Marketing your business

Effective marketing can be a powerful tool for your business and can play a significant role in your success. Throughout the years we have learned a number of helpful tips that you may find useful:

Researching your competitors

What do your competitors do? What are the key issues and trends in your industry that could spell opportunity or threat for your business? Who is your target market and what are their needs?

To find answers to these questions, you can use formal research methods or simply do your own investigation. Get on the internet and conduct desktop research, visit exhibitions and seminars, talk to your clients and make phone calls to relevant industry bodies.

Standing out from the crowd

Why should somebody do business with you when there are plenty of other businesses just like yours? It comes down to your point of difference. To work out your point of difference, or 'unique selling proposition', ask yourself and your clients a few simple questions:

  • What does my business offer?
  • Is there something special about the way I do business?
  • Who do I do business with?
  • Why do my current clients come to me?

Targeting your market

Once you've done your research, you can define the market segments you plan to target. Market segments are simply groups of customers who share similar attributes and attitudes. For example, an equipment finance specialist may decide to target businesses who purchase plant equipment, motor vehicles or other business assets. Make sure your chosen target market is large and sustainable enough to support your business now and in the future.

Back to top

Building a client database

Your target market should be segmented into several groups. Use a database program, or even a simple Excel file, to split them into defined groups:

  • Clients - those who do business with you currently
  • Prospects - those who could be doing business with you in the future
  • Partners - organisations you work with on a regular basis
  • Influencers - those who know your business and may talk to others about you, including journalists.

Writing your marketing plan

A good marketing plan doesn't need to be complex and it will help you clearly define the direction you want your business to take. Your plan should include an analysis of your current market, your business objectives, target market, key strategies and tactics, and a proposed budget. A number of websites such as www.business.gov.au provide marketing plan templates.

Developing your marketing budget

To execute your marketing plan you'll need money for things like developing communications, media and exhibiting costs, market research, list purchases and trend information. There are different methods for setting a marketing budget, including:

  • Affordability - simply the amount your business can afford, often used by start-ups
  • Percentage of sales - as a guide, this could be 3-10% of sales
  • Competitive-based - matching or spending slightly less or more than competitors

Objective and task - requires you to work out what you're looking to achieve (eg. generating 200 leads in the first 6 months) and work back to the cost.

Information and inspiration

There are many sources for marketing ideas. Relevant business magazines and websites are full of case studies of successful businesses. Join industry associations, attend functions and go to exhibitions to see how other businesses generate leads.

Finally, there are a wide range of courses and mentoring programs available. Check out your State/Territory's small business website or national sites like www.business.gov.au and www.adma.com.au.

Back to top