Setting up a business - Ways to self-employment

How well do you know the market?

Amidst all the enthusiasm with which you may well be working on your new venture, you should keep asking yourself: can you sell your good or service? Is there a market for it?

Marketing comes from market

Marketing comprises all of the commercial planning and activity oriented towards the market. In order to do your marketing, you do not necessarily need to be aware of scientific methods. A lot can be achieved on the basis of precise observations and by putting yourself in the position of your future customers. The basic principle of marketing is: the customer is always right.

Marketing is more than advertising

Many people equate marketing with advertising. That is wrong. Advertising does form part of marketing, but successful marketing begins at a much earlier stage. Marketing needs to be able to answer the following questions:

  • How can your company meet customer needs with appropriate goods or services? What characteristics does your good or service need to have if it is to sell well? Your company must provide a market-oriented solution in several ways (core product, design, packaging, service).
  • What market conditions (customers, competitors) are likely? Your product or service should be different (better, cheaper) than that of your rivals.
  • What price can you or do you wish to demand for your product/service? The price must be exactly tailored to your product/service and your customers.
  • How do you want your product/service to reach the customer (sales/distribution)? The distribution channels must make it easy for the customer to obtain the product. No customer will purchase in the long term if your product is difficult to get hold of.

What means of advertising/communications do you intend to use to inform the customers about the advantages of your good/service? If the customer is not aware of your product, he cannot buy it. Only if the image of your product and company is positive will you be able to establish a long-term relationship with your customers.

Marketing can be planned

Having a marketing plan of your own will help your company to position itself on its market.

A way to draw up a marketing plan:

  1. Taking stock: establish the current situation of your firm.
  2. What are your company’s strengths and weaknesses? What risks and opportunities do they bring?
  3. Formulate your marketing objectives.
  4. Stipulate the marketing measures with which you intend to attain these objectives.
  5. Plan the financing of your marketing.
  6. Review the success of your marketing.

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