One of the most important things for an entrepreneur is knowing how to market your business and your product offerings. Unfortunately, most new entrepreneurs fail even before they start because they have no idea how to get people to start buying from them. Before you start any business, it is important to look at what other people in your target industry are doing. Ask yourself what your potential customers would like and what is missing in the market. Then explore ways to fill the gap in the market. Here are some actionable ways you can get started on marketing your business.
The internet has made marketing not only faster but cheaper. So long as you have something to say, you can say it to anyone who is willing to listen. Gone are days where entrepreneurs had to buy expensive TV/radio/newspaper advertising. Online advertising is the way to go. Choose a platform that meets your needs. If your business is a highly visual one (think photography, bakery, fashion), you can capitalize on instagram, pintrest and facebook.
Consumers are getting more digital savvy by the day so it’s important to interact with them where they hang out. Explore the use of social media adverts. For example, Facebook ads are good (and cheap) because they give you real analytics on how people are interacting with your platform and who is interested in your product. Though it takes a lot of patience, developing a strong social media presence will help market your business and ultimately win you customers.Launching a business is hard work so why not spend all your energy into getting the word out? Click To Tweet
Partner with other brands
Some markets are just too hard to break into. One that comes to mind is the luxury goods market. If you are having trouble making any progress, look into partnering with trusted related businesses. (Ex) if you want to start a business that offers high end jewelry products, you could look into partnering with wedding service providers, saloons, fashion houses. Therefore, identify other local or global companies that you can collaborate with to propel your business brand.
Discounts/gifts can be used to gain market share not only in the short term but also in the long term. When you are just starting out as an entrepreneur, it might not be easy to define your value preposition. One of the ways you can give people access to your product offering is through discounts and free gifts.
Before you incorporate discounts as part of your marketing strategy, be sure about what you want to achieve. In any case, you should incorporate them into your profit margin. If your products are of good quality, offering discounts/gifts can get good market share.
Sometimes, it is hard to get your customers to connect with you. That’s when distributors come in handy. Distributors can help grow your business faster. (Ex) If you want to connect with farmers, a local distributor will have a better understanding of how to get to potential customers. Create a system where you can recruit and train distributors to market your product. This does not mean that you throw away the responsibility of being the face of your brand. In addition, have a good system to manage your distributors so that they do not become a liability to your business.
Do not give up
It is easy to throw in the towel when things are not working out. Unfortunately, no one will market your business for you. You are your number one fan. Who will put in the work if you cannot. I like this quote from Kevin Hart, “Why would you not be putting every ounce of your body, your soul, your sweat, your tears into getting the word out about what you spent two years doing?” Launching a business is hard work so why not spend all your energy into getting the word out? Even if some of your marketing attempts fail, it’s better to fail fast than to never fail because you never tried. If you consistently put in the right effort, you will start to see results.
How did you market your business when you were just starting out? Let us know in the comments.