| What is marketing and advertising and is there a difference? How to market a business in Spain |
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| Spain Business Guide Marketing a business in Spain Business Transfer Agent Benidorm & Costa Blanca Spain FREE advice for everyone |
What is marketing? Here we use Benidorm as an example
The first thing to understand is that marketing is more than advertising in a
publication or selling. It is a process involving three important steps:
(1) Determine what customers actually want or need based on sound research
and experience in the market place. Never guess at this one or get caught in the
trap of doing what you like, rather than what is needed in the market place. You will
never profit from a Vegan restaurant if Vegans are few and far between in the area
or an English card shop in a part of Benidorm with no English residents - and yes,
both these examples have been tried failed and are true.
(2) supply the customer with the goods and services to satisfy
these wants and needs.
(3) Supply at a price that shows a profit to the business. No good getting the first
two right if the price is no possible. We sometimes see this when competition is so
big that everyone is selling a pint of beer at 1€ ensuring nobody is making a living. It
just cannot be done unless you have a huge turnover and pay very little or no rent.
For marketing to be a success you must start at (1) and get it right
otherwise no amount of advertising or selling will work well.
First ask your self is the market there for the product or service.
This the most critical questions for any Benidorm business.
Then, analyze the market to understand who the customers are
and most important who are your competitors.
Next, look closely at your product or service.
Be as objective as possible.
Ask the following types questions
Is the product or service in constant demand in Benidorm?
Is there a need?
How many Benidorm competitors provide the same?
What is my competitive advantage?
If the product is new can you create a demand for it?
Can my business compete in price, quality and service?
Can the product be sold at price to generate enough net profit?
Who will be your customers?
What makes this Benidorm business different from the competition?
One way to learn a great deal about business and customer satisfaction
is to listen to what people say and act on it. Especially listen to criticism, ignore this
gift from a customer at you peril.
Why would a customer choose to buy your service?
Customers select a business based on quality, speed, convenience, personal
service, location and price. NOTE Price and location are very sensitive in the tourist
sector especially in Benidorm which is famous
for all-inclusive hotel guests who will not or have little to spend.
Success in business means getting the customer to the business and making the
sale. Repeat business indicates success and builds a solid customer base, your
goodwill. New customers expand that base. Success occurs when both the
customer and you feel good about the service offered. The customer values your
service and you profit sufficiently to earn a living. This equals happiness.
Marketing should be simple. If the product or service already exists in your sector
and if what you are selling is not first, at least be different. This can make for a great
marketing campaign which will have added appeal and good word of mouth for your
business.
Remember, customers buy benefits such as convenience, fun, sex appeal, value
and good health. So sell the benefits as well as your service and give potential
customers reasons to visit and recommend you. Feature benefits in your
advertising. Low fat - sexy bar staff - healthy options etc.
To sum up
Understand the market and lessen the risk. To be a success in Benidorm you must
identify and target the market, determine the customers perception and benefits of
your service, and communicate these to potential customers in the form of
advertising. If you do not do this correctly advertising will not be as effective and may
damage your potential. Get it right equals happiness and profit.
Next page - Understanding operating costs
The first thing to understand is that marketing is more than advertising in a
publication or selling. It is a process involving three important steps:
(1) Determine what customers actually want or need based on sound research
and experience in the market place. Never guess at this one or get caught in the
trap of doing what you like, rather than what is needed in the market place. You will
never profit from a Vegan restaurant if Vegans are few and far between in the area
or an English card shop in a part of Benidorm with no English residents - and yes,
both these examples have been tried failed and are true.
(2) supply the customer with the goods and services to satisfy
these wants and needs.
(3) Supply at a price that shows a profit to the business. No good getting the first
two right if the price is no possible. We sometimes see this when competition is so
big that everyone is selling a pint of beer at 1€ ensuring nobody is making a living. It
just cannot be done unless you have a huge turnover and pay very little or no rent.
For marketing to be a success you must start at (1) and get it right
otherwise no amount of advertising or selling will work well.
First ask your self is the market there for the product or service.
This the most critical questions for any Benidorm business.
Then, analyze the market to understand who the customers are
and most important who are your competitors.
Next, look closely at your product or service.
Be as objective as possible.
Ask the following types questions
Is the product or service in constant demand in Benidorm?
Is there a need?
How many Benidorm competitors provide the same?
What is my competitive advantage?
If the product is new can you create a demand for it?
Can my business compete in price, quality and service?
Can the product be sold at price to generate enough net profit?
Who will be your customers?
What makes this Benidorm business different from the competition?
One way to learn a great deal about business and customer satisfaction
is to listen to what people say and act on it. Especially listen to criticism, ignore this
gift from a customer at you peril.
Why would a customer choose to buy your service?
Customers select a business based on quality, speed, convenience, personal
service, location and price. NOTE Price and location are very sensitive in the tourist
sector especially in Benidorm which is famous
for all-inclusive hotel guests who will not or have little to spend.
Success in business means getting the customer to the business and making the
sale. Repeat business indicates success and builds a solid customer base, your
goodwill. New customers expand that base. Success occurs when both the
customer and you feel good about the service offered. The customer values your
service and you profit sufficiently to earn a living. This equals happiness.
Marketing should be simple. If the product or service already exists in your sector
and if what you are selling is not first, at least be different. This can make for a great
marketing campaign which will have added appeal and good word of mouth for your
business.
Remember, customers buy benefits such as convenience, fun, sex appeal, value
and good health. So sell the benefits as well as your service and give potential
customers reasons to visit and recommend you. Feature benefits in your
advertising. Low fat - sexy bar staff - healthy options etc.
To sum up
Understand the market and lessen the risk. To be a success in Benidorm you must
identify and target the market, determine the customers perception and benefits of
your service, and communicate these to potential customers in the form of
advertising. If you do not do this correctly advertising will not be as effective and may
damage your potential. Get it right equals happiness and profit.
Next page - Understanding operating costs
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