Whether you're already a successful business tycoon or simply a newbie entrepreneur, you definitely need some marketing hints and strategies that will help you succeed on your business venture.
Dr. Constantine Kiritsis, a well-respected business icon, Greek professional trainer and consultant at PriceWaterhouseCoopers (PwC) and founder of StudySmart Company, has got you covered with this as he shared some of his effective marketing tips. Earlier this year, the National Bank of Abu Dhabi (NBAD)
sponsored and held an SME academy workshop for entrepreneurs and Dr. Kiritsis speak about the essentials of marketing. Here are some of his thought-provoking marketing tips that every SME should know
Create a ‘marketing mix’ for each product
- Know your vision
Everyone who has a plan to succeed should have a vision to look forward to. A vision is fundamental and it should be something specific and realistic. For a vision to be effective, it should be something you haven’t yet accomplished, something out there for you to achieve. Planning strategies to achieve that vision is your next step.
- Understand the definition of marketing
Marketing is a management process wherein products and services move from seller to buyer. Marketing is basically everything a company does to get customers buy their product or service, and sustain a good customer relationship. Marketing involves four P’s which is Product selection and development, Price determination, creating distribution system to reach customer’s Place and lastly, Promotional strategy development and implementation, marketing your SME in UAE is vital and not expensive if you are thinking smart. Also know that sales is simply a part of the marketing process, it is the frontline, but not the totality of marketing.
- Know your customers
Knowing where and to whom you should market your product is very crucial in business. You must differentiate customers or “the buyers” from consumers, “the users”. Focus on the buyers. Get to know them and their demographics, behavior, geography and even their psychographics. Know which stage your customer/buyer is in the customer life cycle.
- Use your time wisely
Effective time management includes identifying some of your time wasters. Write down all the activities that consume your time and distract or slows you down from reaching your goal. You cannot get rid of all these time wasters from your everyday life but you can minimise them. Prioritise important things and manage your activities so you will have plenty of time to think about your marketing strategies.
- Know your strengths and use them to your advantage
Know your company’s strengths and what you’re good at. Identify your edge from your competitors and focus on that. Focus on marketing your strengths and selling something unique.
- Know your stakeholders
When you’re planning your marketing strategy, consider all those who influence your organisation and that include your stakeholders, employees, the bank, suppliers, lobbyists and the government. Know that whatever your approach, strategies and products are could impact them. Your stakeholders’ and employees’ satisfaction is also very important for a start of effective corporate governance.
- Identify your company’s direction and growth options
According to Dr Kiritsis, there are four main directions for growth a company can choose, based on Andsoff’s model
- Penetration which means selling more of the same products/services in the same market
- New market development which means penetrating a new market to sell the same services/products
- New product development which is the development/creation of a new service/product to sell in the same market
- Diversification which is entering a new market to sell a new product/service.
You need to have a mixture of different strategies for marketing a product. If you must, take advantage of technology and digital world and don’t just depend on one strategy. Consider the seven P’s which are Product, Price, Promotion, People, Place, Presentation and Processes. There must be a mixture of promotional strategies like social media, podcast, videos and blogs to achieve your desired promotional result. The way you combine these marketing tactics for every product will make a huge difference. Every product should have a unique a marketing mix.
Now you already have knowledge of a few effective marketing tips, the most important tip is to start implementing and materializing these ideas. Don’t take too long on thinking and analysing. The best time to take action is NOW. Don’t make your goals wait!