Home » Business » Marketing and Advertising

New Business Start-Up Marketing Strategy

Aug 17, 2007
If you've come this far then you must be confident that you are ready to blaze forward with your enterprise. You have determined that your goals are feasible and your gotten yourself reasonably organized. You are still simmering with the excitement of seeing your vision come to life. All you need to do now is inform the folks who will be your customers that you are open and ready to take their money.

Though the mediums of marketing have been covered elsewhere, creating an effective marketing and/or advertising campaign requires that you understand the factors of marketing. With those factors in mind, creating a campaign becomes more than possible.

The first and probably most important factor is your start-up customers. You want to know who your customers are (also known as demographics) and what they want, in the most objective terms you can manage. What your customers want is especially important to know but also difficult to accurately gauge. Surveys and focus groups can help, but even these can be uncertain.

Some things to discover about your customers include whether they're willing to pay more for higher quality or quantity, what products they'd like to see you carry, how much money they're willing to spend on your products, how often they want your products or services, and what motivates them do business with you over those of your competitors.

While it can be dangerous to spend all of your time and energy obsessing over what your competition is doing, it is a good idea to at least pay attention. By arming yourself with the knowledge of what your competitors are doing, you will be able to react appropriately to better meet your customer's needs. You will also be able to make sure that you are competitive with regards to pricing and promotions. You don't want to miss a big sale from your competitor and price yourself right out of the market.

The third factor is pricing, which is more or less how much your products and/or services are going to cost consumers. With this factor, you can't do enough research on what the industry standard is. You'll want to understand pricing so you'll know what you should charge for your business. However, pricing isn't the most important factor in your products.

The range of your product line and the value of your products (ie; what your customers get for the money they spend) are crucial. Playing the game of lowering your prices below your competitors will only lead to disaster, especially if you try to lower your prices through coupons and discounts. If you discount too much, eventually you'll make your customers adverse to paying full price.

Publicity is the fourth factor, and this refers to advertising. Whatever advertising you do pay for, try to make sure there's a way to track the number of people who see your promotions. Similarly, the fifth factor of place is where and how you sell your product. Here, research will also be important. Knowing where and how to sell you products effectively will require some trial-and-error style research, as well as gathering ordinary studying and background information.

Marketing campaigns, elaborate or otherwise, can help any business. But knowing how to market your start up will make any marketing campaigns, whatever they are, worth the time and money you put into them.
About the Author
John Edmond worked for many years in insurance and finance and now writes on a number of topics including new business startup and advertising
Please Rate:
(Average: Not rated)
Views: 128
Print Email Report Share
Article Categories