Marketing

One of the hardest things to do as a business owner is make time to work on growing your own business. We're so busy working for our clients, creating the products or services we sell, or reacting to the Tyranny of the Urgent that there just isn't enough time to give to our business. Successful businesses learn that they must prioritize marketing. (That means actually doing some!)

Everyone wants to learn the ropes of niche marketing, and most would wonder how they could ever make big when they are just trying to sell products to a small group.There are many ways to make money online, but everything always boils down to one question: to whom am I going to sell? Learn the answer by reading this primer on niche marketing:

What can you learn from having conducting effective market research? Know your customers – Market research will help you better understand your customers in a number of ways including demographic information such as their age, gender and geographic spread. The better you know your customer the easier it to target your marketing and fine tune your product or service. Who are your existing customers and where do they live? Who are your potential customers and where do they live? Know your competition – Market Research will help you measure your service compared to others. What are the strengths and weaknesses of your business and are you improving in the areas that customers demand?

You've spent time, energy and money promoting your business. Paying customers are beginning to notice you. Any second now, you will make your first sale! The concept is exciting! And frightening! Most new business owners have few customers, and although their marketing efforts are beginning to pay off, it is necessary to make the most of every customer, especially the ones that buy something.

I was speaking with a potential client the other day and asked THAT question…”Who is your target market?” As a provider of telecommunications equipment, his response was, “Anyone who has a phone!” While that may seem like a good answer, the reality is that it is completely unfocused and undoubtedly wastes thousands of dollars in marketing costs and tens of thousands of dollars in opportunity costs. After all, would you rather spend your valuable time with a prospect who buys 70% of the time, or one who buys 15% of the time?

Tell people WHY you're doing something. Don't be a mystery for your customers. People are more likely to buy from an ordinary person they know something about. Are you giving 25% discount on your product? Give the people honest reason why. Are you limiting the number of products you want to sell? Tell people why.

Today's consumers are deluged by commercials and advertising, and increasingly, they're finding ways to tune it all out. The Do Not Call List prevents unwanted telemarketing, spam filters block junk email, DVRs allow television viewers to skip commercials, and satellite radio foregoes advertising altogether. Clearly, reaching the modern consumer with your marketing message is more difficult than ever, but the reward for doing so is also unprecedented. Viral marketing is a technique that not only penetrates consumers' self-erected commercial barriers, but goes a step further - enlisting consumers as part of your sales and marketing staff.

Before jumping in with both feet why not try some of these free or inexpensive marketing techniques that have proven time and time again to be effective. 1. Post in bulletin board forums and utilizing your signature 2. Exchange links with similar sites 3. Place flyers in laundry mats and on bulletin boards, especially in or around local colleges 4. Hand your business card out to at least three people everywhere you go. When dining, leave card with your tip.

Marketing is not a new idea but it has a history almost as long as humanity itself. Marketing means different things to different people, some will see it as the art of selling, while others will see it as having much wider application and will include advertising and promotion of a product or service under the heading. Marketing is also about customer service and customer satisfaction; managing that relationship has to be part of the process. Without a customer, you are playing to an empty theatre. Marketing should be persuasive, it should draw people in ad make them want to try your product or services. Finally, marketing is a specific function of most businesses and when it is successful, is designed to be profitable.

Growing companies face the issue of marketing their products or services. It is possible to use marketing consultants to do this, but marketing consultants often cost too much money for small companies. An affordable option is to try the following low cost marketing ideas to promote the business.