Marketing your business well requires strategic planning to ensure that your business excels in your city and against your local competitors. Four things to keep top of mind are price, product, promotion and place. These four key marketing components will help you determine the best ways to market your business and identify what your consumer wants or needs.
Depending on the price of the product that you are selling, determine the average market cost and how much it costs you to produce it. After that, calculate how much you need to charge your consumer in order to make a profit. Consider making your prices competitive with what is already on the market. If you do plan on charging above the average price, think about how you will market your product to stand out among competitors and why consumers should pay more for it.
You also need to differentiate yourself from other competitors in the area. Understand your key target audience and how your business can satisfy their immediate needs or wants. Whether it’s with better solutions, quality materials or great service, you can stand out by offering a product or service that is unique to the consumer.
Next, you want to think about how you want to promote your business. There are traditional and digital mediums that you can use to promote your business. Traditional options include media buying, airtime for a commercial on television or radio, a billboard, a newspaper ad and others. Digital mediums include digital media buying, social media ads, website geographically targeted ads, search engine optimization (SEO) and digital analytics to name a few. Using digital marketing can help target and influence your consumer based off what they have already looked at online or what they are searching.
For example, SEO tools can help your business show up on the consumer’s search engine when they are searching for a keyword or item you may sell. You can also create digital ads that are targeted toward something a consumer has searched for or was looking at online.
A great location is another key factor in the success of your business. If you are not easily accessible or visible, it may be hard to gain business. Also, consider using a demographic analytics tool to help determine the demographics of the area that you are interested in for starting your business. If you don’t need a lot of space to operate out of, you may want to consider an online business because you’d have the flexibility of a smaller location or working from home.
If you don’t know where to start with marketing, consider hiring a marketing professional or firm to help you with your marketing needs. Once you have your location, marketing and brand plan, you are ready to open your business.
The GECU Business Services team is available to help you do more for your business. As an Equal Opportunity Lender, GECU has the tools and solutions that you need to start, improve and grow your business. Visit gecu.com or call 778.9221, toll-free at 1.800.772.4328, to see how GECU is open for businesses and to find out how easy it is to become a member.