For a few people, their future as an entrepreneur was never in doubt. They sold lemonade at street stands when they were in elementary school, went door to door with book sales in junior high, and by senior high they were selling sporting goods at minimal mark up to their peers. Some were picking out their dream office space before they graduated university. For these people, an understanding of marketing was not only inherent but probably honed as well. They knew as soon as they saw marketing 101 on the high school elective sheet that it was the perfect course for them.
If you were not one of these people, however (and odds are you were not), then you probably skipped the chance to take marketing in school. Years later, you have realized that you are indeed an individual with an entrepreneurial mindset and have created a business for yourself. The problem is, you are not quite sure which direction to turn when it comes to growing your business. You know that you would like to retain your current customer base and probably widen it as well, but you lack the fundamental marketing concepts to point you in the right direction. Looking at successful business models can help. Real estate has been so successful in marketing and sales that they now have offshoots where they can help customers with the mortgages for their homes. While there is no exact formula for this level of success there are hints to what works.
Well, this section of our site is here to help you to discover what you may have missed in high school. Marketing has a few fundamental concepts that need to be grasped no matter what type of business you run, be it service or sales oriented. These concepts will not only help you develop a sound marketing plan, but one that will work for your business as well. These are the concepts which we will be focusing on in this section of the site.
Understanding the basics of marketing that we will talk about in this section will benefit your business in several different ways, whether you're selling industrial supplies or a McLean spa package. Let's take a look at them below.
Understand why marketing is important. A lot of business owners shake their heads at the idea of marketing. To those without an understanding of the basics, it may seem as though marketing puts out more money than it brings in. While some marketing strategies can be expensive, many are not and knowing some fundamental marketing ideas will illustrate why marketing is so important.
It will save you money! One of the reasons why many people shy away from marketing plans is the belief that marketing is expensive; see above. However, there are many fundamental marketing concepts that will not only keep the money flowing in, but also slash your costs as well. If you're trying to sell drum screens for instance, that market can be tough to crack. Finding out the proper way to get in touch with new home owners and builders could be the key to success.
Growth. And of course, there is the fact that a grasp of marketing fundamentals will help your business to grow. Once you understand who you are looking for and the options you have when it comes to promoting your product or service, your sales will begin to improve. If you're in an industry that makes parts for the metal industry, for example, finding companies to buy and suggest your products to others looking for a shipping products could lead to a market you never even thought of.
Marketing is at the backbone of every business. Whether you realize it or not, every functioning business is engaging in some kind of marketing. Understanding the basics can help you convert your current strategies into bigger sales, while focusing on efforts that are most likely to bring those sales in.