Sat, December 7, 2019

Basic Marketing

You should feel proud of how far you have come in this series. If you have done all the previous steps, you are well on your way to being a successful business owner. Our goal is to walk with you one step at a time to take you deeper into the world of business as you develop your own. As you can tell, the further into this series we get, the longer the articles are. It also means the more ‘real’ your business is becoming.

Today we talk about marketing. Marketing is a big subject and we could write for months on it, but in this article we just want to give you a basic understanding of what marketing is. If you have followed this series, we did a basic business plan, we looked at our SWOT’s and we thought about our systems affect customers. Now, we need to put all of those together and see how we can get our service or product out there.

Marketing is where we cover the P’s of business: People, Product, Promotion, Pricing and Process. Depending on your type of business, this could be a piece of notebook paper with a few lines on it, or it could be a twenty page report of the market, economy, competition ect… We will break it down easily for you.

There are two basic when thinking about marketing:
1. Will people buy your product/service?
2. How can you find those people?

Marketing is more than advertising, but that is a part of marketing. Marketing is understanding what you customer wants or needs and getting it to them. Let’s go through the “P’s” to help you understand it a bit.

People: This is your ‘Target Market.” What kind of person needs/wants your product? What are their age? What might they read, watch, or listen to? Always start with your customer in mind. If you know exactly who they are, you will know how you need to reach them.

Product: What makes your product/service better than anyone else’s? This is your USP or unique selling position. You have to know your product as well as what other products are similar. Don’t put down other companies, but be aware of what you do better and make sure to let people know what that is.

Promotion: How can you get your product where it reaches the most people in your target market? If you are selling candy, you don’t want to try to sell it at a Weight Watchers meeting. People trying to loose weight is not a good target for your candy. Will online videos make people want your product? Will putting an ad in the paper work? Will putting up flyers around town work best? This is where advertising kicks in. You will want to make sure the ‘feel’ of what you’re doing fits your target market.

Pricing: How much do you need to make is a good place to start, but knowing what your customers can and will afford is a better place to start. As you are developing your target market, you will want to think through how much money these people make as well as how much money they are willing to spend on a product like yours. The big question in this area is called ‘demand.’ Is there a demand, or do people really feel like they want or need what you have? If there is a big demand, you can price higher, but if the demand is low, you may want to go cheap to get your name out there and your reputation (brand) built.

Process: We talked about systems, so here we need to firm up your marketing system. How do you track which of your ways of marketing is working best? How do you keep track of customers and follow up with their experience with your company? How do you gain new customers, do you offer incentives? How will you adjust your product or price as things change? Will you need to adjust your target once people start buying or will you just add a ‘new line’ for your product?

TAKE ACTION:

Take out a paper or open a word document. First, write down your ‘target market’. This is the description of the type of customer that would gain the most for your product. Second, write down your USP. What is it that makes what you have better than all the rest? You may need to call around a research what others are doing. Third, jot down some ideas of how you can get your product in front of your target market. What kinds of things would those people do, where would they hang out …List as many places and ways that you can to get your name in front of them. Lastly, write down your process. How will you get the info out there and how will you keep track of it.

BONUS ACTION:
Once you have defined your marketing concept, get some business cards. You will want to pass these out everywhere you go as your first step in marketing. There are a lot of ‘free’ business card places online, where all you do is pay for shipping. You can also buy sheets with ten cards each and print them as you need them. It will cost some money, but it is an investment in your company. Think about a logo, motto, or slogan that you can use. (You can ask your business mentor to help you!)

I hope we gave you a good overview of marketing. I assure you, we have just tipped the top of the iceberg. You will want to do more research on this subject if you are serious about business. Here are some articles and websites that will help you on your way:

Here are some basic marketing terms you will want to know.
Here is a good website called Marketing Made Simple. This link takes you to their marketing plan page, but I suggest you look over their whole page.
Here is a web page with low cost marketing ideas.
Here is a webpage for a detailed marketing plan. Look at the links on the bottom of that page.

Keep in mind that you are your brand. Everything someone thinks about your business is wrapped up in how you present yourself. I highly suggest reading the elevator pitch article and make sure you have a good quick way of defining what you do.

——- Read the “Getting Started On The Right Track” series ——-
1. Getting Started
2. Learn to dream
3. Find a mentor
4. SWOTS?
5. Develop a business Plan
6. SIP: Systems in PLace
7. Getting your marketing started
———————————————————————————-

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  1. Teen Business Central » Blog Archive » Make A Difference
  2. Teen Business Central » Blog Archive » Getting your systems in place.
  3. Teen Business Central » Blog Archive » What are SWOT’s?
  4. Teen Business Central » Blog Archive » Ideas and dreams
  5. Teen Business Central » Blog Archive » Simple and Effective Business Plan – Promoting your Business
 
 

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