Marketing your business is a very important part of earning new clientele and keeping your current customers. While marketing seems like an easy step in every business plan, many people squander their marketing money by hitting the wrong targets. Not all marketing plans are created equally, and the details of your marketing plan should stem from your current relationship with your customers and your target client base.
What is marketing?
Marketing is the act of promoting your business in a way that positively reflects your products or services. Marketing is an important part of every business venture because it encourages people to use your business. While many are satisfied with their client base, reaching new clientele is the best way to grow your business without making changes to your financing strategy and revenue channels. Marketing is a robust tool, and many people market their businesses differently.
Ways to market your business
There are multiple ways to market your business because there are many platforms by which you can promote your business. Advertising using radio, television, mail and social media are all viable forms of marketing, however marketing and advertising are not the same thing. Advertising is promoting your business through one medium. Marketing is the sum of all advertising and non-advertising channels your business utilizes to promote its business. Certain forms of marketing are very cheap and nearly every business uses them. These are social media and blogs or websites.
Businesses often use social media today to promote their business. The main objective of a social media account should be to direct people towards your business’ website/blog. The website or blog is a focused advertising tool that can be used to inform your clientele about your business and create a relationship with them. Websites are more expensive than social media because a domain name costs money and sometimes professional assistance is required to maintain and update a website.
Advertisement based forms of marketing tend to cost more money, but can be used to reach a different client base. Most marketing is achieved through multiple streams of advertisement, such as radio commercials and ads in the local paper. Keep in mind that marketing is not the same thing as advertising. That being said, you can market your business relatively well without using traditional advertisements. As such, any form of positive interaction with potential clientele can be used to grow your business. This can be achieved by offering workshops at your business, attending charity events as a business entity and asking customers for feedback about your business and the products/services you offer.
Although every marketing opportunity can create new customers for your business, small businesses should focus on using the marketing methods that promise to create the most new customers and encourage repeat business. Using every marketing method is not an efficient use of your marketing budget because different marketing methods will not necessarily produce significant new clientele. Rather, your business should use a targeted approach to marketing to maximize the amount of new customers reached. Remember, money and resources spent on marketing are worthy investments only if they generate new customers.
Target marketing seeks to find the best forms of marketing for your business’ potential clientele and implementing a plan that targets that client base. The idea of target marketing originates from the idea of consumer-centric marketing. This means you advertise the product in a way that’s appealing to potential consumers, not everyone under the sun. Target marketing requires that the business owner knows the target clientele. Sometimes market research must be performed to determine this aspect of your business. Defining a target clientele can be different from business to business. This normally requires defining a certain age range for your target clientele. For example, a certain business might determine that its target clientele are customers aged 30-37 years old.
After defining your target clientele, you can implement a specific marketing plan to reach this group of customers. Marketing to different age categories is done by taking into account the best way to reach these particular customers. For example, teenagers are more easily accessible through social media than senior citizens. A targeted marketing strategy should take into account the best marketing methods to reach your clientele.