Oftentimes, entrepreneurs who run small businesses believe that marketing and advertising knowledge, strategy planning and development are the concepts that mostly relate to large businesses which have both funds and opportunities. Small business owners walk the trodden path of advertising and promote their products in the old-fashioned, time-proved ways. They apply the same methods their predecessors and competitors used.
Such tactics can bring about some positive results, but still, many businesspeople feel frustrated and unsatisfied. They want to have a higher return on advertising investment.
Achieving this goal is not easy, but it is quite possible to largely improve the results in this area. First of all, every businessperson must get familiar with several concepts that help to get around in the world of business.
Let us start with marketing and advertising. Simply speaking, marketing is a technology of effective distribution and sale of your products. There are four main elements to it: product, price, sale and communication. These four elements define the success of product promotion. IN other words, marketing is all about product design, sale, distribution, after-sale service, public relations, and, of course, advertising.
Offering people goods or services, businesspeople must know all about their benefits, price components, competing products, and so on. Businesspeople have to have a clear understanding of who their target customers are, and what are their main preferences and buying habits. All this information is a part of the marketing strategy development process, which greatly helps in doing business. If you simply offer your products to anyone waiting for someone to get interested in your offer, your sales will remain poor. Knowing your consumers is one of the most essential rules of marketing.
Advertising is the process of shaping the knowledge of products in consumers' minds and convincing them of the necessity to purchase it. The world of business changes rapidly, and marketing methods and approaches to product promotion change with it. So, you should not be surprised if the methods of sharing information you use do not bring forth the expected results anymore.
With the growth of the number of competing companies, it is not enough to just inform people of the products and services you offer and the locations they can buy them at. Every day people receive up to fifteen hundreds of ad message from different media. Most of them are ignored, and only a few are stored in their memories. So, it is not enough to place your advertisement in media. You must make it noticed.
Though large advertisers have more possibilities to make better advertisement and organize more expensive advertising campaigns, you have advantages, too. You run your business directly in the city or the neighborhood where you target consumers live and you can address them more easily and effectively. Learn their needs and demands as you can only sell things that people need or wish to have. If you understand the desires of people and can help them with your products or services they will become your loyal customers. Besides, they will be your best advertisement. There is nothing more effective in advertising than your consumers recommending your products or services to their relatives and neighbors. Such advertising is absolutely priceless and absolutely free. Take your time and spend funds on studies, and as a result, your business and revenues will grow.