Marketing Strategies for a New Business
- Entrepreneurs utilize effective marketing strategies to promote their new businesses.marketing image by dead_account from Fotolia.com
When starting a new business, entrepreneurs develop effective marketing strategies to promote growth and name recognition. Successful ways to market your business include market research, customer satisfaction and online marketing. Regardless of how the market is doing, what type or size of business you have or how limited your budget is, excellent marketing strategies are critical to your business' success.
Know your Customers
- A business must research its customers to succeed, according to Harvard Business School. Knowing what your customers are like, who your potential customers are, what they are interested in purchasing and how much they are willing to pay is vital to the success of your business. Use the information you obtain from your website, e-mails, blog and company staff to develop a profile of your customers. Use this profile when you market your business.
You can also use existing resources that reveal which sets of demographics respond to particular types of products or marketing. For example, would your product, or the marketing of your product, appeal to Generation Y? Gen Y refers to 71 million unimpressionable individuals, ages 8 to 23, who spend more than 200 billion dollars annually, according to USAToday.com.
- Your customers are the most important part of your business, according to Entrepreneur magazine. One of the best marketing strategies you can utilize is making and keeping customers happy. Offer customers financial incentives when they refer someone. Your company and staff should make customers their top priority, through building relationships based on trust, being genuine and really caring about the customers' needs. If you go above and beyond what a customer expects, not only will you have a loyal customer, your customer will gladly recommend your business, and your business will flourish with an excellent reputation.
- One of the best marketing assets your company has is its website. It's an excellent way to promote your business, allowing you to network online with customers. The Wall Street Journal advises that when your company receives any type of electronic inquiry, customers expect an immediate response. The company that responds within 30 seconds beats the competition.
Create a website that is interactive, place a link on your website that allows customers to easily pay for services with their credit or debit card. Customers abandon a payment method if it becomes too cumbersome.
Provide a variety of links on your website; these can include a blog, a newsletter, and a video commercial, all of which can help publicize your business if done properly. The U.S. Small Business Administration suggests that a newsletter is an excellent way to market your company, by providing customers with valuable content. A blog is another effective marketing tool that allows your company to connect with its existing customers and potential customers.
Your website will generate higher traffic if you design your site using search engine optimization, a method that makes it easier for others to find your website. The content on your site should include phrases or keywords that will attract customers to your site.