Why marketing is essential for your small business
The number of small businesses is on the rise in the present era, which is unsurprising given that most people have lately opted to start their businesses, from selling homemade goods such as desserts and pastries, hand-poured candles, hand-made jewellery and many more! Some even provide services such as home keeping, car tuning, dog training and even bag restoration!
Successful businesses all start small and one thing they all have in common apart from quality products is marketing! A key to getting rising sales and new customers is by having a good marketing plan.
So if you’re interested to know who can boost your small business’s growth, Business Solutions has created a list of reasons why marketing is essential, everything is listed down below:
- Help your brand become recognizable
Marketing is a great way to introduce your product and overall brand to the public. Getting your name out in the open is an effective way to get your brand recognized. People will easily recall your brand and products once it catches their eye once or twice.
For instance, you sell hand-knitted sweaters so every time they recall custom sweaters people will remember your brand and consider you as a potential source. So as a starting business it’s vital getting your brand recognized to reel in customers.
- Allows you to compete with larger companies
Small businesses can compete with well-off and larger companies for market share by using effective marketing strategies. Smaller businesses generally have an edge over bigger companies because they can give more personalized products to each customer and better customer service.
Consumers frequently favour outstanding customer service and a genuine feeling of value over the reduced prices they can pay from larger companies’ products or services.
- Beat local competition
Good marketing will always give you the upper hand when competing with local businesses. So you can bet this is something that’ll put you on the top of the list of brands people turn to. So as a starting business it’s crucial to become relevant and familiar with customers before other local businesses do.
- Give you a better brand image
Brand image is something most customers use to weigh out choices when buying goods. This is why it’s important to establish a good brand image and a way to do that is by having a great marketing plan.
This will make your business seem reliable and concrete making it a potential choice when availing goods and services.
- Inform the public what you offer
Marketing what you have to offer is another way to promote your business. This will enlighten the public about the services and items you provide, and a good marketing strategy will easily entice them by showing how to use your products and the benefits they bring.
- Help your business grow
One of the main goals of any small business is to expand and a business ’ marketing strategy will help you map out the measures you need to take to keep developing your company, attracting new buyers and delivering exceptional goods and services. So if you’re looking for ways to expand and help your business grow, start off making a good marketing plan!
The essential P’s of marketing
After learning the benefits of marketing, you now need to know how to start that’ll help your small business grow! So if you’re ready to get effective results here’s a list of the 7 Ps of marketing:
First and foremost you have to establish a product, it could be service, made to order, packed goods and so on. These are very crucial to consider since every product is marketed, stored and sold differently. As a result, determining what you want to sell is critical because your marketing methods are dependent on it. When choosing a product here are some things to consider:
- Make sure it’s relevant
- Look for a product that’s easy to supply
- Somethings easy to store
- Something you’re passionate about
- A product that has branding potential
- A product with a huge customer base
- Make sure it’s unique
- Look for a product that’s in demand
After you’ve decided what product you want to sell, you’ll need to figure out how much you want to charge for it. To start, try checking to see whether your rates are relevant to the present market’s pricing. You may need to reduce your rates at times and raise them when necessary. Many businesses have discovered that the profit margins on some goods or services don’t justify the time and resources spent developing them. Companies may lose a percentage of their consumers as a result of raising their pricing, but the remaining percentage makes a profit on every purchase. So you’re left with only 2 ways to price your service and products:
- Lower price, more quantity sold
- Higher price, less quantity sold
Both offer the same profit. So it’s up to how you advertise it and the market’s demand that’ll determine your profit outcome. Be ready to consider if your current price structure is suitable for the current market. Be willing to adjust your rates if necessary to stay competitive and prosper in a fast-changing industry.
The other P to consider in marketing is promotion. All of the ways you inform your consumers about your products or services, as well as how you promote and sell to them, are all part of a promotion. Slight tweaks in methods you market and sell your items can have a big impact on your profit. Even the smallest changes in your promotion might result in an instant increase in sales. By merely altering the title on an advertisement and having experienced content writers can typically raise the return rate from promoting by 500 per cent. So for an effective promotion strategy here are some tips:
- Experiment with different forms of promotion
- Change your promotion from time to time
- Use the internet! Try promoting on: Facebook, YouTube, Twitter, Instagram and many more!
- Market your product on different platforms (Television, radio, newspaper, billboard and so on)
- Try getting influencers and celebrities to promote your product
- Invest on ads
Next is ‘place’ which simply means where you want to sell your product. Because convenience contributes for 50% of what drives a consumer’s decision and nice ambience factors for 45 per cent, choosing a superb site is crucial and can enhance sales. So you have to choose the best area or location for the consumer to get the product that’s not only convenient but also pleasing to see. You can also opt to choose various ways to sell your product and here’s a list:
- Direct selling
- Through salespeople
- Through telemarketing
- Through mail-order and catalogues
- Through distributors
- Market via joint partnerships with other items or services that are similar
- Some sell their goods at trade events or in retail stores.
When it comes to the packaging of your product, brand or service you should consider everything that the consumer sees from first sight. The design of your product or service on the outside is referred to as packaging. It includes your offices, advertisements, brochures and any other visual aspect of your business. This also relates to your employees’ appearance, grooming and uniform. Everything has a positive or negative impact when it comes to packaging that can result in your customer’s trust in your products and services.
Develop an eye for seeing things from a customer’s perspective. Note that people make their first impressions within the first 30 seconds of seeing your product. Minor changes to your product’s packaging or outer look can often result in totally different responses from your buyers. Also, the majority of customers buy stuff that catches their attention.
Positioning is the next following P. Try to see where you stand in the hearts and thoughts of your consumers regularly like, ‘ what do others think and say about your brand?’, ‘what are people’s perceptions of your company?’ and ‘do they talk about it negatively or positively?’ so to start knowing where to position yourself all you have to do is answer these questions:
- Start by selecting what kind of work position you want to hold?
- How would you imprint the perfect image of your product in the minds of your customers?
- How would you like to approach your customers?
- How would you like customers to see your product and brand?
Last but not least ‘people’. These are people both in and out of your company that are in charge of all aspects of your sales, marketing strategy, and activities. And having the power to choose, find, hire, and retain the right people with the skills and capabilities to finish necessary work efficiently is more vital than anything else. So to successfully run a business you have to get quality people.