Small Business Marketing for Customer Growth

To successfully expand and succeed in your business, you need to be able to attract and retain your customers. In marketing the value of maintaining a client in the business is guided by two major principles namely;

1. Satisfaction of customer needs is determined by the company’s policies and operations.
2. The volume of sales profit volume if more vital than maximizing sales volume.

Any small business should apply these principles by determining customer needs through a market research and identify a market mix, choose specific markets to attend through target marketing, and analyze their competitive benefits to develop a market strategy.

Various marketing programs are used to convince customers to try or keep using specific products or services. To increase market strength, business owners are advised to keenly develop smart marketing strategies and improve their performance.

Steps In Identifying A Perfect Marketing Strategy

Conducting Marketing Research

Successful marketing needs enough time to get relevant market information. Cheaper research techniques such as the use of questionnaires can be given to prospective clients. Such techniques can reveal customer satisfaction on a product or service.

Market research can also be used to identify the trends that are affecting profit margin and sales volume. It is also recommended to monitor population paradigm shifts, apparent economic situation and legal developments. This is used to easily identify the existing problems and open opportunities. Always be on the look out to keep up with your competitors’ marketing strategies.

Developing A Marketing Strategy

A marketing strategy is applied to identify the strengths of a particular business and its potential customers without concentrating much on your competitors. It covers various segments such as prices, distribution, tailored product offerings, promotional efforts and services. In general, the strategy should help you identify unmet customer needs that will maximize enough profit margins. A good strategy helps the business to focus on target markets it can excel.

Target Marketing

Most small firms are limited to have limited resource to dedicate in marketing. The SBA suggests that focusing on target marketing and sticking on your budget can still provide compelling returns. Small business can also give you better returns if you concentrate your efforts in one or a number of segments.

There are two market segments applied, they include; geographical segmentation which is used to specialize in satisfying the customer needs in a particular geographical area and customer segmentation which is used to identify and target potential customers that are most likely to purchase the product or service.

Managing The Marketing Mix

In marketing every program have four essential components. They include;

• Products And Services

Product techniques include focusing on the narrow product line and developing a highly customized product or service or producing a product-service package that may contain unusual qualitative service and gains.

• Promotion

Promotion marketing strategies focus on advertising and direct customer relationship with the business. Good entrepreneur skills is very important for small businesses because they limited by advertising costs. Online marketing is practically a cheap, easy and fast way to promote your business and ensure high visibility of your product.

• Price

The perfect product price is vital when maximizing the overall revenue. In general, higher product prices translate lower sales volume and vice versa. Nevertheless, small enterprises can often direct higher prices for their personalized service.

• Distribution

The manufacturer and the wholesalers must make a decision on chain of distribution for their products. Working with established suppliers or manufacturer’s agents is the easiest and cheaper way for small businesses to receive products. Small businesses should consider traffic and cost in site selection because advertising and renting can reciprocate the situation. Low traffic and cost suggests you should spend more on advertising to venerate product traffic.

Compounding The Above Steps To Formulate A Holistic Marketing Program

It is significant to consider the nature of the product or service when making decisions. If purchases depend on impulse, then product visibility through relevant options and building high traffic is very important.

Besides, the location is less vital for products and services that customers are willing to move out and purchase. Apparently, the internet is a technique used to avail goods and services to the customers from any part of globe. You should not panic to reach out the market and sell your products online. This strategy may increase traffic and maximize your profit margin.

Determining what your customers require rather than thinking what they need through marketing efforts enhances your business success.

How To Make Your Customers Happy And Remain Trustworthy To Your Business

The American Marketing Association (AMA) defines marketing as the process of planning and executing the pricing, promotion, conception, and distribution of ideas, goods and services to develop an environment that satisfies individual and organizational goals.

This may be complex but to be a successful businessperson and a marketer, one is required to engage the following simple steps.

• You should be able to define your target market.
• Using the target market, determine what products your customers may require.
• Set a reasonable price for your products and services.
• Engage advertising to promote your products to the customers.
• Ensure that the products are always available for your customers.

Marketing Activities Involved

Marketing activities are vast and they involve everything essential to deliver the product or service to the customers. Marketing involves activities such as designing attractive products for customers, conducting a market research, pricing and promoting the product and service through public relations, marketing platforms, sales and distribution and advertising.

Marketing demands automatic coordination of every entrepreneur who targets to meet customer needs. Small business owners should engage more holistic marketing strategies to expand their businesses. So research your business and your competitors to help find the best way to promote your services and generate high traffic to maximize your sales volume and profit margin.

At The Marketing Division we provide Professional Marketing Services to the business sector through consulting and training and we also provide online study and qualification courses to people who wish to study in the industry. Visit http://www.themarketingdivision.com.au to find out how we can help your business grow.

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