business, marketing

“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.” – Peter Drucker

How do you set your business apart in a competitive, rapidly expanding marketplace? It is no longer enough to provide a quality service or product; There are other significant factors that come into play. Whether you have a physical storefront or not, there are various methods to attract customers and clients to your business.

Be Available

Often, the promise of a convenient experience will make one more likely to give businesses a chance for the first time. Put yourself in the shoes of a potential customer or client. Before they choose to do business with your company, they will need access to basic information such as business hours, location, products or services, and more. Be sure to keep these details in clear view online, in your storefront and on promotional materials. To avoid confusion, they must also be accurate across platforms.

Consumers also appreciate reliability in communicating with a business. During hours of operation, prospective customers expect to receive a timely, helpful response to inquiries made through phone, by email, or in person. Stellar customer service keeps shoppers satisfied and encourages them to return.

Overhaul Your Branding

When you see products in a grocery store marked, “New Look – Same Great Taste!” a company is relying on brand loyalty to keep customers from purchasing a different product. Strong branding can result in a long-term commitment from customers or clients who identify with your company’s image, values, and mission, as well as other features unique to your business.

From a business owner’s perspective, branding is about simplifying and narrowing down the elements most important to your business. Is your company image in line with that of your core audience? Who is your core audience? Do your best to pinpoint your desired customer base and get to know their qualities and preferences through market research. This is a starting point from which to build an overall marketing strategy.

You can complete some elements of branding for a low investment, such as a creating a mission statement or updating company motto. Other aspects of branding (logo design, product packaging, etc.) can incur higher costs, but are effective if your budget allows.

Broaden Your Market Reach

Once you are content with your company’s branding and the customer experience you provide, you must stir interest by marketing and advertising. If you keep your branding in mind, potential customers who connect with your message will confide in you to meet their business needs.

Print, digital, and radio advertisements are all promising forms of marketing. When reserving a spot for your advertisement, consider your target audience. For example, young audience in your area may be more likely to be receptive to online advertising than radio commercials.

Not all marketing involves advertising. If your small business serves local residents, you could benefit greatly by participating in community events, such as health fairs, sports games, and festivals. Participation can come in many forms: event sponsorship, buying an event booth, or offering your services (e.g., public speaking, catering) in exchange for a valuable networking opportunity.

Promotions, Coupons, and Special Offers

A good bargain may be what brings new customers to your door for the first time. You have the option to inform your audience about promotions via advertisements or while conducting in-person marketing. Another effective strategy is to reward referrals made by existing clients or business contacts. In essence, you are exchanging a portion of your profits in order to make connections and expand the reach of your business.

At the same time, recognize the financial worth of your service or product and the viability of the discount you are offering. That is to say, do not sell yourself short or undervalue your work. If you are meeting the needs of your target audience while offering feasible rates (from the standpoint of the producer and consumer), the right patrons will come around. From that point on, you have the chance to make a lasting impression.

If you are interested in business formation or require assistance with your existing business endeavor, we invite you contact us at the Law Offices of Elsa W. Smith at (410) 995-7719 to schedule your consultation today.