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Fundamentals of Marketing





_AVG_
I had been pondering this a long while and simply cannot find answers to my questions online or in marketing related books etc. so here goes:
- What strategy/strategies would you say are the best to market a newly started business, a new product, etc. something that nobody has heard of. How do you make it popular? Is there any fool-proof method?
- Also, as far as risk capital is concerned, how much would you recommend be put aside for the purpose of marketing? I know it depends on the industrial sector and product (of course, tertiary goods would require a lot of marketing as opposed to maybe ancillary goods) but my question in particular relates to manufacturing - what I have found is that about 30-40% capital goes into marketing (it seemed too large to me) : is this an accurate picture?

I'm relatively new to this field so please bear with my naive questions.
menino
Marketing is a very prominent part of business, where it is used to attract consumers, in the form of advertising, be it television, radio, newspapers, magazines, billboards, etc.
This is to get consumers to get familiar with the brand.
If the name is out there, then consumers will be confident to buy the products.

Thats why marketing is a huge thing in any company.

Some companies use cheap marketing, by sending bulk emails to consumers, but personally, I find it come as spam.
Other cheap methods are to advertise in cheap events like a kids baseball, basketball games.. by sponsoring them and also placing large billboards on them.

There's more to marketing than just the above, and can also be scientific and creative at the same time.
The main focus is to get popularity, and consumer confidence in the products.
Marketing is also called "mass selling".
Colkins
harjos wrote:
Create a Web site that is a conversion machine, turning visitors into prospects or customers.

Do all the on line and off line marketing like

Blogging
Writing to the local newspaper.
Email marketing.
The Yellow Pages
Search Engine Optimization
Networking
Join Professional Organizations.


All these types of marketing is now in use worldwide and this has revolutionized the marketing field.As the internet brought new opportunities for the business marketing.
menino
I don't know if there is any fool-proof marketing, but yes, one of the cheapest ways to market your business is the internet.
Other ways is through advertising, in newspapers, and ads on television and also on popular websites, which brings about customer awareness, and which brings about customers as well.

Another marketing way is customer support, i.e. after sales support of your business, so customers stay satisfied, and brings about more business.
Bluedoll
_AVG_ wrote:
I- What strategy/strategies would you say are the best to market a newly started business, a new product, etc. something that nobody has heard of. How do you make it popular? Is there any fool-proof method?
There might not be a fool proof method. One thing about being new on the block is you have a fresh start. Do look at the other products that are close or even remotely close and see what kind of image they have. I would use the approach that people already have a perception of what your product is before you release it. If it is different you need to impress that difference, show and prove it is as you establish the benefits of buying your product over any other. Image is everything. Before people start telling everyone else what your product is about, because the product is new you have a chance to tell them all about it and therefore establish a firm stance as to what is so unique about your product. Stress uniqueness?

So you can not find the answers? Do you want to know the solution? This book will knock your socks off. The answers to all your questions are just moments away. Does $14.95 seem too much to pay for an end to the time wasting methods you have used in the past that get you no place. Get your answers now! Click here.

I do not like those kinds of approaches. It says nothing about why the book is unique, does not say what it can do specifically except ‘answer your questions’ (what questions). It strikes out at other products and demands action. I think it is better to introduce and educate others to your product and let the product do the selling and the customer make their own mind up. That way they will be loyal. Contact people and get some input from them. Make that part of your advertising. What will the competition be saying about your product?
IceCreamTruck
Once your website is built then encourage people to come critique your service, or product, and to write reviews. This may seem like nothing, but can help boom your product if you get a good review, or if a trusted person says "go check them out".

I'm thinking about a new BBQ place here in town. It's placement is ok, but outside downtown, so they won't get much foot traffic. They are new, so not many people in the neighborhood know where to find them, and the spot where they are at is kind of shady, so they don't score high on appearances that will attract customers.

They have HUGE signs up that say they are new and people should come give them a shot, and they have hired people to stand with signs around the shop, and around a major intersection near there where people often have to stop for a period of time.

What really got them going is their taste. They have really really good food that they care about, and they don't serve substandard food to their customers. Once they got a couple people coming in to do the restaurant reviews for the local paper and local magazines, as eating out is hugely popular here, then they really started to see a wave of customers that is helping drive even more people in to their shop. A line out the door is the best selling tool, as people will wonder what they are missing, and it's really cool to see a local business "snow-balling" down the mountain like this, because their food really is great! I'm friends with everyone and I get great treatment even when it's busy because I was going before it got busy.

What is your product or service that you are thinking about marketing? I have lots of ideas, but it's also a process that you build on over time. I'm guessing that you don't have a million dollars to spend on marketing right now, but that might be a consideration for the future if sales are going well enough. This is what makes it a building process... there is no solution that will work for you long term, and you will have to be flexible to know where your people are coming from so you can put more money into those avenues and drop the less successful marketing ventures.

Cheers, and good luck!
Bluedoll
IceCreamTruck wrote:
This is what makes it a building process... there is no solution that will work for you long term, and you will have to be flexible to know where your people are coming from so you can put more money into those avenues and drop the less successful marketing ventures.
This is a good point and something I don't always consider myself. I tend to think of what I can do and not the business. $ does = marketing and that can come out of the business profits, and also we do not always have to 'do' the marketing. Seems, if people do a review that is not costing you directly as advertising but can be effective if it is a good review.

