Telemarketing is a specialized selling function that involves the use of telephone salespersons and field salespersons to achieve selling objectives.
In otherwords, we can say telemarketing is the use of Telephone or mobile phone to meet a sale target!
Tips on how you can successfully use telemarketing in achieving your business target:
1. Watch your voice speed and tone.
2. Reach the right authority and not the subordinates.
3. Set a regular time each day for the task
4. Work constantly.
5. You must be committed to doing the task.
6. Work in a quiet place devoid of any side attraction.
7. Have a written answers in front of you to avoid blabbing.
8. Pause between your calls.
9. Always speak with a smile.
10. Be assumptive. Learn to manage a “NO” from customers.
11. Keep your calls brief. Go straight to the point.
12. Never forget the saying” People don’t buy for your reasons, they buy for theirs”
13. Don’t assume the prospective clients understand you correctly. Be explicit.
14. Avoid any form of argument.
15. Don’t express your personal views on anything. It is unprofessional.
16. Do have it in mind that it is not every prospect you can win, no matter what you say or do.
17. Know that most people you call are not going to be very good prospects. Some may sound harsh!
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Customer orientation is a process that companies use to focus on the activities in product sales. It is mainly based on the demands of the consumers and it works to determine what a company can do to go with what the consumers want. There are different ways by which companies can take advantage of the customer orientation that they conduct for their marketing.
It’s a company-wide philosophy that the customer’s wants and needs are the first priority of all management and employees.
Most modern companies have transitioned to a more customer-oriented approach to product design, development, and marketing strategy, but a company that truly embraces this idea changes it’s entire operations to fit consumer needs.
Consumer sovereignty is basically a phrase to describe the power consumers (the people who buy goods and services) have over what is produced in an economy. You may think it is firms that have ultimate control over what goods and services are produced but actually consumers have a lot more power than you think.
Consumers are always right!
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Marketing ethics is an area of appliedethics which deals with the moral principles behind the operation and regulation of marketing.
Ethical marketing is less of a marketing strategy and more of a philosophy that informs all marketing efforts. It seeks to promote honesty, fairness, and responsibility in all advertising. Ethics is a notoriously difficult subject because everyone has subjective judgments about what is “right” and what is “wrong.”
A company must have ethical marketing policies to guide their pricing, advertising, research, and competitive strategies
Ethical Issues in Marketing( According to Boundless-Marketing-Textbook)
Ethical problems in marketing stem from conflicts and disagreements. Each party in a marketing transaction brings a set of expectations regarding how the business relationship will exist and how transactions should be conducted. Each facet of marketing has ethical danger points as discussed below.
Some ethical problems in market research are the invasion of privacy and stereotyping. The latter occurs because any analysis of real populations needs to make approximations and place individuals into groups. However, if conducted irresponsibly, stereotyping can lead to a variety of ethically undesirable results.
Selective marketing is used to discourage demand from so-called undesirable market sectors or disenfranchise them altogether. Examples of unethical market exclusion are past industry attitudes to the gay, ethnic minority, and plus-size markets.
Another ethical issue relates to vulnerable audiences in emerging markets in developing countries, as the public there may not be sufficiently aware of skilled marketing ploys.
Ethics in Advertising and Promotion
In the 1940s and 1950s, tobacco used to be advertised as promoting health. Today an advertiser who fails to tell the truth offends against morality in addition to the law. However the law permits puffery (a legal term). The difference between mere puffery and fraud is a slippery slope.
Sexual innuendo is a mainstay of advertising content, and yet is also regarded as a form of sexual harassment. Violence is an issue especially for children’s advertising and advertising likely to be seen by children.
The advertising of certain products may strongly offend some people while being of interest to others. Examples include: feminine hygiene products as well as hemorrhoid and constipation medication. The advertising of condoms has become acceptable in the interests of AIDS-prevention, but are nevertheless seen by some as promoting promiscuity.
Through negative advertising techniques, the advertiser highlights the disadvantages of competitor products rather than the advantages of their own. These methods are especially used in politics.
Direct marketing is the most controversial of advertising channels, particularly when approaches are unsolicited. TV commercials and direct mail are common examples. Electronic spam and telemarketing push the borders of ethics and legality more strongly.
Deceptive Advertising and Ethics
Deceptive marketing is not specific to one target market, and can sometimes go unnoticed by the public. There are several ways in which deceptive marketing can be presented to consumers; one of these methods is accomplished through the use of humor. Humor provides an escape or relief from some kind of human constraint, and some advertisers intend to take advantage of this by deceptively advertising a product that can potentially alleviate that constraint through humor.
