Ice has been a commodity for centuries. However, ice vending machines have revolutionized the way that consumers are able to buy it, helping to create a multibillion dollar business. While it may be enticing to open your own ice vending machine business, the industry is very competitive, making it imperative to have a good marketing plan in place before deciding to enter the arena.
Marketing strategies past and present have at least one thing in common: getting the word out about a product or service in hopes of encouraging consumers to buy it. However, people shop much differently than they did years ago. Rather than letting a TV ad or sales flyer alone influence their purchase behavior, modern consumers gather information on all their options before making a decision. That means marketing strategies must accommodate this change. Your efforts should therefore be focused where consumers now spend most of their time -- online.
Marketing and branding strategies for a catering business go hand in hand, helping you create a niche so you can better target specific customers. Not only will the right marketing strategies help you create a consistent message, they can also let you to target multiple audiences with different product offerings.
Market segmentation is the process of defining a group of target customers in demographic, psychographic, geographic and behavioristic terms. Developing a market segmentation plan can guide your product-development and marketing efforts toward a cohesive customer group, allowing you to more effectively serve them with products they need and want in ways that resonate most effectively with them. Writing up and developing a market segmentation plan involves defining your target market or markets in terms of each of four segmentation variables, then combining the various definitions for a complete customer profile.
Digital marketing communication requires as coherent and cohesive a strategy as real-world marketing communication. Flooding websites with ads or jumping onto social media to flog your business without defining a clear brand or setting up objectives that reflect the limitations of a given communication outlet puts both your business and marketing communication on a course for failure.
Setting prices is a fundamental part of marketing that affects everything from a company's ability to attract customers to how much cash it makes on each sale. A flat rate pricing model is a pricing structure by which a company charges a fixed fee for a service instead of charging based on the amount of use of the service or the cost of providing service. Flat rate pricing is common in businesses that sell subscriptions, although contractors and other professional services providers can also charge flat rates.
When deciding your target audience, you not only have to evaluate whether you want to sell to a specific group of individual consumers, but also whether you might be better off selling to companies instead. Understanding some of the basic differences between a business-to-business model and selling to consumers will help you determine which is best for your business.
When customers engage in word-of-mouth marketing, one negative experience can snowball as it passes from the initial consumer to her friends and then her friend's friends. Over time this may lead to drastically reduced sales or affect your company's standing in the community. To reverse the bad buzz, focus on customer service to generate positive word-of-mouth going forward.
Your marketing plan is only effective when you can pinpoint what’s working. Tracking mechanisms allow you to retrace your customers' steps to determine how they got from their door to yours. Think of how valuable this is: If one activity brought no customers, you can stop doing it and dedicate those resources to the tactics that worked. Remember that not all marketing activities work for all companies, so if your competitor is doing something that doesn’t work for you, it doesn’t mean you’re doing anything wrong -- it may simply mean that your customers' habits are slightly different.
Trucking companies move a wide range of goods on the world's highways, connecting manufacturers, distributors, retailers and end users in a continuous cycle of pickup and delivery. As service providers, their marketing objectives revolve around building long-lasting relationships with customers and offering greater value than competitors. Key areas of focus should include brand differentiation, expanding geographic sales reach, and recruiting independent owner-operators for expansion purposes. Understanding a few of these goals can help you draft a marketing plan for your own transport business.
Brides dream of their wedding day, imagining how radiant and overjoyed they will appear in front of their friends and families. A successful bridal show for salons markets this image to brides and their families, giving them a chance to show off their talents and attract a new clientele.
Japanese car maker Toyota introduced lean principles to automobile manufacturing in the years after World War II. Companies aiming for improved quality and profitability continue to examine, adopt and adapt these principles today. While the greatest bottom-line benefits are likely found in manufacturing, the lean culture intent affects all aspects of a company's business. Marketing in particular presents unique challenges when incorporating lean principles.
