Marketing A New Business
You have worked hard to get your business up and running. Now you have to make sure they see you. Marketing a new business is one of the most difficult tasks. To give yourself the best chance of success, you need to research the market, develop a marketing plan, and target your audience.
Define your marketing objectives
In order to successfully market your new business, you must first know what success looks like and what you are trying to achieve.
Maybe you want to increase traffic to your website, grow your sales funnel as quickly as possible, or build your brand in a specific area.
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Prioritize your new, bigger business goals, and then find out how marketing can help you achieve them. Examples of this include increasing brand awareness, improving reputation, launching products, and increasing revenue or profit.
Whatever your goals, make sure they're SMART: specific, measurable, achievable, realistic (and relevant), and time bound.
The importance of research
Surprisingly many companies skip this next step.
Its influence, if done right, can be significant. Market research will not only allow you to understand the market for what it is, but it can also shape your USP by identifying your gaps. In other words, it confirms why your business exists.
As Chris Peach, research director at research agency Walnut Unlimited, sums it up: “It's important to believe in what you have to offer and show that you're passionate about it, this can have a big impact, but success will come if you convince. many other benefits. when they buy from you, so it's important to know what they think makes you unique and better.
How to carry out market research?
How to carry out market research for your company? One stop is Google. You can understand the demand for a product or service by looking at how many search queries it generates on Google.
Another method is to conduct surveys. Find out which online communities your target audience lives in and take surveys for near-instant feedback.
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You can also meet face to face. Conducting interviews can help shape your client's personality. What are their interests, what drives them, what do they think of your company and your competitors? Similarly, focus groups can provide instant feedback on how to improve your product or service.
Competitor price research can also show if your prices and your brand match.
“Research is central to our process,” says Tom Eddington of design and research firm The Yard Creative. “The research allows us to really understand what will resonate with our clients' target audiences to ensure that the creative solutions we offer stand out in their market and connect with the consumer.
“Our favorite research method is always a mix of primary and secondary research. Conducting secondary research while analyzing our customer data allows us to broaden our ability to truly understand the market, our existing customers, and our target customers.
"Therefore, understanding our clients' market, industry, and consumers allows us to be very focused on our questions as we move toward qualitative interviews and quantitative research."
New corporate marketing strategy.
To be successful in the marketplace, you must first create a marketing strategy to align your marketing efforts with the overall goals of your new business.
Your marketing strategy should include the four elements of marketing (also known as the marketing mix): product, price, place, and promotion.
“The most important part of a marketing strategy is the product and the price,” says Tom Welborn of The Good Marketer. “Bid, placement, and number of people can be adjusted accordingly over time—for example, you can target a new audience with ads or run paid sales.
“For startups, consider starting with three or four products to provide variety for customers and create a good average order value [AOV].
“In general, start-ups think that cheaper products will be more successful, but this is often not the case. We recommend beginners to aim for an AOV of around £40-50 to make a profit on their first order.
Accounting and consultancy firm Xeinadin was the UK's fastest growing firm this year, and its director Paul Whitney says marketing strategy is key to its rapid success.
"Don't be afraid to change your strategy," he says. “Constantly monitor the effectiveness of your chosen media marketing mix and measure the effectiveness against your budget. If something isn't working right, stop doing it, stop the action, try different messages and media, and compare the results.
“Most entrepreneurs go into marketing just to get famous. However, we recommend that the message attached to your name be more visible.
“If your message doesn't resonate with your ideal customers and is the same as your competitors, why should they choose you?”
Create your new business marketing plan
Therefore, you will need a clear and concise marketing plan. This should include your brand proposition outlining the rationale and your communication plan for how to get your message across.
The brand proposition includes the purpose of the brand and who the target customer is. Why should they care? What are your priorities when choosing a product or service? This is also where you need to differentiate yourself because you are different from others on the market.
The communications plan will indicate whether you will communicate using social media, email, events, direct marketing, and what your tone of voice will be for all of this.
Emphasizing the importance of using the right words, Peach says, “As a small business, you may have seen insurance packages for, say, 'hairdressers'; This means that entrepreneurs want to focus on their core business, and therefore this type of consolidation saves them. S t. time and cognitive effort.
The benefits of writing a marketing plan include:
- Define your target market
- What is the USP of your business?
- who is the competitor
- Ensures the effective spending of the marketing budget.
- The tone of voice is consistent across the brand.
- Offer a strategy to attract potential customers.
Finally, make sure the document is saved somewhere for everyone to see and respect. This is helpful not only to ensure future branding decisions are made, but also to ensure that goals and objectives can be refined and updated over time.
> See also: How to write a marketing plan
Focus on your customers
Once you've identified your target audience, you need to sell to them. Customer profiles are a great way to understand the communities your audience is connected to.
After that, you need to communicate with them, one of the obvious ways is social media.
“We advise small businesses to first identify the social media platforms their audience is on,” says Jack Shepherd, co-founder of The Social Shepherd. “Don't try to create content for all social media platforms. Focus your energy on one or two social media platforms first.
Short videos work great across all platforms, he says, so this should be an important strategy for any small business.
“Video content is better for attracting new users, as Reels and TikTok are currently better represented on social media, so use Instagram Stories and static posts [single images and carousels] to feed your audience.
“After small businesses have experimented with different content and started to understand what resonates with their audience, it's time to use paid social media to further promote this most effective content. Since organic reach only gives you a few options, we always recommend using an advertising strategy to introduce yourself to your ideal customers.
“You should consider showing your potential audience something more educational about your product or service, and if you're targeting an audience that's already familiar with your brand, you'll want to provide them with content that builds social proof and trust. for them to return."
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