Bait and switch is a form of fraud where customers are “baited” by advertising for a product or service at a low price; second, the customers discover that the advertised good is not available and are “switched” to a costlier product.
Planned obsolescence is a policy of designing a product with a limited useful life, so it will become unfashionable or no longer functional after a certain period of time and put the consumer under pressure to purchase again.
A pyramid scheme is a non-sustainable business model that involves promising participants payment or services, primarily for enrolling other people into the scheme, rather than supplying any real investment or sale of products or services to the public .
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Product Life Cycle.
A new product starts through a sequence of stages ranging from introduction to growth, maturity, and decline. This sequence is referred to as the product life cycle and is greatly affected with changes in the marketing situation,
growth and development, diversification,
change in technology,
wears and tears, etc.
Product life cycle is a reality that explains how a product elevates and depresses.
It serves as a guide to various manufacturing firms and a reminder that products brand has its own reign time.
At the declining stage, it is advised that industries should DIVERSIFY or REBRAND their product so that it won’t get out of the market totally.
Re-branding can come in the form of change in colour, size, image, quality, quantity (adding a 2kg to a 5kg pack), etc
Diversification can come in the form of creating another business line without going “ultra vires ” , and changing the product totally.
Product life cycle problem solving approach can even be applied in your MARRIAGE….
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The Renowned Actress!
Akindele Olufunke Ayotunde (popularly known as Funke Akindele, a Nigerian actress) was born August 24, 1976 in Ikorodu, Lagos state. She came to limelight after featuring in a popular United Nations Population Fund (UNFPA) sponsored sitcom; I need to know, which ran from 1998 to 2002. In 2009, she won the Africa Movie Academy Award for Best Actress in a Leading Role.
Funke Akindele also plays the lead character in the renowned TV show: Jenifa’s Diary.
She obtained an Ordinary National Diploma (OND) in Mass Communication from the former Ogun State Polytechnic, now Moshood Abiola Polytechnic and a Law degree from the University of Lagos, Akoka, Yaba.
Funke Akindele has over a 100 movies as an actress, writer and producer.
She runs a non-governmental organisation known as THE JENIFA FOUNDATION, whose aims and objectives involves nurturing talents and acquiring vocational skills.
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NEW PRODUCT DEVELOLOPMENT
New product development is in process . Developing a new product requires some stages and if these stages are followed simultaneously,the company will surely benefit from alot. Find below the stages:
- New product strategy development. Different firms will have different strategies on how to approach new products. Some firms have stockholders who want to minimize risk and avoid investing in too many new innovations. Some firms can only survive if they innovate frequently and have stockholders who are willing to take this risk. For example, Hewlett-Packard has to constantly invent new products since competitors learn to work around its patents and will be able to manufacture the products at a lower cost.
- Idea generation. Firms solicit ideas as to new products it can make. Ideas might come from customers, employees, consultants, or engineers. Many firms receive a large number of ideas each year and can only invest in some of them.
- Screening and evaluation: Some products that after some analysis are clearly not feasible or are not consistent with the core competencies of the firm are eliminated.
- Business analysis. Ideas are now exposed to more rigorous analysis. Profit projections, risks, market size, and competitive response are considered. If promising, market research may be done.
- Development: The product is designed and manufacturing facilities are planned.
- Market testing: Frequently, firms will try to “test” a product in one region to see if it will sell in reality before it is released nationally and internationally. There is a lesser risk if the firm only commits money to advertising and other marketing efforts in one region. Retailers will also be more receptive in other parts of the country and world if it has been demonstrated that the product sold well in one region. The firm may also experiment with different prices for the product.
- Commercialization: Facilities to manufacture the product on a larger scale are now put into operation and the firm starts a national marketing campaign and distribution effort.
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The marketing 4Ps or 7Ps ?
The marketing mix include the controllable variables which make up the marketing concept.
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market.
The 4Ps are the basic mix before the derivation of the other 3Ps.
7.P– Physical Evidence.
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Having your personal business is a big dream. Sustainability is another thing entirely.
Business management enables you to efficiently and effectively control, organise, supervise, grow and develop your business.
Short term and long term plan is essential in Business sustainability as it helps in growth and expansion.
Being consistent is a key to successful business.
Most successful businesses could reach that level as a result of its consistence in the dealings of the business, in the timing and promoting the business.
In the long run, promotion, innovation, advertisement, etc will enable the business grow( see more at shadfem.com) …
Note that, business is the act of being busy. When you get busy or what keeps you busy is known as Business but it must also be noted that the act of being busy must get you paid in the form of income or profit.