Pushcarts are used by vendors to sell goods, services or food product on street corners, at flea markets and fairs and in shopping malls. Successfully marketing pushcarts requires communicating with businesses offering goods that can be sold in these locations. There is a large market for pushcarts, with over 30,000 businesses selling via pushcarts in the United States alone.
The greatest product in the world still won’t sell itself -- especially if you’re just getting your business off the ground. You also don’t have time or money for trial and error. When you embark on activities designed to sell your product, you are engaging in marketing. What works for one business doesn’t guarantee success for another; you must keep the specifics of your industry, your product and your customers in mind and develop a strategy that accounts for all of those facets.
Brides and their families spend millions of dollars on weddings every year and the bridal industry is full of competitors vying for their attention. By using creative marketing techniques catering to the specific needs and preferences of the bridal market, you can tap into this lucrative business to the benefit of your company's bottom line.
Affluent customers are on the radar of most marketing professionals; landing them can help to push a marketer to higher pay scales, improve credibility and increase exposure to additional highly valued targets. According to Richard Becker, vice president of marketing strategy for Equifax, consumers considered to have high net worth make up about 10 percent of the U.S. population, representing close to 12 million households. This group accounts for nearly 50 percent of retail purchases that total about $4.1 trillion a year. It’s their attitudes, aspirations and lifestyles that drive their purchasing decisions.
Small businesses often have limited advertising budgets relative to larger corporations. Therefore, you can't afford to waste dollars on ineffective or inefficient ads. No company is ever going to operate a completely foolproof plan with zero waste. However, a few critical steps can improve your overall investment in advertising.
Almost every product or service has either a direct competitor or substitute from which customers can choose. Companies that adopt a strategy of differentiation must work to increase the perceived value of their product or service to make them stand apart. There are several approaches to implementing a differentiation strategy that can be used separately or together
Emotional bonding in advertising refers to efforts by companies to create subconscious emotional attachments between customers and their brands. When you can successfully create such a bond between your target customers and your brand, you can get customers to make routine purchases of your products and services regardless of their conscious concerns.
Marketing phrases are some of the most challenging content a copywriter is ever asked to write. It entails taking the central messages of a company and placing them into one succinct sentence, sometimes entailing no more than three to four words. But a perfectly crafted phrase can drive business and inevitably put that company on the map.
Creating a marketing strategy to reach out to women helps ensure your OB-GYN practice bustles with patients each day. Identify your target market, so you can create messages that attract new patients and keep current ones coming back. Some of your patients will come to you, but it may take savvy thinking to find others.
As the owner of a debt collection agency, companies rely on you to help them recover unpaid bills from delinquent clients. If you’re looking to expand your clientele, there are many different ways to market your business both in your community and online. It can be difficult for a customer to differentiate between collection agencies, so it’s your job to create a marketing strategy that sets you apart from your competition. Show potential clients that you’re the debt collector that will get the job done right.
Distributors are an important sales and marketing channel for small businesses. They enable you to deal with small or geographically remote customers that your sales representatives could not reach cost effectively. Distributors may agree to market your products exclusively, or they can sell them alongside those of your competitors.
Distributing free samples can be a very effective way to introduce customers to your products. Sometimes people just need to try something out before making the decision that the item is worth their money. Give free samples away at your store or another location frequented by your target market to ensure you’re getting the product in front of the right audience.
Beauty is big business, and the beauty and personal care industries saw $426 billion in sales in 2011, according to The Beauty Company. Effective marketing can mean the difference between everyone's new go-to product and a creation that never makes it big. You'll have to tailor your marketing techniques to your business's needs and the specific product you're advertising, but the beauty industry has established some tried-and-true -- and occasionally controversial -- marketing strategies.
If your company needs marketing collateral, but doesn’t have in-house talent to create it, writing an RFP to distribute to agencies can be an effective means to find the best way to get the job done. Taking the time to write a very detailed RFP will help you find the marketing agency best suited to your needs. When your company and the marketing agency are on the same page from the start, there’s no need for unpleasant surprises.
