Starting a business can be quite challenging, but then to learn how to market it can be out right frustrating. With this new marketing role a small business owner can become quite overwhelmed. We have learned through research that marketing isn't an expense, but more so that it's an investment, and it's really invaluable to know where to start your investment.
So let's get started with the basics, as a small business owner creating a marketing plan, you will need to understand on where to start investing. By having a marketing plan and an understanding you will know where you're investing your marketing dollars.
We all know marketing is a nessisity for small businesses, but what is it? Most definitions that come to mind, we know it involves sales, public relations, advertising, and then again marketing.
For us Wikipedia best sums up the definition of marketing.
Wikipedia coins it as;
Marketing is the process by which businesses create customer interest in goods or services. It generates the strategy that underlies sales techniques, business communication, and business development. It is an integrated process through which companies build strong customer relationships and create value for their customers and for themselves.
Marketing is used to identify the customer, to keep the customer, and to satisfy the customer. With the customer as the focus of its activities, it can be concluded that marketing management is one of the major components of business management. Marketing evolved to meet the stasis in developing new markets caused by mature markets and overcapacities in the last 2-3 centuries. The adoption of marketing strategies requires businesses to shift their focus from production to the perceived needs and wants of their customers as the means of staying profitable.
Marketing an Expense or Investment
Businesses today look at marketing as an expense rather than investment, but actually when a business understands the active role marketing plays in growing a business, then it becomes an investment. Marketing is invaluable when it comes to generating the attention of any prospective consumer or client, marketing a product or service demand and turning that consumer into that customer. Marketing generates sales, pricing, promtions, and an advertising strategy. When businesses understand the valuable tool marketing can be, then businesses can promote the ongoing strategy of your products and services to the consumer, by doing so a business can be successful.
Why should a Business Utilize Market Research?
When a company utilizies market research, a company can determine the demographics that will play an important part for their product or service. This information will establish what area of consumers, will have a interest in your product or service, when a business uses market research they will gain information about what income level, location, gender, age group of potential customers that will target your marketing message. When a business has invested in marketing research, a company will save money by avoiding costly marketing mistakes. It pays to research spending habits of consumers.
What is a Marketing Plan? Creating a Marketing Plan!
A marketing plan is like a street map, that will show you what to do and help you understand each step that is taken, a business should create at least a 90 day Marketing Plan.
By creating a 90 day marketing plan:
- Track progress in a short-term span
Create a baseline to track your plan
Correct your plan if something does not work.
Stay tuned to change and market demands.
Keep goals in line.
Take time to evaluate what kind of marketing your business is going to use:
What kind of marketing is going to work well for my business?
Internet Marketing Strategies - seo, directories, press releases, social media, link building promotions, mobile, local, international
Off-line Marketing - Advertising: newpapers, flyers direct mail, yellow pages, magazine advertising, business cards.
We hope that this has given you a better understanding of how marketing can help your business succeed.
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