If you think marketing isn’t a key issue for start-ups, think again. If you fail to make enough sales, you won’t survive. And unless you’ve got customers beating a path to your door each day, without marketing, you won’t make sales. Simple.
It’s a common misconception, but marketing involves much more than advertising, publicity or selling.
The Chartered Institute of Marketing defines marketing as: ‘The management process responsible for identifying, anticipating and satisfying customer requirements profitably’.
Rather easier to understand is the organisation’s explanation that marketing seeks to get ‘the right product or service to the customer at the right price, at the right time.’ And that: ‘Without proper marketing, companies cannot get close to customers and satisfy their needs.’
Effective marketing is underpinned by sound knowledge of (potential) customers and competitors. Only by knowing your customers' needs, wants and aspirations can you hope to satisfy or delight them – and possibly even lure them away from your competitors.
Carrying out market research for your start-up business needn’t be complex or expensive. Finding the answer to the most basic facts is key and a simple conversation with potential customers can reveal much. You need to find out what they think about your products and prices.
Market research isn’t complete unless you weigh up the competition, of course. This, too, can be achieved quickly and at little cost. Simply looking through your local paper or business directory or carrying out a quick Google search can reveal a great deal of valuable information.
Market research can enable you to tailor your offer to fit a gap in the market (‘niche’). Being the best supplier within your niche (or one of them) should be high up on your list of ambitions. It’s a well-worn route to success. Remaining close to your customers enables you to stay in tune with their needs.
And you’re more likely to succeed if you have a marketing plan, which sets out your objectives and explains your marketing strategy.
Marketing success is underpinned by the Four Ps: Product; Price; Place (ie distribution channel); and Promotion.
Together, they form the ‘Marketing Mix’. Get it right and you’ll maximise the success of your marketing efforts. You also need powerful messages and a unique selling proposition that convinces customers to buy from you.
You must promote your business effectively and it’s a never ending task. Key options include advertising (online and offline), direct mail, point of sale display, public relations (PR), word of mouth and networking. The most potent promotion comes from the mouths of satisfied customers, so it pays to ensure your customers are delighted.
In business, the ability to convince customers to spend is arguably the most valuable skill. To some small-business owners, it comes naturally. Others get better with time. There are a number of techniques that can be learned, but you need to be able to recognise buying signals and close the sale.
Marketing isn’t something you do occasionally, it must be part of the everyday fabric of your business. You need to assess your sales and marketing activity continually, learn from your mistakes, build on your successes – and remain open to new methods.
Popular content on Sales and Marketing:
Find more articles, videos and tools on Sales and marketing in the Resources box.