Whatever size of business you have, one of the critical business activities is that of defining your marketing strategy. This will affect your sales activity, and your business performance.
Here are a few key factors to consider.
Target Market- who are your customers, how many potential buyers are there? where will you sell ? (e.g a shop, online, via channels such as amazon, or distributors) , how often will customers buy ? Understanding the market for your products or services is essential.
Product / services - what are they, is there demand?
Consider your brand strategy - This can be a major exercise requiring specialist input , and is a long term and ongoing process, however a good start is to think about how you would want the marketplace to describe your business , e.g innovative, luxury, fastest, fun, adventurous, reliable. This may help decide on factors such as colour schemes, logos, images , and copywriting.
Who is the competition? Whether you trade in a local area or internationally, it is essential to know who your competitors are, and to monitor their marketing activities.
Is the market growing? If you are in a growing market, there may be a number of factors to take into account, for example will many new suppliers emerge, will pricing , or sourcing become an issue?
Your pricing strategy - is it realistic?
How will you attract customers? You will need to plan your strategy , firstly to ensure pontential customers are aware of you, and secondly, to persuade prospective customers to buy your products or services.
Who is responsible for sales and marketing? Decide how you will promote the business, this may mean you do some things yourself, employ someone to do it, or engage a marketing specialist.
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