What you need to know about Business Marketing
Let’s talk about Business Marketing. Developing a proper strategy for marketing in business allows you to capture and reach the right audience for your product/service. If you are an entrepreneur trying to market your products/service on a shoestring budget, developing a good marketing strategy is a good place to start. This way, you are able to manage the resources you have, allocated to marketing efficiently and getting the most of it. [bctt tweet=”If you are an entrepreneur trying to market your products/service on a shoestring budget, developing a good marketing strategy is a good place to start.” username=”SheLeadsAfrica”] Here are the overall steps to developing a good marketing strategy for your business: 1. Analyze your marketing environment The external marketing environment include the micro and macro environment The micro-environment – These are forces in the external marketing environment that are distinct and individual to a particular business; such as suppliers, distributors, customers, competition and the general public. The macro environment – These are forces in the external marketing environment that affect businesses in general such as demographics, natural factors, technology, political factors, legal factors, social factors, cultural factors 2. Identify your competitive advantage Analyze competition. What are your competitors doing, what have they done successfully, what have they failed at? Analyze the internal resources of your company to determine what can be used to create an advantage. Identify and build up your competitive advantage. 3. Segment your market This involves breaking down broad markets into smaller homogeneous groups of customers. Broad markets are broken down based on certain traits. This makes it easier to understand, focus and connect with potential customers who are likely to buy your product/service; thus making marketing efforts more efficient. Market segmentation can be done based on different factors such as demographics, lifestyle, geographical locations e.t.c. It is however important that markets are segmented based on factors that are relevant to individuals within each of the groups. 4. Select your target market From the market segments you have been able to create, you can test to determine your main target audience, test, select and decide to focus on customers your company can best satisfy. 5. Identify core benefits your company can offer to its customers (your target market) It’s important to understand what value means to your customers. 6. Position your business Write a positioning statement to consciously position your brand in the minds of your customers/clients. Your positioning statement should determine how you present your business to customers/clients, it should show what you are known for. Elements of a strong positioning statement include your core value proposition, the unique value you offer customers/clients in relation to your top competitors, target audience and finally benefits your products/services offer the target audience. There are various formats for writing positioning statements, here are 2 practical ones you can use: Your core value proposition: for your target audience who are in need of the benefits your business offers as well as its unique value. For target market description who target market need, how your business offering meets the need, unlike the key competition, its most distinguishing feature. 7. The marketing mix ( the 4Ps) Product – What product will be sold and what differentiates this products from that of the competition? Are the products on offer relevant to the (target) customers? Are there related products that can be marketed with the initial products? Price – This refers to how much a customer is willing to pay for a product /service. Three factors to be considered when determining the price of a product include the “cost price of the product, what the competitors are selling for and value added”. Place – Where your product is sold matters. How accessible are your products to potential customers? Consider the type of product to determine where to sell or distribute your products. Promotion – This involves the way you tell customers about your products/services. Activities involved include adverts, personal selling, PR efforts, and sales promotion. Overall here are tips that can make your marketing strategy better. Marketing strategies should be flexible Define the right marketing message to determine the right marketing method. Think of your brand in terms of your customers’ needs and how you intend to satisfy them. Selling is not marketing and marketing is not selling. Don’t always use pricing as a basis for competing; especially when you don’t know the depth of the pockets of your competitors so you don’t end up pricing yourself out of the market. I hope this helps you market your products services better… Interested in contributing for She Leads Africa? Click here.
