Having a good business is more than having a good product or quality service that your business provides.
If you fail to make known your business to your target market, you will not be able to generate customers, which translates to no sales, and in turn will result to no revenue and net income.. In the end, your business is bound to fall flat.
How do you convey your business to your market niche, or to a market in which a limited and clearly defined range of products or services is sold to a specific group of customers?
The answer is obvious, through marketing and promotion to your niche, to enable them to know that you have a product and or a service that are suitable to their needs, tastes and preferences.
What are these proven strategies to make a business become known to your market? There are many strategies, but some of the most effective are the following:
1. Public relations – a form of personalized contacts with your prospective and existing customers. Good for creating and enhancing your business image, your own brand, and influencing your customers.
2. Promotional items-done by giving gifts items (give-aways) like notepads, caps, T-shirts, mugs, etc. printed with your business logo and name on it. Good for creating goodwill and retaining customers’ loyalty.
3. Media advertising – done through TV commercials, newspapers and magazines ads, and even in radio spots. Suitable for reaching as many people as possible, including those who are not your niche, but also very expensive. You have to factor in your cost and the benefits, and the benefits should always be greater than the cost of the advertising.
4. Internet marketing – done through web-based advertising companies, like Google AdSense, etc. Good for reaching countless thousands of people who logged on to the internet, even those who are not your target customers. Good also if your business is already big and you want to put up branches in other countries, or is related to internet marketing, online store, etc.
5. Brochure or flyers – done by creating leaflets which contains relevant information about your business, products, and location or place of business. Good only for a certain business with a confined geographical target market, like in your neighborhood.
6. E-mail and Direct Mail – done through sending your advertising message and materials directly to your customers or prospective customers, either through e-mails, or by the use of the postal service. Suitable for specific and target-based niche.
7. Signage – done by putting a sign, billboard, or streamers publicly announcing your business. Ideal for reaching small number of people, especially in a community.
These are some of the most proven marketing strategies. Whatever strategy or strategies you will use to promote your business, it must be pursued as part of your grand strategy, designed to increase your market, generate more sales revenue, and maximize your profit.
In the final analysis, marketing is just a function of your business, and the primary objective of your business is to optimize profit.
Eli A. Gatanela is a practicing lawyer, management consultant and licensed real estate broker based in Bacolod City, Philippines. Mr. Gatanela has been involved in business and management consulting for the past twenty years, and in the private practice of law, specializing in commercial law for the last 8 years. He was formerly professor of Economics and Business Management and holds Economics, MBA and Law degrees from the University of St. La Salle, one of the leading universities in the Philippines belonging to the De La Salle Brothers of the Christian Schools worldwide. Mr. Gatanela heads his law and consulting firm Gatanela & Associates based in Bacolod City, Philippines. His website is: http://businessphereconsulting.com