Marketing Strategies are the results of compiling a market analysis. A market analysis forces the entrepreneur to become familiar with all aspects of the market so that the target market can be defined and the company can be positioned in order to garner its share of sales. As an entrepreneur you need to know or define your target market. Ask yourself (Who am I seeking out to sell or service my product to?). An analysis will allow you to narrow down your clients. A market analysis also enables the entrepreneur to establish pricing, distribution, and promotional strategies that will allow the company to become profitable within a competitive environment. The better you know your market the more successful you will become. As you analyze your competition, think about the questions below:
1. How are your competitors positioning themselves?
2. What is specific to your product or service that your competitors does not offer?
3. What customer needs does your product fulfill?
4. Is there anything unique about where your product or service started originally?
After you have answered your questions and decided upon a price that is competitive to your competitors, Now you are ready to Advertise your product or service.
- Create a budget that you will use for advertising only
- Create a website with content that is educational, informative, and entertaining. Use the website to answer the questions you get daily in your business
- Packaging must be original and eye-catching
- Use social media (Facebook, Twitter, Instagram and Tumblr)
- Find ways to get your product/service out to the public ( go to trade shows, local markets that allow flyers, supply free samples, advertise in local papers)
- Create coupons, sales and small competitions for your clients to engage in
For a successful small business, you need to update yourself day to day and try to continuously make plans for your business to expand. Remember don’t try to do hurry in small business, do your work with open mind.