Marketing is broad and encompasses many aspects of your business. Not to be confused with advertising, marketing goes beyond promotion and concerns business strategy and product development.
You should be thinking about marketing before you even launch your business. It’s important that you have a marketing strategy to support your business venture so that you know what to focus on.
Being a successful business is about connecting a great product or service with the right people and this is reflected in the marketing process. Below are the key factors to consider when marketing your business!
Product offering and value
This is central to your business, so it’s no surprise that it’s relevant to your marketing strategy. Having a good product or service is necessary, and you should be confident that it is done well in your business.
You should consider your target market and customer make-up when it comes to your product. Whether you choose to offer a more costly, personalised service or an inexpensive, generic product, it’s important that you define what your business is offering.
Once you have that down, you can think about how to reach your customers or what incentives you can introduce to make your product more appealing.
Once you’ve figured out your product value and offering, the price will be easier to determine. You need to also consider the cost of providing the product or service when establishing a price point.
You may also need to consider the position of your business in the market before deciding on price. Whether you are a premium or budget product, your product should be priced accordingly.
If you’re thinking of opening a physical store, the place you are located should reflect the kind of brand you’re trying to establish. If it’s a premium store you’re thinking of opening, you should be trying to secure a location in a more affluent area.
You need to consider your target market and if the location you choose will allow you to connect with them. You may also consider opening an online store, in which case you should think about whether your customers will be willing to pay for shipping costs.
Staff and customers
Your employees are incredibly important as they are the people who represent your business. Especially if you are thinking of running a service-based business or going into hospitality, good customer service is vital.
The relationship between your staff and customers can make a huge difference in your business’ success.
The promotion of your business encompasses how you sell your products, attract customers, and advertise. Depending on the type of store you are, you might choose to utilise different promotion methods.
For example, if you’re a relatively small, exclusive store, you might choose to use word of mouth. On the flip side, if you’re a large restaurant chain wanting more customers, you might set up social media pages and run a video advertisement.
Whatever methods you choose, make sure that they fit with the brand image you are trying to create.