What is marketing?
Your customers do not buy what you do, they buy what you can do for them.
When approaching the market it is important to define what makes your product or service different from the competition. By doing this you are able to influence the buyer in deciding to purchase from you in less time, and at less cost.
Although companies can approach their market in multiple ways, most only do so through a single channel. Uncovering new distribution channels is a sure way for a company to quickly increase market share no matter how established your business is. One way of doing this is through developing partnerships with intermediaries who already have established relationships within these distribution channels. Products and services can also be brought to market more quickly this way.
Before a company enters new markets and new distribution channels it should first define its ideal customer, and pay particular attention to those that have the ability to bring in multiple customers, called triple ‘A’ prospects.
When defining your idea customer you should look for those who are much easier to work with, deliver lower fulfillment costs, have least strain on internal resources, and produce higher margins.
In preparation for entering new markets it is also essential to have a strong branding for your product and service, as companies with a strong brand have an easier time reaching, engaging and converting prospects into new customers. A strong brand does not just mean having a strong visual identity, but also a clearly defined set of core values and a strong brand personality which helps it to communicate with its target audience in a way they understand.
By further developing their brand, most companies have the opportunity to create new significant brand equity, making the company more valuable over time.
Participating in marketing methods as described above should be treated as an investment and not an expense, and as such bring in a return on that investment - not just be a bought in commodity.