Week 5- Marketing 101

“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.” ~ Peter F. Drucker

Part I
Marketing is part art part science. The art  portion of marketing is the creativity that it takes to develop strategies to promote brand awareness. The science of marketing is the data that a business has to collect to determine if their marketing strategy is working, if they need to change their approach, or if they need to increase the brands reach within the market.

Think of marketing as a first date.  On your first date, you want to put forth your best effort, be mindful of what you say and your actions.  You don't want to come off too strong or too passive as if your business is a hobby.  You want everything to be just right (think Goldilocks and the Three Bears). As the saying goes, your first impression is a lasting impression.  So, with that said, you have to me mindful of how your business is portrayed before a [potential] customer, whether that is via a brochure or a Facebook page.

These days, marketing has received a face lift with the rise of social media.  Unlike twenty years ago, a business can market to the masses for half of the cost, but that isn't necessarily a good thing.  Because we live in an age where people are attached to the internet through several devices, it is a lot easier to be passed over as a business if the marketing is sub par.  When you are marketing, especially on the internet, you have to be cognizant of who you are marketing to.  If your product is for a male in their 60s, then it is probably not necessary to spend money on Facebook advertisements.

For the start of this week, begin thinking about where your target market can be found and how you can reach them through marketing.  Think about what mediums you would use (internet, social media, print, etc.) and how you would use them.

Part II

If you have followed along since the beginning of My 12-Week Business Challenge, you will know that part of the opening of a business process is knowing your target market.  Why?  Because you have to know who your brand will appeal to and how to reach them.  Part of marketing is knowing everything you possibly can about your target market.  Think of it this way.  The more you know about your target market, the less time and money you will spend on other people who most likely won't by your product or service.

Here are some do's and don'ts of marketing:

Dos

Determine the best way to approach your target market

Pay attention- (stay alert)

Be clear and concise

Engage with people on social media

Address any concerns immediately

Don'ts

Trust everything the research tells you-go find out for yourself.  Do your own research.

Stay stuck to one approach

Become Kanye West- in other words, don't boost about your product or service to the point either A. people won't believe you or B. Sell yourself short because you couldn't rise to the occasion.  

Marketing can either make or break a business, so be mindful of what you do at all times.  Pay attention to the data, your sales, and customer feedback!