Marketing your small business can be one of the most exciting, terrifying, gratifying, and frustrating aspects of growing your business.  It is a never-ending roller coaster ride that can make or break your business. You’ve got the greatest product or service just waiting to break out into the market...but how do you get it there?

Before jumping in headfirst and spending thousands of dollars on Facebook ads and billboard signs, you need to start with the basics. Take a step back and evaluate your products, their prices, your place of business, and your form of promotion. Do your research. Make sure you fully understand the market you are entering and the profile of your average customer. These essential marketing elements will guide how you make decisions and ultimately form the foundation of a strong and effective marketing plan.

Understand Your Business: The 4 Marketing P’s

From a marketing perspective, your business’ needs are broken down into four basic elements - Product, Price, Place, and Promotion. An understanding of these elements is how you will reach your customers and ultimately make money.

Product

Your product is the meat and bones of your company, so you need to make sure you’ve considered all aspects of it. This starts with a good understanding of what the demand for your product or service is.  You may have created an amazing invention, but if no one wants it, you won’t get very far. Even if you’re offering a service that everyone wants and needs, if it is already offered by thousands of companies you still have a problem on your hands. What you really hope for is finding a competitive advantage that makes your product or service unique, attractive, or cost effective.

Say you’ve developed a brilliant product that makes cleaning hardwood floors easier... ... Sign in to read more