Success Matrix Enterprise
The Next Steps
In step two, you will have been able to learn about marketing strategy and writing a marketing plan. Now you are ready to think about the subject in more detail. The way you choose to promote your business will depend largely on the nature of your product and services. In the beginning your main objective will be to attract new customers and then encourage existing customers to stay with your company and purchase more!
Marketing is a very large topic and, just like financial areas, it is prudent to discuss it with an experienced marketer. Not everyone really understands what marketing is. In step two we learnt about definitions, but what are the function? In simple terms, its activities include advertising (paid for communication in broadcast and non-broadcast press), PR / publicity (the creation of goodwill and non-paid for media space), exhibitions, marketing communications (i.e. brochures etc.), sales, direct marketing and the Internet.
It’s a very broad area, but in the early days you need to work out how to present your product or service, how to disseminate information about it, what to sell it for, and who to for how much.
You can learn more about marketing by visiting the website of the Chartered Institute of Marketing. Chartered Institute of Marketing Also, public relations has a professional institute. Chartered Institue of Public Relations Both organisations have regional activity, so you could attend some useful seminars.
Pricing your Product or Service
Changing your approach to pricing could improve your profits. Most start-up businesses use cost-plus pricing. They work out a cost figure for each product and add a modest margin. Then they slave away, year after year; unaware of the opportunities they may be missing. It can pay big dividends to put a little thought into your pricing and continue to review your suppliers / competition.
Looking After Your Customers
Caring about your customers and showing it through your service, gives you a high return on the time, effort and money you invest. Loyal customers are well worth nurturing. They buy more on a regular basis and the cost of selling to them is almost less, whereas finding new customers can be expensive. Satisfied customers will recommend your product or service to others. Dissatisfied customers will complain about you, damaging your reputation. It pays to look after your customers – click here to read our guide!
Events and Workshops
Events and workshops are a great way to meet like minded people, share ideas, network and find support to develop your business. They can also be a great source of information and could save you time and money!
Click here to visit our What's On Calendar section, and come along soon.