If the business fails to run smoothly, entrepreneurs usually loose courage and pack up. However, instead of quitting, they must review their marketing strategy and move forward, Manmeet Singh, 32, Business Planner, RH International, a digital marketing agency. In an interview with FE Online, Singh stresses the importance of market research to find a genuine market for product and services. Excerpts:
You stress on marketing strategy. But how do you develop a marketing strategy?
Identify your overarching business goals. A good marketing strategy will not be changed every year, but revised when your strategies have been achieved. Market research is the fundamental and most important step which focuses on understanding the customer, the company, and the competition. I used to spend hours to find out more about marketing and earned an ample experience in the industry.
What is the role of online marketing?
Online marketing campaigns and social media have reduced the leg-work for the industry. One can cover the marketing segment by starting effective online campaigns and build audiences. Young entrepreneurs are more tech savvy which would help them to spread awareness about their products easily and effectively.
How did you start your marketing journey?
I always believed that business is all about learning so there is no perfect skill. Once you have taken a particular business path you learn whether to do it again or what are the changes required. I established a digital marketing company and started campaigns. Today, I have an experience of more than 13 years in online marketing, software technologies and other areas of digital marketing.
What insight would you like to pass on to the next generation of entrepreneurs?
Research the market, find out how best you can serve it, and set goals accordingly. A marketing strategy will help in defining business goals and develop strategies to achieve them. And keep learning. The process should never stop. Attend conferences, go online for more insights talk to your clients. If you succeed well and good. If not, change your strategy, but remember, never quit.