How to Market Your Business – ClinicalPosters
How to Market Your Business

Let’s Go To The Market

Marketing is one of the most overused terms in business. People breathe life into it as a verb: “You need to market this.” Executives refer to it like a resource: “What does the marketing data indicate?” Manufac­turers use it as a destina­tion: “We need to go to market with this.” People also use it as a title: “Let’s get a marketing guy in here.” Then there’s the stock market, to which traders refer in the morning as the opening market and when prices rise, it is a bull market. The variety of ways people use the term can make it difficult for businesses to measure marketing results.

Customers measure a product or service by the most primal metric: Is it any good? As a seller, you should not be the only one happy about the transaction. What you are market­ing should be so great that it inspires people to talk about it with enthusiasm. Word-of-mouth—also called testimonial—is the best promotional vehicle. This is more important than lowest price. So make certain you are delivering some­thing customers love to see and are proud to use—even boast about.

What is Marketing?

Context can alter meaning. When we speak of the market for your product, we are referring to a charac­teris­tic group of people. When marketing a product or service we are referencing the use of data to make educated promo­tional decisions. Marketing is the study and manage­ment and business process of creating relationships with and satisfying customers. Simply put, it is the method of meeting the needs of customers. This might involve collecting data from focus groups, surveys, customer feedback cards, or phone inquiries.

Marketing is meeting the needs and wants of a consumer. —Andrew Cohen

Marketing doesn’t just compliment advertising, it is even more impor­tant. Suppose your market is primarily 30–50 year-old doctors. An advertise­ment depict­ing teens at spring break may not resonate. What appeals to your audience? This is what your market data tells you. Don’t fool yourself into think­ing you can hire a market­ing guy for a couple of hours to send you in a profit­able direc­tion. It takes time. For a small business, the marketing guy may be you.

“Marketing identifies unful­filled needs and desires. It defines, measures and quantifies the size of the identi­fied market and the profit potential.” —Dr. Philip Kotler

How does market data speak wisdom? Initially, data is quite dumb. Through trial and error, you gather informa­tion and adjust methods. You will get many sug­ges­tions that are not based on your data. Friends may tell you to send emails or jump on a particular social media platform.

There are some principles that statisti­cally lead to better results than others: great product, responsive web­site with fast and affordable shipping are the basics. If you are going to adver­tise online, prepare a landing page. Stripped of distracting links and navigation, this differs from a standard product page. Beyond these basics, you need to measure.

“Marketing is the process by which a firm profitably translates customer needs into revenue.” —Mark Burgess

A marketing plan is a road map of how to gain expo­sure and react to market conditions. In time you will under­stand which promo­tional method performs less than industry average for your business. When you begin answering ques­tions with statis­tics, you earn the title “marketing guy.” Eventually, every­thing from the products you offer and how you price them down to the colors you use and places you advertise are influenced by market data.

Building Reliable Marketing Data

If you have an existing customer base, learn its motiva­tion for using your product. How did customers find your company? What is the level of satisfac­tion with your product or service? Is theirs a one-time pur­chase or are there future opportu­nities for the same or comple­mentary products?

Using surveys or phone inquiries, sample a signifi­cant subset. You can multiply reactions of 10 percent by 10. If you have hundreds of thou­sands of customers, a sampling of 1 or 2 percent may be more attainable.

New companies make more errors in the begin­ning. Eventually, they discover what works best. Start out by defining the market you want to reach. List what you think might interest that market. Sample, gather data, and adjust.

Use Marketing Data to Promote

When purchasing ads to support or test your market­ing efforts, the demo­graphics of the advertis­ing vehi­cle should align with your target audience. Venues with less specific demo­graphics are generally less expen­sive than ones that match your needs to the minutest detail. Since Facebook has the most informa­tion about its subscribers, an ad presence there is on the high end. Twitter Promote is on the low end with poor results. A social media plat­form with many active users or one amplified by influencers can be effective.

“Marketing is the act of developing an engaging relationship with every single human being that shows an interest in you.” —Paul Flanigan

Discover hidden gems by identify­ing an option that resonates with as many descrip­tors as possible and testing for a few months. Your ads may have more targeted visibility on niche web­sites. This provides you with measurable data.

ClinicalPosters is opening up its website to advertis­ing partners who are looking to reach health conscious consumers. If this sounds like a good fit, we can work together on a campaign for you. By taking advantage of oppor­tuni­ties now, you can be first to market.

Read more now, view references, and receive monthly summary of articles within A Bit More Healthy news­letter via email.

September 30, 2019 by ClinicalPosters Staff