How to grow your business with marketing

Programmes like Dragon's Den may create the misconception that businesses always need sudden cash injections of hundreds of thousands of pounds to move into a new phase of growth. The reality is that a successful business can achieve steady growth through hard work and a focus on marketing.

At the earliest stages of your business you should be spending your money, time and energy on marketing and getting your product out to people who can use it or feedback on it. If your product is an innovation, then you can refine it as the market develops, competitors come on board and you need to meet higher expectations.
Here are some top tips to keep your new business marketing-focused.

1. Maintain your enthusiasm  
In the early days, you are your business. Make sure you spend most of your time on researching, selling and delivering whatever your business idea entails. Don't spend too much time on struggling with activities that detract from your passion. It may not always be feasible, but if you can, outsource from the very beginning.

Books - find an accountant or bookkeeper.
Web design
Organising meetings, events, time - try a Virtual PA.
Document preparation - word processing skills are not expensive to hire if document preparation is your idea of misery.

2. Free yourself from heavy back-end costs
Keep your start-up costs to the minimum. Nowadays there is no need to invest in complex systems - look at the many free-to-try or pay-as-you-go online software solutions which can start at a low-cost entry level and scale up as your business grows.

3. Do your research
When researching your potential customers and clients, don't forget to analyse your competitors as well. Produce a SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) and the process of creating a marketing strategy for your business will then become much easier.

4. Have a strategy
Your strategy will address these crucial challenges:

What changes are taking place in the business environment? Are these opportunities or threats?
What are my/our strengths and weaknesses?
What do I want to achieve? Set clear, realistic objectives.
What are customers looking for? What are their needs?
Which customers are the most profitable?
How will I target the right potential customers? Are there groups that I can target more effectively?
What is the best way of distributing and selling my products?

5. Plan your tactics
Identify your perfect blend of different marketing tactics and the best way of communicating with your customers.

Correctly price your product or service. Take into account how much customers are interested in quality, reliability, efficiency and value for money.
Identify the best way to promote your products. Options might include advertising, direct marketing, exhibiting at trade fairs, PR or marketing on the web.
Test to see if your marketing is effective. Check how your customers found out about your business. A small-scale trial can be a good way of testing a marketing strategy without committing to excessive costs.

6. Revisit your plan
Revisit your marketing plan regularly and monitor your progress against a set of Key Performance Indicators to keep you focussed.


Source:  Business Link