The Importance of Marketing a New Business

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business expenses, marketing, start your own business, entrepreneurship, business ventures, small business

The following is a guest post. Enjoy! 

Marketing involves lots of different things. When marketing a new business, you have to think about things like customer service, advertisements, publicity, your website, branding, and lots more. It is the effective combination of all of these things that will help to make your business a successful one.


Know Your Target Market

Before you started the business, you will have done your research and put together an idea of who your target audience is. You can only assume that you will be able to successfully sell your product or service if you know who your customer will be, what their needs are and why they would come to you to fulfill them – what it is about your product that will be irresistible to them. Once you know this information about your target market, you need to appeal to them through marketing so that they know who you are, what you provide and where they can find you. Unfortunately, lots of business owners don’t view marketing as a necessity that will help make their business a success, but more of a stretch on their funds and a large expense. This is always a mistake, as the whole point of advertising is to drum up business. The gamble of spending £300 on marketing is made in the hope that you are going to get £1000 worth of business out of it.

Identify What Type of Marketing Works Best for You

Once you have decided on your budget, you need to decide the forms of marketing you are going to spend it on and start to gauge how effective it is. Websites offer a great range of print solutions for your marketing needs at competitive rates. Posters, flyers, and business cards can all be a great asset to your business. They serve well to keep your brand in people’s minds.

How about you all? If you have your own business, how much do you spend on marketing? Do you feel it is a sufficient amount, or should you be spending more or less?

Share your experiences by commenting below!

***Photo courtesy of http://farm4.staticflickr.com/3241/3021283568_fae10cc8de_z.jpg?zz=1

Comments

  1. Pauline @ Reach Financial Independence says:

    I don't spend much on marketing per se but invest a lot of time spreading the word and making good websites for my products. I have a hard time spending on things that I am not sure would return money, even if they say you have to spend money to make money, so I'd rather invest (and risk losing) time for the moment.
    My recent post Little house in Guatemala, week 14-15

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