New Business Marketing
By Cathy Shelver
During the global economic crisis, and the recession after math that we have all been effected by over the last few years, the thought of starting a new business is daunting to say the least. Yet many have seen the opportunities that existed in this crisis and have very successfully began businesses and come out on top. The success and failure of any new business in any climate would be directly related to the Marketing and its implementation. Let’s now discus three marketing stages of any new business: Marketing the idea, Marketing the New business and finally marketing for continued success.
Marketing the idea
New Business marketing would have started long before the idea for a business ever evolved; in fact these ideas often come as a result of subconscious marketing. Any new business would have been formed to fulfill a need or gap in the market, the identification of these needs and gaps are in essence marketing. Many new business ideas are discovered by actively looking for these needs and gaps, but often they are also discovered by chance due to an experience or a light bulb moment.
Once the business model and idea has been decided, marketing at this stage is critically important to ensure the viability and lessen the risk of any new venture. Proper market research, quantifying demand, sales forecasts and budgeted cost analysis done thoroughly and properly are essential to successful new business marketing. Never rush this stage before a business is up and running many a business’s downfall happens at this early developmental stage.
Marketing the new business
Once the business plans are set up, and the ideas and visions are materialized the business is ready to hit the ground running. At this point allot of the work done before the start like the market research, pre selling, launch specials etc can now be piggy backed to create an immediate impact on the market. The uniqueness of any business or product needs to stand out above all the other information out there. Again the planning before this is so important, because although teething problems are expected if these are minimized it would create and immediate impact and show the professionalism of any business allowing for increased momentum into the future.
Marketing for continued success
A business that has done all the pre launch marketing and planning properly , has had a great start , and made the impact that was needed will be on a good road to success. Here is where continued foresight, thinking ahead, constant market research, customer satisfaction and reviewing becomes critical. In an ever changing world, stagnation can mean death; companies resting on their laurels have time and time again been destroyed in this rest, because they never saw the fatal changes coming.
To summarize; if a new business is to strive, the ideas must be properly analyzed before any decision is taken. It must then be setup and marketed as a business efficiently and with as little errors and mistakes as possible, and finally it must constantly be tested and analyzed for changes and challenges to insure competitiveness and survival,