Gain­ing a com­pet­i­tive edge in the mar­ket

Western Suburbs Weekly - - News - Lo­cal Busi­ness Matters David Ea­ton - WA Small Busi­ness Com­mis­sioner

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 small­busi­ or con­tact a senior busi­ness ad­viser on 13 12 49.


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