Marketing Basics
Every Business Owner Needs to Know

Woman Computer Marketing Basics Every Business Owner Needs to Know


Every business owner needs to know these marketing basics in order to be successful...

Calling all business owners! As an entrepreneur you should have an in-depth knowledge about your business. For example, you should know what you sell, how much you sell it for, and what your competition’s selling price is as well. The following are the basics every business owner needs to know to be successful.

Know Your Target Audience

Every business owner should have a target customer - an ideal customer to whom all marketing efforts should be directed towards. These customers should produce the highest revenue for your business. You should know specific information about who that person is and what they will purchase from you, such as demographics, income, location, etc. Business owners must keep up-to-date with their clientele base and understand what their customers want or need and where they look to get it.

Related: Researching Your Target Audience

Know Your Money-Making Product

Businesses sell a plethora of different products, but the primary focus of your marketing needs to be on that one product that, if you sell it well, you will have enough income to keep you doors open.

For example, if a swimming pool business installs residential in-ground pools, their ideal customer may be a homeowner with disposable income looking for an installation. While some customers may desire to purchase a pool filter that will result in a $50 purchase, this is nothing compared to the thousands a pool installation would deliver from an ideal customer.

In this type of situation, it is obvious to most people that marketing would be spent on pool installations rather than filters. However, there are many business owners who are spending their time marketing products that are not the primary source of their revenue by having a low profit margin.

Know Your Price Point

As a business owner you should have an estimate of how much revenue your target customer will provide for your business. You should also know how much you must charge based on your target sales. Your price level can affect demand for your product, and there are benefits to pricing low.

Related: Why Low Pricing May Be Killing Sales

Know What Sets You Apart

Know what sets you apart, meaning know your competitive advantage. Include it in your mission statement, so employees can be prepared to deliver your unique advantage. Many businesses truly don’t have an answer for this question. Saying, "Well it’s really just a hit or miss at who finds who first" is completely unacceptable as a business owner. Repeat business is the life of a company, so even if someone finds you first it will be what sets you apart that creates a repeat customer (or loses customers).

Take pride in your brand and your company, and know what sets you apart from everyone else. If nothing in particular sets you apart, then decide on a way to separate yourself from the competition. Something as simple as excelling in customer service can go a long ways in developing lifelong customers.

Related: 5 Entrepreneur Mistakes to Avoid

Marketing Articles

Ruth works for a well-known marketing company that has been in business for over 100 years. On a regular basis, she deals with clients who have no desire to be involved in their own marketing, despite its importance to business success. She is the author of the blog Marketing Simplified where this article was originally posted.

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