Gaining a competitive edge in the market
HAVING an effective marketing strategy can assist in boosting cash flow and gaining a competitive edge regardless of industry type.
A good business idea isn’t enough; it’s essential to spread the word about products or services to the right people using methods that will generate results.
Marketing involves ad- vertising, promotions and public relations.
Anyone can have a great product and stellar customer service, but if people don’t know the business exists, no sales will happen.
A comprehensive marketing strategy can help define vision, mission and business goals and outline the steps needed to achieve them.
Think of it as a blueprint on how to market products and services using clearly defined objectives to get the message out to a target audience using a variety of channels.
Align marketing strategy with the business goals from a business plan. This will make it easier for marketing efforts to remain consistent and assist a business to succeed.
The Small Business Development Corporation has developed an eight-step guide to marketing business that will assist in developing strategy.
The steps include information on:
1. Conducting market research;
2. Profiling target markets;
3. Identifying unique selling proposition;
4. Developing brand;
5. Choosing marketing avenues;
6. Setting goals and budget;
7. Nurturing loyal customer loyalty; and
8. Monitoring and reviewing marketing strategy. For more information on these steps and developing marketing strategies, including free marketing plan templates and affordable marketing workshops, visit the Small Business Development Corporation at smallbusiness.wa.gov.au or contact a senior business adviser on 13 12 49.