5 Marketing Tips Every Entrepreneur Must Know

Having a business that provides a good product or service is not usually enough to keep your company growing. Sure, there will be some word of mouth advertising, which is great, but at least in the beginning you will need to market your business to bring people in. Nobody knows just how good it is until someone has tried it. Getting people in the door, at least in the beginning, largely comes down to your marketing efforts.

Most people in business understand what it is that they do. No matter what type of product or service they are providing, they are experts in that area. However, it’s safe to say that most are not experts when it comes to marketing that product or service. This is understandable, as not every entrepreneur can know everything about all sides of the business. But marketing is one area that every entrepreneur will want to get a handle on if they want to grow their business.

Here are 5 marketing tips every entrepreneur must know:

  1. Know your target audience. If you don’t have an idea of who purchases your product or service then it will be difficult to market effectively. You need to narrow down who the ideal customer is for what you are selling. You can do this by paying close attention to who is purchasing, by doing some online market research, by surveying people, and you can narrow this down by trial and error. The more you can define who your target audience is the more you will be able to market to them, cater to them, and use that information to grow your business.
  2. Learn how to reach them. Once you know who your target audience is you will need to find out how to reach them. You wouldn’t, for example, opt for the same marketing efforts to reach 25-year-old surfers as you would to reach 25-year-old stay-at-home moms. Each of these audiences will have different ways to reach them. With your target audience in mind, make a list of all the possible places you could reach them. If someone approaches you with an advertising opportunity that won’t reach your target audience, there is a good chance you should skip investing the funds into doing it. You know right from the start that you will most likely not get much return on your investment (ROI). You’re better off finding details on prices through a competitive pricing analysis firm to find ways to use prices that are easier to reach people with or by looking for an ad firm that can help you to figure out the ideal audience for whatever you’ve got.
  3. Tap into social media. Even those companies that have been resisting social media will have cave to at some point. Why? That’s where people are and people are who you are trying to reach! Billions of people are using social media, including Facebook, Twitter, YouTube, Pinterest, and others. It is imperative that your company be there. Even if you don’t care for it, there is a good chance your target market does. Be sure to consider the demographics of each social media outlet, so you choose the one that will give you the most return. For example, Pinterest is largely made up of female users. Therefore, if you are selling a product for men, and it’s not a Christmas gift, you may want to put your efforts elsewhere online. Men like to watch videos, so consider YouTube.
  4. Hire help. You don’t have to learn everything there is about marketing or social media. You can focus on what you do best and hire someone to take care of marketing, either with a direct hire or through outsourcing. The funds spent on this will provide a great ROI, providing the professional understands your target market. You can also hire a firm to help you out with your competitive pricing plans. This can be done to help you figure out what others are charging for what you have, thus making it easier for you to figure out what you should spend.
  5. Track your efforts. Putting time and money into marketing is great, but you need to ensure you are getting something in return. All marketing efforts should be tracked so you know what works and what doesn’t. This will help you stop wasting your efforts with those outlets that are not providing a good return. Tracking all of your marketing efforts may seem tedious, but it is the only way to see what is working. Whether it’s an ad, brochure, or your social media efforts, you must identify what works and what doesn’t, and use that information accordingly.

Marketing is not difficult. But it can seem a little overwhelming for the entrepreneur who isn’t used to doing it or simply doesn’t want to devote their time to it. Following these tips above will help ensure that your marketing efforts pay off and that they help your company to grow. Every business needs to market its products or services.

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