Wholesale Dropshippers & Dropshipping Product Suppliers Blog

Tuesday, April 28, 2009

Globalization & making global strategies for your business

Globalization presents a whole new set of opportunities, a totally different type of threats and so many alternate options to do business. It is going to affect your business one-way or the other, that’s why the sooner you start thinking in a global perspective the better. Globalization has made the future even more uncertain for the businesses, raising the bar to a new level. If your business was somewhat secure in the old domestic setup, you should get ready for some competition coming from across the borders. Being the best in your country is not enough anymore. You need to look for improvement constantly, as a business and as an individual to be able to survive.

On the positive side globalization is not all about threats and insecurities; it also provides so many new lucrative markets and opportunities at the same time. But to avail these benefits you need to be proactive. Unlike most businesses that just go with the happenings; you should make a global strategy and then stick to it.

Internal & External Considerations:
Internal & external assessment is the first step towards making a global strategy. It starts from deciding if your product or service has got the potential to make it at international level. If the answer is in yes, then you must go for it. Other factors include available resources (capital, technology, and skills), environmental factors, global inflation, trade barriers or the alternates available worldwide. An example of these alternates is how globalization has made it so easy to outsource some of your tasks to a firm located in some low cost zone and save significant amounts.

Set Goals:
Keep in mind the availability of finance or the requisite like supplies in the host country, when setting goals. Don’t overlook the hurdles like host Government policies, political uncertainties or global inflation in your excitement of going global. Set priorities and the level of risk your business is capable of taking.

Long Term Planning:
The formulation of long-term plan requires the managers to look into all departments, starting from entry method to diversification targets, product marketing and distribution. If you have been running or managing a business locally for some time, it may take time and effort before your mind can adapt an international approach while planning. It may be hard at first, but then that’s something you can hardly ignore in this age of globalization.

Tuesday, April 21, 2009

Change, Learn to deal with this unchangeable reality in your professional life

The catchphrase for Obama's (now successful) election campaign was "Change", and the fact that it worked means Americans welcomed the idea of change. On individual level, we tend to approve of change when the proceedings are not good, and quite understandably we are annoyed when this inevitable comes at a time when everything was going smooth. So … is the change really bad or something good? Searching for the answer of this question is ineffectual, because whether good or bad, change is inescapable. Besides, the answer to this question (if the change is good or bad) depends on how good we are at dealing with change.

We can't control the universe, that's it:
Even though, we'd feel in control of the events in our lives at times, the fact is that things get out of control in no time and we are left with this unsympathetic reality that we are helpless (as far as the happening goes). But, we are absolutely in charge of our reaction and that's what really matters. Sometimes we distance ourselves from positive changes just because they are enforced upon us, or they seem to pull us out of our comfort zones. So the first step towards handling the change in a more positive way is to evaluate instead of rejecting instantaneously.

Look at the change as an opportunity:
Sometimes you get into some competition and find out that no matter how hard you try, you can't beat the old, experienced and established players, because they are just so comfortable with the techniques or procedures. Change can prove to be a blessing in these situations, a change in rules, introduction of some new technology or installation of new software, changes like these mean everybody has to start from the scratch. This is the time where you can create some sort of supremacy over others, but only if you were ready to embrace change. Sometimes we are too perplexed by the change that we fail to see the opportunity lying within the change.

Don't underestimate your potential:
We are much more capable of adapting to changes than what we assume of ourselves. (If we were not, we'd have vanished from the face of earth like those monstrous dinosaurs). On a more serious note, it's not that hard to adapt in most circumstances, all you need is to have some flexibility and focus. It’s quite possible that after sometime you’ll feel that you are much more comfortable with the new settings or situation.

Tuesday, April 14, 2009

Carrying out marketing for different types of customers

Customers can be divided into different categories according to their decision making patterns. They have different sets of priorities and their own different reasons to buy or reject any given product. It is vital for a marketing professional or sales person to understand these types and to approach different customers in a slightly modified manner. Memorizing same sales pitch for every customer and repeating it to customer after customer is not the ideal way to go. You will soon be frustrated due to lack of sales. To avoid such situations, you should go through some research and come up with a marketing plan that will be able to accommodate all types of customers.

Some basic types of customers are described below.

Loyal customers:
A marketer's (or sales person's) dream coming true, this loyal group of customers is devoted to your brand. Not only they make repeated purchases, they also influence others to try your brand. They may be small in numbers but the bigger part of sales still comes from the same category. When trying to attract new customer, do not make the mistake (rather blunder) of ignoring your old dedicated clients. Do not make unexpected changes in your product or services because it may upset the existing ones.

Price conscious consumers:
Not necessarily, but normally these customers belong to the middle class, and most of their buying decisions are initiated by low prices. Even if they are making repeated purchases, they cannot be considered as loyal customers. They are only loyal to their mantra and that is to pay the least possible amount. You can attract this group of customers through some special bargains or discount offers but trying to retain these customers by continuously offering low prices for all of your products is not viable.

Status conscious clients:
Another important type, and more profitable too when handled properly. They normally comes from the upper or elite class, they have the riches to look around and get their hands on the most stylish, unique or expensive item. At times, they'd spend quite an amount just to be the first one to get hold of some product. In short they don't mind spending as long as are getting something of excellent quality and value in return.

Self-confident assertive customers:
This is hard to impress, unyielding category of consumers. You cannot tempt them into making a purchase unless they already need something badly. That is why; it's not very productive to spend so much time, trying to convince them. They'll buy when they feel like it; otherwise they won't spend a penny.

Monday, April 06, 2009

Why appearance and body language is crucial for your success in professional life

Body language and appearance falls under the non-verbal communication category. The power of body language is often under estimated. The fact is that no matter how wisely you choose your words, if your appearance or body language is not supporting the message you are trying to convey, it’s not going to work. Body language is much more than making eye contact, firm handshake or continuously smiling (smiling is good but having a smile on your face all the time can make you look quite sheepish).

Following are some points that you must remember and apply in your business meetings and communications.

Getting the aid of appearance:
When we talk of appearance, it includes both.

i) Your appearance in oral communication
ii) The appearance of your message in written communication

Good brains are undoubtedly more important, but good looks do not go in vain either. In fact, they become essential if meeting with clients or making sales is included in your job description. Spend some of your earnings on buying good professional dresses, shoes, jewelry or perfume. As far as written communication is concerned, use good quality papers, envelopes, and most importantly a neat organized message. Typos or grammatical mistakes will also ruin the appearance of your message.

Body Language:
Your body posture, gestures, expressions, hand movements or your voice tone, each of them contributes in making your communication effective or ineffective. The sooner you realize it, the better your chances to improve. Imagine yourself in different professional scenarios and visualize your body language. Were you too aggressive or dominant when communicating with your subordinates? Did you have that closed body posture during the last business meeting you had? Do you think your interviewee noticed that you were nervous, even when all of your answers were reasonably good? Body language can convey some pretty useful messages even before you have uttered a single word.

Improving your body language:
Improving your body language needs practice and a lot of that. It’s not easy to change your gestures, movements or posture that you have been carrying since your childhood, but it’s not impossible at all. Start from your facial expressions and voice. Make eye contacts when necessary; try not to reveal the negative emotions during business meetings from your face e.g. boredom, anger or tiredness. Record your voice and then listen to it. This practice will give you an idea on how understandable your oral communication is. Avoid making gestures as much as you can, especially if you are meeting some foreigners. Don’t make unnecessary movements while talking; it will only distract your audience. You can even control your nervousness by just acting more confident. Ask your friends or family members to comment on your body language and if they are kind enough to point out some shortcomings, try to improve on them.