When I was twenty-three, I had what I believed was a good business idea. I was going to offer a speech coaching service as I had managed to overcome a speech impediment and believed that the techniques which had helped me could help other people as well.
It is all well and good having an idea but if no one knows about the service you are offering, it is basically worthless. I had no real business experience and was unsure on how to proceed. By reading a number of books on marketing for small businesses, I managed to find some potential routes which could help me to get started.
Direct marketing
This was one of the first areas I tried. I had a small leaflet produced which explained the speech coaching service that I was offering and then with the help of some friends and family, went around my local area delivering them. This was not as successful as I hoped it would be, however I am sure that this area of marketing could work well for other types of business.
Newspapers
I then decided to speculate to accumulate. I contacted a number of the local newspapers in my area and paid for an advertisment which would appear on a weekly basis. This advert would reach quite a large number of people and even though this was quite an expensive form of marketing, it did work for me in the early days.
Open days
I wanted to expand the area that I was going to offer my services. I decided to hold an open day or presentation in various parts of the country which would help to promote my business.
This was successful as newspapers were happy to report this open day free of charge, as it was a local event which would be of interest to their readers.
Yellow pages
I advertised in the yellow pages for a number of years but their prices just seemed to increase to an unrealistic level. More and more people now have access to the internet and I believe this is where they are more likely to search for the services they require. Yellow pages or as it is now called Yell, has become more expensive when in reality probably less people are using it.
Advertising in the yellow pages did prove successful for me for a number of years however, and is certainly an area of marketing which could work for other small businesses.
Websites
I paid a company to design and build me a website around seven years ago and this has by far been the best marketing investment I have made thus far. I have worked hard to promote this site and it is now doing well in the major search engines.
Radio and television marketing
This is an area of marketing which I have not tried as yet as it is very expensive. I have heard from other sources that advertising on the radio or television can be very beneficial for certain businesses, if they can afford the initial outlay.
I am sure there are many other ways of marketing a small business and I will seek them out in the future for my own business.
The above ideas are what I have learnt about and as you may have read, I have tried some of them myself with mixed success. Every business is obviously different and it is basically a form of trial and error to find which ones will work.
Marketing Ideas For Small Businesses
Market research is not just for large companies. It can be even more crucial to a small business. A small business owner has to wear many hats. Running from the accountants to pick up poster printing then buy cleaning supplies for the office restroom it seems there is no time for esoteric things like market research.
However, just because your company is small doesn't mean that you do not have to know your market. Ideally, you have identified a niche market to pursue. Attempting to sell to the masses on a limited budget is a tall task. An underserved niche market can be effectively reached with many modalities from interactive to real world brochure and poster printing.
The first stage of market research is determining your customer demographic. What is their age range, education level, likes and dislikes and other more intangible facets? Without knowing your customer it is impossible to craft the appropriate sales message. Using postcards along with poster printing can allow for return feedback helping towards this end.
Once you have ascertained the needs of your niche market you can then start to formulate your product mix. Your products can be tailored and enhanced to uniquely meet the need of your niche market which is currently unfulfilled by the marketplace. You will see sales soar once your product is differentiated from others.
In addition to studying what your market looks like now it is incumbent to pay attention to where it is going. Many businesses rest on laurels and watch their brands stagnate. It is important to have your finger on the pulse of your niche thus enabling you to sense change and adapt accordingly.
Many products have strong regulatory aspects. This is especially so for those made for human consumption. It is very important that your market research analyze trends in regulation and be abreast of all changes in the landscape. Failure to be aware in this arena can have devastating results to your brand.
Marketplace pricing of products similar to yours must always be a part of your competitive intelligence. This facet of market research allows you to effectively price your product. Without this knowledge you may price your product too high thus damping sales, or alternatively you might be pricing too low giving up available profits.
In addition to following their prices, you must strive to know as much as possible about your competition. It might yield clues as to things you potentially are doing wrong. Visiting a competitor's store is an easy technique towards this end. Reading industry and trade publications is also a good idea.
Research and planning allow for a logical and coherent marketing effort. A small business owner obviously has many things to worry about. However, leaving out this core component which drives sales can prevent you from realizing the fruits of all your other labors. Make sure you have current research and that your marketing conforms to the reality it portends.
Both Steve Hill & Robert Johnston are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Steve Hill has sinced written about articles on various topics from Web Development, Site Promotion and Adsense. . Steve Hill's top article generates over 22200 views. to your Favourites.
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