Our start up started to provide a robotic letter handwriting service (indistinguishable from human writing) and we are trying determine the right strategy and identify who the real competition is, how to price the product and who the customers are. Having speaken to lots of companies all express they interest and fascination about the service yet only few actual orders arrived. So the questions are: - do we price low and aim at volume or price high and work with much fewer companies? - how to get people to cross the line between “fantastic idea” to “can I have it please?” - who is the best target market for this service? Marketing agencies running direct mail campaigns? Printing Management companies?
I have plus 3 years experience in choosing the right marketing strategy. So I can give you the best possible answers.
Part of running a successful business is making it grow. Home-based businesses are no exception. In fact, it can be even more important if you are just starting out or lack a potential client base. The key to growing a business is marketing.
1) Determine Targeted Audience
No matter what marketing method you choose, you first need to decide to whom you plan to market. Mass marketing to a general audience simply is not cost-effective for most businesses so you must decide early on which segments of society are most likely to purchase your products or services. Begin by asking yourself some simply questions:
What needs does my product/service fulfill?
Will businesses or consumers be more likely to need what I offer?
Who are the clients I already have?
Who does my competition market to?
2) Set a Budget
Many inexperienced business owners make a major mistake when they begin their marketing efforts: they do not set a budget. Without a budget, these business owners can easily find all of their profits being funneled into marketing efforts.
Before you make a decision about what types of marketing methods to choose, you need to first establish how much you can spend in order to receive the desired results. Most businesses use the 10% rule. According to this rule, if you decided to implement a marketing program that would generate $5000 in monthly sales, then you should spend only $500 a month on marketing.
3) Evaluate Marketing Methods
There are a wide array of marketing methods available, but not all of them are appropriate for every business, audience, or product/service. Before deciding on a method, you need to carefully evaluate what will work best for your situation. Start by reading the article “Advantages and Disadvantages of Various Advertising Mediums.For example, if you run an online business, you may want to focus most of your marketing efforts on the Internet medium instead of mailing brochures to people who may not even own computers.
4) Finally, remember your budget. A television commercial may be more effective than an ad in the search engines but it may also use your entire marketing budget. To make the most of your budget, you want to start small and test your efforts before plunging into a major investment. After all, if the commercial flops, you won’t have anything left in your budget for alternative marketing.
Once you complete these preliminary efforts, you can begin to explore marketing methods more effectively which will allow you to pick the methods which should provide the best results for your particular business..
For further queries you can consult me.