Marketing is a really important part of your business – it gets your brand out to the public and brings in custom. This article shows you how to start your sales & marketing off in your small business. 

Marketing Stategy

The first thing to do is work out what market you are targetting and do some research on that market. Ask yourself the following questions:
- Who are my main competitors?
- Am I exploiting a gap in the market, or am I in direct competition?
- How do I think the sector will fare and develop over the next 5 years?
- Who are my potential customers?
- What unique qualities does my business have that I can promote?
- How am I going to let the customers know about my company and my products/services?

Research

If possible, do some market research as it can be invaluable – you might think you know the answers to all the questions, but some answers may surprised you. You can use free market research and Government statistics and business reports, or you can pay a company to carry out the research on your behalf. You can also do some of the legwork yourself in the form of surveys and fieldwork. The internet can provide a good start – it is easy to set up your own free questionnaire and ask people to fill it in, however do not rely on internet users solely unless your company is solely aimed at internet users.

Testing

If you are testing a new product, ask as many people as possible to test it. Make sure you get a good cross section of people testing – a range of ages, genders, professions and personalities. Try not to rely on friends and family – they have a tendancy to give fairly positive feedback, even if they did not like the product. Strangers are more likely to tell you like it is!

Selling

Some of your options here include advertising, direct marketing, trade fairs and online marketing/advertising.

Have a think about the best way of spreading the word. How you do this will depend on your location, budget and type of product. Think about the best way of distributing and selling your products or services. You could sell direct to customers, or go via shops and retailers. In fact, setting up a shop online can keep costs down at the start. You could also consider licensing your product and getting other firms to sell the product for you. If someone does want to buy or license your idea, you will both need to sign an agreement. This normally ensures you have an upfront fee which is fairly small, plus a royalty on all sales (usually 2%-7%). You are best off consulting a patent agent before you sign any licensing contracts.

Fairs and exhibitions can be an excellent way of introducing your product. Normally, you will be charged about £400 per stand but you will get to meet companies and individuals who may be interested in your product and you might not only pick up some sales, but also some useful information and advice.

More information

For more ideas on marketing your company, please click here.

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