It’s said that a business is only as good as its service offerings. While there’s some definite truth in this, a business could sell the best quality products and services at an attractive price point, but if no one knows about it, how will it ever become successful?
Enter: Marketing. Promoting, researching and advertising – it’s what all businesses have to do in one way, shape or form to stand out ty their target audience. But before you market your business, you need to understand why you do what you do, not just what and how.
Want to know how to identify why you do what you do and the importance of marketing for your business? Read more from Crest Marketing Manager, Louise Pillidge, to find out.
Vision and mission: get to know The Golden Circle
Simon Sinek, who popularised the concept of ‘why’ in business, utilises another theory to explain successful organisations called The Golden Circle.
Let’s delve further into this:
- The outer circle is referred to as the ‘what,’ because every business that’s ever been, or ever will be, knows what they do, such as the products or services they sell.
- The middle circle outlines the ‘how.’ Some organisations know how they do business, for example how they’re different from their competition.
- Yet, it’s clear that not every business knows ‘why’ they do what they do. No, to make money doesn’t count. Consider the ‘why’ as a purpose, cause, belief and reason the business exists in the first place. This is the small, centre circle in the model.
Marketing 101: the business basics
Whether you’re starting a new business from scratch, or feel as though you’ve strayed from a marketing mindset, this guide is for you.
Let’s start with the basics:
- Think about your business for a moment and formulate a vision and mission. Lost? Refer to the Golden Circle theory.
- Lay the foundations – who is your target audience? Remember, if you try to target everyone, you’re targeting no one.
- Choose your channels – this is how you distribute your message. Does your target audience favour emails, online ads, social media or print?
- Review and refine – you’ve done the groundwork, now it’s time to tailor your message to your target audience through the preferred (and relevant) channel.
Of course, there’s plenty more to marketing your business than the above – but this should get you started.
Starting, owning and operating a small business can be hard at the best of times, but if you keep going back to why you do what you do, and trust in Small Business Advisors, you’ll no doubt be on the path to success.
Business structuring with Small Business Accountants
At Crest Accountants, we have dedicated accountants for business.
We exist to expertly advise and empower business owners to understand and implement healthy financial habits and maintain compliance with the ATO.
Our business accountants are highly qualified in business structuring to reach business goals and targets.
Once you’ve tackled your marketing, get in touch to find out how we can help you with your business accounting needs.
Disclaimer: The information contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for professional advice.