For every business that will succeed. The entrepreneur must understand what SWOT is all about A SWOT analysis is a structured planning meth...
For every business that will succeed. The entrepreneur must understand what SWOT is all about
A SWOT analysis is a structured planning method used to evaluate the strengths, weaknesses, opportunities, and threats involved in a project or in a business venture.
STRENGTHS: characteristics of the business or project that give it an advantage over others.
WEAKNESSES: characteristics that place the business or project at a disadvantage relative to others
OPPORTUNITIES: elements that the project could exploit to its advantage
THREATS: elements in the environment that could cause trouble for the business or project
STRENGTHS
As an entrepreneur the strength of the business relies on the business analysis. These are few of the major characteristics that determine the strength of the business.
- Know your targeted audience ( If you are thinking of global plan it well. If local know the local way to reach to your audience).
- Good marketing skills
- Good interpersonal skills ( this will turn your worker to a marketer for you)
- Excellent oral communication
- Work well as part of a team
- Fast learner
- Work well under pressure
- Not afraid to admit to my weaknesses.
If any entrepreneur is planning on marketing. The person needs to under the in and out of the marketing. For example if any business uses SMS to reach out to its clients. He or she needs to understand how to limit spending on SMS.
Take for example let’s assume you run a business that uses N30, 000 to send SMS to clients from any bulk SMS website monthly. The person is likely to lose N12, 000- N15, 000 depending on the amount.
This is the analysis. All bulk SMS portal charges at least N1.7- N2 or more depending on the Portal charges either backend charges or front end charges.
If any business uses SMS frequently to reach out to its targeted audience an advice is to get a portal. When the business owns its own portal, she will be able to buy an SMS unit as low as N1- 75k depending on the amount of unit purchased.
At the rate of N2 if the sms sent to client is a page the user will be able to send to 15,000 numbers i.e 30,000/2.
But at the rate of 75k the number to reach will be 30,000/0.75k i.e. the message will be sent to 40,000 numbers. So one of the ways to get out of the rat race is to understand the marketing strategies to reach out to the audience. So if your targeted audience is just 15,000 numbers If you own your own SMS portal you will spend 0.75 x 15,000 = N11,250 instead of N30,000 from other SMS portal website.
You can consider having a bulk SMS website as low as N14,000 from www.smsportal247.com if your business uses Bulk SMS services to reach out to your targeted audience.
Your own case might not be using bulk SMS to reach out to your client but the situation is similar. You need to get to the root of limiting you spending on marketing so you can reach out to more clients.
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