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Mike Adenuga junior was born April 29, 1953 in Ibadan, Nigeria, his full name is Micheal Adeniyi Agbolade Ishola Adenuga, a Nigerian business tycoon. He is regarded as one of the richest black people in the world. Oloye Adenuga, a school teacher, is the father of Mike. His mother, Juliana Oyindamola Adenuga (Nee Onashile of Okesopin, Ijebu Igbo) is a business woman of royal Ijebu descent.
Adenuga is known to be a man with humble beginning, he had his secondary school education at the Ibadan grammar school, Oyo State. He worked as a taxi driver and security guard to support his education while studying at the university. He graduated from Northwestern Alva Oklahoma State university and pace university, New York, with a degree in business administration.
Adenuga has made it big in the mobile telecom and oil production. He launched Globacom mobile phone network in 2006, which has reached about 30 million subscribers, and advancing its operation in West Africa.
At the age of 26 in the 1970s when he returned to Nigeria after studying in the US, he took over his mother’s sawmill business and distributed lace and other materials. The former military president, Ibrahim Babangida, awarded him an oil prospecting license which he used to build Conoil and became the first Nigerian to strike oil in commercial quantities.
He was named African Entrepreneur of the year at the maiden African Telecoms Awards(ATA) on august 15, 2007.
Adenuga was honored by the Federal Republic of Nigeria with the National Awards of the officer of the order of the Niger (OON) and later, commander of the order of the Niger (CON). In 2009, Dr Adenuga won the coveted Silverbird man of the year award.
Being one of the world’s wealthiest men, Dr Mike Adenuga controls the continent’s largest business empires which comprises of oil and gas, telecoms, aviation, banking, and real estates.
Mike Adenuga, the Nigeria’s second richest man is a sport lover, he donated $250,000 to national soccer team, he gave this in other to boost super eagle’s morale ahead of their match against France during the Brazil 2014 world cup.The management and board of English soccer club Manchester united honored him for his financial contribution and support towards the development of sports- soccer in particular.
Equitorial Trust Bank (ETB) is a commercial bank in Nigeria, licensed by Central Bank of Nigeria. ETB is a large financial service provider in Nigeria, the bank was established in 1990, as a limited liability company. In Feb the same year, it was granted a commercial banking license and in march 1990, it commenced operations.
Doing business in the banking sector is one of Dr Adenuga successes, although in 2009, ETB was found under capitalized. and un-satisfactorily managed Bank. ETB was added to a list of nine Nigerian commercial banks that required the injection of new capital by the asset management company of Nigeria (AMCON), a federal government agency.
ETB was taken over by sterling in a deal that was sealed on 11 august 2011.Prior to 2009, the shares of stock of the bank were privately owned, due to the intervention of the CBN and AMCON in 2009, a significant percentage of shareholding in ETB is owned by the Federal Government of Nigeria.
Adenuga also has a multi-billion dollar investment in real estate, these companies provide direct employment to thousands of workers and millions of others indirectly.
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MARKETING STRATEGY FOR BUSINESSES/RELATIONSHIPS
In the business world, a good marketing strategy should be drawn from market research(External) and focus on the product mix(Internal) in order to achieve the maximum profit(Reward) and sustain the business. The marketing strategy is the foundation of a marketing plan. Planning helps in forecasting or predicting the good and the bad.
All establishments need a marketing strategy to survive both internally and externally.
The strength of a business/relationship centres on its strategy and also its opportunities are determined by the strategy put in place.
Here are some of the Marketing Strategies that can be applied in any business or relationship :
1. Planning: You must plan for the opportunities and also the threats.
The threat is a good measure to predict what your competitors/ opponents can come up with in the future.
2. Work as a team: one of the best strategies is working as a team.
Let there be an existence of communication flow within the organization or relationship.
Argue positively, debate on the topic matter, resolve and make a conclusion from the debate.
If most relationships can ask this question , why do we argue? at the end of an argument , there will be a solution to the issue at hand.
Same goes to the organization.
3. Develop a new model: If the meetings so far do not allow subordinates to make one or two contributions, you could change the structure. Let everyone’s contribution counts. You don’t know who could have a better opinion.
No matter how small or inexperienced your wife or child(ren) may be, allow them to say something. No island of knowledge!
4. Discipline: Adhering strictly to your plans and making sure all goes well as planned.
5. Compensation : Do compensate a small work done and you will have a great success. Encourage your team or workers, either monthly or annually. No gift is too small.
Encourage your spouse, it may not be necessarily buying a gift, it could be a text message, it could be a little appreciation for that little thing he or she has done. Sure he or she will do better some other time.
Register and read more at
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To be sold @ #36,500……
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