Many people nowadays believe that marketing is only
suitable to big companies, there is a false opinion that small businesses can
thrive in today's economy without a marketing plan.
Well this is totally wrong; every business needs a great marketing strategy. And of course every business needs a great marketing plan that's tailored specifically to their business.
To market your business properly, you need to understand the
basics of marketing... and it's not advertising. The basics of marketing are
covered by the "5 P's", which are "product, price, plan,
placement and promotion.
We'll discuss the "5 P's" of marketing for your
small business:
1) Product.
This is ideally a product or service the market wants or
needs. As a general rule for small businesses, the marketing of a
"wanted" product or service should be more aggressive than the
marketing of a "needed" product or service.
2) Price.
It is not about low price, it is all about reasonable price,
your product or service must be sold at a price that your target customer will
believe is of good value.
3) Plan.
Marketing for any business needs to have a solid and well
thought out written plan, it should include:
· Sales goals.
·
Dollar amounts, # of
products sold, etc.
· A profile of ideal customers.
·
Demographical distribution?
Age? Gender? Income?
· Your "Unique Selling Proposition".
·
What makes your
product/service unique? Why should someone buy your product/use your service
instead of others? This is a very important part of your plan that you can use
to create your "Brand".
· Your competition.
·
Where are they located? Do
they have more or less services than you? Is their price higher or lower than
yours? Do they have a competitive advantage over you?
· A budget.
·
For traditional advertising
(web, radio, print, television), and also for other non-traditional marketing
such as hosting events, sponsoring local sports teams, etc.
· Competitive strategies.
·
What will you do if your
competitor beats your price? Or four more competitors open within the next year?
4) Placement.
Where will your products or services be available? Is it at a
brick and mortar store? Is your product available on-line? Is your product
being distributed to stores? How can you make sure your product or service is
readily available to your target market?
5) Promotion.
This is the creation of appropriate and
consistent consumer perception of your product or services using a variety
of methods including social media, websites, radio, print and television. Use
your "Unique Selling Proposition" that you came up with in your
marketing plan and ensure it is used consistently across all your promotional
products. For instance - your business card, website, web advertisements,
brochures or flyers should all carry the same professional looking logo and/or
slogan. Radio, television or printed ads should focus on your "Unique
Selling Proposition", even when you're advertising some sort of sale.
No comments:
Post a Comment