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Having a great idea is not enough. The ability to market it and making it reach the audience is the key. Here are some tips for small business owners.
There might be many players in the market fighting for the same pie, but how you get your value across defines your success.
Small scale entrepreneurs face many hurdles in getting customers, getting the cash flow going and ultimately building a profitable business enterprise. One of the most critical aspects the entrepreneurs have to deal with however is marketing their product. Going all out in the market and fighting for the same pie with big players might get very challenging and exhausting for small businesses. Therefore it becomes all the more important for these small players to have a unique selling proposition.
A few decades ago the traditional push marketing platform was the only one which was used by small businesses. Then, marketing avenues meant newspaper inserts, small hoardings etc. This was more of a push marketing strategy and it meant that targeting was not very focused.
Today however, marketing has changed and has become more of a pull strategy. The noise and the clutter have also increased drastically. Due to this it has become all the more necessary for smaller businesses to carve a niche for themselves and get more consumers organically.
The first step is to define your unique selling proposition – USP. Below is an outline of how it can be done.
It has been often seen that the entrepreneurs fall in love with their product and forget that it’s not their need which is to be satisfied but their customers need. Be a consumer of your product and think like a consumer. For example, the founder of Revlon, Charles Revson, always used to say he sold hope, not makeup. Likewise some airlines sell friendly service, while others sell on-time service. Knowing what the customer is looking for helps in a great way to define your USP.
Price is not always a deciding factor in this competitive world of business. Many things are at play in the consumers mind before he /she decides to consume or buy the product. Design, look and feel, packaging, service and the attached benefits etc. all are taken into consideration by the consumer for buying.
As a small business grows, entrepreneurs need to find more customers and therefore studying the competition becomes essential. Visiting the competitors store or website once in a while and getting a feel of what the customers like may help to tweak the product or the experience for the ultimate buyer.
Apart from the above measures, the entrepreneurs should conduct exhaustive tests of their product before finally launching in the market.
Networking is the cheapest way to get in the market, know the players, know the consumer, expose your product and be in touch with the latest in the market. Personally being present and talking to people always has a high recall value.
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Image source: Indian businesswoman with her team by Shutterstock.
I am a simple person always in search of new things to write about. Complex human emotions and the study of various behaviors interests me. I am a non religious person, but believes in one read more...
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I wanted to scream with excitement that my daughter chose to write about her ambition and aspirations over everything else first. To me, this was one of those parenting 'win' moments.
My daughter turned eight years old in January, and among the various gifts she received from friends and family was an absolutely beautiful personal journal for self-growth. A few days ago, she was exploring the pages when she found a section for writing a letter to her future self. She found this intriguing and began jotting down her thoughts animatedly.
My curiosity piqued and she could sense it immediately. She assured me that she would show me the letter soon, and lo behold, she kept her word.
I glanced at her words, expecting to see a mention of her parents in the first sentence. But, to my utter delight, the first thing she had written about was her AMBITION. Yes, the caps here are intentional because I want to scream with excitement that my daughter chose to write about her ambition and aspirations over everything else first. To me, this was one of those parenting ‘win’ moments.
Are you an environmentalist looking for women-owned sustainable products to support? Here are 5 sustainability business led by Indian women!
5 Sustainability Business In India Run By Women!
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