Copyright 2005 Empower Business SolutionsToo many business owners believe that marketing their business means just paying for a few ads. What few understand is that Advertising is not same as Marketing. Too many clients have come to us only after they have wasted large sums of money by copying their competitors with ˇ§me tooˇ¨ advertising. And media and advertising agencies love it. When you approach an advertising agency, their mission will be to convince you to spend your entire marketing budget with them, not to help you devise a marketing strategy for your business which will look at all available marketing options, not just advertising.
When developing a marketing strategy for your business, you must consider a number of aspects of your marketplace, before even thinking of your business. You need to answer following questions: =>Who are your competitors? =>Who are your customers? =>Can you segment your marketplace? =>How do your customers make a buying decision? =>Who else has customers who could be your customers?
Once you understand your marketplace you should then consider your business. At this point of marketing process you would ask following questions: =>What is ultimate benefit of my products and services for my customers? =>Why should people buy from me? =>What is my offer? (Product / Service / Price / Support / Guarantee etc.) =>How do I define My Marketplace? (Who / What / Where / When and How)
And only once you have answered these questions, ask one that most businesses ask first rather than last: =>How will I promote my business?
When answering this question, consider all promotional options, not just advertising. Some of marketing options available to you are: Networking, newsletters, cold calls, special offers, public relations, referrals, joint ventures, trade shows, seminars, workshops, website, sponsorship, media advertising, yellow pages, direct mail and brochures.