The Principles of Marketing Your Business

Marketing is a pretty big subject, and many companies could be forgiven for thinking that most of it is far too involved to be of specific help to them and their business.

Marketing jargon and some of the heavy conceptual methodology employed in larger companies does little to dispel the impression that serious marketing is a matter for large corporates, rather than typical APRS members, most of which are niche SME businesses (Small and Medium Enterprises).

There are, however, a few general marketing principles that all businesses should be aware of, and which can be of help to companies of any size. Based on recognised methods, the following will help you formulate an effective marketing approach.

ANALYSE

In the first place, before you implement any action you must have a plan – your marketing strategy. A good way of approaching how to put together a plan is to use the tried and tested SWOT analysis.

In addition to producing your SWOT there is another process that will help you with developing your marketing plan. Universally known as the four ‘Ps’ and created by Professor E. Jerome McCarthy in the early 1960’s they’re acknowledged as offering a memorable and workable guide to the major categories of marketing activity and essential in marketing planning.

The Four Ps

Product
The product aspect of marketing deals with the specifications of the actual goods or services, and how it relates to the end-user’s needs and wants.

Price
This refers to the process of setting an appropriate price for the product or service that you offer (or plan to offer).

Place
This refers to how the product gets to the customer or by which channel a product or service is sold, which geographic region or market and to which segment.

Promotion
This includes advertising, sales promotion, publicity, branding etc., and refers to the various methods of promoting the product, brand or company.

Specific to marketing a product the four ‘P’s’ can be expanded to seven to incorporate the marketing of services. The additional three are;

People
Any person coming into contact with customers can have an impact on overall satisfaction. Whether as part of a supporting service to a product or involved in a total service, people are particularly important because, in the customer’s eyes, they are generally inseparable from the total service.

Process
This is the process(es) involved in providing a service and the behaviour of people, which can be crucial to customer satisfaction.

Physical Evidence
Unlike a product, a service cannot be experienced before it is delivered, which makes it intangible. This, therefore, means that potential customers could perceive greater risk when deciding whether to use a service. To reduce the feeling of risk, thus improving the chance for success, it is often vital to offer potential customers the chance to see what a service would be like. This is done by providing physical evidence, such as case studies, testimonials or demonstrations.

THE MARKETING PLAN

Once you’ve completed your SWOT and ‘P’ analysis’s you can move onto producing a marketing plan. The main points to include in your plan are as follows :

The Mission – what is the overall goal of the company
The Objectives – what are you trying to achieve, (usually over 1 – 2 years). Must be measureable and specific
The Strategies – what resources need to be applied to achieve your objectives
The Tactics (plan and time and events) – which elements of the marketing mix are most appropriate ? Which weapons in the marketing armoury ? Set out the detailed plan including the time frame for all elements

Once you’ve created your plan ensure you communicate it to the whole company. Every member of staff should understand how they contribute to the aims and methods of running a successful business.

GOLDEN RULES

So, you’ve done your analysis, created a marketing strategy and got yourself focussed on the challenges ahead but what else should you be thinking about. In short, probably quite a lot but to help you further here are three golden rules worth noting :

Stay In Touch

It is critical to stay in touch with your prospective customers on a frequent and consistent basis. Your regular messages will keep you in the forefront of your client’s minds, and so, when they make the decision to purchase, they will think of you – not your competitor! So, make sure you initiate a regular schedule of clear, concise communications.

Clearly Define the Purpose of your Business

Running your business is not just about making money or improving the bottom-line: Your main purpose should be about adding real value to the lives of your customers. Outstanding business performers use this method to succeed. Be committed to making your client’s life easier – by solving their problems, meeting their needs and answering their questions. Follow this rule and you will have the most effective sales tool available.

Communicate The ‘Benefits’ Of Your Product Or Service

It is not good marketing practise to focus on the details of a product or service. A customer will only make a purchase when they understand how they are going to benefit from what you’re offering. Therefore ensure that you convey all the advantages and value through every form of communication, whether it be your brochure, website, e-campaign or sales conversation.
In essence the aim is to inform and educate your target markets about the value and competitive advantage of your company, its products and services.

As stated at the beginning marketing is a BIG subject and what’s been covered in this article is intended to get you on the right track and thinking about the best starting point to marketing your business. What you can be assured of is no matter how secure and solid your current business operation is markets and revenue streams will inevitably change and if you do nothing to address this now you can bet your competitors are and they will be ones still operating in years to come. Your marketing is the key to a sustainable and growing business.