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How to Best Market Your Business

According to Wikipedia, marketing is the ongoing process of planning and executing the 4 Ps of marketing (product, place(location), price and promotion) to promote the sale of products or services between individuals and businesses.

how-to-best-market-your-business

According to Wikipedia, marketing is the ongoing process of planning and executing the 4 Ps of marketing (product, place(location), price and promotion) to promote the sale of products or services between individuals and businesses.

The 4 Ps of Marketing

Marketing is known for the 4 Ps of marketing. It's also a nice and easy way to measure your business's effectiveness. Take each one of these elements and measure how strong your business is based on each of them. If you do poorly in one of these elements you know that this is what you need to focus on - SO take your business to the next level.

Product (or service)

Your product or service is crucial for the survival of your business. This is the product that has the most value that you exchange for your customers' money.

This product or service should add more value to your customer's life (or business) than the money you charge for your product or service. Please see the following design for more clarity:

Customers only pay with a smile for products or services if the value they receive is more than the price of the product.

Your business makes a profit if the price you receive for providing your service is more than it costs you to provide that service.

Businesses cannot survive by selling only one product or type of service, but must constantly and innovatively develop new products.

Place

“Location” refers to where you sell and deliver your product or service. It can be at a physical store, other stores, online (such as on a website), across the country or global.

Try to make your product or service available to as many customers as possible. This ensures that you can sell as much of your product or service to your target market as possible.

Exhibit at markets, be active on social media, build a good quality website and consider a physical store or outlet. Also, try to deliver your product nationwide and even international to reach as many customers as possible.

Price

Price is a big factor for business owners. Make the price of your product too high and no one wants to buy from you, make your product too cheap and you will not make any more profit.

There are some pricing strategies you can follow, but let's go through an easy first.

Let's assume you're baking cakes. The first consideration is how many cakes do you want to bake per week, how much time do you want to spend on your business?

If you set your price at $ 35 per cake, how many people order from you per week and how many cakes do you have to bake to cover your salary/profit? If you sell too many cakes, increase your price so little and see what the market does.

If you sell too few cakes, you can lower your price to sell more. Or you can market your business better and also sell more cakes.

Experiment a bit with the price of your product. Make your product/service a little more expensive or cheaper and see how the market responds.

Promotion (marketing)

It's just the same as advertising. You can choose from a wide variety - from paid ads on Facebook to advertising in a magazine.

You can experiment with your promotions or utilise a marketing specialist.

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Whatever type of ad you choose, just make sure you get new customers and spend less than the profit you make from the customers you have reeled in from the ad campaign.

how-to-best-market-your-business

So, how can you market your business?

1. Establish Your Corporate Identity

Your business needs to have its own identity. Make sure your emblem (logo) conveys the right message to your customers.

Your business should look beautiful wherever it appears, whether on your website, social media or the design of your products and messages.

2. Build a website

These days, you can no longer afford not to have a website built for your business. A website is like a store window where potential customers can see what your business is about and what products you sell.

A website can also be a powerful 24/7 salesperson where people can buy from you online and have products delivered to their homes. E-commerce has grown tremendously over the last few years.

Your business must have a good website that works well and can bring in money for your business.

3. Be present on social media

With social media, one can search for your ideal client by fine-tuning filters such as gender, income, where they live, how old people are and what they are interested in.

This target functionality of social media makes it very direct and very powerful.

Furthermore, people spend an average of 145 minutes a day on social media and 34% of Americans have already made online purchases through businesses' social media profiles.

There are many social media platforms out there to choose from like Facebook, Instagram, Twitter and TikTok to name a few.

4. Add value

There are many ways you can add value to your customers' lives. Help them solve a problem through a blog, social media post or video explanation.

Think about your target market and what problems they are struggling with and help them solve them. For example, if you own a wedding venue, write blogs and social media posts about how to choose the right venue or what to keep in mind when choosing a wedding dress.

There is a lot of content you can create that leads people back to your business and increases your sales.

how-to-best-market-your-business

5. Referal Partners

One of the easiest ways to market your business is by soliciting referrals.

People spend time with other people who think a lot like them. So if you have a customer who buys a lot from you, pays on time and has other qualities of a good customer you can ask them for a referral.

You can then call that reference and tell them that their friend referred them to you. Chances are very good that this person will become your customer. There is also a reasonable chance that they will be a good customer.

Make sure you take extra care of the reference because you also want their friend to be happy after they have given you the reference.

You can also be creative and reward both parties. Both the client who referred someone and the new client who was referred. These are the type of customers you will want to keep and are well cared for.


In closing

There are many ways you can utilise to better market your business. Take what you think will work for your business and test it. Keep what works for you and discard the rest.

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