Marketing My Business

Marketing Strategy

Just because you make a product doesn’t mean anyone is going to want to buy it.  The marketing section of your business plan explains what you are going to do to encourage your customers to buy your products and/or services.

First and foremost, Who are you selling to?  Not everyone is going to buy your products.  Even the most successful businesses understand they will only be able to sell to a limited number of people.  This limited number is referred to as your target market.  Your task now is to identify as closely as possible exactly who these people are.

Knowing your target market assists you in your marketing strategy.  If you have decided that your target market is women between the ages of 17 & 35 it wouldn’t make much sense to promote you product in sports publications – unless of course you are in the business of selling sports equipment for women.  Knowing your customers helps you to reach your customers more accurately rather than spending money in areas that have a low impact.

Now it’s time to talk about Marketing Mix:
When developing a marketing strategy, professionals like to always remember the 4 P’S. (Also called the marketing mix)

• Product

• Price
• Place
• Promotion