How to start promoting a business?
Every business has deep knowledge of the products or services it sells but the understanding it has over its customers and competition is usually limited. Besides training and developing individual skills of people working in the business, customers and competition also need to be studied by the corresponding managers.
This customer study will identify characteristics, traits and habits that will allow grouping of clients in homogenous clusters. In Marketing terminology these clusters are called the Target Markets. Once the customers are grouped the study should focus on the buying behaviour and habits of each group breaking it down to smaller segments.
To be able to build a solid proposition, businesses also need to realize their “unique selling point” (USP) that differentiates their offering making it preferable against competition. This could be any distinguishing element that would appeal to the target market’s needs, habits and wants.
This is why the first acts of a professional marketer in examining a business are to determine the target markets, the specific market segments of interest and the USP. Knowing who the customers are where they hang out and what triggers them to buy, can lead to design a Marketing plan that would understand their needs, approach them with a valuable solution and build trust on trying the offering. The backbone of the Marketing strategy can only be solid if it is based on that set of hard facts, and this is the only way to produce a positive outcome that will benefit the business.