How to Start a Marketing Business

Marketing is the process of communicating the value of a product to customers, for the purpose of selling that product (goods or services). Another simple definition of "marketing" is "managing profitable customer relationships".

Marketing can be looked at as an organizational function and a set of processes for creating, delivering and communicating value to customers, and customer relationship management that also benefits the organization. Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer behavior and providing superior customer value. From a societal point of view, marketing is the link between a society's material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long term relationships.

There are not many businesses you can start for free, but marketing start-ups are the exception. If you have the right skills and are willing to do some hard work up front, a marketing business takes little or no start-up costs.

What is Marketing?

Regardless of the scope of your marketing plan, you must keep in mind that it is a fluid document. Every business needs to begin with a well structured plan that is based in thorough research, competitive positioning and attainable outcomes. Your plan should be the basis for your activities over the coming months. However, you should always be willing to enhance or redirect your plan based on what proves successful.

Marketing Plan Basics

If you're thinking about developing a marketing program, you need to begin with a marketing plan. Fortunately, it doesn't have to be complicated in order to work. Here are the 18 basic parts of a marketing plan:

1. Market Research

Collect, organize, and write down data about the market that is currently buying the product(s) or service(s) you will sell. Some areas to consider:

Market dynamics, patterns including seasonality

Customers - demographics, market segment, target markets, needs, buying decisions

Product - what's out there now, what's the competition offering

Current sales in the industry

Benchmarks in the industry

Suppliers - vendors that you will need to rely on

2. Make a marketing plan.

Take advantage of free marketing plan templates online, or simply use a calendar to write down your objectives. Include the 4 P's in your business marketing plan: Product, Price, Promotion, and Placement.

3. Organize your basic business administration functions.

You need a bank account, business address, service rate card and business name. Starting a marketing business for free usually means you initially need to use your home address, personal bank account and your own name for payment purposes.

4. Determine your niche.

What are you selling and to whom? Start by using skills that you already have, such as writing, web design and graphic arts. Seek out familiar industries.

5. Budget

Budget your dollars. What strategies can you afford? What can you do in house, what do you need to outsource.

6. Target Market

Find niche or target markets for your product and describe them.

7. Make a list of your potential market.

Reach out to friends, local groups and places where you do business. If you are a motorcycle enthusiast, start with bikers' groups, bike shops or associated businesses. If you have doctors, lawyers or entrepreneurs in the family, ask them for a chance to bid on their next web project, brochure, or event.

8. Product

Describe your product. How does your product relate to the market? What does your market need, what do they currently use, what do they need above and beyond current use?

9. Pricing, Positioning and Branding

From the information you've collected, establish strategies for determining the price of your product, where your product will be positioned in the market and how you will achieve brand awareness.

10. Market Strategies

Write down the marketing and promotion strategies that you want to use or at least consider using. Strategies to consider:

Networking - go where your market is
Direct marketing - sales letters, brochures, flyers
Advertising - print media, directories
Training programs - to increase awareness
Write articles, give advice, become known as an expert
Direct/personal selling
Publicity/press releases
Trade shows
Web site

11. Advertise your marketing business online.

Seek out web sites that offer free trials or free services to help you get started. Eventually, you need a web site with your own domain name. However, you can get started by using use free sites provides a nice business template.

12. Link all of your personal social media such as Facebook, Twitter and LinkedIn to your new blog, web page, or online information.

Ask your friends to "share" or forward the news about your new marketing business. Your new business must show clients that you know how to use the latest resources effectively.

13. Market your business constantly.

Every email you send should have information about your new marketing business in the form of a web address, slogan, or similar at the bottom. Holidays are opportunities to share a greeting from your business Facebook page. Social gatherings present an opportunity to mention your new business.

14. Competition

Describe your competition. Develop your "unique selling proposition." What makes you stand apart from your competition? What is your competition doing about branding?

15. Mission Statement

Write a few sentences that state:

"Key market" - who you're selling to
"Contribution" - what you're selling
"Distinction" - your unique selling proposition

16. Get referrals.

Once you have a client or a lead, ask them to tell others about you. Consider offering a discount on their next project when they bring you new clients.

17. Marketing Goals

Establish quantifiable marketing goals. This means goals that you can turn into numbers. For instance, your goals might be to gain at least 30 new clients or to sell 10 products per week, or to increase your income by 30% this year. Your goals might include sales, profits, or customer's satisfaction.

18. Monitor Your Results

Test and analyze. Identify the strategies that are working.

Survey customers
Track sales, leads, visitors to your web site, percent of sales to impressions

By researching your markets, your competition, and determining your unique positioning, you are in a much better position to promote and sell your product or service. By establishing goals for your marketing campaign, you can better understand whether or not your efforts are generating results through ongoing review and evaluation of results.

As mentioned earlier in this article, be sure to use your plan as a living document. Successful marketers continually review the status of their campaigns against their set objectives. This ensures ongoing improvements to your marketing initiatives and helps with future planning.

Tips

Many computers come with basic business software. Check to see what you have, as you may have everything you need to get started on simple marketing projects.
Sign up for free marketing newsletters or blogs. There are many online, so be choosy. Pick ones that have value for you. Emulate ideas you like, but be sure to make your own blog original.
The SBA (Small Business Association) is a good place to start any small business and get free business marketing tips.
Don't sell yourself short. Market your new business every day in some way for a minimum of one year, then keep marketing.

Warnings

Be careful of Internet scams. There are many sites online that claim you can earn money with Internet marketing. Be sure to do thorough research before involving your new business.

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