Growing a business isn’t easy. First, you need a viable idea. From there, you need to discover a profitable niche, define a target demographic and have something of value to sell them. Whether you’re peddling products, services or information, getting the word out has become increasingly burdensome. And without the right marketing strategies to fuel your growth, churning a profit and staying afloat is virtually impossible.
However, identifying the right strategies to market your business is often likened to rocket science. How do you get your message to the right audience and do it effectively? How do you boost visibility and increase sales while sustaining a profit with a converting offer?
Most businesses are faced with a conundrum. It’s a Catch-22. There’s a clear need for increased visibility to drastically improve sales. But in order to get more visibility, businesses have to spend more money. When that well runs dry, what are you supposed to do?
The marketing strategy is created before you start your business. You can’t effectively market your home business without understanding how it fits into the marketplace, your competition, how you’ll compete, and what you need to achieve (i.e. sales numbers) to reach your financial goals. The information you gather in creating the marketing strategy is then used to create your marketing plan, and start your business.
Product: What you selling? What are the physical attributes of your product or uniqueness of your service? How is what you offer different from your competitors and what benefits does it provide your customer?
Price: What will it cost to get your product or service? How does it compare to your competition? What will your profit margin be by selling at that price?