When launching a business we spend so much time in the very beginning giving attention to every little detail within our business. As time passes we can get caught up in the day-to-day running of things and it tends to be when business quietens down we wonder what we’re doing wrong or what we could have or should have done.
For business owners in every industry it’s important to continually plan for the future, evaluating the strengths, weaknesses, opportunities and threats that affect your business. This enables you to be proactive rather than reactive and always be ahead of the curve.
If business has quietened down there are four very simple elements of marketing to look at within your business;
This is the product or services you sell. Evaluate what makes your product/services stand out from your competitors. Some points to consider are;
- Are your product/services competitive within the current market?
- Are your unique selling points clear and easy to understand?
- Can you improve your offering?
Price is often a difficult element in marketing. Too expensive and you’ll put people off, too cheap and they’re likely to consider if there is going to be a compromise on quality.
If you’re looking to increase sales, evaluate your pricing model. You should consider how price sensitive your customers are and benchmark against competitors pricing.
Place is where your product/services are located. In the era of digital marketing we have so many opportunities for product placement. The key aspects to consider are;
- Where are your customers?
- How are you reaching new customers?
- Where are your competitors?
Promotion is a key area within marketing, it’s how you communicate your offering to your target market. Through effective promotion you can increase the revenue for your business.
Key promotional elements to consider;
- How to reach your target market
- Promotional strategy
For business owners it can be difficult to find the time to re-evaluate your offering, however in the dynamic world of business it’s important to remain competitive within an ever-changing market.
If you need help developing or implementing a marketing strategy for your business, reach out to us & we’ll be happy to help.