What is marketing?
Marketing is very important to the success or failure of your new business venture. Many new to self-employment fail to grasp just how important. You may have a good product or service but unless you get to grips with marketing, the business may never be the success you hoped for.
Marketing is about understanding what your customers want, understanding the competition and then outmanoeuvring them. If done properly it will not only ensure that your business is seen and heard but will give the business flexibility to adapt to changing customer demands and an ever changing business environment.
Communicating with customers is an important aspect of marketing but marketing is about more than just brochures, websites and customer databases. It is based on knowing who your customers are, what they are looking for and involves planning and research. In a business with a strong marketing orientation, the customer is the focal point for everything.
Is marketing important during the start-up stages of my business?
Marketing is very important and plays a key part in whether your business is a success or not. Marketing works and if you don't make good use of it your competitors will. Many new businesses fail to understand how important and relevant market research is, not recognising that this approach will keep them ahead of their competitors and consequently help them stay in business.
Any potential routes of funding, such as banks or sources of grants, will expect to see market research carried out. The better your research is, the better your results are likely to be. You will need to know what your customers want and who and where your customers are. How many potential customers are there, who are your competitors and why should your potential customers choose you. How will you price your product/service and how will you promote to your target customers. Finally, what will all this cost as it must be built into your business plan.
If you want to discuss how to make the most of marketing your new business, contact your local Enterprise Agency or Business Link adviser.
Where do I start with marketing?
If you are new to marketing and need a helping hand to get started the best way forward is to contact your local Enterprise Agency or Business Link adviser.
However, here are some basic rules to bear in mind:
- Start by setting realistic objectives - where do you want your business to be, for example in three years time
- Define your target market and identify your customers
- Decide on the best promotional methods for your business and target customers
- Set a budget and devise a plan of action
- Decide how you will measure the success of the plan, eg increased sales, direct responses, coverage in local press etc
- Monitor and evaluate the results as an aid for future marketing decisions.
There is a vast range of information available on marketing from a variety of sources, eg banks, magazines, videos, websites. Information can be easily sourced from the Business Information Centre located in the Reference Library, Civic Centre, Southampton Tel: 023 8083 2958.