Basics of Marketing

“Bring the best of your authentic self to every opportunity”

So you have finally decided to start that new business, launch a start-up or bring a franchise into the market. You have had your idea for long time now and have identified your market or potential customers. Yet,  you are still not sure how to put it out there? Sound Familiar? This is where market research and implementing marketing strategies come in.

Right, but what is marketing exactly?

In short,marketing is a study of the market and is a key piece to building a strong brand to differentiate your idea, product or service from other competitors. Perhaps, theres a gap in technology services and you think your idea could fill that gap or you think your homemade cupcakes quality are better than the choices in your neighbourhood and you want to launch a business.

Once you have your idea you want to analyse the market to see if people would want to buy your neat idea or how you could offer something better than whats already established in the market. It could be as simple as selling better sliced loafs or sliced bread than your local choices.

Below is a break down of concepts marketing to get a general idea. 

Two Types of Markets 


Sellers Market the focus is on the company and production 

Here you want to develop innovate products and services- Give it some edge

Buyers Market the focus is on the customer and competition 

On the other hand, a buyers market your goal is to find out what exactly the customers want and give them exactly that. 

Now on to strategies, no strategy can be implemented without considering the competitors. Its the competitors that determine your pricing, levels of profit, levels of sales. 

3  Principles of Marketing 


Customer Value

It is simple, you provide and develop quality, authentic and innovative products or services that customers will want to come back for more. Once you deliver and guarantee constant quality customer satisfaction you will gain customer loyalty. 

Differentiation

This is where you want to add value and make your product or service distinguished from the competition. It may be the quality of your product, the competitive price, the customer experience which differs or the technology. 

Segmentation, Targeting and Positioning 

In a customer focused market you can’t deliver value to everyone, you need to segment consumers into groups, establish your brand accordingly to meet the needs of your specific target market. 

Good luck on launching your new business! Feel free to contact me if you need any insights or help.