Entrepreneurs who start from scratch and build very big businesses do their marketing from the very onset of their small business or the home business. They do it correctly and vigorously. If you have already started your business or are planning to start your own business you should have started your marketing and you should have your marketing strategy planned ahead at least for one year. What are your plans? You may know the ins and outs of your product/service, but without knowing your market how can you sell the product?
Learn the ABCs of Marketing
A new entrepreneur cannot afford to handover this important function of the business to somebody else. It is best that you handle it and learn what you don’t know. Check the following list of items and concentrate on them. If you are not familiar with any of the items, learn them fast. Your survival in business, let alone the success, depends on it.
· Define your customers
· Define your products (services)
· Define your territory
· Know your customers
· Know your products
· Know your territory
Start with a narrow highly targeted product portfolio, customer base and a small territory and concentrate all your efforts, energy and resources till you establish yourself in the niche you have selected. This is the best marketing tactic for a small business with limited resources.
Customers: Why do the customers buy your product? Can your product meet their expectations? Why do they buy your competitor’s product? Are you offering a better product than what your competitors offer? Always ask these questions and answer them by actions. Customers will come again to you and they will spread the word too.
Product: Can your product satisfy the customer’s requirements? Are you offering it at a competitive price? Are you giving a guarantee? Are you providing an after sales service? Can you improve your product to satisfy the customer? Can you give a better price? If the product is good and offered at a lower price you’ll have no problem selling it.
Territory: Limit your operations so that you have full control on the operations and the costs. You can expand later, as you are able to empower your employees later on with proper training so that you are not the only one to handle marketing.