GET THE WORD OUT
CATS Classified, 5 March 2013
Written by Belinda Wan
After you have set up your business, and secured your contacts and customers, you should nurture your venture by marketing it well.
We often hear the term “marketing” being bandied about, but what does it mean? Marketing can be loosely defined as “the action or business of selling and promoting products or services”. This seemingly simple explanation is by no means definitive, and belies the fact that there are at least 200 forms of marketing around.
Contrary to popular belief, marketing is not advertising – the latter is merely a part of the former. Marketing is about creating a desire for your product or service – in short, about employing specific strategies to make a product fly off the shelves. It boils down to understanding and satisfying your customer needs and wants. The ultimate in marketing success is when selling becomes unnecessary – that is, when the product sells by itself.
The concept of marketing is complex, but you need to get a good grasp of what it’s all about before you can think about how to market your business effectively to your consumers. Just think of marketing as a bridge linking consumers and producers/suppliers.
Next, you should define who you are marketing your business to. To identify your target market (or your “best” customers), ask yourself: Which group of people will most likely look at your venture as one that will answer their needs and wants? Which groups of people will find what you are offering useful or beneficial? This is what is referred to as market segmentation.
Remember the four “Ps” of marketing – product, price, promotion and place. All these components involve strategies and tactics that if employed correctly will help you reach your target customers.
To keep yourself on track, write a marketing plan, which should span a year. Refer to it on a quarterly, if not monthly, basis. Marketing is the sum of many parts, so ensure that you are using your resources effectively for the best results. Your marketing plan needs to be consistent with your business plan – as the latter sets the scene within which your marketing plan must thrive.
Lastly, know your marketing jargon. Most people mistakenly think marketing is the same thing as branding. In a nutshell, marketing “pushes” people towards your business, while branding acts as the pull factor.
Branding is a way of establishing what an organisation, product or service stands for by conveying its characteristics and traits to target consumers. It is a strategic exercise while marketing is a tactical one. However, both cannot stand alone – branding must be established before, as well as in tandem with, marketing.
Written by Belinda Wan
After you have set up your business, and secured your contacts and customers, you should nurture your venture by marketing it well.
We often hear the term “marketing” being bandied about, but what does it mean? Marketing can be loosely defined as “the action or business of selling and promoting products or services”. This seemingly simple explanation is by no means definitive, and belies the fact that there are at least 200 forms of marketing around.
Contrary to popular belief, marketing is not advertising – the latter is merely a part of the former. Marketing is about creating a desire for your product or service – in short, about employing specific strategies to make a product fly off the shelves. It boils down to understanding and satisfying your customer needs and wants. The ultimate in marketing success is when selling becomes unnecessary – that is, when the product sells by itself.
The concept of marketing is complex, but you need to get a good grasp of what it’s all about before you can think about how to market your business effectively to your consumers. Just think of marketing as a bridge linking consumers and producers/suppliers.
Next, you should define who you are marketing your business to. To identify your target market (or your “best” customers), ask yourself: Which group of people will most likely look at your venture as one that will answer their needs and wants? Which groups of people will find what you are offering useful or beneficial? This is what is referred to as market segmentation.
Remember the four “Ps” of marketing – product, price, promotion and place. All these components involve strategies and tactics that if employed correctly will help you reach your target customers.
To keep yourself on track, write a marketing plan, which should span a year. Refer to it on a quarterly, if not monthly, basis. Marketing is the sum of many parts, so ensure that you are using your resources effectively for the best results. Your marketing plan needs to be consistent with your business plan – as the latter sets the scene within which your marketing plan must thrive.
Lastly, know your marketing jargon. Most people mistakenly think marketing is the same thing as branding. In a nutshell, marketing “pushes” people towards your business, while branding acts as the pull factor.
Branding is a way of establishing what an organisation, product or service stands for by conveying its characteristics and traits to target consumers. It is a strategic exercise while marketing is a tactical one. However, both cannot stand alone – branding must be established before, as well as in tandem with, marketing.
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