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Marketing your small business 101

Marketing your small business 101

Marketing your small business 101

(NC)-Just as every small business should have a business plan, a good sales and marketing strategy is essential to creating awareness of your service or product in the marketplace. A good marketing plan will keep your company focused and identify ways to attract and satisfy customers.

"It's best to start with the basics. Always keep in mind the four P's of marketing: position, price, promotion and product," advises Diane Giard, Vice-President, Small Business at Scotiabank. "This will give you an overall look at the advantages and opportunities of your business." Position

In positioning your company, consider what sets your business apart from similar businesses and how you want to be perceived. Consider how you would like customers to perceive your business. What makes your business different from other similar businesses? What is your overall value proposition?

Price

How much will you charge? The price you charge for a product or service can determine who your customers are, how much business you will do and the amount you make from each sale.

Promotion

Consider various ways to promote your business: advertise, start a website, become known as a expert in your business field, mail newsletters/ promotional material to customers and potential customers - and of course, word of mouth.

Product

What sets your product or service apart from competitors? Is it the best quality product or service available? Will customers pay a premium? Is it accessible and easy to use? Use your unique benefits as leverage points when marketing your small business.

. Use every outgoing piece of paper and electronic document as business promotion.

. Submit articles to local newspapers on topics related to your business.

. Promote your business through leisure activities.

. Join an association and local community group and ensure people you come in contact with know what you do for a living.

. Use your car or van to promote your business.

Scotiabank has the knowledge and resources to help small business owners succeed. With a small business expert in every branch, Scotiabank is here to help small business owners find the money to reach their goals. For more information, see your local branch or visit: www.scotiabank.com/smallbusiness.

- News Canada