04 Apr

Funding Masterclasses Part XIV: Marketing

Funding Masterclasses Part XIVOften linked with communication, marketing concerns the promotion and selling of your organisation’s products and services. Marketing is often defined in terms of the 4Ps – product, price, place, promotion.

For each element of the marketing mix there are implementation plans to develop, meaning questions need to be considered. This can be done as a stand-alone activity or part of a more general business planning process. Ask yourself:

  • Against whom and how are you compared? (competitor analysis)
  • What are your current attributes/why do your customers value you?
  • How do you decide on what new products/services to develop? What market research do you do? (more on this in next blog)
  • What is the current market reach of the business?
  • How are you going to get your products to market?
  • What distribution channels will you use?
  • Are any particular customers to be targeted? (market segmentation)
  • How quickly will the market take up new product/service? (diffusion of innovation curve)

The advent of new technology has opened up many opportunities for marketing a business. Some businesses now longer invest in traditional print advertising, relying solely on the businesses generated online. But online doesn’t necessarily mean free – you have to pay to have a business page on Facebook, and don’t underestimate the time it takes to create content for a website. That said, most people will look at a website for information about a business. So, even if you intend to market via parish magazine and or local paper, having a basic website page giving details about who you are and what you do would be useful.

But never forget, for smaller businesses the most effective source of marketing will be face to face or personal recommendation, so it is about YOU. So when deciding on a new marketing strategy a good technique is distilling the message into an ‘elevator pitch’ or seeing if it passes the ‘pub test’.

If you require assistance to market your business, our qualified advisers can help you. Please contact Sophie Price on 01837 658643.

Liz Abell signature

Managing Director

 

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