Important phases in business marketing include determining your target market, researching opportunities, creating a unique offer, and selecting your channels.
Learn the eight crucial measures that you must take in order to market your company.
1. Conduct market research
Market research is a key part of developing your marketing strategy. It is about collecting information that provides an insight into your customers thinking, buying patterns, and location. In addition, market research can also assist you to undertake an initial sales forecast, monitor market trends and keep an eye on what your competition is doing.
2. Profile your target markets
Trying to promote your product or service to everyone can be costly and ineffective. Grouping or segmenting your potential customers based on certain characteristics will help to focus your marketing efforts.
Generally segmentation is based on factors such as:
- Geography
Where do they live?
Where do they work? - Demographics
Gender
Age
Level of education
Occupation
Income - Behaviour
What is the primary reason they would use your product or service?
What appeals to them about your particular brand?
What are their usage rates of your product or service?
Where do they typically source information about your type of product or service? - Lifestyle and values
What is their family situation?
What do they value in their lives?
What are their hobbies and interests?
Do they have children?
Do they have pets?
The people in your target market should need your product or service and be prepared to pay for it.
3. Identify your unique selling proposition (USP)
A USP is the unique reason your clients buy from you and not your competitors – it’s what makes your business stand out from the crowd. It is vital to establish what you do differently and be able to communicate that to potential customers. Commonly, this reflects your special knowledge or skills.
Your USP may be having a new or unique offering or providing exceptional service. Start developing your USP by answering the following questions:
- What do you love most about your products and services?
- What special skills or knowledge do you have?
- What makes your customers come to you instead of your competitors?
- How do your customers benefit by purchasing your products or services?
- Which aspects do you generally highlight when you describe your business to strangers?
4. Develop your business brand
Any company, no matter how big or little, probably needs a brand. A brand is more than just a phrase, color, or logo. A strong brand communicates who you are, what you stand for, and what you can provide to your target audience on an emotional level.