Marketing Strategy

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Expert Author Paul H Morgan

Nothing happens in business until someone sells something to someone else. It is that simple. Unfortunately, the process of getting it to happen is far from simple. Why? It is called marketing and without marketing the engine of business grinds to a halt.

What is marketing? Simply put, it is the right product, at the right place, at the right price and at the right time.

Now let’s look at those four things more closely.

Right Product. If you have identified a ‘hole’ in the marketplace; good for you. If there is ‘no hole’, create one by offering something that is slightly different from everyone else. You won’t win by being “no better or worse than everybody else.”

Right Place. If you have a singular product or service, you have to identify a place where you can do the best business selling it. Do not be scared to move away from your immediate area to capture the market share or to put you in front of your target market.

Right Price. The price has to be good for both sides. The customer has to be able to see the value, and you have to be able to earn a profit. The lowest price does not always win and as a matter of fact rarely wins. Price according to the market and stick by your guns. Add value to your product or service rather than drop the price.

Right Time. Sometimes there is a very small window of opportunity. He who hesitates is lost. You have to be able to move quickly and take advantage of favorable market conditions. If there is a ‘hole’ in the marketplace, and you don’t fill it when you can, rest assured that someone else will.

The first step in your marketing strategy is identifying and understanding what your customers want from you. You need to see everything that you do from the customer’s point of view.

Do your market research:

Ask your ideal customer – your potential customer what he or she is looking for. You may identify a different business opportunity that you hadn’t even thought about.
Ask your potential suppliers or sales reps what they think. Their experience will help you understand what your ideal customers have been purchasing.
Find out what is happening in the business that you want to open. Phone your local economic development branch to stay in touch with developing trends in the industry. Gathering this information will be invaluable to you when starting your business because it is specific and current.

Various Types of Business Marketing

Business marketing is a practice that is followed by an individual person or an organization, including commercial, government or institutions. They want to follow and facilitate the sale of their services or product or anything which in return gives them profit. Business marketing is always seen as B2B. B2B means business to business. It differs from B2C marketing. B2C means business to customers.

B2B marketing defined in simple words means to get more. It is a business to business marketing setup the services you provide end up providing you more business. If your marketing strategies are good enough, you will have a sound market share with growth going northwards. Business marketing strategies have taken non performing companies to the top and vice versa.

A very famous car manufacturing company had very brilliant business marketing plan and the plan lead them to the peak. But with time they did not change and modify their marketing strategies and finally landed in filing bankruptcy. An eastern company analyzed the market needs and made cars according to current market needs and gained huge market and profit. What that western company did was changed their business marketing plans according to current market needs. Point that is being made here is that marketing plans need to modified and updated with market needs. Business marketing is a pivot of the company but that pivot has to update with time.

Business marketing is very huge market in today’s world. Millions of dollars are spent on making marketing strategies in a single day. Business related marketing is not only limited to electronic/print media but it has penetrated the internet and has a huge ‘market share’ in that too. Business promotion has many strategies. Few of those strategies are listed below.

1. B2B branding

2. Product branding

3. Target market branding

4. Pricing branding

5. Promotion branding

6. Sales and Distribution branding

7. B2B communication branding

8. Positioning statement

At times business marketing is confused with customer marketing. Both are different. Business related marketing works like one company sells its services or products to other company to get revenue. In B2C profit is earned by selling. A simple example of this is, when an IT company is providing a telecom company a system for their internal mailing or structuring the manpower hiring system. If the level of service provided is satisfactory then the telecom company provides next chance to that company.

This is how B2B market works. Business to customer is different than this. Customer picks and can change at any time. It is at consumer’s discretion what to select. The product is not modified according to his needs. But in B2B case the product gets modified according to the needs. The difference is very subtle between business marketing and consumer marketing. A car manufacturer, who buys gauges and other parts from gauge manufacturers, is a clear example of it. Now the interaction between them is totally business related. Later keeps the former in the business and the favor is returned by the former.

Small Business Marketing Consultant: Are They Really Worth It?

The debate continues on whether hiring a small business marketing consultant is a worthy investment, especially for small businesses who have limited resources to begin with. However, businesses of all sizes and from different industries can largely benefit from these professional services that make it worthy of looking into. You may be proficient at the specific area of business that you are offering your customers, but not all business owners are equipped with the marketing skills to ensure that they can get their marketing message to the intended audience.

