“The best product or service in the world will not guarantee success for your business. Potential customers must know your product is available, purchase your product or service, and return to purchase more.
Developing and implementing a marketing strategy is a necessary process for a successful business. This process begins as you start your business, and it must remain an ongoing process throughout the life of your business.”
—Michigan Small Business and Technology Development Center
Develop Marketing Strategies
Your small businesses must develop marketing strategies in order to attract and retain a consumer base that will support the sustainability and growth of your enterprise. Every business must find effective ways to wed their products and services to particular consumer habits, a target market or an economic need.
You must think about the importance of marketing before you start your business as well as once your enterprise is up and running. Markets fluctuate over time, often rather quickly, forcing you and your business to adapt to new market challenges and new competitors.
Identify Obstacles and Challenges
Marketing informs potential customers about your product or service, how to gain access to it and how to continue to purchase it. Marketing is rarely a singular strategy or technique but rather a broad approach with the goal of identifying answers to the following questions. Developing a course of action once these questions have been raised and thoughtfully researched will help you and your business to avoid obstacles and challenges.
- Who will be your potential customers?
- Who will be your competitors?
- What drives customers to particular products or purchasing decisions?
- Which methods are best to deliver your product?
- Why will customers buy from you and not your competitors?
Make Your Business Stand Out
Market research will help you to determine how best to price your goods and services by providing information about your competitors. Market research will also help you to identify your role or niche within a particular market. Successful businesses create products and services that are unique and that will stand out among the products of other businesses within the same market. You must also think about where your business will be located and how customers will be able to find your business and not support your competition.