The way we market our products and/or services can be a factor to determine the probability of customers we are about to serve. This is because marketing plays a significant role in bringing in customers. You can think of it in a way that once you put a product on a shelf without the effort of making it known to the market that would be a zero probability of sales. So you get into a grocery full of goods ready for purchase and here is this shelf full of products with different brands. Normally, you will pick something that you already know, right? You are confident about it. You trust it! And whether we like it or not, this is how every customer would feel. That is why marketing one’s product is highly essential if you want your business to succeed. How to do it? Then, I encourage you to keep on reading. Knowing this need, I know that ideas keep on rushing in your mind right now. And I can assure you that there are plenty of them. However, let me remind you, once and for all, that every marketing strategy may or may not be applicable to your business. So how can you know what fits for your business and what are those that boosts your success? A well-informed and well-written marketing plan can be a great start! In this page, we listed 4 factors that should be present in your marketing plan. It gives you a higher definition of what you want and higher chances of winning the competition. So, here it is!
Develop a very clear and focused insight of your product’s use
It is very important that you, as an entrepreneur, can figure out what your product or service can do to meet the demand in the market. This should be your first step as it is the most important factor to consider in any business organization.
Forget about the completion and focus on what is more important. Try asking yourself what can it do to satisfy the needs of the market. Can it create changes in their life? Or can this product or service make their work more efficient and cost saving? Or can it elevate self-esteem or self-worth? Once you identify your product’s purpose, you can easily move to the other factors I am about to share with you.
Understand your target customers
As soon as you know the product well enough or the service you can provide, it becomes easier for you to identify your target market. There are numerous of potential customers and, most of the time, entrepreneurs will become overwhelmed when they can see the potential of the business. But, hold on. In order for you to succeed faster and better in this industry, you need to study the market and the characteristics of its best target customers. It is not enough to merely identify but the real key is to understand. The best way to assess if you really know your target customers is when you can describe them in detail. Therefore, the best way you can do this is to examine this group what they say, do, feel and think in the course of a day.
Identify competitors and know what they can give
No matter how original your product or service may be, competition is always made available for you. That is a reality no one could escape as soon as you start doing business. Small businesses often identify competitors but seldom study them in depth. And this is the reason why some business fails. They skip the opportunity to know what their competitors can give and how they respond to other competitor’s new offerings. If you will ask me why do we need to know these things or will it matter? I will definitely answer you with a big yes! Knowing what your competitors’ core advantage and how they respond to new offerings can give you an edge in the competition. It helps you figure out and prepare for strategies that can help combat your chances of losing your current standing in the market.
Create your unique brand-positioning statement
Since you already learned everything you need to know, then it’s time for you to make known your brand. Create your unique brand-positioning statement that best describes your strongest competitive advantage. Make it short, simple and declarative. Customers often remember short statements. That is why you need to make it brief and concise. You also need to add creativity in your statement as you need to catch your target customers’ attention. Make it creative and friendly. But, you must bear in mind that, in order for you to create an effective brand-positioning statement, you must consider your target market’s preferences.