The concept of marketing is deceivingly simple. There are several methods that you can use to market your products or services to your target customers. However, there are also several variables that can prevent the message from reaching its intended audience. Expert consultants will be able to identify what factors can lead to more success and what are not working efficiently. Generally speaking, a consulting agency can help you develop marketing strategies for small business. However, there are more benefits that await you.

The main reason why you should invest on professional consulting for your business is to bring in a new dimension of thinking. With an impartial view from a business marketing expert, you will be able to see the larger picture to devise more effective marketing solutions. The internal politics and management needs within a company can hinder one’s ability to devise an effective strategy. With an outside view, they can recommend marketing strategies for small business that is designed to meet your goals based on their experience and expertise.

Another practical benefit that you can enjoy with a consultant is the cost-efficiency. You only pay for services that you get. Also, you have control over the level of consulting services that they provide. You can therefore expect maximum efficiency and productivity with the number of hours that you pay them for consulting services. In fact, it is very practical since you can put your consultant on hold whenever business is slow and hire them again as needed.

You can also task your consultant to handle your entire marketing department. Any business owner is aware that there is a lot going on with running a business. Thus, marketing is often neglected or not done as efficiently as if you had someone who can look over marketing strategies for small business. With a business consultant, it is now possible because you can leverage their professional expertise to devise a marketing approach suited for various situations.

Ideally, you should hire a consultant when a situation comes up in your business organization that requires for a marketing job outside of the existing marketing duties in your business. These situations include any or a combination of the following: introducing new product, newly formed business, launching a product line, setting up new distribution channels, or troubleshooting business marketing schemes.

The above-mentioned benefits to hiring a small business marketing consultant is just a general glimpse into the services offered. The best feature about a consulting service is that it is highly flexible; thus, you can make use of this service regardless of the size, scope, and type of business you are in.

Small Business Marketing Ideas – How to Make the Most Out of Your Marketing Efforts

The internet is a crucial tool in the arsenal of small business marketing ideas. Even though the internet can reach people across the globe, a new trend is focusing locally with advertisements and promotions. One of many small business marketing ideas is using banner ads with a local emphasis. Some ways of bringing traffic to a small business website is to offer free promotional items or considerable discounts. An important way of following up with your ideas is to make sure your site has web presence beyond its own URL. The best way to ensure this is to register with search engines and make sure the content is optimized for higher rankings.

A website must stand out. One way to make sure of this is to use one of the small business marketing ideas. A prominent idea that will bring customers is to offer free or heavily discounted services or products. Some things to consider when building a website with small business marketing ideas in mind are creating an E-zine and including SEO (Search Engine Optimization) content.

An Ezine, like EzineArticles for example, is a place to write articles on the products or services being offered. It can be very helpful in taking advantage of many of the other small business marketing ideas. A business would benefit by expanding its coverage to trends in the target market. As a business owner you should be commenting on blog posts. When writing articles or blog posts choose keywords that will bring up a site in search engines. A common rule of thumb is to have keywords placed at two to three percent density. That means if a post has 250 words, a keyword and possibly a variant should show up between five times and seven times.

Another very important aspect of small business marketing ideas is to comment on blog posts and in chat rooms related to its offerings. This can also work well for setting up affiliates, which could be a very valuable method in small business marketing ideas. Affiliate marketing follows the old adage of “You rub my back and I will rub yours”. Businesses that have similar offerings or focus on the same market might advertise the other one and each gets a residual payment each time someone clicks on the ad or buys something from the other business.

A new trend in small business marketing ideas involves online advertising. The advertising should be based on a users local area and demographic information. Business owners may balk expenses associated with such a campaign. However, the way online advertising works is currently in a state of change. Rather than the old method of Pay-Per-Click advertising (PPC), the latest fad is using Cost-Per-Action (CPA) advertising. The difference is that a publisher does not need to be paid unless a purchase is made. With pay-per-click, a publisher had to be paid even if someone did not sign up for a site or service or purchase a product. But please be aware that even the best small business marketing ideas are useless until someone puts them into action!