What is Marketing?
Marketing is a process of promoting, selling, and distributing a product or service. and it starts with understanding the market environment.
If you are just starting out then it’s best to research the current trends in your industry and competitors.
The next step is to develop an effective plan that aligns with your company goals and budget. The plan should include the following:
Marketing Strategy, Marketing Mix (4Ps), The Marketing Process (PEST), Budget Planning.
It's important for small business owners in an emerging market to understand their target customers well in order to be able to effectively market their product or service. If you do not know who your customers are, it's difficult to create strategies that will appeal to them and lead them towards making a purchase decision.
What is a Marketing Strategy?
A marketing strategy is an important part of any business. It helps to create the framework for the strategic directions of your business.
Strategies can be broken down into three parts:
1.Goals - This will help you set out what it is you want to achieve with your marketing plan. – Example one of your goals could be to increase the amount of new visitors you get your landing page or website
2. The Mix - This will tell you the tools and techniques that you're going to need to use in order to achieve your goal(s) – Example you may decide that you will use social media and paid advertising to market your business
3. Implementation Plan- This will give you an idea of how you're going to go about achieving your goals (i.e., Timeline, Budget, Resources) – What will the monthly costs be in terms of time and money
Why You Need a Marketing Strategy For Your Small Business?
Marketing is the lifeblood of any business. Without it, there would be no customers and without customers, there would be no business.
According to Inc.com, "Marketing is the introduction of a product or idea to potential customers."
This means that without marketing, you can't introduce your product or idea to the world.
The basic principles apply at any size scale. More specifically, establishing a marketing strategy for your small business will help you find new ways to promote your products and services and remain competitive in this difficult marketplace.
So start working on your strategy now……
Marketing Budget Tips on How to Start Yours This Month!
Marketing can be inexpensive, and it is vital to the success of any business. You need to bring in new clients to grow your company.
The following are marketing budget tips for start-ups that will help you get started with marketing on a budget.
1) Partner up with other companies in your niche, they may have a list of customers that you can promote your products to.
2) Use social media influencers, they already have an audience which they are able to promote your business to.
3) Create an email list which allows you to communicate with potential prospects as often as you like.
Conclusion and Final Thoughts on Marketing and Why You Should Do It
In this article, we have discussed the importance of marketing for small business and the various ways to do it. The importance can't be understated as it is a vital aspect that ensures long term success for businesses of all sizes.
To gain a competitive edge in the market, marketers need to constantly come up with new ways of effectively reaching their target audience through different mediums and techniques.
If sales and marketing is something that you struggle with, don’t worry I have you covered in The Love Sales Hate Selling Program.
We discuss sales, practice improving your conversions, then create a strategy to generate you new leads, you can check it out here.