Television is an important medium used by advertisers to deliver commercial messages to targeted customers. While advantages of television include the ability to reach a lot of people with a creative message, it does have some limitations relative to other traditional media. In particular, commercials often suffer from a lack of audience attentiveness and they can get expensive for local companies.
Acupuncture is a health-and-wellness practice drawn from the ancient Chinese practice of inserting thin needles into the skin to relieve pain, cure illness, or increase well-being. Modern acupuncturists use numerous marketing methods to reach potential customers and grow their practices.
Hypothetical scenario marketing blends traditional marketing techniques with sophisticated forecasting tools to determine the marketing strategies for possible new products. Marketing experts use customer surveys and focus groups to gauge customer interest in products currently under development. These techniques enable marketers to find which products have the highest potential for success while avoiding those that have the highest probability of failure.
A thorough examination of customer data can deliver significant results when determining which promotional efforts, pricing strategies and product placement tactics are the most effective. Businesses ranging from food manufacturers to media producers use traditional market research techniques to assess consumers' opinions and ideas. While these techniques are still effective at determining a solid marketing strategy, advances in technology have enabled online marketers such as Amazon to examine customer data at a more granular level. These data analysis methods are known as "data mining."
A profitable product can damage your company if it confuses the marketplace about your brand, causing sales of other products to slip. It also can stress your business’s internal resources, making the product more trouble than it’s worth. Understanding how to align product design with your strategic management initiatives helps you design the right products for your company.
Manufacturers often leave the bulk of marketing efforts to distributors, resellers or retailers, in an effort to streamline the marketing process. Many manufacturers, however, instead develop marketing collateral for products and offer cooperative programs to share advertising costs. Despite the tendency to leave marketing to downstream entities (those closer to final sales to end users), manufacturers can employ a number of marketing strategies.
Working well in a team requires you to keep a very flat structure with regards to how you do business. Work well in a team with help from the founder and CEO of DoGoodBuyUs, the marketplace for social goods in this free video clip.
Selling ads on the back of a t-shirt is a great way to promote a particular product or brand. Sell ads on the back of a t-shirt with help from the founder and CEO of DoGoodBuyUs, the marketplace for social goods in this free video clip.
Selling an engagement ring on consignment requires you to do so at no upfront cost to the buyer. Sell an engagement ring on consignment with help from the founder and CEO of DoGoodBuyUs, the marketplace for social goods in this free video clip.
Cutting out the middleman in clothing sales is a great way to secure more profits for yourself. Cut out the middleman in clothing sales with help from the founder and CEO of DoGoodBuyUs, the marketplace for social goods in this free video clip.
Answering a complaint letter from a cosmetics customer service is something that you should do by first making sure that you understand the problem. Answer a complaint letter from a cosmetics customer service with help from the founder and CEO of DoGoodBuyUs, the marketplace for social goods in this free video clip.
If you want to make money from fashion blogging, you're going to have to work on raising your viewership. Make money from fashion blogging with help from the founder and CEO of DoGoodBuyUs, the marketplace for social goods in this free video clip.
Selling watches online is something that you can easily do with the help of a few key strategies. Sell watches online with help from the founder and CEO of DoGoodBuyUs, the marketplace for social goods in this free video clip.
If you want to sell jeans on eBay, you're going to first have to identify your target audience. Sell jeans on eBay with help from the founder and CEO of DoGoodBuyUs, the marketplace for social goods in this free video clip.
Finding the total market share between two segments requires you to look at total revenue. Find the total market share between two segments with help from the founder and CEO of DoGoodBuyUs, the marketplace for social goods in this free video clip.
The practice of making personal contact with potential clients who were not expecting such contact is called cold calling. It usually takes place over the phone, but supplemental insurance sales agents often sell their products door-to-door. There are several alternatives to door-to-door cold calling.
The business environment can be broken down into segmented forces, referred to as demographic, socio-cultural, political-legal, economic and technological. Within each force are a series of changes and trends. Those changes and trends create new needs, or change or diminish existing needs. Technological innovation is currently affecting those needs at unheard of paces. Changes dramatically affect product development, marketing plans and advertising strategies.
