Whether you're a restaurant with 40 staff or a sole-trading accountant, every business needs to understand the value of marketing. Marketing can help you reach your target audience, boost your customer base, and ultimately increase your bottom line. Marketing is much more than large advertising campaigns and attractive logos. It's a vital part of your business operations and needs be addressed from the beginning of your business journey.
Good marketing tells a story about your business and gives your customers a reason to purchase from you instead of the competition. Marketing can help you attract new customers, focus on satisfying their needs and build lasting relationships. Marketing requires research, time and appropriate allocation of budget. Investing time in developing your marketing strategy can help your business grow.
This topic will step you through some of the marketing basics, and get you thinking about how best to write your marketing plan.
What is marketing?
There are many definitions of marketing, however put broadly, marketing is a strategic mix of business activities that work towards a bigger goal of building your brand and business. Marketing is about identifying and understanding your customers and developing products and services that meet their needs. Marketing is important across many areas of your business, including how your customers are greeted on the phone, your customer service procedures, what your staff wear, and your email signature.
Benefits of marketing
Good marketing helps you to examine all aspects of your business, no matter how small, and think about how they affect the perception your customers' have of your business. Although marketing takes time, time, research and analysis, successful marketing can help you increase your bottom line.
Here are some examples of where marketing is already evident in your business model:
- how you are positioned in the market
- who your target audience is
- how you price your products and services
- the quality of your products.
Writing a marketing plan can help you define some aspects of your business and help you focus on your priorities.
What to do...
- Read our guide on Positioning your business.
- Read Why do I need a marketing plan?
- Visit Templates and tools for a free Marketing Plan Template.
- Read about Selling goods and services.
- Conduct your own primary research using surveys or interviews, or through talking to your customers and other businesses.
- Find information on market research and statistics in your state or territory.