Marketing is not just an important part of small business’s success; it is the basis for successful sales. And if there are no sales, any co...
Marketing is not just an important part of small business’s success; it is the basis for successful sales. And if there are no sales, any company will cease to exist.
What is marketing?
The term
"marketing" covers many different types of activities: they are all
related to the sale of products and services of your company. For example,
advertising is the most obvious marketing activity, but the launch of an
advertising campaign is preceded by a study of consumer preferences. The main
purpose of importance of small business study is to find the best match of the
consumer characteristics of the company's services to the actual needs of
customers. The level of service, the design of an office or website are also a
form of marketing, as they help to emphasize the compliance of services with
customer expectations.
The only
thing that is not marketing, according to some marketing specialists– is the
act of selling itself, which is the result of marketing.
What is the conflict between habit and marketing?
What do most
small business owners do every day? They have a business vision: to offer the
best product to the market, to work out of competition, and to serve a lot of
happy and satisfied customers who have been talking about their company for
years. But instead of making a plan to achieve all this, they come to the
office every day and work hard, relying only on what they can easily cope with.
It's easy to buy any advertising cheaply or sell your products at a discount,
hoping to attract the right customers who will appreciate their work and are
willing to constantly pay for services. After that, they expect all these
customers to tell their friends and acquaintances about them.
Obviously, a
business should be able to plan for success.
A small business owner needs to define goals and objectives:
1. What will
become a sales driver?
2. What
valuable things can be offered to the market?
3. What
level of service should be provided?
4. Due to
what it is possible to achieve high-quality service?
5. What
needs to be done for this?
6. How will
the services be promoted?
7. Who
should be invited to cooperate?
Every business needs a strategy
In practice,
the marketing strategy affects all business functions. Coordination of the
various divisions of the company based on the marketing plan is crucial to
eliminate interference and gaps in the quality of service. As a result,
marketing increases the actual profit of the enterprise. The marketing strategy
looks at all areas of small business activity through the prism of meeting the
known and hidden needs of buyers, helping salesmen to provide revenue.
Marketing
strategies cover such important aspects of commercial activity as:
1.
Determining the need for services through research of consumer preferences in
order to identify the most effective models of sales of similar products on the
market
2. Changing
the consumer characteristics of the services offered to the market or creating
new ones in accordance with the real needs of buyers
3.
Determining how best to attract potential customers by informing them about
their products, persuading them to buy services
4. Creating
advertising campaigns based on the most effective way to reach potential
customers
5.
Maintaining relationships with customers through subsequent promotions and
loyalty programs
The product development process is simplified
A marketing
strategy helps small businesses create new services that have the best potential
chances of making a profit. This is due to the fact that marketing planning
begins with market research, taking into account the needs of the optimal
target market. Using information about demand and trends, you can determine
what customers want and what benefits they expect. In this way, you can
differentiate your own product from competitors' services, and win the trust of
consumers and effective demand.
Marketing helps to determine the optimal prices
Part of the
marketing strategy is to set a fair price for the company's services based on
information obtained from market research. If you find out that customers want
a high-quality product of a high category, the pricing strategy may require the
company to sell services at high prices that create perceived elite value. If
your target customer intends to bargain consciously and is willing to buy more
at lower prices, the company's pricing strategy should include discounts and
additional preferences.
Marketing builds a better distribution of products
After a
small business positions its product on the target market, the owner of the
company will be able to choose effective sales channels that will maximize the
company's profit. The effectiveness of marketing is determined by a deep
understanding of the customer base. Young people will prefer online sales with
payment by card in an online store. Older clients prefer direct communication,
and, therefore, an office and front office staff are needed. Quite often, for
example in the hospitality industry, you have to resort to the services of a
distributor. This is dictated by the need to cover a very wide geography of
potential buyers.
Marketing establishes communication
The more
potential consumers need to be reached, the more communication channels need to
be involved. Without a strategy, money for advertising is likely to be wasted.
It is necessary to know which media clients prefer, when it is advisable to
make advertising publications, etc.
Competitive advantage through the application of a marketing strategy
Strategic
business management is a concept that encompasses marketing, service, sales,
and financial goals of a business. Having a strategic marketing plan means
understanding what is expected from the company's activities and how to move
towards the intended goals.
When a
company has a strategic marketing plan, its departments and employees can work
better with each other, because they all work on the same task that everyone
understands.
With a small business,
getting the word out can be challenging due to less visibility and lack of
resources (like budget or time). However, these key strategies can help you
scale your small business's marketing efforts.
Essentially, it helps you
identify the market needs your product or service meets, how your product is
different from competitors, and who your product or service is for. Marketing
plans also serve as a road map for your sales strategy, branding direction and
building your overall business. This is important for successfully conveying
your brand messaging to your target audience.
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