As entrepreneurs, one of the biggest concerns we have is centered around marketing. What is it? How do we do it? Who do we market to? How do we know it’s working? How much should we spend on it? Not knowing all of the answers can make us feel like we are walking blindfolded and hoping to stay on the right path.
Luckily, there are plenty of resources out there, such as business coaches, who can help share some knowledge on the topic and answer any questions you have about marketing for your business.
First, what is marketing?
Marketing is recognizing the fears, frustrations, aspirations and wants of the people you want to share your products and services with, then giving them the information they need to learn about your business. The information that is given through marketing lets potential customers know who you are, how you can take care of their needs or wants, and why they should choose your company over a competitor.
Another simple way to think of marketing is educating your ideal customer on what the value and benefits are of choosing your company. You are giving them all the information they need to make the decision to pick you and your product over another.
How to market
Many business owners feel that they need to spend a lot of time and money on marketing to potential customers. While this is important, your main marketing priority needs to be your current customers. Why? Because it is much easier to keep a customer that you already have than it is to capture a new one. Also, your top customers are also the ones that your competitors want. You don’t want to give your competition the opportunity to lure away your great customers, so make sure you are giving a lot of marketing attention to them too.
Tracking Return on Investment
When you start spending money on marketing, it is important that you keep track of what you spend and where. Tracking your spending helps you to measure how successful your marketing efforts are. If you see that something is not producing a valuable ROI, then you know that you should probably spend that money somewhere else and see if it proves more successful for your marketing strategy.
A solid marketing strategy will drive more customers your way and more success in the end. Do not be afraid to learn more, to take chances, and to craft unique strategies that will help drive your business further.