Marketing Essentials 101: A Must-Have List for New Businesses

In this series of the behavioral economics in marketing podcast, we are discussing the exciting intersection of behavioral economics and marketing, unveiling how this innovative approach can transform entrepreneurial ventures into resounding successes. In this episode we will discuss a few of the top marketing considerations for new businesses.

Marketing is a critical aspect of any new business. Here are ten marketing considerations for new business owners:

Target Audience: Identify and understand your target audience. Conduct market research to learn about their preferences, needs, and behaviors. Tailor your marketing messages to resonate with this specific group.

Unique Selling Proposition (USP): Define your USP – what sets your product or service apart from the competition. Highlight this unique aspect in all your marketing efforts to attract customers.

Branding: Develop a strong and consistent brand identity, including logo, colors, and messaging. Your brand should reflect your business's personality and values.

Online Presence: Establish a professional and user-friendly website that showcases your products or services. Utilize search engine optimization (SEO) to improve your website's visibility in search engines.

Social Media: Leverage social media platforms that align with your target audience. Engage with followers, share valuable content, and use social media advertising to reach a broader audience.

Content Marketing: Create valuable and relevant content to establish yourself as an industry authority. Content can include blog posts, videos, infographics, and more.

Email Marketing: Build an email list and use email marketing campaigns to nurture leads and keep existing customers informed about your products, promotions, and updates.

Influencer Marketing: Collaborate with influencers or industry experts who have a significant following in your niche. Their endorsement can help increase brand awareness and credibility.

Offline Marketing: Don't neglect traditional marketing methods. Depending on your target audience and business type, consider print ads, flyers, direct mail, and local event sponsorships.

Analytics and Measurement: Implement tools like Google Analytics to track website traffic and other marketing metrics. Regularly analyze data to understand what works and what needs improvement in your marketing strategies.

Bonus Consideration: Customer Reviews and Testimonials: Encourage satisfied customers to leave reviews and testimonials. Positive feedback from real customers can be a powerful marketing tool to attract new clients.

Remember that effective marketing involves a mix of strategies tailored to your specific business and industry. Be prepared to adjust your marketing efforts based on feedback and results to optimize your outreach and engagement with potential customers.

EXAMPLE

Ok so let's put these intro perspective with an Example of these Marketing Considerations for a New Fashion Brand:

Target Audience: Our new fashion brand, Chic & Cozy, targets fashion-forward women aged 25-40 who seek trendy and comfortable clothing for their busy lives.

USP (Unique Selling Proposition): Chic & Cozy stands out by offering a unique blend of stylish designs and sustainable, eco-friendly fabrics that prioritize both fashion and environmental responsibility.

Branding: With a chic and modern logo and a color palette of soft pastels, our branding reflects the brand's commitment to elegance and comfort.

Online Presence: We have a user-friendly website showcasing our latest collections, featuring high-quality images and easy navigation to ensure a seamless shopping experience.

Social Media: Chic & Cozy engages with its target audience on social media platforms like Instagram and Pinterest, sharing fashion inspiration, behind-the-scenes content, and customer testimonials to build a loyal community.

Content Marketing: Our brand blog offers valuable fashion tips, style guides, and sustainability initiatives to establish Chic & Cozy as a thought leader in the fashion industry.

Email Marketing: Through personalized email campaigns, we keep our customers informed about new arrivals, exclusive discounts, and upcoming events, fostering repeat purchases and brand loyalty.

Influencer Marketing: Partnering with fashion influencers who resonate with our brand values allows us to reach a wider audience and gain credibility among potential customers.

Offline Marketing: Chic & Cozy participates in fashion events, pop-up shops, and collaborations with local boutiques to create offline connections and enhance brand visibility.

Analytics: We leverage website and social media analytics to gain insights into customer behavior, measure the effectiveness of marketing campaigns, and make data-driven decisions to continuously improve our strategies.

Wrapping it Up

Understanding how we as humans make decisions is an important part of marketing and leadership. Behavioral economics is the study of decision making and can give keen insight into human behavior and help to shape your marketing mix and leadership skills, which are key factors in successful entrepreneurship.

For new businesses, mastering the top ten marketing considerations is crucial for achieving success in today's competitive landscape. By carefully crafting a strong brand identity, understanding the target audience, and utilizing effective digital marketing strategies, new businesses can build a robust online presence and engage with their customers. Leveraging content marketing, social media, and search engine optimization allows them to create meaningful connections and generate valuable leads. Additionally, tapping into the power of customer reviews and testimonials, while staying compliant with data protection regulations, fosters trust and credibility. Adopting an omnichannel approach, measuring marketing performance, and being adaptable to market trends are vital for sustained growth and market relevance. Ultimately, by prioritizing these ten marketing considerations, new businesses can forge a path to long-term success and establish a solid foundation for continued expansion and prosperity.

Behavioral Economics in Marketing Podcast?| Understanding how we as humans make decisions is an important part of marketing. Behavioral economics is the study of decision-making and can give keen insight into buyer behavior and help to shape your marketing mix. Marketers can tap into Behavioral Economics to create environments that nudge people towards their products and services, to conduct better market research and analyze their marketing mix.

Sandra Thomas-Comenole?|?Host?| Marketing professional with over 15 years of experience leading marketing and sales teams and a rigorously quantitative Master’s degree in economics from Rensselaer Polytechnic Institute.?Check out her Linkedin profile here:?Sandra Thomas-Comenole, Head of Marketing, Travel & Tourism