The importance of marketing your business

SPRINGFIELD, Mass. (Mass Appeal) - In part three of our series on starting a business, we're focusing on marketing.

Lyne Kendall, the Senior Financial Business Analyst with the Massachusetts Small Business Development Center is here to tell us why marketing is the most important part about starting a business.

Know your product inside and out
To market and promote your business you must have a complete understanding of your products and services. You must have a passion for them.

Know everything about your market
You need to know the who, what, when, where, why. Everything.

Study your competitors; check pricing, make sure to competitive price, but also make sure you're covering your costs.

Do your research. What is the demographic of the location of the business? If you are not sure you can find out what your demographic is at your local library, talk with the reference librarian. You can also get information from The Pioneer Planning Commission , Trade Association , or the SBA .

What makes you different?
Establish a factor of differentiation from your competitors. Make them buy from your company.

What makes you different from other similar businesses, what can you offer that's different?

Market strategy
How you reach your market? Is Facebook appropriate? Is networking more appropriate? Is a website appropriate? Is going on the radio appropriate?

Develop the appropriate market strategy to reach your market. And remember market strategies come in different sizes and colors. What works for one business may not work for another and may not work for your business.

Market the whole package
A little known fact: everything about your business is marketing. From the way you look to the way you answer the phone, the way your employees treat your customers, make sure everything reflects what you're saying you offer.

Marketing budget
How much will you spend a month/year on marketing?

Know the importance of your marketing budget and it's relationship to the business.

Are there free ways to market? Yes, you can use Facebook, Twitter, blogs, flyers, newsletter, press releases, call the news.

Monitor your marketing
Is your marketing strategies working?

Have a tracking and monitoring system. Develop a system, have someone monitor your websites, ask people, "How did you hear about us?"


Massachusetts Small Business Development Center Network
Western Regional Office
Scibelli Enterprise Center
One Federal Street, Building 101R
Springfield, MA

(413) 737 - 6712
www.sba.gov