Marketing 101

 

Calling all business owners!!!! You need to evaluate your business. As a business owner you should have an in-depth knowledge about your business. For instance, you should know what you sell, how much you sell it for and what your competition’s selling price is as well.

Know your target

Every business owner should have a target customer. These customers should produce the highest revenue for your business. Not only should you have a target customer but you should know who that person is and what they will purchase from you. Businesses sell a plethora of different things but you need to focus your marketing on the one product that, if you sell it, you will have enough income to keep you doors open. For instance, if a pool business installs residential inground pools I would suggest that their ideal customer be a homeowner with disposable income looking for an install. I would not suggest their target customer be someone looking for a pool filter that will bring them in $50 compared to the thousands and install would deliver.

Know your price

Businesses sell products or services and their customers purchase those services or products. As a business owner you should know how much revenue your target customer will provide for your business. You should also know how much you charge (even if it is a average) for you target sales.

Know your customers

I talk to all different types of business owners as my clients and I assume they talk to all different types of customers for their business. I understand what my customers need from me based on demographics, income, location and a multitude of other things. Business owners should keep up-to-date with their clientele base and understand what their customers want or need and where they look to get it.

Know your area 

People travel and move multiple times throughout their lives. Your business needs to take this into account. People look for businesses in different ways, so don’t limit your customers to how you would do something. I personally use my smartphone for everything but my 90 year old grandmother is going to look through the mail. The importance of this is the fact that both she and I have disposable income but based on your business and who you are trying to target your effectiveness in your marketing is going to be based off of how well you know your area.

Know what sets you apart 

So you have all this marketing and people are calling you, now what? You need to have every employee know one or two sentences about what sets you apart from your competitors. I have talked to businesses that truly don’t have an answer for that question. Being told “well it’s really just a hit or miss at who finds who first” is completely unacceptable as an owner. Have pride in your brand and your company and know that what your have to offer is better than anyone else and have facts to support it.