Running an own business is the ultimate reward in any career. That would give you a sense of self achievement that no other job can give you. Starting a new business takes a lot of research and planning. The marketing portion is one important part of your overall business strategy. If you’ve just started off on the long and rocky road of running your own business, then you will appreciate the following tips.
Market research is the first step in developing your marketing plan. Decide who your target customers are. For instance the age group you like to deal with, lifestyle, their income levels etc…… will do. Spending few dollars in advertising will give a direct affect on your customer.
Check out what trend your customer are looking for. You can visit libraries for local records, published survey & a report pertaining your business market.But a neighborhood retail business is entirely different from international clientele. Knowing your target demographic, focus on marketing them.
Check Out the Status of your Competitors:
Monitoring the competitor is an important task in all business, including marketing. Find out the type of marketing technique your competitors are using. Analysis their strength & weakness, then develop new ideas to out shine them. Focus on the advertising side of the competitors & attempt to deliver at a higher level.
You get a good ides by watching a channel in your TV for an hour. How different products are telecasting advertisement, to improve their product. This would give you a good idea…of telecasting ads for your product.
Reducing the cost is not a solution:
Cutting down price is not a solution to beat the competitor.”Yes, you should compare the price just like a customer”, but it’s critical to pay close attention to all costs& price your item profitably. For this reason; don’t tempt yourself to jump into the use of low ball price, because money spent on research and development is just as important as raw materials and payroll, or you may get up in business for a while, but it will affect the growth of your company & put you down.
Give a grand opening:
If your business is a brick and mortar establishment, host a celebration of your new venture. Invite local public figures for a ribbon cutting, and let the media know about it. Contact local cable television stations, radio and newspapers for a free publicity about your business with that will get you noticed and respected by your community. But be careful if people are not interested & the turnout is minimal, you’ll be marketing against yourself.
Build a brand for your company:
Create a brand for your company using a specific color scheme & professional logo; for your business. Let it be simple& memorable & use it everywhere in your business card, where ever you sign, in your website, ads etc…. also a printed brochures should include your logo and company colors.
For a small business or entrepreneur, finding out the first customers will be difficult task. Get an advice from experts from the same fields. Join trade associations and local organizations. Get involved with networking groups. A better option would be getting, together with other businesses that share common customers without direct competition. “Referrals are an excellent way to get your business started.”
Present yourself with Social Media:
Setting up a website is a must for any size business & it’s affordable too. Even the most computer illiterate business owner set up an effective site, which would to fetch popularity to the company. Facebook and Twitter are great examples of free advertising on the web. Similarly there are so many free business listing sites that can be customized with your information and linked back to your website. “Getting social is a best way to improve your marketing”.