Marketing your product is vital in the business world. At MWBEzone.com, you can find grants that help enhance the marketability of products or improve marketing strategies for businesses. MWBEzone.com is a site dedicated to minorities and women, especially those with small businesses, where you may search from hundreds of grants to select the right one for you.
Sounds like a college class, right? Well, there are a few things your business can pick up from a marketing class. According to SBA.gov, there are two overseeing principles to marketing:
- Because you must reel in customers and keep them in order to grow, all of your codes and actions should be aimed at gratifying the needs of your customers.
- Profitable sales are more valuable than maximum sales.
To successfully apply these principles, a business should do the following:
Conduct Market Research
Market research is most easily conducted through customer questionnaires. Questionnaires and surveys are used across the world by many different businesses. Even industries like public health use surveys to discover problems in the delivery of healthcare. When conducting market research, be aware of the local economic climate and look into the market strategies of your competitors.
Develop A Market Strategy
A Marketing strategy focuses on a group of customers better served by you than by your competitors. The strategy should be directed to unmet customer needs with the most possible profitability.
Complete Target Marketing
Target marketing is best suited for small businesses rather than large corporations. By focusing on a few key market segments, small investments can reap the most return. There are 2 types of segmentation used in target marketing:
- Local segmentation
- Consumer segmentation
Local segmentation is the specialization of serving a population within a certain geographical location. Consumer segmentation is the identification and targeting of a group of people most likely to buy your product. When considering consumer segmentation, think of the characteristics a person interested in your product would possess.
Identify A Market Mix
Every marketing program has the following four keys:
- Products and Services
Together, all of the aforementioned elements create a marketing program. You can alter and apply them as you progress. As your data and results change, you must remember to adjust your business accordingly.
For a cost-effective marketing lesson, check out the following book: Free Marketing: 101 Low and No-Cost Ways to Grow Your Business, Online and Off by Jim Cockrum. In this book, Mr. Cockrum gives small businesses more than 100 ideas to help bring in money, without a significant marketing budget.
So, if you’re a small business looking to grow your marketing sector, check out MWBEzone for grants for small businesses. Conduct an advanced search with the keyword “marketing” and check out all the results.
About the Author: MWBEzone Staff Writer writes for MWBEzone.com, GrantWatch.com and its affiliates.