Whether you just started a business or you want to increase your revenues, you have to consider your marketing strategies and techniques. Marketing plays a very important role in every business, small, medium, or large.
If you’re wondering how you can improve your company’s progress or you want to ensure that your startup will reach the right audience, marketing is your answer. However, marketing should be done properly to have the desired outcomes and for that to happen, you have to answer a few questions.
Here are the 6 crucial marketing questions every company has to answer.
What Is Your Budget?
Before you begin your marketing journey, you should ask yourself what resources you have for marketing. Do you have the required budget to properly market for your company? Or you’ll work around the budget you already have?
Before you start, you should know what your budget will offer you and whether it will provide you with the results you want or not. Knowing the budget you have for marketing is a crucial step as it will allow you to know what you’ll be able to do and what will not be possible with your budget.
Who’s Going to Do Marketing?
You’ve set your budget, now it’s time to know who’s going to market for your company. As a business owner, you should ask yourself “Should I hire a marketing agency or a marketing person?” Answering this question depends on many things but mostly depends on your goals, budget, and experience.
If you’re going to hire a marketing person inside your company, you should be familiar with some marketing basics to ensure that they’re doing their job perfectly and that they have the experience needed for it; but hiring a marketing person allows you to have more control of your work and manage it the way you want. In case you prefer outsourcing, you will not need to manage any work or be familiar with marketing as the marketing agency will do all the job for you.
Who is the Customer?
Knowing who your audience is, is one of the things you need to consider. Before you start marketing for your company you have to ask yourself who is your customer? Answering this question will allow you to know who you’re going to market for and how you’re going to market for them.
You will be able to apply marketing strategies that reach your targeted audience. When you know who’s going to be interested in your product or service, you will get to know them better, know their likes and dislikes, which will help you launch a successful marketing campaign.
Who Are Your Competitors?
You will not be able to compete in any market without knowing your competitors. Start by answering this question and know who your competitors are. Who sells the same product or service as you and has the same audience as you.
Once you know who your competitors are, start knowing how they market for themselves and check whether their ways are successful or not. This will help you have an idea of how your marketing strategies should go and whether you’re on the right track or not.
Why Would Customers Buy Your Product?
If you choose an industry that’s full of competitors, then you should ask yourself why customers would buy your product/service and not the competitors. In other words, know what’s the competitive advantage that makes you special than anyone else. When you know your competitive advantage, you’ll be able to highlight it in your marketing campaigns and allow your audience to see why you’re better than the competitors.
How Will You Sell Your Product?
How are you willing to sell your product? Is it online? Or do you have a store? Will you deliver to your customers? Or they will have to come to you? How you will sell your products affects the marketing techniques you’re going to use. Marketing for online stores is different from marketing for on-ground stores.
Marketing for your company is not an easy job and sometimes it can be a bit overwhelming. Many aspects need to be considered and many questions that should be answered before you start marketing. These questions will allow you to know who you’ll market for and what strategies will be suitable in your market. You will be able to know your strong points and use them in your favor. You will also be able to determine whether outsourcing or hiring a marketing person is most suitable for your company.
Interesting related article: “What is Marketing?”