6 things to consider when marketing your business
An integrated marketing communication is vital for the success of any business in any industry. Marketing helps you know and understand your audience. It also helps you understand and improve what your business is doing wrong and keep up what you are doing right.
If you are planning to build your marketing communication strategy here are 6 things to consider:
1. Market Research
Conducting an extensive market research prior to building your market strategy is very important. Results of your market research will give you an insight into your current or potential customer’s buying behavior, the marketing environment trends, competitors etc.
This insight will help you develop an effective strategic plan for your business that will help you save resources. It can also help you forecast outcomes of your business which you can compare with the actual figure and improve.
2. Segmentation and Targeting
The supply of your business must match the demand in the market. You must also identify the targeted segment in the market that has the demand for your products or services. Segmenting and targeting your potential customers based on specific characteristics will help you focus your marketing efforts.
3. Identify what sets you apart
USPs (unique selling prepositions) are what makes you stand out from your competition in the market. Identify your marketing mix elements 7P's (Product, Price, Place, Promotion, People, Physical evidence and Processes) and identify where your performance stands out from the market competition. Once you identify your USPs you can focus your marketing effort towards conveying these to your customers.
4. Build your brand
Branding is very powerful for any business. Your brand can express who you are, what you offer and what you stand for. A well built brand also has a potential to emotionally connect your customers to your business.
5. Develop organizational goals
Specifying your marketing objectives will help you determine what you want to achieve as a result of your marketing communication effort. When you set up your goals you need to make sure each one is SMART
Specific: clear and concise to understand
Measurable: tangible and measurable
Achievable: an objective must be attainable
Relevant: the objectives must be relevant to the growth and improvement of your business Timely: objectives need to achievable in a timely manner
6. Measure and review
Once you set up your goals, you need to monitor business activities to find out whether your goals are realized. This measuring step will give you the opportunity to compare actual figures with the initial benchmark set out in your goals.
After analyzing results you then can review your objectives and approach your business in an improved manner.
If you are struggling to market you business or build an integrated marketing strategy speak to our marketing professionals at Elby Marketing today
Morgan, Neil. "Marketing and Business Performance." Journal of the Academy of Marketing Science 40.1 (2012): 102-19. Web.
Smallbusiness.wa.gov.au. (2018). 8 ways to grow your business | Small Business. [online] Available at: https://www.smallbusiness.wa.gov.au/business-advice/marketing/8-ways-to-grow-your-business [Accessed 24 Mar. 2019].