Marketing Tips For Today ’ s Business Entrepreneur
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¿ Y a h o r a q u e ?
Now What ?
Just about everyone who pays attention to television has , at some point , heard of the Nielsen ratings . The Nielsen ratings are estimates of the number of households and individual viewers who are watching a particular program . And in the television industry , which is financially supported by advertisers looking to attract the largest number of viewers , Nielsen ratings are crucial .
Nielsen uses the most advanced statistical methodology available to produce its television ratings . But , at the heart of its ratings system is the viewer , whose cooperation is needed to provide accurate , fair and fully representative audience data .
So , in preparation for the introduction of its Local People Meter ( LPM ) in Tampa in October , Nielsen has conducted a major community outreach program in the Tampa / St . Petersburg ( Sarasota ) market during the past nine months . The goal of the effort is to increase awareness of the Nielsen brand within the market . Nielsen believes — and the company ’ s research supports its belief — that the higher it ’ s brand recognition , the easier it is to get the general public to participate in the Nielsen ratings .
The LPM will provide local Tampa television stations , cable companies and advertisers , the same specific demographic information on viewers that Nielsen has provided nationally since 1987 .
Nielsen has supported more than a dozen local events in the market including the All-Pro Dad festival at Raymond James Stadium ; the Tampa Bay Caribbean Carnival ; and an event at Tampa ’ s historic Cuban Club co-sponsored by nine ethnic Chambers of Commerce .
Families and individuals who are part of the Nielsen ratings panels are selected randomly following a scientifically designed process to make sure the sample accurately reflect the population at large , including age , gender , race and income . When Nielsen begins its LPM service in Tampa , 600 households will be included in its sample !
Marketing Tips For Today ’ s Business Entrepreneur
Ok , so you have this bright idea !, in fact , genius !
Your product or service will take the market “ by the horns .” You know this product or service will satisfy a genuine and unmet customer need ( after all , you did do your market research ). So , now you want to open up your own business . You ’ re on the way to riches ! Above all , your product or service is different , innovative and bound for glory ! You go to the bank , sell them your idea , get a small business loan , plus , take out a second mortgage on your own home . In the meantime , you quit your job , and tell the spouse , “ don ’ t worry honey , ‘ trust me ,’ in a few years we ’ ll be millionaires !
During the next six months while you prepare to open your business , you pay the bills from the working capitol provided by the second mortgage and business loan . You were smart when you budgeted this into your business plan . Now you look for the perfect location to set up shop . You found it ! Your signs are up and you ’ re about set to open . Exactly one month before the Grand Opening , you start calling and e-mailing all your friends , family and everyone within your network . Opening day is the most exiting day of your life ! All your friends & family are there giving you their support and enjoying the appetizers and champagne provided by you . Some are actually purchasing your product or service .
Now , fast forward one month after you open . Your business has barely made enough profit to cover your overhead expenses .
Four months into your business and your ‘ working capitol ’ has been absorbed to pay for your overhead expenses . You were obsessed with the idea that word of mouth within your network would bring customers in . Maybe one in a million business owner might declare this ; maybe , is NOT an option in this scenario .
Everyone ’ s heard the old cliché about the idea that a great product or service “ sells itself .” Nothing could be further from the truth . In fact , this “ sells itself syndrome ” is responsible for innumerable small business failures , and costly few successes . importance of a good marketing and advertising plan . How else do you think that your targeted market will ever find out about your product or service by the masses ? There are three requisites that you need to keep in mind when opening a new business or trying to survive in your existing business .
Do you have the financial resources to
1 accomplish your objective ? Even the best laid plans can be ineffective if you lack the funds to follow through . Include a budget to promote your business through a strategically planned out marketing plan to match your great product or service .
How will you put into action each part of your
2 marketing mix ? Don ’ t presume that you ’ ll be able to figure out the details once the heat is on . You should know how you will carry out your marketing campaign before going in .
What will your marketing plan convey ? You
3 need a precise and reasonable plan & objective , plus a way to measure this plan ’ s success .
¿ Y Ahora que ?: LOOK , Before you jump , or better yet , plan ! Nothing ever sells itself . Don ’ t take for granted that your product or service is a special case … So , again , I ask : ¿ Y Ahora que ? Plan !
Neysa Rodriguez-Battistini Marketing Specialist Hands in Motion Music Productions and Advertising Media
10 LATIN TIMES MAGAZINE | October - December 2007
To succeed , you have to understand the role and