In the present times, there is a lot of completion, most of the times, any kind of idea you think of is already filling someone else’s pocket. Not every time you can think of an out of the box idea. In fact, that’s never the only key.
What’s important for you is to realize, you know what you are doing, you need to have a plan. Any idea, how big or small will fail if you don’t have a proper strategy to implement the whole process starting from production to the end line where you serve the customer.
Okay……But what is included in the strategy?
I suppose this is what comes to your mind now. What is it that makes up the strategy? There are numerous things you have to consider. Let us look at a situation here.
John has a business of gym or fitness equipment. At the moment, his business is very small, and he wants to expand his business. If he doesn’t have an effective marketing strategy, his business will eventually fail to grow. What he really needs to consider before expanding his business?
TARGET AUDIENCE
Now, first, what is Target Audience? This refers to the people who will be interested in your business. You need to know your target audience. Now considering John’s business, when he wants to open up a gym equipment store, he has to know about the people who will be interested, which means has to do some research about such market demand, if there is enough gym in the given geographical area, or if there is potential for such future fitness places, also considering the demographics, how is the lifestyle of people which would reflect business of health and fitness centers in that geographical area.
So this how you can relate about target audience in any business to determine your potential customers, otherwise whom you are going to run your business for?
COMPETITORS
This factor can either help your business sore or drag it down to the point that the business must be shut down. Now John must work smart and take advantage of his competitors. How? Let’s analyze. Given, John’s geographical area of business, say, CA, United States, he should make a market research about similar businesses in that area, who are selling gym equipment, he has research about their pricing strategy, their selling strategy, about their suppliers, about their demand in the market, the ways they are getting new customers, the way they are retaining old ones. Even though he might not have open access to research all of these, but he must, as much as he can. Now, when he has all these data, he can plan out a very good business strategy, taking ideas from his competitors, and possibly be coming out with something even better. Analyzing such factors of your competitors gives you an extra hand ahead of the business.
MARKETING
This is one of the most vital aspects for any kind of business. It’s not just about how great your product/service is, it’s
more about how well you market it. It means how demanding you make it for your customers, how your business outstands. You must promote your product or service as the best in the eye of the target customer.
What John can do here, is, think of ways to promote his business to stand
out from his competitors. These days, media affects the society a lot, creation of promotional advertisement of his fitness equipment business will really be helpful. The ways he can do such is by creating attractive flyers, banners for people or his target audience to see and know about his business. Advertising on social media is extremely beneficial. John has fitness/gym equipment to sell. So there is the possibility of creating some visual content for promotion, so he can use Facebook and Instagram to promote his business as well. Another way he can promote his business is by getting influencers. How is that? Well, he can partner up with reputed gym brands and they can use and showcase his products, or he can sponsor some fitness athlete to use to his equipment and thus increase reputation.
What you must bear in mind is that there is a lot of competition out there. You should always be updated with marketing and promoting tools, gather data and form an effective strategy.
