Mastering Marketing for Service Businesses

Marketing Strategies for Service Businesses

• Defining your vision, mission, and goals is essential before marketing your product or service to the right audience.

• To effectively reach your target market, you need to identify the who, where, how, and what of your potential buyers.

• Market research is crucial to identify the target market and verify that the existing market can support your plans.

• Good sources of market research data are the local chamber of commerce or small business administration in your area.

• Identifying what the market values most and least is essential to avoid misdirecting your efforts.

• You need to have a clear picture of your competition, including their pricing and value of products provided.

• Surveys and media audits are effective methods to quickly identify the target audience and competitor information.

• Shopping the competition provides detailed firsthand information about their physical environment and customer service.

• Understanding the difference between wants and needs is crucial to effectively market any product or service and earn a profit.

• Building awareness is the first goal of marketing to let people know the name of your company and some general idea of what you do.

• Building identity is developing a unique and easily recognizable public appearance, such as a corporate logo or visual identity.

• A tagline is the audio version of a logo that conveys some unique features or benefits of your organization to stand out from the competition.Building Identity and Image through Taglines and Media

• Taglines, logos, and unique corporate images are effective in building a company's identity and image.

• Image is a set of clear, consistent, and specific attributes or characteristics that define a company in the consumer's mind.

• Building an image is not about portraying the company or product as something it is not, but making the public aware of who the company is and what sets it apart from the competition.

• Companies work to stake out their niche in the market by developing a consistent image through everything they do.

• Promotional materials such as price, convenience, and quality reinforce the image of the company.

• Choosing efficient communication methods or media to get the message out is crucial in reaching the target market.

• Mass media advertising mediums are effective in keeping the company's name in front of its current customers and attracting potential customers.

• Word of mouth is the most effective, valuable, and lowest-cost method of getting the message out.

• Personal media or unsolicited recommendations and customer referrals are given by loyal and satisfied customers, which cannot be bought.

• Encouraging customers to share the good news with their friends and acquaintances can be done by a simple suggestion or special promotion.

• Building identity and image through taglines and media is not about portraying the company as something it is not but making the public aware of the company's unique qualities.

• Companies that successfully develop, communicate, and live up to their image create a consistent image of who they are in the consumer's mind.