Business Startup Key To Success #2: Marketing
Marketing is the second of the three keys to business success, along with planning and financial management. Marketing is critical for obvious reasons if nobody knows your product exists, they can?t buy it! It is common for entrepreneurs to underestimate the importance of putting in the time and energy to find the best marketing avenues for their business.
As with everything else in today?s society, marketing is changing quickly, with new opportunities popping up every day and old standards falling aside. It is no longer enough for any business to simply hang out a shingle and place a Yellow Pages ad. Rather, entrepreneurs must be aware of how and to whom they are targeting the marketing message, create an online presence of some variety, and find the right mix of the five classic marketing elements to maximize the return of their marketing dollar.
Identifying your target market, or the consumers most likely to purchase your product or service, is often overlooked by first time entrepreneurs. Many figure that the people who need the product will find it and that will be enough. In fact, the most important aspect of identifying your target market is determining how to reach as many of them as possible within your marketing budget. For example, if you are selling a golf club cleaner, your market is golfers, right? So, it would probably be beneficial to advertise in Golf Weekly, alongside all the other golf gadgets. But what percentage of all golfers read Golf Weekly? Certainly not all of them, not even ten percent. Your broad market of golfers includes men, women, juniors, all economic classes, all education levels, and all areas of the US. In addition, there are different types of golfers occasional, recreational, competitive, the golf vacation crowd, the public course crowd, members of country clubs. Which of those demographics is really the most likely to buy your product? By identifying multiple characteristics of the consumers most likely to be interested in your product, you can select different marketing tools for reaching each market.
Knowing your target market also helps you create effective marketing messages. A good message convinces the potential customer that your product solves a particular problem for them. However, the most important problem that your product resolves might be different for males and females, different age ranges, or even Dodgers and Yankees fans. Before you spend any money on a marketing campaign, you need to understand the details of your target market so that you can provide messages that are the most effective for each segment of your market.
Whatever type of business you are starting, posting a website is an absolute must. Consumers these days are more apt to run a quick internet search for a local restaurant than check the phone book, and more and more Americans are sporting smart phones that allow them to find any type of business on the go. Even businesses serving the smallest of markets benefit from the reasonable cost of hosting a website. In one west Texas town of 1200 people, the local motel increased its traffic by more than 30 just by setting up a basic website and adding the link to various hunting sites for free. The $10 per month hosting fee pays off in spades!
Of course, merely posting your site to the internet is not enough. In fact, posting a website without marketing it is like creating ad copy and keeping it in a desk drawer if nobody knows about it, it might as well not exist! Search engine optimization methods are not difficult to implement, but they do take time to pay off. Incorporate SEO into every marketing plan and be sure to stay on top of the efforts. Also be sure to include the website address on every piece of marketing material from business cards to print ads.
In addition to launching a website, your marketing plan must incorporate methods from each of the five basic elements in classic marketing theory advertising, promotion, public relations, personal selling, and direct marketing. Many new entrepreneurs are familiar with one or two of these elements and so focus all of their marketing efforts there. Unfortunately, they completely miss out on opportunities to expand the customer base through the use of other elements. For the most complete and effective marketing mix, consider how aspects of each element can contribute to reaching your best targets and help build your brand. Each of the marketing elements includes a variety of methods for getting your message out. While not all methods will be right for your business, there will be some from each element that will be effective and should be included in your marketing efforts.
Before you can make the best decisions for your marketing efforts, you need to define the precise objectives you hope to achieve. Once you are clear on what outcome you expect, it is easier to see how to get it done. For example, one of your early objectives will be to draw a specific number of people to your website. To accomplish this objective, you will likely incorporate a number of marketing tools such as offering a premium in the form of free, useful information on your website, conducting online advertising that allows potential customers to click through to your site, using direct marketing email blasts to your customer contacts, and employing search engine optimization methods to improve your site?s representation on the search engines. Establishing a clear objective allows you to focus your efforts on a specific target and evaluate how your marketing efforts worked out.
Marketing planning is critical to the success of any business. No matter how great the product, it won?t actually sell itself. It will take some time and motivation to consider all the options and monitor the success of each effort, but the payoff will come with increased sales and rapid growth. Learn all you can about your target market, set up your business website, and do your homework to develop the best marketing plan for your venture. Schedule periodic reviews and updates to your marketing efforts to ensure your budget is consistently driving the maximum sales possible.
The three keys to success planning, marketing, and financial management are true for any type of business. Begin your business development with these principles in mind and arm yourself with all the tools you need to effectively plan, market, and manage the finances of your startup. Before you know it, your venture will be up, running and making money!
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