[quote="memmo"]Some companies use cheap marketing, by sending bulk emails to consumers, but personally, I find it come as spam.
Other cheap methods are to advertise in cheap events like a kids baseball, basketball games.. by sponsoring them and also placing large billboards on them.[quote]
Yes, really have to question what works well and what does not.
IceCreamTruck
All it took for this new little bbq place to blow up was a local magazine on food wrote an article about them because they review all the restaurants in town. The review had a few key points though, and was very much in their favor. The review called them authentic Texas style bbq that is as good as the bbq in Texas , and I guess people pursue Texas style bbq in Kentucky... I dunno.

Watching them grow has been crazy, and they can't churn out the bbq fast enough... between dine-in, take-out, and catering they have tripled the number of smokers they have running, and they still have to turn people away at the end of the day. I'm happy for them, and it's really really really good bbq. I will attempt to get recipes and sauce brands for you guys to try too.

Any free marketing is good marketing. Do press releases cost anything? I was under the understanding that anyone can do a press release, but you might not have much press if the announcement isn't that good, and you might not get much extra coverage if there are other big stories running around the time you try to release your news.

I've always kinda liked going from gorilla marketing to fully marketing a product that sells. The landscape changes, you get breaks and setbacks, and it can be exciting to cover how successful certain ventures have been.

Again good luck with what ever you are trying to launch. More info about it would be cool
changealex
An entrepreneur who jumps into business without a marketing plan – is like a sailboat dropped in the middle of the ocean without a sail. You need a solid plan and the tools to get there. It needs to be well researched and contain sound strategies. It’s not something that you simply sit down and do in a day. Creating a marketing plan that provides vision and action plans requires effort, is not static and must be constantly revised.
BarryV
Understand what marketing is and how it improves your organization’s profitability and competitiveness. Participate with increased confidence in the work of your department by understanding the role and importance of marketing within your organization. The knowledge of marketing principles can be used to enhance your skills and practical application of marketing and support your future career development.
biolu
You also have to adapt your marketing depending to the type of products you are selling. You don't plan the same marketing strategy for a shoe maker than a high tech corp....
biolu
You also have to adapt your marketing depending to the type of products you are selling. You don't plan the same marketing strategy for a shoe maker than a high tech corp....
abhinavm24
hmm nice post to follow!!
if stays with the context.. Cool
joostvane
_AVG_ wrote:
I had been pondering this a long while and simply cannot find answers to my questions online or in marketing related books etc. so here goes:
- What strategy/strategies would you say are the best to market a newly started business, a new product, etc. something that nobody has heard of. How do you make it popular? Is there any fool-proof method?


There is no single answer to this question. A good marketing strategy has to be aligned with your business. For deciding on a marketing strategy you'll have to take a lot of factors into account. Which sector are we talking about here? How radical are the innovations of this new product? Are you launching this product/service on a global online scale or local? What about the competition? In what stage is the product: is it mature, is there a lot of room for expansion, ...? Which market segment do you want to be active in, which one is your focus group?

You'd have to ask yourself the right questions before you'll come up with a good marketing strategy. When you have a good idea on who you want to reach, in what way, ... you can decide your marketing mix, your channels, ...

You mentioned you are launching a new business with a completely new product. This means you have no existing client database that you can use. Your potential consumers, whatever segment that you choose, do not know your brand or product yet. This means that you have no other option than traditional mass, above the line marketing. This is a very untargeted approach.

Over time, when your product has a little awareness and you have an existing customer base, you can decide to take a more direct, targeted approach.

Quote:

- Also, as far as risk capital is concerned, how much would you recommend be put aside for the purpose of marketing? I know it depends on the industrial sector and product (of course, tertiary goods would require a lot of marketing as opposed to maybe ancillary goods) but my question in particular relates to manufacturing - what I have found is that about 30-40% capital goes into marketing (it seemed too large to me) : is this an accurate picture?


If your product is completely new, your marketing budget has to be larger. You are launching a new business, so expect your marketing budget to be a lot higher than usual.

Average marketing spending by sector can be easily found on the internet, but remember that you should decide this for yourself. Monitor and adjust closely.
_AVG_
Thanks joostvane for the reply. Your advice is helpful Smile
loveandormoney
_AVG_ wrote:
I had been pondering this a long while and simply cannot find answers to my questions online or in marketing related books etc. so here goes:
- What strategy/strategies would you say are the best to market a newly started business, a new product, etc. something that nobody has heard of. How do you make it popular? Is there any fool-proof method?
- Also, as far as risk capital is concerned, how much would you recommend be put aside for the purpose of marketing? I know it depends on the industrial sector and product (of course, tertiary goods would require a lot of marketing as opposed to maybe ancillary goods) but my question in particular relates to manufacturing - what I have found is that about 30-40% capital goes into marketing (it seemed too large to me) : is this an accurate picture?

I'm relatively new to this field so please bear with my naive questions.



The fist thing You have to do with You new product is
to ask for a license. With no license the others ll steal Your concept and then You are robbed.
Ask some old men with experiences.
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