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Marketing can be defined as “the action or business of promoting and selling products or services, including market research and advertising”. Have you ever thought that you would be an ideal candidate for such a career or hobby? If so, you should know exactly what it is, what it takes to be successful in marketing and what kind of strategies you can use to be successful.
Before you put any of your money into anything, you need to have a marketing plan. If you think that you may be getting a great deal on advertising, but it doesn’t fit your objectives, then you are just wasting your money. According to The Wall Street Journal, “Only 14% of small businesses have an annual business plan in writing, and 60% have no plan on paper at all”. This is good for you because if you take the time to create a marketing plan, you will be far ahead of your competition.
First, conduct an overall assessment of your current materials, You should look at what is working and what isn’t. Determine how effective your efforts have been and what kind of results you received.
Second, set your goals. Without a goal, you can’t measure your success. You need to have a plan that is going to show a return on your investment but also be flexible enough to evolve.
Third, in order for your plan to work, you need to determine your target audience. You need to know who your audience is in order to reach them the best.
Fourth, research is the backbone in how you determine and improve your strategy. Without research, you could end up missing something which could lead to missed opportunities and sales.
Fifth, determine your strategy. This strategy will show how a particular product or service will be promoted to your targeted audience.
Sixth, define your tactics, budget and resources.Taking this step means that you are ready to take the plan to the next level. You will then be able to determine the appropriate tactics to use in order to meet your goals.
Seventh, evaluate your plan. Since you have spent a lot of time creating your plan, you need to include ways to figure out if it is working and then you need to give your plan time to work.
Before you start anything, you should consider your audience, demographics, and psychographics. It is important to know who you sell your product to, but it is also important to know what their hobbies are, charities, politics, etc. It is also important to not try to be an expert at everything. Those who are small-business people tend to be self-sufficient, but taking it too far won’t help. If there is an outsource task and project that is is outside of your comfort range, they are too time consuming and should just be left behind.
Sometimes it is best for you to cut out those who do not fit. If you have a customer who does not fit your business, cut them off and refocus your energy on those who are a better fit. It is also important to know that getting a new customer is five times more expensive keeping a current one. Use your current customers to attract new referral business.
In closing, in order to successfully market your business or product, follow those few simple guidelines. Also, don’t abandon your marketing and advertising too soon, don’t be rushed into making decisions, select a media mix for success, and most importantly, mistakes can be your friend.