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Small Business ยป Business Resources

How to Market Your Business

Is marketing important for my business?

Marketing will play a major role in the growth of your business regardless of the type of business you own. Effective marketing is an essential business tool that can work for or against you. Marketing is defined as the process of transferring goods from the buyer or producer to the seller. Known as the 4 Ps of marketing, the primary components of this classic marketing principle are product, price, place and promotion. Let’s take a closer look at the 4 Ps of marketing:

  • Product: The item or service that you plan to sell.
  • Price: The amount that you will charge for your product or service.
  • Place (of Distribution): The method or channel used to distribute your product or service to the customer.
  • Promotion: The strategies or ways used to target your business as well as to inform and persuade potential customers.

As a business owner, you will have to market your business to some extent. By using these components, you will be able to guide your strategies more concisely and adjust your products or services accordingly. Always remember that a large part of your marketing efforts should be in the best interest of your customer.

Should I consider advertising my business?

Generally, advertising and marketing go hand in hand. However, the level and intensity of advertising can vary for each type of business. At some point, you will want to bring attention to your business and the type of products or services that you offer. There are various forms of advertising such as print media (newspaper, publications, flyers, etc.), broadcast (television and radio), outdoor media (billboards), online technology and direct mail, just to name a few. Another form of advertising is by word of mouth. This method is the most popular and least expensive way to advertise.

Before you begin developing a major advertising campaign, you will need to evaluate several factors regarding your business. These factors may include the amount of your business or operating budget, the use of resources available to you (i.e., do you have the equipment or the skills to produce items such as flyers, announcements, etc.?) and the timing or frequency in which you choose to advertise. A strong advertising campaign can be a useful tool in generating sales and growth for your business.

How can I determine my market potential?

Determining your market potential will hinge on market indicators. The market potential for any business is based on the size of the market and the geographic region in which your business is located. As a business owner, it is also important for you to have some insight about your competitors. Knowing such information as the number of competitors in your area, the type of products or services your competitor offers and the strengths and weaknesses of your competitor, can help you position and market your business more efficiently.

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