Business Resilience

It is a must for every business owner to be resilient to let the customers feel they are important. there are many ill - feelings a business owner may feel in running his business not only to pricing but also attitudes and demands of the customers. When talking about business resilience, it means the description of an organization's ability to respond and adapt urgently to disruptions and or the unplanned change that could threaten its operation, workers, assets, brand, or reputation. They need to be also resilient workers is a must.

Elements of a Good Business Continuity Plan

There must be a good business continuity plan and doing this needs elements for the business operators to follow. These elements help track future problems and likewise, help cease existing problems. These are the following elements to be followed: Assessment, Preparedness, Response, and Recovery. The problem must be assessed first in relation to its causes or origin. Preparedness is also necessary to keep the business ready to solve the problem when it occurs. Responses shall follow after the problem is sighted and possible solutions are at stake and the last recovery. Recovery is needed to replace those that causes the problem.

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Competitive pricing in business

Pricing is very important in business. It must be made sure by the business owner not to over-price or else the customers will look for another business that displays the accurate pricing. This may result in low sales and profit. The pricing must be competitive which ignites the interest of the customers to do business with you. As a business owner, you have to set the competitive pricing strategy of your products or services at the current market rate. This way determines all other products in your center which helps you stay competitive. You can also decide to price your products above or below the market rate, as long as it’s still within the range of prices set by all competitors in your community. The customers are very sensible so business owners must be keen enough.

Application of psychological pricing in business

The application of psychological pricing in business is synonymous with tactics and techniques in businesses. This is somewhat like brainstorming with the customers. They will be busy deciding what to do the moment they enter your business center and see how the prices are displayed. Psychological pricing strategies play on the psychology of consumers by slightly altering price, product placement, or product packaging. I experienced on myself when I did shopping one time. The prices were altered. The price after 10 minutes was changed to buy 1 take 1, so I bought again. And then the next day, it was not anymore buy 1 take 1 but buy 2 take 5 and the price of this was changed from $ 2 to $3 so I bought it again. This is indeed a very good pricing strategy, it's psychological.

How to promote a new product or service?

One way to promote your product is to run a special media product contest. There is fun and many prospective clients will surely join. It is also an easy way to connect people. This will also bring more fans and followers per campaign for your products. Facebook contest garners a high average of new customers per campaign. This is one way to combat the platform’s low organic reach. As a marketer, you have to design the best contest that will ignite people’s interest to join or witness.

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