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Expert Author Paul H Morgan
Nothing happens in business until someone sells something to someone else. It is that simple. Unfortunately, the process of getting it to happen is far from simple. Why? It is called marketing and without marketing the engine of business grinds to a halt.
What is marketing? Simply put, it is the right product, at the right place, at the right price and at the right time.
Now let’s look at those four things more closely.
Right Product. If you have identified a ‘hole’ in the marketplace; good for you. If there is ‘no hole’, create one by offering something that is slightly different from everyone else. You won’t win by being “no better or worse than everybody else.”
Right Place. If you have a singular product or service, you have to identify a place where you can do the best business selling it. Do not be scared to move away from your immediate area to capture the market share or to put you in front of your target market.
Right Price. The price has to be good for both sides. The customer has to be able to see the value, and you have to be able to earn a profit. The lowest price does not always win and as a matter of fact rarely wins. Price according to the market and stick by your guns. Add value to your product or service rather than drop the price.
Right Time. Sometimes there is a very small window of opportunity. He who hesitates is lost. You have to be able to move quickly and take advantage of favorable market conditions. If there is a ‘hole’ in the marketplace, and you don’t fill it when you can, rest assured that someone else will.
The first step in your marketing strategy is identifying and understanding what your customers want from you. You need to see everything that you do from the customer’s point of view.
Do your market research:
Ask your ideal customer – your potential customer what he or she is looking for. You may identify a different business opportunity that you hadn’t even thought about.
Ask your potential suppliers or sales reps what they think. Their experience will help you understand what your ideal customers have been purchasing.
Find out what is happening in the business that you want to open. Phone your local economic development branch to stay in touch with developing trends in the industry. Gathering this information will be invaluable to you when starting your business because it is specific and current.