Whether you operate a small day spa or manage a palatial resort spa, a sound marketing strategy is essential for differentiating your business from competitors. However, a poorly-planned marketing strategy can derail efforts to build a brand. Understanding spa marketing challenges, limitations and other pitfalls can save time and money.
Economics is defined as the study of how countries and people allocate their resources. Marketing is defined as creating products and services that meet a need or want. When you look at the impact of economics on marketing, you are analyzing how resources are allocated to meeting needs. From a macro viewpoint, we are primarily looking at governments and international businesses because these are the two institutions most capable of determining how macro resources are allocated. Both have tremendous capacity to either allocate resources wisely for the overall benefit of citizens and stockholders or squander the opportunity.
Chiropractors offer many services that can attract new and returning patients, but most specialize in treating back and neck pain that are the result of a variety of injuries. Many patients seek chiropractic care after automobile accidents, and marketing campaigns that target car crash victims can be effective during certain months. Chiropractors can also target marketing to people suffering from sports-related injuries during some months and use month-to-month marketing campaigns to solicit referrals for new patients.
In theory, technology that gives salespeople access to more information about both products and customers ought to improve their sales performance. In practice, some salespeople seem to benefit from information management systems much more than others, and companies using these systems have had mixed results. The effectiveness of information systems in a sales context depends on several factors that are hard to control.
A project plan for an international marketing effort sets out the actions, timelines, budgets and resource requirements for a successful export program. The plan must take account of the strategic board-level decisions required and the tactical actions to put the program into operation. Developing a project plan helps reduce the risk in entering markets where your company and your products are unknown.
Even if you have something genuinely remarkable to offer, a lackluster presentation can do more damage than good. Using a tool like your iPad can be a major upgrade for presentations. Keynote, a presentation app offered by Apple as part of its iWork productivity apps, includes themes, graphics, slide transitions and 3D charts for your disposal. Keynote, combined with the beauty of wirelessly delivering your oration, might help put you on the fast-track to success.
The ability to attract and retain customers is a vital part of running any type of business, from national corporations to small consignment shops. A local retailer might not be able to pay for expensive marketing campaigns like sponsoring commercials on TV networks or placing ads in major newspapers, but there are many low-cost strategies small companies can use communicate with customers and generate business.
Exhibitions provide an opportunity to meet customers and prospects face-to-face. That makes them an important marketing tool for finding new customers, strengthening relationships with existing customers and launching new products to the market. Exhibitions are only part of the marketing mix, but, compared with other media, they are extremely effective at enabling personal interaction with real buyers, according to the industry trade association UFI.
A marketing audit report is a document that evaluates a company's existing marketing activities. The marketing audit is typically written by the director of marketing or by the company's owner in smaller businesses. As such, the marketing audit report is a chance for the author to take an honest look at the company's strengths and weakness in public relations, advertising and other marketing-related tasks. Like a financial audit, the marketing audit helps your business to update and change its strategies and to reflect on how the external and internal environment affect its marketing techniques.
Buffet-style restaurants offer a copious amount of food without the cost or extended time necessitated by waiter service or cooked-to-order entrees. Marketing them requires reminding your target audience about your value proposition in order to differentiate yourself from other types of restaurants. Depending on the other buffet offerings in your area, you may also need to focus on setting your restaurant apart from the competition within your niche.
Packaging is normally included with "product" as one of the 4 Ps in the marketing mix: product, placement, price and promotion. Because of its importance, some marketers view packaging as the fifth P. In addition to protecting and preserving, it serves the vital function of triggering buying decisions at retail. For small-business operators, great package design allows you to punch above your weight in competitive retail environments, thus compensating for limited marketing budgets.
Multi-product branding refers to the practice of releasing a number of different products under a single brand name, such as Microsoft. This branding strategy aims to leverage positive associations consumers maintain with existing products under the brand and transfer those associations to new products. Although some companies find success with multi-product branding, the strategy creates risks as well.
