The following post comes to us from internet entrepreneur, Jock Purtle, who is founder of Digital Exits, a company specializing in the buying/selling and appraisal of online businesses. This article is based upon his entrepreneurial experience.
Why Successful Business Owners Need a Background in Marketing
Being successful in the business world means so much more than simply having a great idea. Though you will not get far if you don’t have a unique or innovative idea, there are many other factors that contribute to the success of a business.
Knowing how to market your business is extremely important and can seriously affect how others view your business and the products or services that you provide. Having basic experience or knowledge in the field of marketing before you start your business is a huge asset. This doesn’t need to be a formal degree. It can be a general understanding of marketing fundamentals and an appreciation for the important role they play in growing a successful business.
Business owners who have a background in marketing and who can think like a marketing professional, when needed will have a significant competitive advantage for the following reasons.
Goal Driven – A strong marketing sense will tell you that one of the first things you need to do when starting a business is to have a clear path for where you want to go and have goals that will get you there. If you do this, you will be able to have better control over your business and where you want it to go, rather than going in blind, and not having a plan. Your goals should encompass everything from business development and marketing to human resources and infrastructure.
Vision for the Future – With a marketing mindset, you will be able to create a business that has a vision for the future. There are various ways to ensure the success of your business, but at minimum you must have a long-term marketing strategy in place that will dictate the products and services you provide to your customers, how they’re priced and how they’re promoted.
Knowing the Target Market – Every successful business owner knows how to identify their target market so that they can sell their goods and services to the right people. Identifying your target market will help you when it comes to promoting your business because you will have a highly focused marketing and advertising strategy that will effectively and efficient use your resources.
Depending on what you are selling and who you’re trying to reach, you will market your business in very different ways. For example, if you are running a clothing store that caters to a young, female audience, your social media presence will be highly important. Compare this to a retirement community who needs to reach an older demographic that’s not likely active on social media, and your marketing strategy drastically changes.
Understanding the Competition – Having a clear idea of who your competitors are and how they market their businesses can help you figure out the best way to market your own business. If the strategies that they are using are successful, then you may want to emulate some of their ideas.
However, it’s also important to separate yourself from our competition, making sure you stand out and that your business is memorable. For example, retail giants Kmart and Target are very similar and even sell some of the same products, but the way that they market themselves separates them from each other, and in turn, they attract different clientele. If you can execute a marketing strategy that is different from your competitors’, then you may be able to tap into a part of the market that they don’t normally reach and in turn, increase your overall sales.
Brand Power– Knowing your brand is extremely important when it comes to marketing your business. It has a profound impact on how you connect with your target audience and how they perceive the value and quality of your business.
For example, the WholeFoods brand attracts a very different clientele than people who choose to purchase their groceries at Wal-Mart. Both brands are successful and have become household names, however the fact is they have strategically chosen to establish different brands and as a result appeal to different target markets. Think carefully about how you want people to feel about your business and the goods or services you provide. You must carefully craft a consistent brand to reflect this.
How would you rate you marketing knowledge ad know-how? If you could benefit from stronger marketing skills, consider Upskilled – a company that helps you to study at any level in any field to get the qualifications and skills you need to further yourself in your career. You’re given support from people who have industry experience and knowledge, and you can study from the comfort of your own home.
Upskilled has everything on offer from short courses to Bachelor’s degrees that are suitable for all skill-sets. Upskilled offers a Bachelor of Business (Marketing), that is a valuable enhancement for someone who is looking to learn about business and marketing and how they go hand in hand in today’s economy. Upskilled also offers plenty of other short courses with a business or marketing focus, so no matter where you are in your career, you can expand your knowledge.
Join in the conversation! Do you agree that having a background in marketing in beneficial for business owners? What other qualities create successful business owners? Leave a comment below!
About the author: Founder of Digital Exits, Jock Purtle is an internet entrepreneur who specializes in the buying/selling and appraisal of online businesses. He began investing in websites as a hobby when he was a teenager, but it slowly turned into his full-time job. He works with other entrepreneurs frequently and enjoys sharing his knowledge to help others find similar success working for themselves.