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Here on the BinWise blog, we’ve been talking about business branding, including branding ideas for small businesses, with hints of marketing in the mix. Sometimes the words branding and marketing are used interchangeably. When you’re running a business, however, it’s important to know the difference between branding and marketing.
The difference is that branding is the design of your business brand, and marketing is the implementation of plans to promote your business. To clarify further, we’ll take a look at the dictionary definitions:
- Branding: “the promotion of a particular product or company by means of advertising and distinctive design.”
- Marketing: “the action or business of promoting and selling products or services, including market research and advertising.”
Both branding and marketing are vital for the success of a business, and they are intrinsically tied together. In this blog post, we’ll take a close look at business marketing. From bar and restaurant operations to hotel and hospitality industry businesses, business marketing plays an important role. We’ll dive into that role, to help you make the most of your marketing budget and boost your business.
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10 Business Marketing Tips and Tricks
Business marketing can be both highly applicable to specific industries, and more generally useful for every business type. For the hospitality and customer service industries, business marketing tips cover a range of ways of reaching customers and improving marketing tactics. They tie into overall best practices for making the business successful.
These 10 business marketing tips and tricks can be applied to any business. The exact application will depend on the business structure and the general business plan–from a hospitality business plan to a restaurant business plan. Overall, an understanding of these 10 tips and tricks will help you build your marketing plan along the way.
10. Network
A lot of what you’ll do for marketing work is active marketing and advertising. Networking, however, is more along the lines of background marketing work. Networking with business owners in your industry will give you both helpful connections and a unique form of market research. It’s something you should do at least once a quarter.
9. Pricing Research
Pricing research comes into your marketing plan as an important part of marketing products through pricing decisions. If you do research that tells you most places are selling a bottle of wine for $20, you can use that as a benchmark. From there, you can choose to set a similar wine bottle price or prove the worth of a higher price point.
8. Market Research
Market research is important for every aspect of your business, but it is especially important for marketing. Market research–including focus groups, online polls, a historical buying data–can show you what customers are looking for. When you know that, you can work your marketing plan to show them that you’re selling what they want.
"Key Takeaway: For the hospitality and customer service industries, business marketing tips cover a range of ways of reaching customers and improving marketing tactics."
7. Buyer Personas
If you’ve looked into businesses and marketing, you’re sure to have heard the term buyer persona. A buyer persona is a fictional version of your ideal customer or target audience. Building a buyer persona for your business gives you an overarching view of the customer you want to build your marketing campaigns for.
6. Diversified Marketing
Marketing covers a range of practices for advertising and spreading your business. From paid advertising to digital media marketing there are plenty of options. It can be hard to choose which route is the best for your business. As time goes on you may favor one over the others. When you’re starting out, however, diversifying your marketing across different channels is key.
5. Provide Value
Every part of your business should provide value to your customers, and your marketing is the place to start sharing value. In your ad copy, your branded merchandise, and your video content, make sure you’re conveying exactly what customers can expect from your business. They’ll see the value in your messaging and come in to see it in person.
4. Provide ROI to Customers
Once you get customers in the door, you want to make sure they’re satisfied with the service you provide. The value offer of your marketing messaging needs to match the actual value of your business. That way your customers experience the value they’re expecting. To provide this expected value, keep your marketing grounded in reality.
3. Social Media Efforts
These days, with so much of the world happening online, you can’t get around the importance of social media marketing. When you’re starting out, the main question you’ll ask yourself is which platform or platforms are right for your business. The answer is to choose platforms that fit your buyer persona.
2. Software Support
Software support can make all the difference in business marketing. From a social media posting automation calendar to order management software for merchandise, having the right software can simplify your marketing efforts. Searching for the most popular marketing software support can also help you find marketing areas to explore.
1. Audit, Review, Implement
The one thing you always want to work on with business marketing is refreshing your marketing techniques. From the inception of your business, through your first year, and into your future, make sure you’re always auditing your marketing tactics. Keep an eye out for anything that isn’t working, and implement new techniques to consistently improve your business.
Frequently Asked Questions About Business Marketing
Business marketing is an ongoing process from the inception of your business plan all the way through your business operations. There is always more to work on and more to learn.
The process of marketing is consistently evolving, so as your business grows, your marketing tactics will grow with it. Our answers to these frequently asked questions will give you a place to start with that room for growth.
What Is the Purpose of Business Marketing?
The purpose of business marketing is to promote the business, from the products and services to the overall brand of the business. Business marketing is a way of showcasing what a business has to offer in the best possible way.
How Do You Attract Customers?
To attract customers, you have to show your products and services in the best possible way, and get the word out about your business. Marketing practices can help you with both those endeavors. Marketing and merchandising can showcase your products, while marketing through advertising will help you spread the word.
What Are the Benefits of Marketing?
The benefits of marketing are the growth of your business, a loyal customer base, and the possibility of new business ventures as you learn. Overall, marketing helps you move your business forward and find your ideal customer base.
How Can I Improve My Marketing?
You can improve your marketing by consistently reevaluating your marketing practices and keeping an eye on new marketing trends. Your marketing practices will need revamping from time to time as your business grows.
Now onto the subject of marketing trends. While a lot of marketing practices are based on older practices, new minds come into the marketing industry all the time. That means that there will always be room for improvement.
What Is a SWOT Analysis in Business Marketing?
A SWOT analysis is a tool used to evaluate a business's strengths, weaknesses, opportunities, and threats. It helps identify internal and external factors that can impact the success of a marketing strategy.
What Is a Business Marketing Plan?
A marketing plan is a comprehensive document that outlines a business's marketing objectives, strategies, and tactics for a specific period. It includes details on target markets, budget, promotional activities, and metrics for measuring success.
What Are the 4 PS of Marketing?
The 4 Ps of marketing, also known as the marketing mix, are:
- Product: The goods or services offered by a business.
- Price: The amount charged for the product.
- Place: The distribution channels used to deliver the product to customers.
- Promotion: The communication strategies used to inform and persuade customers.
Marketing Your Business: Get Market-Ready
Once you have a firm grasp of business marketing, you’ll be ready to move your business forward on a regular basis. You can form a solid marketing plan, but remember to always be on the lookout for improvements and new marketing techniques. You never know what might crop up to enhance your business.
Come back to the BinWise blog any time for inventory program solutions, restaurant and bar promotions tips, and beverage inventory software support. Visit our sister site, the BlueCart blog, for eCommerce business tips, wholesale distribution information, and eCommerce shipping solutions.