The success of a small business largely depends on good marketing. Marketing includes market research, customer service, advertising, targeting, packaging, pricing, e-marketing and others. Investing to put up a good marketing plan will mean a good return on investment.
To succeed, entrepreneurs should entice and maintain a good retinue of contented customers. Marketing program may be diverse but they all have for its objective to convince potential customers to try their product or services or let them continue using them. The business owner must carefully design a marketing strategy to keep market presence strong.
Marketing is founded on the value of customers to a business and has dual principle namely;
1. a company’s policies and actions must geared towards customer satisfaction.
2. a profitable volume is more important more sales volume.
To utilize these principles, a small business must ascertain customer needs through market research; analyze competitive advantages for use in setting up a good market strategy; choose specific market to be served through target marketing and determine the method of satisfying the customer by identifying market mix.
A successful business always uses some sort of advertising to influence customers or prospects either by informing or persuading them. The reasons for advertising are increasing visibility, adding credibility to the business firm, improving business image and bringing in new business. The following are cost-efficient , easy to implement ideas having the clout for sales increase in ways that traditional advertising cannot. The idea is to look for the appropriate mode to the business, marketplace and the individual style.
1. Contests. A business may sponsor contest thereby exposing it.
2. Newsletters. These will demonstrate an expertise on that field. Doing it in a low key manner will keep the firm’s image high in minds of prospects.
3. Demonstrations. These are choices to entice people to your place, show them how best to use the product and found credibility.
4. Seminars. These are actually the commercial side of demonstrations. Here you must schedule the time most convenient for invitees specifying when the event begins and ends, who will be attending and the agenda.
5. Premiums. These are advertising specialties or some kind of gifts to remind the recipient of you and your business. Examples of these are key chains, coffee mugs, refrigerator magnets, paper weights and others.