Starting a Small Business Marketing Tips
Business marketing is all about reaching your customers, getting ahead of the competition, and getting your message across your identified customers that your business exists and that your products could efficiently and effectively answer their needs. Business marketing should neither be confused with PR strategies nor of the communication materials that you could afford. It is more than just flyer, brochure, newspaper advertisements, and even expensive event sponsorship. Business marketing is all and everything about you, your business, your product, and everything that is in between.
Reach you market
This is not the time to know who you are going to sell your products to. Remember, you must do your homework in identifying who your customers are. When you have reading this, I expect you to have done some due diligence on your market demographics. You must know their profile and even the simplest of their geographic indications. Reaching your market means identifying the right marketing communication material mix that you could employ to get your message across. Would you be better off if you employ a pure, traditional offline material mix or using an infusion of online and offline strategies? Knowing your market is the key to this step. Are your potential customers the young professionals who don’t have time to open the TV before and after work? In targeting this market, you must consider their habits: from the way they go to work and even where they go to lunch. Though you do not have the resources to deploy a massive research on the demographics of your market, at least imagine being at their shoes, literally. By frequenting places that have a high concentration of young professionals you would be able to observe, first-hand, their behaviors and even eating habits. These are all vital in determining which materials would be most effective in reaching your potential customers.
Cheap Cialis left;”>Know your competition
Which establishments would you directly go against with? Which store would you consider to be not directly sharing a piece of your potential customer pie but would still be within your business premise? Which stores and businesses would you consider to be an alternative to the product that you are selling? Determine your competition according to these major categories: direct, indirect, and substitute. It is with this method that you would be able to know which businesses you need to benchmark your performance with. From this, you could effectively set your price, the taste of your food, and even the ambiance that you want to create for your customers. Knowing everything about your competition is like knowing what your business is. You could not just forgo and ignore the performance of your competition. But be unbiased when you start to explore their strengths and weaknesses. You must be objective in determining which would work and not for your business. In assessing your competition, you must be able to have the following set of data,
Product or Service Features. How tuned are you to the market? You cannot go into business ignoring what works in the market and what does not. Knowing your competition’s key service or product features could primarily provide you the information for your basic and add-on service.
Price. Are your serving the mid-income market segment? If so, do you think that $50 for an espresso would be too low or too high? One of the common business myths that you need to know is that there is no such thing as a standard price for a product. A hotdog sandwich that sells in the suburb would definitely be priced higher than that sold in those sleepy and rural areas.