The most successful entrepreneurs I know have a good understanding of key marketing concepts. It’s not enough just to have a great idea or even a great product; every successful business requires marketing to match. Without the right marketing, every business will fail. Here are five marketing concepts every entrepreneur should know.
#1 Understand Your Market
As an entrepreneur, the first thing you should know about marketing is that successful businesses are those that solve a problems in the marketplace. You should understand how your product or service solves a problem for someone else.
- How does my product or service solve a problem?
- Are people willing to pay for my product or service?
- Am I able to make a profit by selling my product or service?
In general, every entrepreneur first needs to understand the marketplace and how their business fits into it. Understand your market.
#2 Define Your Goals
When you start a business you need to define who you are, what you are, and what you are not. This is not always easy. Based on the fact that you decided to start a business, you recognize that there is a need in the marketplace. But maybe you have not yet determined what you will do and what you will not do. A dentist for example might understand there is a need to offer dentist services, but hasn’t yet decided to focus on either general dentistry or cosmetic dentistry. You should know what you
are good at, what the market needs, and what you will be doing and not doing. Define your goals.
#3 Understand Your Customers
Every company has customers. What some entrepreneurs may not know is that there are several customer groups that need attention in every company. Your customers may be your investors, your employees, your end-user customers, and your partners that sell to your end-user customers. Each group of customers has different needs, and you should understand what they are. Many startup companies do not understand the need to market to each of these customer groups. Understand your customers.
#4 Create Your Brand
Your brand is how people relate to your company. You create your brand by how you are perceived in the market place. Make sure your marketing efforts are aligned and work together to address the needs of your target customer. A great way to do this is to plan your marketing strategy in advance; making sure that every marketing activity you do works towards the same goal which is to persuade your customers to action. Remember that marketing can be defined as all the activities that promote, sell, and distribute your product or service. Create Your Brand.
#5 Your Marketing Should Lead to Sales
If your marketing efforts do not improve your sales, then your marketing has failed! Marketing activities drive sales. As you work on your marketing strategy and carefully detail each marketing activity, also make sure you define how you will track your success. It is critical to any marketing plan to understand what is working and what is not. Successful entrepreneurs are generally good at selling, and likewise need to make sure they become good at marketing. Your marketing should lead to sales.