5 Things Every Entrepreneur Should Know about Marketing

Whether you’re planning on pursuing a career in the marketing field or if you want to become an entrepreneur, the knowledge of marketing is very useful to have. There are five things you need to know in order to be successful in your company.

1. Understand Your Market:
By understanding what market your product lies in, you can better solve a problem in that marketplace. Ask questions like “How does my product solve a problem?” and “Are people willing to pay for my product?” in order to test your knowledge of the market. 

2. Define Your Goals:
Along with your goals, you need to define yourself. You need to know who you are, what you are, and what you are not. You must figure out what you want to accomplish before stepping into your career or creating a product. At this point you already know that there is a need for your product in the marketplace. It’s up to you to also figure out how you can fulfill that need.

3. Understand Your Customers:
You also need to understand who, individually, is in need of problem-solving. Know who you want to market to and who can benefit from your product.

4. Create Your Brand:
Your brand is how people (customers) relate to your company. This is how you are perceived in the marketplace. Plan your marketing strategy in advance and make sure that every marketing activity you do works towards the same goal. A good goal to have is to persuade your customers to buy your product. This usually happens through advertising. Advertising is best when you figure out what your brand is!

5. Your Marketing Should Lead To Sales:
You must track your success and your failures. If your marketing plan fails, you need to know why! If marketing activities do not drive sales then you need to figure out where you are lacking and build up that part of your plan.

Can you think of a company that didn't follow these guidelines, and failed because of it?


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