Starting a business is becoming harder over time, to start a profitable business you need a specific marketing skills, the ultimate way is to hire a marketer to help you out, but you need to start and then hire a marketer, so these are the most important element in marketing you need to know before starting a business:
The Marketing Mix (4Ps)
The marketing mix is the framework for your marketing, this framework is not new, but it’s effective, Basically it’s 4 elements, Product, Price, Place and promotion.
Product or service, this is an important element, before you make product or service you need to answer a few questions, is there a demand for the product? How many times the customer will consume your product per month? How many times do the customer will buy the product per year?
For the best results we encourage you in Jmhour advertising agency in Jeddah to ask a minimum 100 of your target market to have a clear answers about your product or service.
This is the most hard element, business usually fail in pricing, pricing is more of an art and science, pricing is about positioning your brand among your competitors.
Because pricing is hard you need to ask your target market about it, for example: What your target market expect the price? Does it need to be premium price or cheap? After this you will have a clear path for your pricing and product manufacturing.
Place is about where you want to sell your product, physical store or online.
After asking your target market you will have a clear answers for their preference shopping.
Promotion is an important element, if you master this element you can reduce your marketing spend, by that your company can be profitable even if you just starting.
You need to know all the trends and the strategy because it’s fast to change, for now the trend is to tell a story, if you can create an effective story for your brand this will be life changing for your business
Social Media Marketing
You need to be in social media, and creating an effective content, In Jmhour Social media management agency we focus on creating great content to reach and build a group of a loyal fan base.
More info about starting a business you can find at companyformationluxembourg.