Financial reports can feel intimidating, especially for founders without a finance background. But understanding the basics can dramatically improve decision-making and confidence. In this practical guide, Rebecca Nankya Ssemugabi breaks down how to read a balance sheet in simple, everyday language, supported by a hands-on balance sheet generator you can try yourself. M ost founders don’t struggle with running a business. They struggle with understanding the numbers behind it. And few reports feel more intimidating than the balance sheet. But here’s the truth: a balance sheet is simply a snapshot of what your business owns, what it owes, and what’s actually yours at a specific point in time. The Balance Sheet in One Line Every balance sheet is built on one simple equation: Assets = Liabilities + Equity Assets are what the business owns Liabilities are what the business owes Equity is what belongs to the owner(s) If this equation balances, the balance sheet makes sense. A Simple Exa...
Digital Marketing is an offshoot of traditional marketing. The principles that are applicable in marketing are equally applicable in digital settings. We have the famous 4 Ps of marketing, which are the basics of any marketing strategy. They stand for Product, Price, Place, and Promotion. Marketers blend these 4 Ps in a specific way to devise a perfect marketing strategy. Let's assume you are an Instagram Influencer and want to use these variables to make your marketing strategy.
1. Product: In our case (social media celebrity), the product is actually you. You have a personal brand to market. Companies keep on experimenting with the packaging, size, features, etc., of a product just to renew interest. Ever wondered why Lux keeps adding almonds, honey, milk, etc., to beauty soaps? They are experimenting with the product. You can do the same. You can add frills similar to physical products. You can make yourself more compelling by learning new skills, trying new experiences, and maybe learning a new language. The idea is to keep adding something new to your product to keep the audience glued.
2. Price: In reality, the actual price of any product is 50% less than the stated price. This is because they add the marketing costs to it. Similarly, the price is also set higher sometimes to give the users the idea that it is a prestigious product. In our case, the affiliate marketer/influencers can charge the prestige price for collaborations and marketing campaigns. For this, you need to position yourself like it. For example, collaborations with big brands.
3. Place: It is the place where your consumer can get your product. In the digital world, it is equivalent to where you are available. You can be found on Facebook only or Instagram, Twitter, or TikTok. The place also refers to the mental position you want the users to have about you. The next time you scroll through the news feed on FB, Instagram, Twitter, LinkedIn, or TikTok, notice what is the first thing that comes to your mind when you see a nice person on it. Each platform has a prestige value. Facebook is mainstream. Instagram is sophisticated. Twitter is another story altogether. Decide on where you want to be, for this will etch your perception in the audience's mind.
4. Promotion: You may be the prettiest person on the planet, but if people don't know that you exist, everything is useless. You need to market your product to the right people at the right time and place. Again, you have to make a choice whether you can continue to grow with organic traffic or increase reach through paid media. You can choose FB, Instagram ads, or YouTube ads. Again, your choice of platform will affect your image.
We just saw how a traditional marketing concept can be used in the digital realm. You can use these Ps for your own business to make your unique strategy.
Previously, we had seen why digital marketing is not for every type of business. Likewise, before that, we talked about a very effective content marketing tool e.g., internet memes. Do share your views if you liked the post.
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