What effective marketing can do for your business
When many business owners first start out they assume that they cannot afford to market or worse yet they have the mistaken idea that because they have such a great product or service they don't need to market. Neither of the above stated ideas is correct and worse yet, they are both mindsets that can seriously damage your business and hurt its chances for long term success. Effective marketing is the lifeblood of your business. If you fail to market what your business offers you will most likely end up joining the scores of other failed businesses that have quietly faded away. The first step to effective marketing is to understand what it can do for you. Here is what effective marketing can do for your business-
- Effective marketing will help you to get more customers-Every business owner is looking to expand the customer base for his or her business. The bottom line is if you fail to market you are failing to let your customers know what you can offer them and where to find you. This will make it very difficult to produce sales. You will need to be able to effectively market in order to grow your customer base and your business.
- Effective marketing will help you to sell more of your product or service-It won't be enough to simply get more customers through your door or to your website. You will need to sell as much as you possibly can. You will want to use effective marketing in order to sell more of your product or service. When you can use your marketing in order to maximize sales to each customer then you are truly being effective with your marketing.
- Effective marketing will help you to sell your most profitable products or services-For most businesses there are products and services that are more profitable then others. You can use effective marketing in order to persuade your customers to buy more of your most profitable products or services. This is often done through the use of discounts, special offers, or even special events that are announced through your marketing. You can use effective marketing to inspire your customers to act through the use of action words that will have them wanting whatever it is that your business sells.
- Effective marketing will help you keep your customers-It is important to understand that 80% of your sales come from your current customers. Many business owners are so concerned with obtaining new customers that they overlook the customer base that they already have. You can use effective marketing to let your existing customers know that you appreciate their business. By offering special VIP offers to your long standing customers you can bring them in again and again to buy from you. If you fail to acknowledge your existing customers you may find that they are turning to your competition in order to get the service that they feel they deserve.
It is important to understand that effective marketing begins with market research. None of the above can happen until you know who you are marketing to. You will need to do enough market research so that you have a clear understanding of who your target market is and why they want to buy your product or service.If you simply assume that everyone will want to buy your product or service you will most likely see your business quietly fading away. Market research is the foundation for all effective marketing and should not be overlooked by any business owner regardless of the type or size of his or her business.