Marketing 101 Mini-Course

Introduction

This was written to give business owners the prerequisites for growing their businesses. We will cover step-by-step core elements in every business and how to make sure it is optimized for the growth of your business. Well, we explain these elements in a very simplistic format; please do not overlook the magnitude that they could bring if strategically implemented and perfected. You may also use these items as a checklist to accomplish in your business regardless of your current stage.

Identity

This refers to the company’s identity, not you as an individual unless however you are creating a personal brand then the identity is referring to you and what you stand for and what you have to offer. Your identity is comprised of 3 core elements, your positioning/offering, branding, and reputation.

Positioning/Offering

Every business should exist to offer a solution to its customer’s problems, needs, or desires. These solutions are offered through a company’s services and/or products.

Solutions Offered(Services/Products)

The element of crafting the solutions offered is a very crucial aspect of your company because it is what determines why your company even exists. When offering a product or a service, you must decide what level of quality you intend to deliver to your ideal customer. Is it your plan to offer a low-quality product that satisfies only minimal expectations of your customer, or do you intend to deliver a high-quality product that meets all possible expectations of your ideal customer? Are you a 5-star restaurant or cheap fast food? Our advice when crafting your solution is to always make sure the value exceeds the cost. Just imagine if you had a bucket, and the size of that bucket is determined by how much your solutions cost; in order to make your solution worth its cost, it must be overflowing in value.

Target Market (Ideal Customer)

This is the ideal market that your solutions benefit from, your target market should be defined by their demographics and psychographics. Your target market is comprised of the people you hope to serve. The demographics of your market are the measurable details. Demographics should include:

• Age
• Gender
• Race
• Marital status
• Number of children (if any)
• Occupation
• Annual income
• Education level
• Living status (homeowner or renter)

The psychographics is best defined as your market’s attitudes, aspirations, and other psychological criteria, such as their interest and desires along with their worries and concerns. Psychographics should include:

• Top 10 Greatest
• Emotions
• The #1 Emotion
• Their Pain Points
• Their Goals
• Their Obstacles
• Who Are They Before & After Experiencing Your Solutions?

You should create a few customer avatars that best depict your ideal customers. If you are unaware of what this is, then we can help you craft your customer avatars.

Mission Statement & Tagline

The mission statement is defined as a formal summary of the aims and values of a company, organization, or individual. This is primarily an internal statement that is used as a guide in the life of the company, organization, or individual however some promote theirs publicly.

The tagline is defined as a catchphrase or slogan, especially as used in advertising or the punchline of a joke. In many cases, this is used to express a value or aspect of your company’s ethics or quality.

We advise making sure you have a well-crafted mission statement and tagline as a foundational element in your offering. Consult with your spouse, partner, or another business professional to solicit feedback when crafting these.

Unique Selling Proposition (USP)

This is what separates you from the competition, and this is the value point that convinces your customers to choose you. Your company’s USP can range widely from niche to niche, but common ones include:

• 24/7 Emergency Service
• Warranties
• Money Back Guarantee
• 24/7 Technical Support
• Free Delivery
• etc.

You should not skip this vital step in your offering. We advise having at least 5 core USPs with a full list of 10+. Again, consult with others to help craft your USP.

Price

Want to know who ultimately determines your price? You! We advise to always make sure that your target market is financially qualified to pay your pricing.

We also advise you to ensure your value bucket is overflowing, or else you will struggle with selling. We see many trades professionals struggle to charge what they are worth, and this is due to many reasonings, but some common ones are:

• Mindset
• Poor Image
• Empty Value Bucket
• Poor Customer Service
• Unprofessional Business
• Practices

You can either be the cheapest company in your market, the most expensive, or somewhere in between. Our advice is to never be the cheapest. Make sure you make it easy for your customer to purchase and also help them by offering payment plans or financing if applicable. You should also be positioned to collect all forms of payments when applicable like cash, credit/debit card, check, and even ACH bank draft/eCheck.