Marketing 101 for Small and New Businesses (Part One of Three)
By James Wilmore

Marketing ultimately identifies the wants and needs of a target market - whoever your product and service is supposed to benefit. Marketing then helps to satisfy that target’s needs at a faster rate than your competitor(s).

As a new business, or small business, you may not know how to market your product or service properly to get the results you want and need. Marketing challenges are common among businesses of all sizes not just those starting out. You have already or about to launch into a competitive business world. Many small and even large companies forget the marketing practices that made them successful in the first place. Marketing should be at the forefront of your plans for business growth.

What is Marketing?

Marketing means different things to different people, but please note it is necessary by all means. If you have the right tools and resources, you can make it work for you. Think of it this way – Marketing ultimately identifies the wants and needs of a target market - whoever your product and service is supposed to benefit. Marketing then helps to satisfy that target’s needs at a faster rate than your competitor(s).

The first step is to develop a marketing strategy. In developing a marketing strategy, undergo market research about the target audience, analyze their needs, and then make strategic decisions about your product or service. You’ll have to include things like brand (what image do you want to create in the mind of the target audience), design (What does the product look like), pricing (How much will the product cost), and promotion (What benefits are attached to the product for the target audience and your customers). You must also be concerned about how and where your product is shelved or location sold. Your marketing research should help you determine the marketing mix and ultimately your marketing tactics.

Marketing Mix

Using the right “marketing mix” (combination of elements that make up the entire marketing process in the right combination) will equal HUGE PROFITS and more importantly SATISFIED customers who come back time and time again because you have established a relationship with them. The most successful small businesses understand that only a limited number of people will buy their product or service. The task then becomes determining, as closely as possible, exactly who those people are, and “targeting” your marketing efforts and dollars toward them. Knowing your target market and using the right tactics to reach them are key.

Marketing Tactics

Marketing tactics are tools commonly used by small business owners and entrepreneurs to promote and advertise their company, products, and services.
To read more about this article, purchase the February 2008 Issue.