Most owners of small businesses understand the importance of having an effective business plan that outlines how their enterprises intend to gain a permanent hold in the market environment they intend to operate and take advantage of its opportunities. An essential element of this plan is the marketing strategy that differentiates a competent entrepreneur who runs a successful business and a proprietor who is struggling to get out of survival mode. Unfortunately, many owners focus so much of their time and attention on the daily marketing execution that they do not take time out to chalk out an effective strategy enhance their business operations in the realm of sales and marketing.
Marketing strategies that propelled a company
George Bardwil is a renowned entrepreneur and owner of Bardwil Industries, a prominent textile company, whose successful marketing strategies have been instrumental in the success of his company in the American textile market. Since its inception in 1906 by Mr. Bardwil’s grandfather, this esteemed family business has been a household name in America and a dominant force in the American textile industry. However, Mr. Bardwil’s effective marketing strategies took the company to the next level.
Currently, the company operates its business activities in the states of New York, New Jersey, which is also the headquarters of the company and Ohio. The company employs sixty workers to conduct the day-to-day business activities in each of these centers. The company specializes in manufacture of quality textile products of from raw material that it imports from India and China. The workmanship of each of these products is so unique that it puts the company in a separate league in comparison to its competitors in the market.
Importance of effective marketing strategies
Mr. Barwil emphasizes that marketing strategies are simply the decisions that an entrepreneur implements to ensure his/her tactics work effective to attract the target audience and generate revenue. Such a strategy is critical for creating awareness in the market, generating interests, finalizing new sales and continuing client engagement. An effective marketing strategy dictates the culture of the corporate enterprise, its products and pricing policy. While formulating an effective marketing strategy, an entrepreneur needs to take into consideration the following factors:
1. Defining the target audience
The target audience is most predominant factor that determines the decisions that an entrepreneur takes when formulating an effective marketing strategy.
2. Identifying the potential competition
When a person buys a product or services in the market, he/she will check out all the alternatives available to him/her. Entrepreneurs who cannot identify their potential competition or do not focus on differentiating their products, lose out to their competitors.
3. How is the enterprise better than competitors for the clients
After identifying the potential competitors in the market, it is imperative for the entrepreneur to concentrate on making his/her products and services distinct and better to attract the customers’ attention.
4. Unique benefit
The unique benefit that an entrepreneur’s products have over his/her competitor’s products and that the target audience wants actually sets him/her apart in the market.
George Bardwil states that a clear marketing strategy is what helps small entrepreneurial ventures grow and prosper in a competitive marketplace.