GENDER PAY GAP: HOW TO NEGOTIATE THIS UP
The World Economic Forum Report 2017 states that women are paid less than men. This figure reflects the global amount and differences in the wages of men and women for the same work. Even men and women with equal qualifications earn differently. This phenomenon is highlighted now that more women are entering the job market. Why does this happen; Fewer women in top management position earning huge salaries More educated Men in the job market getting the high paying jobs Fear of sexual harassment Fear of termination Non-payment of domestic work done by women Cliques and Boys Club culture in most corporates Poor legislation and enforcement to ensure equality at the workplace The reasons may be varied but the net effect is that women earn less than men in the workplace. How can any woman climbing the corporate ladder ensure that this gap is reduced and eventually eliminated? The Corporate world is a typical example of “A MAN’S WORLD”. For a long time, women did not participate so the structures, rules, and culture are very male-centric. With the increase of women who have fought their way to top management how can they survive and thrive in this “Man’s World”? The main issue is CULTURE at the workplace that results in the Gender Gap. How can you manage and mitigate this when entering the job market? 1. Measure of performance The work culture of how output is measured is key. Work output should be based on results and not on hours spent. Using hours as a basis is not advantageous for women who may require time off to attend to children and family obligations. Women in Corporate positions should influence the matrix for assessment of performance to be more favorable to women. The measure should include the natural strengths of women e.g. customer retention, team cohesion, dispute resolution and sustainable growth. A reality is that after giving birth productivity is lower due to the natural hormonal response of our bodies to prioritize the child. This usually affects productivity. Perhaps, a different scale for 6 months (while breastfeeding) after pregnancy would help to equalize the scales further. Progressive jurisdictions provide extended maternity leave or flexible hours of up to 2 years without losing your job. 2. Flexible hours This is a strategy that can be used to ensure that women can contribute/work even while out of the office. Further, it allows the woman more balance in her life. This strategy however attractive should be used strategically as it can be used as a further tool to increase the gender wage gap. How? Women outside of mainstream job hours may be excluded from projects and decisions as they are not present. Until the culture of teleconferencing or virtual working is embraced fully, being in the office during work hours remains strategic. As a woman, you can negotiate times for meetings that are in tandem with your personal schedule. 3. Equal pay for same grade and qualifications The policy on job Grades should be based on responsibility and qualifications. For promotions, the name of employees should not be in the shortlisting process. Basically, the process should be purely merit-based. Further, policy on equal pay for the same grade and role should be implemented. A requirement to disclose salaries of co-workers could be a negotiated point. Another strategy is a cap on overtime as often women are not able to work overtime due to family life while their male counterparts can. 4. Promotion policy Negotiate the promotion policy to ensure progress/growth of the company. You can negotiate a promotion every 2 years based on appraisals. This is a sure way to ensure that you access the higher levels of management as years move forward. A maximum period to be in the same job group can also be a strategy to open up space for women in the top management. 5. Skills enhancement Skills enhancement and education incentives and opportunities should be included in the employment contracts. This allows women a chance to advance further and towards the higher job grades. This policy allows women to continued training on the job to increase their chances of being qualified for the top management jobs. 6. Boy’s club membership Women need to ensure that they can access all places that their male counterparts access to network and influence change e.g. private members clubs, sports clubs and golf clubs to name a few. Further, women need to network aggressively. For now, it may be a necessary affirmative action strategy to resort to GIRLS’ CLUB. Women need to support women in the corporate world. Influence is the catalyst for change. Women in top management need to be deliberate about getting influence and using it to get more women at the boardroom table. 7. Include the cost of domestic care While negotiating your pay, including the amount of support you will require to perform the domestic care while you are at work. Women do not include this cost of their time when negotiating pay and leave packages. This should be factored in. You may also negotiate Day Care facilities paid by the company or within the company facility. Many women say this is beneficial and could be a useful negotiation point. 8. Sexual Harassment The higher up the corporate ladder, the more acceptable sexual harassment is. Women are made to feel incompetent and unworthy when they complain of sexual harassment at such high levels. This causes many competent women to opt out of the corporate world due to this or accept to be passed over. It is important for there to be a clear sexual harassment policy. Further, there should be sensitization seminars often especially for top management to reinforce a positive culture. This can be a negotiation point for getting employment. 9. Gender training An awareness of gender issues including Gender Wage Gap allows for conversations, understanding and less resistance to gender mainstreaming strategies and policy. Negotiate this into the training schedule of the company to sensitize the team and
5 Marketing Tips from Business Guru P.Diddy
