Understanding Marketing - Its importance to small businesses!

Many small businesses don’t understand marketing and just how an important it is to the success and profitability of their business.

Marketing is one element of a three element model that defines business which needs to be in balance for a business to be successful.

Finance = Marketing + Operations.

Too be blunt without marketing your business won’t attract customers and your business doesn’t generate any cash to fund it.

Most small businesses consider marketing just as advertising, publicity, exhibitions, brochure, website etc.

Marketing ensures that your business provides customers with products that they need and want, at a price they will buy them at and at the right place to buy them from. The four elements are:

Marketing = Product + Price + Place (Sales/Distribution)+ Promotion AKA the four "P"s

Promotion is only one of the four elements and it can’t be said that promotion is the most important because you have to identify your target customer for your product which will allow you to identify and establish:

What product requirements need to be fulfilled?

What’s the right price level?

Where the target customer will buy the product?

Without correctly indentify and establishing the above then No amount of promotion will make the target customer buy your products.

It’s essential conduct research to confirm each element without which your business will fail to reach its true potential.

Your business will grow profitably, if each marketing element is correctly aligned.

New Mindset can help you to ensure each marketing element is optimised to drive your business forward.

Call Andy on 01276 537 282 or email andy.hamer@new-mindset.com