As a business owner, you will understand the importance of marketing. Without a strategy in place, customers won’t get to hear about your business, and profits won’t be made.
You need to make a concerted effort, and it’s here where the 4 M’s of marketing come into play. By adhering to each one, you stand a greater chance of success.
M is for …
When working out your budget, ensure you set aside some money for your marketing needs. You will need some money in the short-term to put into your marketing strategy, and you will need some money in the long-term for your continued efforts, so save where you can. There will be times when you need to spend more to give your business a large marketing push, and times when you will need to cut back, using low-cost ways to market your business. Financial wisdom is needed when marketing – you need to spend money on marketing to make money – but you don’t want to waste money either. And that is where the next point comes into play.
M is for…
The temptation is to market to everyone, but this can be pointless and financially wasteful. Instead, you need to focus your marketing on the people who are more likely to use your business. So, when working on your business plan, you need to think about your target customer; the person most likely to have an interest in what you have to offer. You also need to factor in your competitors, and the share they have on the marketplace. Are there demographics that aren’t being covered? You need to do your market research using some of these ideas, and when you have discovered your demographic, you then need to prioritise your marketing efforts towards these potential customers.
M is for…
What message are you trying to convey? When marketing your business, you need to think of the right message and use it to influence the minds and pockets of your potential customers.
Think: What do you want your customers to know? What do you think they want to hear? What will engage them emotionally? Your message includes your brand logo and slogan, which should be emblazoned across the media you use to market your business. Your message should come across when you are engaged with your customers or potential customers, as you are your businesses greatest marketing tool. And your message should be conveyed across your website, in the story you tell when they scroll through your pages.
Your message should be positive, engaging, original, and customer-centric. Your message should be bold and upfront to grab your customer’s attention. And your message can be put across in more subtle ways, such as using subliminal messages when promoting your product.
M is for…
How are you going to share your message? What media will you be using? There are various options, so utilise anything that is going to reach your customers.
Print media is a traditional approach, but one which still has credence today. You can project your message using newspapers, flyers, trade magazines, billboards, and with the services of ultimatebanners, banners and popup displays. Print media can be costly, but as we suggested earlier, costs can be alleviated if you only focus on advertising your business to your target demographic.
Communication media such as TV and radio is an effective way to reach a large audience. Again, this can be costly, but to alleviate the financial burden, you should place ads on television between programmes that your target audience are likely to be watching, and on radio stations that directly appeal to your demographic.
Digital media is the common approach these days, with everything from email marketing to social media marketing available to you. You can promote your business freely on your website and your social media networks, so it is possible to minimise your spending. But if you have money to spend, you can also pay for ads on social media and through search engine marketing, and hire the services of SEO agencies to ensure your business is noticed online.
The 4 M’s for marketing success:
Money – Spend when you can, but spend wisely.
Market Research – Find your niche audience to better tailor your marketing.
Message – Get the right message across, and you will attract the attention of your target market.
Media – Utilise the tools available to you to share your message with others.
By following each stage, you will get the customers your business needs, and start to make a profit following your marketing efforts. Consider each facet, commit to further research, and then put the appropriate plan into action within your marketing strategy.