Sean “Puffy/Puff Daddy/ Diddy/Brother Love” Combs is one of the greatest marketing geniuses on earth. He has remained relevant and dominant to hip-hop music, culture, fashion, business and entertainment over the past 20 years. Last year, Sean was also recognized as one of the Forbes 100 Greatest Living Minds. He is also often considered one of the top 3 of 5 wealthiest hip-hop artists on the Forbes list. Amidst all these, you may wonder, how does he keep all eyes on him? In this article, we will discover 5 tips from Diddy that can help us improve our marketing game and slay! 1. Say Your Name If there is one thing Diddy always does, is use every advantage to promote his products or name. Whether its an interview on Ellen or a cameo on The Breakfast Club, Diddy always has his products such as a bottle of Ciroc. You should take advantage of every airtime you get to promote your brand and products. Through being strategic, you should find a way to guide the conversation in a way that allows you to talk about your products. This will help increase your revenue and the reach of your brand. 2. Make The Circle Bigger The fact is you can only be in one place at a time, but you need to get the word out about you, your brand or business. You need people spreading a positive word about you to others. Diddy figured this out in his early days as a music producer when he started Bad Boy Records, which celebrated its 20-year reunion tour last year. Diddy has been instrumental in the careers of musicians like Notorious BIG, Mase, and more recently French Montana. Whenever a record of their plays, it will at some point announce “Bad Boy.” Through shaping and promoting the careers of the musicians he worked with, Diddy also extended his marketing reach. When you help other people achieve their goals, you also, in turn, grow your circle of influence and people who will do anything for you. 3. Stay On the Beat Is Diddy an expert of the FMCG, Film and Music industries? Probably not, but he knows enough of the field to spot a real opportunity. You don’t want to seem like you are all over the place, but rather that you ‘happened’ to be in a certain place or sector because you keep your finger on the pulse. Whatever you are working on, you need to know all the new developments and contribute to the conversations in a meaningful way that elevates the topic. Diddy lost his father to gun violence at a young age. Though he became successful, he didn’t forget to empower his people. His response to Black Lives Matter through building a world-class school in Harlem, the neighborhood he grew up in. 5. Have Fun Diddy always looks like he is having a great time, from salsa dancing in his underwear to the energy he brings when he is hosting shows. People are attracted to someone who is upbeat, so plaster a smile on your face and get hyped about whatever you do! We are always exchanging energy so make sure you put out positive vibes only! DO YOU HAVE ANY BUSINESS LESSONS TO SHARE? Let us know here.
How to secure a Promotion in your early years of Practice: A Young Lawyer’s Guide
Working as a young lawyer in a commercial law firm in Nigeria, I noticed that many young lawyers struggle to secure a promotion in their early years of practice. One of the major reasons for this problem is the lack of transparency and structure in most law firms in Nigeria. As a result of this, young lawyers are left clueless as to how to secure a promotion. This usually results in young lawyers engaging in hard work which involves; keeping late nights, spending weekends at the office, taking more responsibilities than they can handle regularly, which ends up leaving young lawyers feeling overwhelmed from the stress and constant negative feedback. How can this issue be resolved? How can young practicing lawyers secure a promotion in their early years of practice? In answering this question, the saying “you have to work smart and not hard to succeed” comes to mind. This basically means that in order to secure a promotion, a young lawyer has to initiate ways to maximize his productivity level. It goes beyond spending late nights in the office on weekdays and weekends, there are some extra steps that need to be taken to ensure that you are headed in the right direction and considered for promotion. The steps are: ask the right questions, know when to ask these questions, volunteer for extra activities and learn how to satisfy your boss/supervisor. Ask the right questions As basic as this may sound, the first step in securing a promotion as a young lawyer is to ask your bosses/supervisors the right questions. Examples of these questions are: How am I fairing with work? Am I performing at the level expected of me? Is my performance at the level where my boss can give me additional responsibilities? These questions will proffer feedback that a young lawyer can develop or work with to better their skills and knowledge in the practice of law. The feedback given will provide guidance and direction to a young lawyer seeking to secure a promotion. If the feedback is negative, the next question that should be asked is, what can I do to improve? When the answer is given, you now have the responsibility of putting the feedback into effect in a way that’s demonstrable, by ensuring you deliver good legal work. This can be achieved by seeking help from your colleagues or immediate bosses, reading widely, asking questions to obtain clarity on a subject matter etc. This shows seriousness, resilience, and determination to succeed, which every employer loves to see in his employee and will definitely give a young lawyer an edge over his peers at the next quarter when promotions are being considered. If the feedback is positive, ensure that you maintain that level of excellence and even thrive to do better. Most people become comfortable when they get to certain levels in their career where they believe they are performing well. However, this can be dangerous as too much comfort breeds mediocrity. Know when to ask the right questions? The next step is realizing when to ask the questions and to achieve the best results from the question mentioned above. These questions have to be asked