Careers - 6. Marketing & Promotion

The marketing and promotion plan of a business includes all business activities involved in the moving of goods to the consumer, including selling, advertising, packaging, etc. The business owner must recognize the importance of marketing and develop strategies for the business to be successful. Small businesses, especially, must identify target markets and determine the potential of the market.

A small business might want to consider a customer-satisfaction strategy since customer retention should be its goal. However, any size business with consumer products and services or industrial products will benefit from it. Customers appreciate good service from businesses and they will continue to show support, as well as spread the word of quality services/products to their acquaintances.

When you consider the possibilities of a business being successful you have to determine whether or not there is a demand for what you have to offer in the way of products and services. This involves lots of insight because it really doesn't matter what you are good at if no one is willing to pay you for it. An easy way to start this process is by looking at the recent trends in the market to give you some ideas for where you should focus your attention. To figure that out, you need to begin by doing some research. It doesn't have to be lengthy or tedious, and can be done in spurts over time. One of the best ways to learn about what people and businesses need is to turn to the media.

Specialize products based on customers who live in certain neighborhoods or regions, or in a particular climate. Whether you sell business-to-business or business-to-consumer, location is one of the key factors to consider.

Direct advertising to families, teenagers, retirees, or to the occupation of consumers.

Target attributes relating to personality, values, attitudes, interests, or lifestyles of the consumer.

Aim marketing to emphasize the benefits of the product or service that would appeal to consumers who buy for this reason in particular (for example, low cost or easy access ).

Identify and promote to those groups who have purchased the product before. Small businesses, especially, need to pay attention to detail and offer highly personalized or speedy service in order to be competitive.

As a prospective business owner you need to base your marketing decisions on evaluating sound marketing information. The "cost" of gathering, processing, reporting, and interpreting market information accounts for part of the reason small businesses typically do little research prior to opening for business. However, the "benefits" of doing this research should be compared to the actual costs.

Market research should cover information based on four areas: customers, customer needs, competition, and trends. The research conducted should define:

Demographics usually include the age, marital status, sex, occupation, income, location, and ethnic origin of the targeted population for the service/product to be offered. These individuals must have a "need" for what you plan to offer and the "money" to purchase, and "live," "work," or "travel" within the geographic location of the intended business.

Pricing should be set high enough to cover all costs to you for the development, production, and distribution of your product/service; plus make a reasonable profit for your business. It should also be competitive with the same or similar product/service in your locale. If you have a new company or a new product/service you generally cannot match prices with an established company with a similar offering. This is because the established company is already known and has developed a trusting relationship with the customer so there is less risk involved. You can set any price range you want, but your "best" price means more sales for you because you will have figured out what your customers believe is a fair price for your products. In return, they will buy more.

The " Breakeven Analysis " is a commonly used method that focuses on the volume of sales at which total revenues will equal total costs. The idea is to set the price of a unit of product or service at a level where it will cover all of its own variable costs (material, labor, marketing etc.) plus its portion of the fixed costs of the company (overhead). At the point where enough units have been sold to cover all fixed and variable costs, breakeven is achieved. After that point, the sales price of a unit sold minus the variable (direct) cost to produce it equals pure profit.

It maybe helpful to use the following self-assessment to insure you have the proper equation for your pricing model .

In order to target your market and beat the competition, you should strategically and effectively use such on-line marketing research references as:

There are several ways to market your business that will not cost you a fortune. Truth is most marketing does take money, but there are some low-cost options that you can put into action that will help you get the word out about your products and service. While these ideas will not cost you a lot of money they will cost you time, so prepare for that. Here are a few ideas for the company that is just getting started. Choose two out of the six and move forward on them weekly. Once you begin to see that in fact these promotional ideas can bring you business your momentum will build and drive you to pick two more.

Network at events. Go to Chamber of Commerce meetings and other business events that will attract your "ideal" client.

Gather as many business cards as you can and then begin to phone and email to follow up. If they unable to use your services, ask them if they know of someone who can and get their contact information.
Attend public meetings. This is a great way to not only share your knowledge and help others, but it also puts you in contact with those who could use your services.
Create a "useful" handout. Prepare a handout that when given to a recipient they keep because it has value. Make sure that you include your name, phone number, email address, website information and your 30 second commercial that tells the recipient about your business.
Create joint-ventures. Locate colleagues and business associates whose business compliments yours and do joint promotions. create a list of individuals you could partner with.
Write letters to local business publications. Make them interesting by sharing newsworthy information. You'll be surprised at how often a good letter will get printed. Do not forget to include your contact information and website address.

6. Click here for 50 ways to find new business!

You can expand your business opportunities by committing to one of these items on a weekly basis. Within a month you will gain recognition and see progress in your business venture. You can get the word out there without spending hundreds of dollars.

To develop a web site you will need a computer, modem, Internet connection software, and an agreement with a web hosting provider. Your online materials should always match your print advertising and marketing material. To make sure your web site fits with the rest of your company's image, apply the same technique you use to examine brochures, letterhead or business cards. Your web site should be:

Customers fear transmitting personal and financial information over the Internet and the risk of releasing sensitive data to the public. The following are tips to help customers feel more confident about your site:

This is an expedient and cost-effective way to generate revenue, build brands and enhance customer relationships. With the right e-mail marketing tools, all you need is a Web browser and a few minutes to deliver professional looking campaigns that are:

"Net Post Mailing Online" is a convenient way to send mail via your computer to someone's mailbox. To obtain more information regarding this service you may visit the United States Post office web site . Some examples of Net Post include:

An online auction is the process that allows users to log onto a website and bid for items or services posted on the site by other users. A potential buyer participates by bidding on an item that a seller has listed. The person who has offered the highest bid at close of the auction wins the right to purchase the item at that price. The way online auctioning works is similar to ordinary auctioning differentiating by allowing a much greater audience.

Register - Complete online registration information. Once you register, you will be able to buy, sell, and take part in additional online options.

Choose a Category - Browse through the list of categories until you locate the specific category where other items like yours are listed.

RESOURCES TO ASSIST WITH SELLING YOUR PRODUCTS AND SERVICES TO THE STATE OF MICHIGAN AND THE U.S. FEDERAL GOVERNMENT

The concept of the global marketplace, could be defined as a companies ability to provide products anywhere, anytime, to a local market. As the world evolves, few businesses can ignore the global market place. Small to mid-size firms are faced with the challenge of deciding whether or not their businesses are candidates for global expansion and, if so, how to get started.

Whether or not you decided to expand your business globally, global business expansion should be a part of your strategic-planning process. If you decide to go global, here are some questions to ask yourself:

Preparing for how much you will spend and what it will be spent on in advance allows you the opportunity to plan when something comes due. With each item of expenditure assessed on its effectiveness, resource allocation is far more cost efficient.

Ensuring your company's message is communicated consistently conveys a powerful perception of brand value. This evolves both externally to customers and prospects as well as internally through an organizations culture, conveying a sense of strength and professionalism.