Question: I’m just starting my business. How do I market it and what should I spend?
It’s difficult to start a business, let alone learn how to market it. It’s not uncommon for new and small business owners to find themselves in the marketing role and quickly becoming overwhelmed.
There are basics that are important to every small business owner. Marketing is not an expense it’s an investment and it’s important to have a clear understanding on where to start investing. If you can get this, you are one step ahead.
Let’s talk about the basics. You need a clear understanding of not only what marketing is and why you should do it, but also having a marketing plan. With a plan, and a basic understanding you will have taken the risk out of where you put your marketing dollars.
Many companies view marketing as an expense. The truth is when a business understands the importance and the role marketing plays in growing a business it’s clear on why marketing should be considered an investment. Marketing is crucial when it comes to gaining the attention of prospective consumers and clients, developing products or service demand and turning those prospective consumers into customers. Marketing has an affect on your sales, pricing, promotions and your advertising strategies. When you grasp this and understand the importance of marketing you can use it to promote the ongoing transition of your services/products to the customers, this can create success in your small business.
Determining how much of your resources to spend on marketing can be one the biggest obstacles that businesses face. It can also be a key component that can make or break a business. What I will tell you is that you need to allot dollars in the budget to market and advertise you company, regardless of whether you need to keep it small or have more to spend. Getting awareness of your business is vital for survival. If you open the doors without a marketing strategy, you are just setting yourself up for failure. Since failure is unacceptable, I know you will really look at this as an opportunity to start your business with a positive light.
Also make sure to set up a marketing plan that fits into your budget and stick to it. Opening a new business can become costly, especially since every media in your area knows you are opening and they all want a piece of your budget.
One word you need to learn is ….. NO!
Look at all offers, research the companies and don’t be afraid to ask them for documentation of listenership, readers etc… Make sure of the cost, (make sure of no hidden cost/fees) and do not let anyone lock you into a long contract. Long contracts, if not affordable for the duration of the contract, can close the doors on a business quickly.
This should at least get you started. Don’t want to overwhelm you all at once.
If you have questions, please send them to firstname.lastname@example.org and I will try to answer them here.