Generation Experience #3 of 9 - Marketing

Welcome to the third article in our Business Ownership Series

In this article, I’m going to cover the subject of marketing.

If there was one word that you need to remember when you think of marketing it is VALUE.

Marketing could be defined as understanding, creating and delivering value.

If a customer doesn’t value your product and service at a level far enough above what it costs you to produce it, then you are in trouble in business. In fact, you really don’t have a sustainable business model.

All of us operate businesses in markets that are becoming more competitive. The rise of technology and globalism means we can be competing with large, well-resourced competitors and so will have to find our own VALUE in the market we operate in order to survive.

Marketing starts with research – understanding yourself, your market, your competition and your customer.

It requires you to keep a vigilant eye on the market trends.

You need to know what customers need and want.

You need to know you are delivering on their expectations.

Tim Reid, author of The Boomerang Effect talks about having a picture of your ideal client in mind and a detailed description of them in relation to their purchase of your products and services. He calls his ideal client Daz. Who is your Daz?

And yet, in our benchmarks of more than 1200 business owners, less than 30% have a written marketing plan – talk about crazy!

So understand your value, create that value, and deliver it and you’ll be another step on your way to success.

For more information on my upcoming book or our workshops and programs for business owners please visit www.silverandwise.org.au.

See you in the next article in this series.