Vesta Digital Blog

Small Business Marketing Basics

Posted on: December 29, 2010

Small Business Marketing BasicsIf you have started up a new small business, and need to build your company name, it is important to understand the fundamentals of marketing. Marketing requires an integrated method of multiple activities that is much more than just advertising your product.

The U.S. Small Business Administration gives a great detailed explanation of the basics of marketing and why it works.

According to the SBA, marketing has two main principles:

  1. All company policies and activities should be directed toward satisfying customer needs.
  2. Profitable sales volume is more important than maximum sales volume.

The SBA also says that there are very specific ways to use these principles such as using market research to determine the needs of their customers, analyzing competitive advantages, selecting specific markets to target, and figuring out how to satisfy customer needs.

Market Research

It is important to conduct market research by using simple questionnaires to give you an idea of current customer preferences, dissatisfaction, or possible new product ideas. You can also use market research to find trends in the market that can encourage or shut down certain sales ideas.

Target Marketing

Most small businesses don’t have unlimited resources to devote to marketing; however, the SBA wants you to know that you can still see excellent returns while sticking to your budget if you focus on target marketing. By concentrating your efforts on one or a few key market segments, you’ll reap the most from small investments. There are two methods used to segment a market:

  1. Geographical segmentation: Specializing in serving the needs of customers in a particular geographical area.
  2. Customer segmentation: Identifying those people most likely to buy the product or service and targeting those groups.

Figuring out Customer Needs

It is important to know how to satisfy your customers. You need to develop a highly specialized product or service, or have some sort of high-quality service. You need to stand out among your competitors.

Distributed by IntelBuilder Social Media Platform

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