Q. I can’t decide on what business to start – B2B or B2C.
A. I think you must first do some market analysis. In your situation, what is the market you are familiar with most ?
For example, lets say you work with /as an accountant. You are most familiar with Accounting Practices and businesses that use such Accounting Firms. Now, in this case you may decide to come out with a package for Accounting – or write a book on “365 things you must do to pass your Audit the first time”. Yours is a B2B business market.
On the other hand, your brother owns a cycling shop. You have taken over for him when he is out on vacation. You know how the business works – and what the people expect from a cycling shop. You decide to start a business that rents out bicycles by the hour – especially on Sundays! Yours is a now a B2C market.
Q. What should I start with – a product or its marketing?
A . You can do either. Most people start with a product – then go for marketing. Personally, I prefer to do Market Analysis ( which gives me lots of ideas on how to market the product) and once the need for the product is validated, then I go for creating the product.
Q. How do I know which digital marketing tool will give me the most ROI?
A. You go where you customer is. If you are targeting housewives or B2C market, use Facebook. If you are targeting the B2B market, Twitter and LinkedIn might be a good bet. No matter what you do, you must test the returns on every media channel you have a presence on.
A good resource for you to use is the ‘Optimizing Your Social Media Marketing’ pdf that you received when you signed up with Greater Profits.
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