Values-based marketing seeks to make products, services or entire businesses appealing to customers by demonstrating a commitment to particular values or socially responsible behavior. Businesses can build an overall strategy around specific values, which offers the opportunity to achieve a wide range of goals marketing to customers who share the same views.
In the marketing world, vertical refers to a specific segment of customers within a broader market. It's not the same as vertical marketing systems, which refers to marketing partnerships between manufacturers, wholesalers and retailers. Verticals also differ slightly from the basic concept of market segmentation since they're defined by a common set of needs or activities. Vertical marketing is primarily a niche-focused strategy with advantages and disadvantages compared to mass-market approaches.
Branding is the practice of creating an image for your company, product or service in the marketplace, based on your unique value proposition and the benefit you offer customers. When people see your ads, promotion, website, packaging, price and distribution locations, they should get the consistent message that you have a specific benefit appealing to your target market.
Advertising is like throwing a stone into a pond. Some advertisements barely cause a stir. Others cause waves. The ripple effect is the idea that marketing and advertising can initiate self-sustaining public reactions that can hurt or help a company.
All types of marketers, including businesses, nonprofit organizations and government entities, use video and print to promote their products and services. These two media present different advantages and limitations to marketers and they can be most effective when used together in a comprehensive marketing strategy. Understanding the pros and cons of each is essential to using each to full advantage and finding synergies between the two.
While marketing deals with all aspects of customer relationships, demand generation focuses on making the customer aware of the product and completing the sale. When you integrate an effective demand generation component into your marketing strategy, you generate more leads and increase sales. The other components of your marketing ensure customer satisfaction and loyalty, but demand generation is critical to acquiring the customer in the first place.
Clearly, there is a huge difference between marketing to businesses (B2B) and marketing to consumers (B2C). To be successful, marketers must understand the fundamental differences involved. The needs of both markets are vastly different, as is their approach to the buying process. Marketers have to understand the differences in mindset and methods of a consumer versus professional buyer to be successful.
The USA prides itself on having a solid middle class -- workers earning a median income in jobs such as auto mechanics, writers, teachers and nurses. However, a gulf has been created between the upper-middle class and the lower-middle class. Businesses that once marketed their products to a general audience must revamp their strategies to appeal to just one of the groups or else to adopt a two-tier marketing strategy to market to both sets.
To maximize banquet revenue, your marketing should take a three-pronged approach. Using a balance of marketing communications, cross-promotions and client referrals, you will increase the chances you’ll book more business and see more profits. Review your banquet marketing strategy to see how you can get others to help you build your client base.
Merchandising and stocking go hand in hand when it comes to selling products from a brick and mortar store. It doesn’t matter how great the merchandising tactics are that you use to attract customers if you understock products and cannot fill your shelves. Understanding the differences between stocking and merchandising is key to utilizing both tasks to persuade people to buy what your store sells
A consulting business requires few start-up costs, since the services you provide depend on your knowledge, education and experience and not products you purchase ahead of time and sell to buyers. But you need more than just your expertise –– you also need a marketing plan. Not only does a completed marketing plan provide details on what you’re selling and to whom, but it also acts as a tool to help you evaluate your success.
The phrase "marketing and communication," while often used, is actually redundant. Communication or promotion is actually a major component of the broader marketing business function. Along with communication, marketing activities include customer and product research, design and development and service and support.
A niche market is a subset of a company's larger market on which a specific product is focused. Defining a niche market helps a business owner to understand the specific characteristics of a product that satisfy the consumers' wants and needs. The niche market also helps to set the price point and determine the demographics and psychographics of the consumers. When thought of this way, every product has it niche market -- the customers who are your core group of buyers.
Your position in the marketplace dictates how you pursue most of your marketing strategy and tactics, including pricing, distribution, advertising and promotions. Using marketing activities that don’t support your position can confuse consumers and lose you sales and market share.
Assisted living and home healthcare services offer value to people who struggle with their personal or medical care. The market for these services is growing, thanks to the approximately 77 million baby boomers who will retire over the next two decades. A marketing campaign helps you find ways to attract clients so you can take advantage of the growing number of people who need assistance.
