Marketing is essential for any business. Marketing is the process of getting people interested in your business and in what you’re selling. When you market your business in the right way, you have a better chance of reaching customers who will buy your products.
Plan your marketing strategy
Before you start marketing your business, it’s important to work out a marketing strategy or plan. A good strategy helps describe what your business is about and how you’re going to get your products or services to customers.
One of the first things you should do is to work out who your customers are and what they like. Your customers are sometimes described as your ‘target market’; the people you really want to buy your product.
Once you’ve worked out who your customers or target market are, you can come up with targeted marketing strategies to reach those customers. This will save you time and money and help you to reach your business goals.
The 7 Ps
To reach your target market, you need to work out which tactics to use. This is called your ‘marketing mix’. The ‘7 Ps of marketing’ are a good place to start. The 7 Ps are:
- product (or service)
- price
- place
- promotion
- people
- process, and
- physical environment
1. Product or service
Think about what you are selling. What makes your product or service special or different? What benefits does it offer? Is there anything you can do to improve your product?
2. Pricing
Think carefully about your pricing. If your prices are too high, people might not want to buy from you. If your prices are too low, you might not make enough money from your product.
3. Place or position in the marketplace
Think about the place or position you will sell your product or service. Will it be in a physical store or online? On your website, an eCommerce platform, or on social media? Find out where your customers like to buy so they can find you easily.
4. Promotion
Promotion is how you let people know about your business. No matter how good your business is, if you don’t promote it and tell people you exist, you’re unlikely to make many sales. You can advertise online, use social media, or use other strategies to promote your business.
5. People
The people who work for you are important. Make sure they are friendly and know a lot about your product or service so that your customers have a good experience.
6. Process
Make the process of buying from your business easy and enjoyable for your customers. The easier and more enjoyable it is, the more likely customers are to buy from you again. Think about whether you need to improve your processes for your customers.
You might like to write up your processes and procedures so that your customers and suppliers are clear about what you do and how you do it.
7. Physical environment
Think about the physical environment where you sell your product or service. Make sure it looks nice and is comfortable for your customers to use. If you have a market stall, for example, make it appealing and colourful, with attractive signage and displays.
Conclusion
Marketing is essential for letting customers know about your business. By considering the 7 Ps of Marketing, you can come up a mix of proven tactics for reaching your target market, and hopefully grow your business.
Further reading
- This article is adapted from the Business Victoria resource, Marketing Strategies and Tactics.
- Business Victoria’s website has further information about writing a marketing plan.