Marketing as a field is ever growing and its rules are ever changing. What was once common practice is now shunned as bad form, and what was once seen as an inconceivable waste of time is now common practice. One of the most difficult things to do, whether your business is old or young, is to find a way to target the correct demographic for whatever product or service you offer.
Well that’s not strictly true, it is difficult to stay on target, once you have your demographic in your sights. The reason for this is simple. People change, as do their tastes, their access to different types of technology and what is generally seen as popular. Basically what once appealed to a group in the past may not do so any longer, and if you refuse to adapt along with your customers, you will soon be left with none.
Having said that, there are a few tips that are pretty much timeless, and will generally see your business on the right path:
- Keep up to date with your competitors. See what products and services they are supplying that are similar to yours and keep an eye on how they are advertising and utilising social media, including Facebook and Twitter.
- Ensure that the market(s) your products or services are offered in are still large enough to realistically support your business into the future. This can be difficult to assess, but with new businesses opening and closing daily, the knock-on effect that this can have in the market cannot be ignored.
- The prices of your products and services have to remain competitive if you intend to realistically compete with other providers. It is easy in this regard to simply price at your ideal margin, but the ideal margins are rarely what the market will allow. Many businesses, especially long-established, ones fail to recognise this and it can lead to ruin.
- It is easy to promise the world when you are trying to push a service or product, but it is important that you do not promise anything that you then cannot deliver on. At the very least this is a sure way to earn yourself an awful reputation which, as a result of social media, can quickly spread and stick fast.
- Make sure your business has well-defined visions, goals and aims that are adhered to. This will help to develop a positive culture within a company, and inform your customers what is important to your organisation.
Follow these rules and you have a firm basis for success. Of course it is not guaranteed, there are many variables that are independent of your actions and out of your control, just focus on those that are not. Having said that, never underestimate the power of a good gift, given at the right time.