Interior designers need to determine pricing strategies for design services and the products they recommend and install in their client’s homes. No matter what type of pricing strategy you set in motion, be clear with your client what types of services you bill for, such as design fees, meetings, preparing and reviewing construction drafts and installation of furnishings. That way, your client knows what to expect when they receive your invoice for the work you did to transform their rooms or offices.
Training and development sessions for your sales team members help less-experienced employees gain knowledge and skills, and let more seasoned veterans pass on what they’ve learned. Whether it’s a dedicated training session or a weekly department get-together, adding group exercises can improve your team’s results.
Increasing the number of customers who visit your bakery and buy your baked goods requires a variety of marketing strategies. Marketing budgets are often tight for small bakeries. That means you must find ways to make your bakery stand out in your customers' minds so they know exactly where to go -- your bakery -- when they need a dozen muffins for the office, a few pastries for the family breakfast or some cupcakes for their next party.
Critics of multi-level marketing operations contend that there is little difference between an "MLM" program and a pyramid scheme. Not surprisingly, the MLM industry strongly disagrees. It says multi-level marketing can enrich those willing to work hard at it while providing products that benefit the consumer. The policy of the Federal Trade Commission, whose regulatory authority covers such programs, is that some MLM operators are legitimate, but others are simply pyramids in disguise.
Contingency pricing can help resolve a common business dilemma that arises when a potential buyer makes an offer that's less than what the seller thinks he can ultimately get. Taking the low offer guarantees a sale -- but it also means giving up the chance for a bigger profit. With contingency pricing, a business accepts the low offer while still leaving the door open to a better deal.
Psychographics is one way to segment a target audience into a smaller group of people that share similar lifestyles or interests. The expression "consumer psychographic" refers to a specific lifestyle, activity or interest shared by customers within the targeted group in a marketing campaign.
A penetration strategy aims to increase market share, or the percentage of customers a business serves in a particular market. A business might use several penetration strategies simultaneously to increase its customer base. Even if these strategies are unprofitable at first, the development of brand awareness and a loyal following could be worth the temporary cost.
Successful salespeople know how to choose realistic but profitable sales objectives. For example, expecting a customer to make a huge purchase without first getting to know her needs and budget is unreasonable. A more realistic sales objective is to close the sale after spending some time with the customer and tailoring the sales pitch to her situation. After that, focusing on secondary sales objectives can sweeten the deal -- or rescue a failed sales pitch.
Building a customer base in a direct selling clothes business is different from the traditional retail environment. Build a customer base in a direct selling clothes business with help from the President of Lion'esques Style in this free video clip.
A fashion company typically tries to stay ahead of the latest trends and even set some trends on their own. Find out what type of forecasting a fashion company uses with help from the President of Lion'esques Style in this free video clip.
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Jewelry display ideas for street vendors need to make the products look as good as possible while also making sure that they are secure. Get jewelry display ideas for street vendors with help from the President of Lion'esques Style in this free video clip.
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Becoming better at selling clothing in a store requires you to focus on a few key things, like customer relations. Become better at selling clothing in a store with help from the President of Lion'esques Style in this free video clip.
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Clothing line sales strategies require you to make sure that you are communicating what is truly unique about your items. Learn about a great clothing line sales strategy with help from the President of Lion'esques Style in this free video clip.
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Many of the problems regarding small business marketing center on a lack of formal training and capital. With enough money, you can hire marketing experts to help you increase your profits. With enough expertise, you can generate revenues to make your company more competitive. Understanding how to address a lack of marketing experience and a small budget will help you maximize your potential.
Marketing insurance services requires you to become a financial adviser, an analyst, and sometimes even a friend. Market insurance services with help from a Los Angeles-based social media manager and brand designer in this free video clip.
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Marketing plans for fashion include the classic elevator pitch, among others. Learn about marketing plans for fashion with help from a Los Angeles-based social media manager and brand designer in this free video clip.
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