Market Your Business
Now that you have gotten the fundamentals of your business figured out, it's time to let people know what products and services you are selling. Learning more about your customers helps you understand the best ways to reach them. As with most things, marketing your business is going to take a lot of trial and error to find what works best.
Why is Marketing Important?
The phrase, “If you build it, they will come,” only proves true in the movies. Every company requires marketing. It's why Apple and Nike spend millions of dollars every year on advertising and marketing campaigns to reach their customers. Similarly, you’ll need a marketing plan of your own to spread the word about your business to people who may have not heard about it.
Ways to Market Your Business
There are three distinct types of marketing: traditional/physical, digital/online, and organic/relational. Most businesses market with each one, but you should utilize the type(s) that work best for you.
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Traditional/Physical
ButtonThis is the traditional marketing channel. Think magazine ads, paper flyers, coupons, banners, T-shirts, postcards, and all types of printed materials. While these are the oldest forms of marketing and advertising your business, they are still very effective.
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Digital/Online
ButtonIn our ever increasing digital world, it is important that your business has an online presence. Whether that includes your website, social media ads, or online campaigns, digital marketing is a key part of your overall strategy.
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Drafting Your Marketing Plan
A marketing plan helps you think through what types of marketing you need and how to reach your customers. An effective marketing plan identifies clear goals of your marketing strategy, targets a specific audience, and is adaptable. Here is a list of action items that you should include in your marketing plan.
- Identify goals and objectives: Establish long-term goals and objectives to guide your marketing plan. Be sure these goals correlate with your business plan.
- Identify your audience: Identify your target audience to help you determine how to best reach people with your marketing plan.
- Connect your mission to your marketing: Your mission statement is an important tool for consumers to identify your company’s values and how you fit into a community.
- Make a timeline: Create a realistic timeline that is consistent with the goals and objectives set in the beginning.
- Determine marketing tactics: A good marketing plan utilizes several tactics, such as social media, print, and digital channels to deliver its message. Take time to learn which channel is the best fit for your business and how to use it to market to your target audience.
- Stick with a budget: Set a realistic budget that covers paid marketing opportunities.
Keep up the Momentum
Marketing plans must be readily adaptable to a changing market. Make sure to revisit and revise your marketing plan as needed to ensure relevancy.
Marketing your business is an ongoing process. One that requires a lot of trial and error to find what works for your business and customers. Don’t be afraid to experiment with new tactics and strategies. Be sure to talk through your marketing strategy with your business mentor. For a more detailed information on marketing your business, follow the link below.
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