Marketing: The Key To Success
by Laura Pfalz
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Don't throw in the towel just yet. The answer to "what is marketing strategy" might be just what you need to save your failing business.
Running a small business can be a very time consuming, costly, and frustrating endeavor, and so if your business is failing it might be tempting to throw in the towel and right off your losses.
- Don't throw in the towel just yet.
- Take the time to understand how the answer to, "What is marketing strategy?" and how it might help give your business the boost it needs.
The most common reason why a small business fails is due to marketing, which is when you need to take the time to assess what marketing strategy actually is, and how it can help strengthen your business.
- If you don't have a marketing strategy going into your business, you're really not going to get the results that you want and you'll begin to lose money rather quickly.
Marketing is merely getting your business known to preferably your niche market.
Your niche market is determined by the products you sell or the services you provide.
- For example, if you sell fishing supplies, you'll want to market to people who enjoy fishing.
- If you market to people who don't enjoy fishing, you're not going to have any customers.
The concept sounds simple enough, however putting it into motion is a little tougher.
- How do you know who enjoys fishing (or whatever your product/service is) unless you talk to random people and specifically ask?
- This is where advertising comes in.
Advertising is a scary word to some many small business owners because it often suggests investing lots of money.
- In actuality, advertising can come in many forms, some even being free or very inexpensive.
Whether your business is online or offline, don't underestimate the power of the internet.
- With the interenet, you can use keywords that describe your business so people looking for the products you're selling will find your advertisement.
- You can then use online advertisement, such as
- Free classifieds,
- Free video sites, and
- Free blogs
- And while all of these are all great ways to advertise your business, they will help you to get acquainted with a solution to your basic question of, "what is marketing strategy?"
If you're not internet savvy or if you feel this isn't an effective way to advertise a local business, try low cost solutions around your area.
- Most libraries and grocery stores have bulletin boards where you can post flyers about your business.
And don't underestimate the power of "word of mouth".
- Tell your friends, neighbors, relatives, and anyone you meet about your business and tell them to tell their friends and relatives.
- You could even offer coupons or promotions to get customers in the door.
- And though you might take a small loss off promotions, but you'll likely get return business and it's better than having to liquidate your entire inventory in an "out of business" sale.
The key is to always remember to think like a customer.
When you begin grappling with, "What is marketing strategy?" do yourself a favor and step into your customer's shoes for awhile.
- If a new business opened in your town or online, what would make you want to shop there?
- What do you look for when you're a paying customer?
- What atmosphere or webpage design is pleasing to you?
Being objective can really help make your business shine!
- So, when looking for a way to salvage your failing business, always seek ways to look for an objective way to evaluate your business from the eye of your beloved customer niche.
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