Yale students: guest post advice
In this article, we’ll share some insights gained while studying marketing at Yale; guest posting, guest blogging, content marketing, and Reddit marketing.
As was the case while studying at Yale, let’s start with the fundamental basics and theoretical underpinnings. What is marketing? For that matter, what is business? Business is the activity of making one’s living or making money by producing or buying and selling products (such as goods and services).
The first glimpse our society ever had business transactions would be in 6000 BC, where we had begun with barter trade. An easy and simple way of business where a farmer could trade 5 pounds of grain for 5 pounds of fish with a fisherman. A business trade then, was not defined by a singular currency but by how each individual would view the value of their possessions.
Now, with the evolution of technology and human advancements, we have come a long way from our more primitive ways of business. Today terms such as cryptocurrency and ad-based revenue flood our screens, as we look for different ways to expand our business and make a substantial amount of profit. To keep up with our meteoric advancements, our businesses have to evolve as well.
In today’s economy, we have come far from the more simplistic barter trade, and thus to keep up with this complicated landscape, business processes have to adapt to keep their organization rudimentary and easy to run. Marketing is complex and involves all kinds of digital efforts, including guest post outreach, digital marketing, and content marketing.
Transition to paperless
Traditionally, there has always been a need for businesses to consolidate accurate and correct paperwork. Paperwork or more commonly known as documentation, are key to business as they instill confidence within your business, among potential investors and your clients. Internally, they will allow your business to be more organized through proper archiving of employee details and client details.
Without the correct paperwork and documentation businesses will tend to lose out on important information and the lack of organized information will leave businesses struggling to keep their businesses on track.
Between 2% and 5% of an organization’s files are lost or misfiled on any given day. Companies on average spend $120 in labor to find one misfiled document. 1 out of every 20 documents is lost. Approximately 25 hours are spent recreating each lost document. And this happens yearly.
To increase efficiency, companies have now moved towards the introduction of paperless documentation through the use of handheld devices. Using technology to produce and store the data required to run the business.
The initial investment in tablets and hardware could be an expensive investment. However, the risks outweigh the potential landfall of returns as we can cut down on human error as well as time wasted. Two factors that have a huge impact on businesses.
Diversifying revenue streams
With any business, the main goal is to always maximize profit. However with any business, there will come a time where the demand for food and service would decrease due to oversupply in the market. This could come in forms of other restaurants or other new products that could appeal more to the everyday customers.
The next step to advance your business would be to diversify your business would be to change your business model.
Bigger companies tend to move towards re-investing their profits into stocks and shares or newer forms of investments such as crypto currency. Huge risks with even higher rewards.
However not all businesses have the luxury to have that much capital at their expense.
A good way to diversify would be to allow a service that can run parallel to the current one you are doing. For example, a restaurant could start a cooking class business as well to allow customers to learn how to cook their favorite foods, or a yoga class could sell products that could help their students have a more comfortable time during their lessons.
To evolve and to adapt to new kinds of customers is the key to ensure longevity in your business. This is to ensure that customers have the opportunity to have exposure to different things.
A Business from “Home”
Traditionally, businesses have aimed for a brick & mortar business model, a physical store or office. This gives clients the opportunity to gather and to allow salespeople to garner more profit, and allow customers a routine place to do their purchases.
With the evolution of the internet, the demand to go to shops like these have dwindled. The average consumer would be more comfortable purchasing their products online, for the ease of transaction. Salesmen have evolved into YouTube videos or Instagram advertisements on social media feeds.
It is then key for a business to evolve themselves by doing online advertisement and setting up online websites to run their business. By doing so, one could save money on the cost of rental and utilities. This can also cause reduction of labor cost, where a team of salespeople have now been reduced to a single website administrator.
The market pool has also increased because the clientele audience has increased from a local audience to a national or even international pool of customers. This gives businesses more opportunities to venture out into different markets across the globe.
Customer reviews can also be easily gathered due to the ease of which a customer can review a product or service from the comfort of their home immediately after using the said product or service. This gives the business more date and records to keep in order to help the business to improve and work on their product to increase their sales.