Marketing

Marketing is important to any business. It’s what “sells” your unique service or product to your community. After you have completed your business plan and have done a feasibility study to determine if your product or service will sell, the next step is to put together a marketing plan.

While a formal Marketing Plan may not be necessary, you need a marketing strategy as a part of your business plan. A more formal Marketing Plan is often needed when applying for financing.

A Marketing Plan can be a simple one pager that states:

• Who you are (your skills)
• What you do (your business)
• Who needs it (your customers)
• How you plan to reach your customers (your method)
• When you plan to do it (your timeline)
• How you plan to pay for it (your budget)

There are three main components a business owner must consider when thinking about marketing:

1. Know your business
2. Know your competitors
3. Know your customers

The first point describes exactly what services or products you want to sell; while the second accounts for your competition. Pay special attention to this. Consider the location of your competitors, the scope of their services, and the customers they are targeting.

For example:

Ted’s Fence Building & Repair located on the Eastside of town is not in direct competition with the big box store on the Southside of town that offers fence building as an extra service. Knowing your customer is very important. For instance, Ted thinks his likely customers are people in his neighborhood who need repairs to existing fences and maybe replacement. Ted lives on the Eastside of town so he wants to market his services to his area.

Remember: Good customer service can be the best way to get the word out about your business. It does not cost anything and may be the best way to advertise your business and find out how to improve.

• Tell your friends and family about your product/service.
• Ask current and prospective customers questions about how your product/service could be improved.

Anchorage Marketing Resources
Marketing Web Resources

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For assistance or additional information contact:

The Center for Human Development by email | 2702 Gambell Street, Suite 103, Anchorage, AK 99503 | Phone: 907-272-8270 | Toll Free: 1-800-243-2199

The Center for Human Development and UAA are an AA/EO employer and educational institution.