example, in the Nollywood industry, it is one of a kind to worry about, a lots of adverts just before the main movie you want to watch starts. To the audience it is annoying but to the advertiser, it is a means of making his products known to the generally public. These adverts mostly last between one to two minutes in Nollywood films while in the European and American movie industries, it usually last between 20 seconds to one minute. Also products can be displayed on screenshots while the movie plays.
- Online Advertisement; with innovation in digitalization or technology, advertising through online sources has become the most popular nowadays. There are many different types of online advertisements some of which are; text Ads such as the google AdWords which is very popular today and distract users of websites or social media a lot. It is usually frustrating to the person working online but to the advertiser, it seems normal. There are also display advertisements such as skyscrapers, videos, messenger as well as software or application. Other online advertisements can be done through email marketing or newsletters, spams, online directory, white papers or eBooks, contributing to special interest forums such as google groups, blogging which generally involve creating your own website and advertising your products and services through it and lastly through social sites such as WhatsApp, imo, Fonolive, LinkedIn, Pinterest, twitter as well as Facebook. With recent innovation of Facebook, it not surprising that one can use it both for business and entertainment. Many people now advertise as well as sell their products and services through Facebook. They are all cheap to work on and free.
- Television Advertising; Many small businesses are capable of adopting this type of advertisement most especially the 15 to 30 seconds television advertisements. This is because this type of TV advertising is cheap compared to the other TV mode of advertising like the information, television interviews and TV programmed sponsorship. Amongst all, the most costly is the TV program sponsorship. People who generally accept this mode of advertising are large firms or companies as well as investors.
- Advertising through websites; a very popular one as earlier discussed above, many businesses today own websites. It’s a very crucial step forward making a website for your business. But having a website depends on the size of your business though. A very large business will require huge amounts of money to get a website. But generally put together, many websites are usually cheap as most businesses are still small scale size. There also exist other websites such as campaign specific mini websites which are really cheap to afford by most businesses.
B. Other Methods of advertisement
- Advertising through Newspapers; there are generally three types of newspapers which are; the regional community newspapers which are generally freely distributed, the national daily newspapers, regional daily newspapers which are all cheap means through which one can advertise products and services. If you are one in search for a means to advertise your local products, do not hesitate to take on a regional community or a regional daily newspaper registration for your business.
- Advertising through the Radio: this is one of the earliest means of advertisements where products are usually advertised through 20 seconds to 1 minute radio advertisements. There is also advertisement through radio interviews. Radio advertisement makes it possible for every business to be able to advertise its goods and services.
- Outdoor Advertisement; one of the most popular type of advertisement widely used worldly wide. There are many different types of outdoor advertisements some of which include; billboards, video billboards, bus backs, truck sides, outdoor signage from your business center or other outdoor locations, hot air balloons, car signaling, standing display around town or in shopping malls, posters around town or public walls and trees and so on. All these modes of advertisements are cheap and can be afforded by many businesses.
- Mail; mails are now considered a major source of advertisement in the more developed world. Looking clearly at things, you will notice that many large businesses, firms or companies use mails to reach their clients as well as investors privately. There are generally three ways of advertising through mails which are; direct mail or address mail which is done online through the internet, the unaddressed P.O Box mail drop involving advertisements through postcards or flyers and Un-addressed residential mail Box also involving advertising through postcards and flyers.
- One on one; this is one of the earliest means of advertisement which involves one calling his friends, family, neighbors, relatives through their mobiles. This mode of advertisement may seem really cold if the advertiser knows how to talk well on phone because not everyone is able to understand through phone calls. There is also telemarketing as well as participating in network groups such as the chamber of commerce. This mode of advertisement is like to say you might not be prepared for it. As far as you cannot know when such calls could come in, you cannot just reject the call because you would not know what the call is for. This makes it different from other types of adverts which some reject at the opening of the process.
- Advertising through Magazines; such magazines use for advertisement include gossip style magazines and industry specific magazines. For example considering an upcoming women day celebration, many of such magazines will be published gossip about how the day may look like, this give you the opportunity to take part and register for your business to be gossiped about too.
- Advertising through Directories; for example telecom local directories can help advertise your products and services.
- Advertising through Sponsorship; a very prosperous and famous means of advertisement especially through sponsoring a sport team, or by sponsoring a non-profit organization or a community event. Many big businesses today are advertised through sports team T-shirts as well as on their walls around the fields and many more. This makes such businesses even more prosperous than ever. Take for example T-Mobile on the T-shirt of Bayern Munich has grown from a medium size company to billion dollars company all as a result of advertising their company through Bayern’s sport shirt for over 15 years today.
- Branded Objects; this days, it is not surprising to see many business names being on pens, T-shirts, tea cups, bags as well as clocks. All this is a means of advertising their products and services.
- Advertising through SMS messaging; many people still use sms as a vital tool in advertising their goods and services most especially to those whom they are able to get their contacts.
- Advertising through Public relations; some businesses generally call on public relation activities such as distributing press release to print or as well provide their own publications, while other directly contact reporters to carry on the advertisement of the business.
- Seminars; many business today are also being advertised through seminars most especially medium to large size businesses or organization. Yes of course this is one of the best means of making your services and products known most especially to your local community. This almost requires no capital.