Starting a new business is probably one of the most rewarding but challenging experience, and although every business has the potential to be very profitable, there are a few things you cannot underestimate before and during the setting process of your small business, planning is an important part of a successful business but good marketing strategies is probably what it will give you the introduction to the real world of commerce or e-commerce.
After the recent financial crisis and with redundancies on the increase, many people decided to take the plunge and start a new business, some of them without much success but those who were able to learn the tricks to compete in this competitive environment and the application of new product marketing tools have guaranteed business success in the long-term.
Market Development Strategies
If your small business is already running, then marketing development strategies will increase the size of your business and operations; however, it is important to identify the signs of overtrading – you don’t want to be victim of your own success. Any start-up plan should include a good approach to marketing and be properly budgeted, although social media will play an important role in web business success and the costs are almost inexistent, especially in comparison to traditional marketing strategies.
1. Traditional marketing
Not all traditional marketing strategies are out of fashion; word of mouth marketing continues to be one of the most important ways to put your product in the market, for some particular business this is probably the key to success - the main idea is to use your own customers as the most powerful marketing tool; however, this is probably the most challenging strategy as you have to provide something of great quality plus something that will make them go viral and start talking about your specific product. In a recent article titled Word of Mouth Marketing: Marketing Strategy Development for a Small Business explains the steps to make it successful “interesting factor, make it simple, satisfy customer’s needs and build a reputable brand”.
The key for any small, medium or even large company is to offer the client what they want and as a small business it might be a good idea to get to know some of your most important clients. Investing in a good quality database for current and potential clients that are relevant to your niche will allow you to contact them in the future when an offer or new product has been released.
If your company is trading online then a database with the emails and names of your clients is vital; however, you must avoid creating more spam – learn the concept of SMART eMarkeing: Social Media What Not To Do.
3. Direct Mail Programs
It might sound antiquated in the current environment of Internet marketing, but depending on your business, this might be one of the first things you will need to do, the perfect example is a business of ‘take out food’ or ‘Accountancy/tax services’; however, the good news is that this is only recommended during the first few months of trading – you need to put your business out there using all the strategies possible, even if they are through a mail ordering marketing tool.
4. Internet Marketing
The World Wide Web has brought many benefits, including the easiness of setting up a new business without vast sums of money in order to be successful. Using social media and the Internet as your best allies will guarantee triumph and an increase in profit. Have you ever heard the term The Zen of Social Media Marketing Principles? It basically explains in a no-nonsense and practical way the techniques you need to use to correctly master social media as the best marketing tool possible, the use of Facebook, Twitter and LinkedIn could be very beneficial for your company but only if all the techniques are applied in the right way.