What You Must Know When Marketing Your Business
Marketing is both an art and a science. Anyone who says differently probably isn’t doing very well marketing his or her business. On the art side, intuition definitely plays into the equation. On the science side, it is about systems, strategies and plans. Outlined below are some areas of consideration when you decide to market your business.
- Determine where your business is currently
- Determine where you want to be
- Know who your market is and/or needs to be
- Identify what is important to your clients
- Identify and evaluate threats and opportunities. For example, lack of experience in the marketplace, budget, competition, no clear direction.
- Assess existing and potential appeal of your product or service to current and future clients or customers
- Select growth strategies and a competitive strategy
- Develop a plan of action
- Commit to focused action for results
- Having fun
- Identify and evaluate strengths an weaknesses in the areas that determine success to achieve this outcome. If you are unable to do this, get outside assistance.
- Determine a budget
CREATING DIRECTION WHERE DO YOU WANT TO BE?
- Where do you want to be as an organization?
- What kind of image do you want to project?
- What are the benefits of doing business with you?
COMPETITIVE ANALYSIS
- Purpose and function of your product or service
- What makes your business unique from other similar businesses?
- What does your business have in common with other organizations?
- Biggest threat to success of organization?
- What you must know about the current market?
- Why do people buy from you?
- Why don’t they buy from you?
- Assumptions by current staff about the market?
- What can you predict about the future? What to do about it?
- How attractive is your product or service to the consumer?
HOW DO YOU GET THERE?
- Target market
- Staff involvement
- Most effective strategies for marketing and selling your services/product
- What is your plan of action?
- Are you committed to your success?
WHEN YOU MAY NEED TO CONSIDER HIRING A BUSINESS COACH
- When it is difficult to stay committed consider hiring a business coach.
- When you just don’t know what to do
- When you get sidetracked
on your goals
- When you want more success
WHY PEOPLE DO BUSINESS WITH YOU
- Increase income or revenue
- Increase quality of their personal or professional life - or both
- Increase productivity
- Decrease costs
KEEP ASKING
- Who is my market?
- What am I selling?
- Can our company service what I sell?
- How do I keep ahead of the competition?
- How do I get my customers to remember me?
- Why would they buy from me?
- How do we keep visible?
WAYS TO INCREASE BUSINESS
- Time in the business
- Referrals
- Up sell
- Visibility
- Check beliefs - do you believe you deserve to succeed?
- Sponsorships or strategic partnering
- Web site
- Online newsletter
- Free seminars
- Promotional activities
- Write articles for publications your target market reads
- Presentations at association meetings
- Press releases
- Track where your business comes from if you are diversified in your marketing and advertising efforts
- Get everyone into the sales and marketing attitude
- Have employees give you ideas
- Under promise, over deliver
- Give back to the community
- Become an expert the media calls on
- Treat the gatekeepers like gold
- Know what makes you stand apart from the competition
- Get to know the competition
- Build relationships
- Ask for the sale when appropriate
- Sell them only what they need
- Keep a great attitude
Copyright: © 2004 by Kathleen Gage
Publishing Guidelines: You may publish my article in your newsletter, on your web site, or in your print publication provided you include the resource box at the end. Notification would be appreciated but is not required.
Kathleen Gage is a business advisor, keynote speaker and trainer who helps others gain marketing dominance and visibility within their market. She is the recipient of the 2004 Giant Step Award for Business of the Year in the State of Utah. Call 801.619.1514 or email Kathleen@turningpointpresents.com. Get Gage’s online newsletter called Street Smarts Marketing and Promotions by visiting www.kathleengage.com.
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