at the right time, which is usually at least 6 months before the next promotion quarter. For example, appraisals in your law firm are usually done in December and promotion lists released in January. A young lawyer should ask the above-mentioned questions in June/July of that year. This will afford the young lawyer ample time to improve his skills and work on the feedback received from their boss or supervisor before the next promotion quarter. Most young associates or lawyers tend to ask those questions after seeing the results of their yearly appraisals. Usually, this is too late because there is not enough time before the promotion list is released to improve your skills. If you have just secured a job in a law firm, you should be asking the above-mentioned questions after the first quarter or the first half of the year. Volunteer for extra responsibilities at work It is advised that young lawyers volunteer for extra responsibilities at work that will help showcase other skills a young lawyer may possess i.e. organizational skills, management skills. However, this should not be done to the detriment of your legal work at the office. Therefore, time management has to be applied to enable a proper balance between participating in extra activities and the ability to deliver legal work. It should also be noted that as a junior associate, the bulk of the work is your responsibility and as such your legal work should always be your primary responsibility. Learn how to satisfy your boss/supervisor I was once reprimanded by a Partner in my office for neglecting to keep him informed on every step I took while communicating with a Client on a particular matter, leaving him out of the loop. The thing about this was that I did not think it was necessary to inform him because nothing major had happened, however, the partner I was dealing with was particular about knowing everything that happens in this case. After reprimanding me he told me something that has stuck with me: “figure out the little things your boss likes, the way he likes his things done and ensure you do it that way”. He said that this little act goes a long way and will leave a lasting impression on your boss. My point is that as a young lawyer you are encouraged to study your boss to know his likes and dislikes with respect to work and do everything with enthusiasm to satisfy him with your delivery. These little acts can make you become one of your boss’s favorite and as a result, he may overlook your mistakes and also put in a good word for you when certain names are being considered for promotion. Are you a young professional who has a lesson to share? Let us know here.
7 things to do when you’re in a career limbo
[bctt tweet=”Here are 7 things you can do when you’re in a career limbo and are this close to giving up” username=”SheLeadsAfrica”] Too many people feel like they’re in a dead-end job or that their career is just not taking off like they expected. Feeling stuck, unfulfilled and unmotivated has to really suck. The good news is there’s always a solution to every problem out there. Here are seven things you can do when you’re in a career limbo and feel like giving up: 1. Do something out of the ordinary Try out new things and discover new interests. You need a different head space to realign yourself with your professional goals. Have these changed? Taking a breather can help you decide if you need a different strategy or simply want to try something different like switching to a new company or even a new career. 2. Improve on your skill set Perhaps, the reason why you feel like your career isn’t really moving forward is because you haven’t actually put in the effort to improve on yourself. Put in the time and effort to build your skills via online courses, training, self-study, workshops etc. Working on yourself is always an advantage. Sometime soon, someone will be sure to take notice. And if they don’t, tell them. 3. Be prepared to take risks This could mean taking a risk by changing your method of working. Perhaps, you have refused to move with the times whilst everyone else is finding advanced ways of getting their work done and moving up the corporate ladder. 4. Go to your mentor At this stage, if you already have a mentor that you reach out to from time to time, be prepared to hear some hard truths. There are certain things you should be doing to stand out which may be lacking that your mentor will point out to you. If you don’t have one, you know what to do. Look for someone you admire for their professional ethic and successful career in a field related to yours. There must be things that you can emulate from their story and apply to your own career to get you out of the rut. 5. Take on leadership responsibility One way to get a promotion is through leadership. Can colleagues look up to you for guidance and maturity in dealing with challenges? Are you one to look out for the team as a whole? Leadership is about putting yourself out there and motivating others to do their best. If you’re seen as a leader, you’ll eventually be given additional responsibility which can move you into new assignments, opportunities and promotion. [bctt tweet=”You have the power to modify your professional game” username=”SheLeadsAfrica”] 6. Re-invent yourself Social media can be a great tool to help you achieve this. You have the power to modify your professional game. Through channels like LinkedIn, Facebook and Twitter you can sell yourself by highlighting your interests and aspirations. In the workplace as well, you can re-invent yourself by getting involved in things that will expose you to new areas. 7. Express your concerns to your manager or supervisor The thought of approaching your superior about your feeling stagnant within the organization might be a bit awkward or scary. However, they could help you figure out what opportunities exist, what areas you need to put more effort in or simply tell you why things just aren’t moving at the moment. After giving some of these your best shot, something’s gotta give. Good luck in getting your career back on track. We have faith in you.