Choosing the right ingredients to make your business a success!
It is increasingly difficult for Small and Medium sized Enterprises (SMEs) to entice customers to purchase their product or service, not only because of tough competition but also because some SME’s are guilty of focusing their marketing efforts on one single promotion or event. Focusing their efforts on one event can be restrictive because they can become too engrossed on these single events, and fail to look at the bigger picture.
It’s therefore important to create and implement an efficient marketing system. A marketing system documents your marketing strategies, which will allow you to review, measure and if necessary adjust your system.
Your marketing strategies consist of direct contact, networking and referral building, public speaking, writing and publicity, promotional events and advertising. Once you have selected your relevant strategies, you will need to use suitable key ingredients to ensure the success of your chosen strategies.
Before you decide on your key ingredients, you first need to understand your target market, because marketing a service business is not the same as marketing a product. Products are tangible; you can see them. Services are intangible because you can’t see them until you start using them.
If for example, you chose to promote your product, then your key ingredients would consist of actions needed to achieve this, such as at trade shows, live demonstrations, sponsored events, giveaways or surveys, etc. Whatever strategies and key ingredients you select, ensure they are right for the nature of your business.
Implementing a marketing system, documenting your plan, selecting your strategies and key ingredients will make you and your team become accountable, and being accountable means together you can drive the actions needed to make your business a success.