Whether you’re a restaurant with 100 staff under your wing or a small accounting firm with only three of you working there, it is important that you understand what business marketing is all about and why you, as a business, need it. Marketing your business will enable you to build a clientele who, eventually, will also help in spreading word about the quality products or services that you over.
Contrary to the misconceptions, marketing is more than just billboards, commercials, and logos. Sure, these are all helpful in creating and positioning a brand, but marketing is more about the target audience than it is about the company.
Reach your target audience
The primary reason why you need to market your business is to reach your target audience. As early as the conception of your business, you should have identified which market you are trying to infiltrate. This will allow you to build products and services that will answer the needs and the wants of that particular market. If you are planning, for example, to start a business near a university campus, the first thing you should do is identify what the college students want—hangout places, burger and pizza joints, coffee houses, bookstores, apartments, etc. Your marketing strategies will then help reach these students. Whether it’s giving out flyers at the entrance of the school or throwing a big party to start off your business, your primary goal is to let your audience know that you are here and you’re here to offer good products and services.
Boost your customer base
During the first few days of your business’ opening, what you should take note of is how many new customers buy your products. Sure, returning customers is a good sign also because this means your products are being supported by the market you are targeting. But, you would want to know if you are building a customer base, which is the increasing number of people who, every month or so, would come back to your business. This customer base needs to revolve and to increase significantly because these people are going to bring you to success through the support your business gets from them.
Increase your bottom line
It’s great to have a huge top line, which is your gross sales for the month. But what all companies should be aiming for is an increase in the bottom line—your net income—the one that belongs to you, the owner. The number of new and old customer in your business would determine your bottom line. Increase your customer base and you should see a spike in your bottom line, too.