From the Small Business Administration. This useful article, written by Caron Beesley, Community Moderator provides advice that we agree with and use with our clients. Take a moment to read:
“When did you last take a marketing 101 course? Don’t have enough time or perhaps you leave marketing up to others? Whatever the stage of your small business, a marketing plan can help ensure you are putting your customers at the front and center of your business. Likewise, an effective approach for its execution will ensure you satisfy your customers’ needs while generating profits for your business.
So if marketing concepts are new to your or you just want to dust off your marketing hat, check out SBA’s free online course — Marketing 101. Designed with the small business owner in mind, the course can help you understand the importance of marketing research, help you build a marketing plan and suggest strategies to help you go after your target market.
In a nutshell, here’s what you need to know. (I’ve also included links to some articles that provide a deeper dive into some of the areas covered by the course):
Think You Know What Marketing Is?
You might think that the first exercise in this course is redundant – “What is Marketing?” However, it’s worth explaining, because marketing is so often confused with advertising or promotion, and it’s much more than that.
The American Marketing Association defines marketing as, “the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.”
A lot of words, but the key word is “satisfy.” Your products and/or services should provide a solution to an unfulfilled need in the market place. Once you’ve established that need (with the help of market research) you then go on to establish prices, develop an awareness or promotion strategy and set up distribution processes.
Don’t Do Anything Without Doing Market Research
To be successful selling into a market, you have to first understand it. The thing is, it needn’t be costly or complex; it can be as simple as surveying a cross-section of your prospects or customers. You can also draw on demographic information, market trends, and so on. Check out SBA’s Size Up tool a free service that helps you manage and grow your business by benchmarking it against competitors, mapping your customers, competitors and suppliers, and locating the best places to advertise.
Your research should focus on getting answers to the following questions: Read more”