Years back when as a greenhorn I entered into business I could never understand how sometimes a business partner get advertising at 40-50% off the normal rates. I thought then, that the profits roll in when you sell high enough. But the problem with selling high enough is that unless you successfully create an air of hype and exclusivity around your products or services your competitors might give the same quality at a bit lower price.

Sensibly, the best thing was to get down on knowing the best way to buy cheapest without compromising quality. There are 3 key areas where everyone ought to apply the principle of brilliant buying;

a) Advertisement: These days advertising is about the costliest means of marketing. When I wasn’t conversant with the idea of brilliant buying I always paid advertising media the full advert rates as stated in their rate cards. I thought they were non-negotiable. I must have been seriously naive. To push a product permanently into the minds of TV viewers and radio listeners we spent awfully so much that we later couldn’t afford to use advertising. Good enough that got us into thinking of more effective and low cost ways of getting people to do business with us.

Still if you are a business owner who would love to put your products/services on air it will pay to insist stubbornly on paying not more than 50-60% of stated rates. One way is to contact the advert section stating that you are willing to pay a certain percentage of stated rates ( 50% or 60% ) AND request that if their organization has a vacant ad space unsold they could put yours at the rate you specified.. Better still discuss with the media bodies in your area. Everything is negotiable in business.

b) Raw Materials: If you are in the manufacturing business or hospitality / food business where you’ll have to buy raw materials for conversion into products I daresay it is very important that you buy smartly. Buying smartly will entail hard negotiating to get the best prices available. Enquire if bulk buying comes with a sizeable discount. Enter into special private labeling deals or distributorships where you can get the products or raw materials at 30-60-% off. Most times you’d be surprised at how much you can reduce the cost of buying things needed in business.

c) Variable expenses: When Young and growing most companies keep a tight rein on their expenses but something happens when they grow fat and big. Money is then spent without justification. Money should not be spent to wasteful projects to assuage the feelings of any one person in the organization.

Brilliant spending and smart buying decisions will give your business a leg-up and ensure that your business becomes even more profitable.

If you have comments, questions or enquiries based on this article don’t hesitate to use the comment box below. We’ll try to answer or reply all questions.

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1. 3 Keys To Brilliant Selling in Business

The beauty of focus is that it allows you aim all or most of your marketing energy at those who are most likely to buy your product or service.

You have to come across as an authority in a particular field. Even if you produce a wide range of products you should be able to carve a niche for each of them. This is why many companies have brand managers for each product or service brand they have. You should be able to position each of them to the target audience.

In some cases the group that uses your product may not have the purchasing power. This happens when you produce goods for teenagers or children still under the control of parents and without money to spend. In these cases the company has to direct their marketing efforts towards the parents as well as (I advise strongly) the children. This is because the children will exert reasonable influence on the parents to buy if the former are moved to want your product.

I, actually, don’t want to sound like one of the over schooled business professors who have never run even a diaper changing business but blow grammar all over without specifically telling business men what they could do to improve their business. So down to the nitty gritty, as a company, analyze your products, look around and identify the better prospective customers and bombard them through a mixture of marketing tools. Don’t sell to everybody.

Are you in the auto-repairs business? target car owners

In the baby care business? Target mothers. Search for them wherever they are, hospitals, beauty clinics etc. make a list of every possible place they are most likely to be concentrated.

In the hotelier, hospitality industry? Aim your marketing at high brow offices, conferences and media prospects are likely to watch. Got the gist?

Look for places where people who are more likely to buy from you are found and turn on your marketing ideas full strength at them. At the long run when you have converted enough of them to your loyal customers you would be enjoying repeat sales.

Related posts:

1. 3 Keys To Brilliant Selling in Business
2. 3 Keys To Smart Buying