Marketing is critical to the success of any business. For small businesses, it is even more important to get the marketing right as they cannot afford to get it wrong.
Marketing is critical to the success of any business, whether it is a one-person operation, a medium sized company or a multinational corporation. When running your home based business, it is even more important that marketing your business is done right, as you cannot afford to get it wrong. Remember that everything you do, and the way that you do it, is all marketing. Doing something well is usually as easy as doing it badly, but wins you a good reputation.
The UK’s Chartered Institute of Marketing definition of marketing is, “The management process that identifies, anticipates and supplies customer requirements efficiently and profitably.” So we can see that marketing is not just about advertising and selling products or services. It is about: finding out what potential customers want; creating the products and services that satisfy those needs; selling those products and services at the right price; making those products and services available in the right place.
To check if you are doing all of these we can look at the four elements of marketing that are known as the four Ps – Product, Price, Promotion and Place. Let us look closer at the first, your product.
Does your product meet the needs of your customers? If it is not perfectly suited to customers then you may want to make some changes. Ideally, your response to this question should be that no changes are required. How do your products compare with your competitors? If they are better or compare reasonably well, then you pass this criteria. But if they do not compare very well or you do not know, you need to urgently review this particular aspect.
Every product or service can be said to have a four-stage life cycle. Birth is when a new product is launched and introduced to prospective customers. Growth occurs when the product becomes popular and starts to sell well. Maturity is when the product is selling so well that you are unable to keep up with demand. The final stage is decline, when demand and sales fall. Customers have turned their attention elsewhere. Take a good look at your product or service and decide which of these stages are applicable.
The second element of the four Ps is price. The price should be thought to be fair by the customer. It does not necessarily have to be the cheapest, but value for money. It should be competitive so that when your customers compare your prices to those of your competitors, they think yours are within the price range they would expect to pay. The price you set for your product or service must be profitable. If you are not trading at a profit you will not be running your home based business for very long. Remember that the price you set has to cover the cost of your overheads: light, heating, telephone, advertising, etc, and still provide a profit. When costing you product, you should also include your time.
The third element of marketing is that of promotion. Promotion is how a product or service is brought to the attention of your potential customers. This can be done in a number of ways and can be paid promotion or free. The former includes advertising in newspapers, magazines, radio or television. Depending on your budget you may want to consider what could be classed as “free” promotion. This could include competitions, e.g. create a winning slogan and win a holiday for two. (Remember that competitions do not have to cost you anything if you consider joint ventures!). You may want to make special offers such as: buy one get one free; buy now and pay next year; 0% interest, etc.
The final element to marketing your business is place. This covers where the goods or services are offered for sale and then the way these goods or services are distributed and delivered to the customer. In running your business from home, you need to look at how you distribute and deliver to your customer. Running your home based business does not mean you can forget this element of marketing your business.
Marketing your business well, you must get the four Ps right; product, price, promotion and place. Analyze these areas, monitor your results and be prepared to change your marketing strategy. Be willing to ask your customers or clients what they think, and be prepared to act on the results.
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