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22Sep/11Off

3 Mistakes any business can make

There are many ways a company can do harm to itself. We will discuss the ways a company can move itself from the leader of the pack to disappearing from the market. First is by not having a strong enough online presence. Secondly is not offering competitive products. Lastly is not finding potential customers.

1.There is no doubt the internet has changed the way businesses make money. Often times businesses will take their entire company and do-way with their brick and mortar location. Having an online presences is important, in a world where twitter and facebook are the social norms potential customers often look for ways to interact with companies. It is not unusual for customers to leave feedback on a company’s wall on facebook. This also can give the company an opportunity to provide a more intimate experience with their customer. They can also take advantage of the fact that they can perform basic levels of market research by becoming more familiar with who buys their products. Have a strong online presence can not only benefit a company’s image it can also benefit a companies ability to market themselves.

2.In a time where individuals are trying to stretch their dollar as much as they can it is difficult to find a company that is not doing the same. So it is important to be able to make sure your company can price your product at a competitive level. Consumers are looking for deals when it comes to retail. Consumers are becoming more savvy when it comes to shopping, clipping coupons was once a taboo that retirees where often stereotyped as doing. But today it is a common practice when it comes to the check out line. Providing the consumer with options is also an important factor that one must consider in order to stay afloat. Often times depending on your product consumers will want to buy in bulk and in return will want a reasonable discount, this can be mutually beneficial.

3.Companies have very different methods when it comes to finding new potential customers. A big mistake that companies often make is telemarketing. This is the wrong way to attract customers, is not only infuriates potential customers but it is discouraging to employees also. Another practice that is a big mistake is targeting the wrong audience. Often times companies misunderstand their customers, car companies are often accused of this, they try to predict what their customer wants in a car rather than doing research such as reading message boards in which issues are often reported first hand. Only recently have a hand few of companies have taken proactive steps in order to rectify problems. Knowing your target audience is important. Sales matter when it comes to the bottom line, and Government contracting is another lucrative way one can increase their sales. Bidding for Government contracts is an important way to grow out a business while staying competitive with their civilian customers.

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