There's a lot of facebook and online experts on how small business owners must create the perfect brand in order to be a successful business. The brand includes the perfectly chosen color scheme, the matching and coordinating website, print literature, and business cards. That is not true. I freely admit that you need a company… Continue reading Branding: Not just a Pretty Logo
As a business owner, do you know who your target market is? Can you describe the person or business that you are specifically targeting that can benefit from your product, find value in your product, and willing to pay for it? When I teach marketing to college and graduate students, I like to talk about… Continue reading Defining your Target Market: Not everyone buys the same toilet paper
Entrepreneurs come in all types and sizes, just like the businesses they run. If you are deciding whether or not you want to start a business, start with the type of business you want to start. There are about 4 types of new businesses: Innovative- These are the entrepreneurial businesses that create new products, expand… Continue reading 4 Types of Businesses to Start
I wanted to dive into positioning a business and products a little more from a post a few weeks ago. What better way than to illustrate by using donuts? Here's the first donut that you may be familiar with. Product #1 is a simple donut from the local grocery store, i.e. Kroger:. It costs about… Continue reading 50 Cent or $5 Donuts: The positioning of donuts
Later that night after I posted the 6P's of Marketing blog post, I remembered there was a 7th P- Position. Position means where in the market the product sits in relation to its competitors. Basically, are you selling a $2,000 Louis Vitton handbag or a $20 handbag at Wal-mart? What is the position of the… Continue reading And then there were 7 P’s of Marketing
Each marketing class begins with the 4 P's of marketing: Product, Price, Place, and Promotion. They always start with the 4 P's. However, through taking classes and teaching classes, then 4 P's have been further expanded to include people and profits. Product is the product or service that you are providing to potential customers that… Continue reading 6 P’s of Marketing
8 Benefits of crowdfunding for small business include: money and potentially receiving it faster than other sources, pre-fund production and sales, gain customers and momentum, enhanced customer relationships, marketing, online social reputation, business idea legitimacy, and brand recognition.