How to make your new business successful? What is the secret to a successful business?
These are the recurring questions that many aspiring entrepreneurs and even those already in business have been asking.
The answer is – marketing. Yes, marketing is the secret to building a startup business. It is the ingredient for your business to be a success.
Why marketing? Because the market is the heart of any business. Without market there is no business. After all, you can have the best product or service in the world, but if no one finds out, it won’t matter and you won’t make a single sale.
So how do you market your business, a product or service? Consider these five (5) basic ingredients.
1. Develop a brand. A brand is the identity of a company. It establishes a name, credibility, image and reputation that distinguishes your company from its competitors. For example, you buy something in a supermarket and you will see that people are willing to pay more for branded products.
The first step in developing a brand for your business is knowing who you are. What image do you want to convey to your target customers? Are you an upscale grocer or C-class restaurant?
2. Logo design. One way to brand your business is to have a logo. When designing a logo, remember this: it should be simple and easily distinguishable from other companies’ logos, especially your competitors. To use a classic example, look at the General Motors logo or even McDonald’s. If you see the two letters GM, what comes to mind is General Motors. In the same way that people who see two golden arches assume that there is a McDonalds restaurant.
3. Choose a product or service. What product or service are you going to sell to your target market, to your customers? The products and services you offer must respond to your needs, desires and preferences. Otherwise, you cannot generate any sales and, in turn, profit.
4. Know your market. That is why it is important to know your market. Who are your customers and where are they located? What are their needs and wants? Without knowing your market, your business will simply wither and eventually die. A good entrepreneur should not start a business without knowing what and who their markets are.
5. Identify your competitors. When you’re building a new business, one key to survival is knowing your competition. Your competitors are those who offer the same or similar products and services that you provide. What are the strengths and weaknesses of your competitors? You must know your marketing strategies, advertising and promotion tactics.
You also need to know what your competitors are doing in the market, how long they’ve been in business, what worked for them when they were starting out, and who their customers are.
Conclution
Organizing a business is easy. What is difficult, more challenging, is making your new business survive, grow and be profitable. But knowing how to market your business, product, or service is the secret to building your startup business. It is also the secret to the success of your business.
