TSS's 8 BASIC steps to market your BUSINESS!
Updated: Nov 12, 2022
STEP 1: Conduct Market Research
Market research is a key part of developing your marketing strategy. It is about collecting information that provides an insight into your customers thinking, buying patterns, and location. In addition, market research can also assist you to undertake an initial sales forecast, monitor market trends and keep an eye on what your competition is doing.
STEP 2: Profile your target markets
Trying to promote your product or service to everyone can be costly and ineffective. Grouping or segmenting your potential customers based on certain characteristics will help to focus your marketing efforts such as,
Geography, Behaviour, Demographics, Lifestyle and Values
STEP 3: Identify your Unique Selling Proposition
A USP is a unique reason your customers buy from you and not your competitors – it’s what makes your business stand out from the crowd. It is important to define what you do differently and be able to convey that to potential customers. Commonly, this reflects your special knowledge or skills.
Your USP may be having a new or unique offering or providing exceptional service. Start developing your USP by answering the following questions:
What do you love most about your products and services?
What special skills or knowledge do you have?
What makes your customers come to you instead of your competitors?
How do your customers benefit by purchasing your products or services?
Which aspects do you generally highlight when you describe your business to strangers?
STEP 4: Develop your business brand
Every business, regardless of size, is likely to need a brand. A brand is more than a logo, colour or tagline. A well-articulated brand emotionally connects with your target customers and conveys who you are, what you stand for and what you can deliver.
STEP 5: Choose your marketing avenues
STEP 6: Set your goals and budget
Marketing goals will help you to define what you want to achieve through your marketing activities. Your goals should be SMART: specific, measurable, attainable, relevant and time-based.
STEP 7: Nurture your Loyal Customers
Your customers are the key to your success so it is important to look after them and encourage loyalty. Providing exceptional customer service can keep people coming back and set you apart from your competitors.
STEP 8: Monitor and Review
It is important to regularly monitor and review your marketing activities to determine whether they are achieving the desired outcome, such as increased sales. Initially, you should review your marketing plan every three months to ensure your activities are supporting your strategy. Once your business becomes more established review your plan when you introduce a new product or service, if a new competitor enters the market or if an issue arises that affects your industry.
Monitoring activities may include reviewing your sales figures on a regular basis (monthly) or monitoring customer activity during an advertising campaign. You can also access and review free analytic tools to determine the effectiveness of your social media or website campaigns