Business Marketing 101: Trial And Error

Business Marketing 101: Trial And Error

 

Understanding the fundamentals of business marketing can help your business to avoid repeating many trial and error scenarios.

 

Business marketing deals with the process of direct distribution of products or services. It can be from one business to another or from a business to an individual. Both manners are designed to create a profit for the business by establishing a greater customer base. This type of marketing can be conducted for a new or existing product, brand or company and often makes the difference between whether or not a brand becomes the preferred choice over competitors.

 

Knowing how to successfully market your business involves matching your product or service with the needs of a defined target market. The match must then be positioned and priced to the market in a manner that creates the right balance of sale and demand. Finally, you must market and sell your product or service so that it demonstrates value to the target market, thereby satisfying the need or demand and increasing sales, resulting in profitability.

 

Business marketing can often be a trial and error process. Knowing the steps to take and when to take them can help increase your marketing efforts and help you to avoid some pitfalls. You can start by joining a Business Marketing Association which offers research services, industry awards, training programs, conferences and certification programs.

 

Here are some basic steps you can take to begin your business marketing campaign:

 

• Create a positioning statement: This tells everyone what your business does, how you do it better than the competition and why you should be the customers only choice for the product or service you provide.

 

• Develop messaging: Your primary message should strongly convey the benefit your business offers to the target market. This message should be communicated in both a primary and secondary messages and supported by facts, figures and arguments.

 

• Create your campaign plan: Building a plan that will target the proper resources to provide you the best return on investment is essential.

 

• Develop an infrastructure to handle inquires about your product or service.

 

• Conduct an agency briefing: Be sure to include product positioning, corporate guidelines, objectives, target audience, target market, and all other supporting marketing materials necessary.

 

• Measure the results: Determine the value by examining the impact of the campaign in terms of cost (i.e., per lead or per acquisition or tangible changes).

 

One of the greatest impacts on business marketing in the entire history of its existence is the Internet. Regarded by businesses around the world as a functional, integral component in how businesses relate to customers to establish and maintain relationships, the Internet is a veritable force to be reckoned with.

 

Search engines, email and websites provide platforms for optimization of advertising, business to business connection over the super information highway. Business marketing efforts are capable of reaching around the globe without leaving the office.

 

E-commerce has changed the face of business marketing as well as the business itself with virtual office space and electronic business that can move faster than the speed of light. The trial and error process continues to be streamlined and minimized for those who are willing to invest the time and effort into the necessary tools.

 

To learn how Split Second Marketing Support Inc. can help with your branding, product or corporate marketing, please contact us today!