The Top 3 Important Factors To Consider When planning your marketing strategy!
As a small business owner, in order to generate revenue which is the life blood of any business. You must have a robust marketing plan that will ensure that your business thrive in the marketplace. I strongly believe that no matter how good your products and services are, if you dont market them well, nobody will hear of them and it will be very hard for such business to generate sales and can lead to the premature death of the business. The problem of adequate and proper marketing strategies is one of the biggest contributors to most start-up businesses failing. Therefore, it is important that every small business owner show more focus in planning their marketing strategy before even opening a business. I will now share with you the 3 factors that you as a small business owner must consider when planning your marketing strategy. They are referred to as the 3 Ps of Marketing.
3 Ps of Marketing
The marketing mix is a well-known business tool used to determine a brand’s offering. One of the most popular models of the marketing mix is the ‘4Ps’ which is used to describe the Product, Place, Price and Promotion.
As your Product is already up and running, there are 3Ps left to analyse here:
Your product’s placement is a crucial decision to make. Are you going to target a specific type of business and, therefore, have a more ‘niche’ product placement or you prefer going for a wider audience instead? Depending on your answer, you should probably start figuring out how to best approach your targeted audience.
Your pricing strategy is another thing you need to decide early on. Think about your audience and what they would likely be willing to pay for a brand new dynamic website. Feel free to go as high or low as you want price wise, but keep in mind that the product you are selling is one of the best ones in the market at the moment which definitely allows you to aim for the higher end if that is something you would feel comfortable with.
Don’t feel like you need to invest a lot of money in promoting your business. At first, aim for positive word-of-mouth. I am assuming you have already contacted everyone you know to let them know about your new venture. Don’t forget to ask them if they know anyone who would need a website and prompt them to recommend you to potential customers. However, most people will probably forget about you after a while, so give them your business card and don’t hesitate to remind them what you offer. Social media is another inexpensive way to reach your local audience or old friends and acquaintances who would be likely to support you.
Remember to think positive and start each day with a smile. Entrepreneurship is a tough but very rewarding journey!
Online Business Coach
Skype Me@ olosko2011
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