This post was guest blogged by Tim Somers, Bizarre Promotions, Inc.
Owning a small business can offer unlimited rewards, but wearing the many hats that come with running a business can be difficult at times. Advertising is fairly easy, you run an ad here and their, sponsor the local little league team and place a listing in the yellow pages. These advertising techniques are hit and miss and are often over shadowed by the many other tasks a small business owner has to face day in and day out.
Although any type of advertising is better than none at all, your business really needs a Marketing Plan set in place by a professional, which can really grow your business and make it more profitable. There is no real marketing recipe, but a well executed plan should cover these three areas, Product, Price and Promotion.
The Product or service your business has to offer clients needs to be clear. You need to convey to your target audience that your Product is of the utmost quality, focusing on why your product or service is better then your competitors.
Price is a major component in your Marketing Plan if your product is over priced your efforts are worthless. Some basic research will help you set a completive price while maximizing your profit margins.
Promotion is what many focus on in planning there marketing campaign. Promotional marketing is sometimes considered to be a form of advertising in magazines, on television and radio. Other promotions may focus on price, a contest or sweepstakes to help lure in consumers. Another form of promotion is using custom printed items like Custom Pens or Calendars that feature your company’s logo on them.
However you look at advertising and marketing you need several parts mixed together to be a successful small business owner, hiring a professional is highly recommended to get the job done cost effectively and successfully.
Tim Somers is owner of Bizarre Promotions, Inc. a promotional products distributor with over 750,000 promo items to help your business grow.