How to Market a Home Based Business

Home-based businesses have distinctive challenges in marketing their products and services, particularly since they often don't have the budget for pricey marketing consultants. The following steps will guide you to marketing success.

Select a product or service that satisfies an unfulfilled need. Choose a product or service that will gratify a particular segment of the population. This is your product or service target market. Defining your target accurately is a key to a successful plan.

Determine the price for your product or service. It should cover all of your costs of the product or service including marketing and provide a profit margin. Check any similar products or services to determine a competitive price.

Develop a place strategy, or how you will deliver the product or service. The product must be easy for the target group to obtain. You can either sell directly to the end user through direct marketing, or use the help of intermediaries. Using intermediaries is known as indirect marketing.

Create a promotional plan. The promotional plan is the key to a successful market plan. Determine how you are going to promote your product to the target group. Consider various promotional media. All marketing decisions must be based upon the target market. Discover the best method to communicate products and services to your target market.

Make a promotional calendar or an ongoing yearly plan for promoting the your business. Decide on the dates that you will promote the product or service. Create promotional activities for those selected dates.

Make a list of everyone you know. Include all family members, parents, brothers, sisters, aunts, uncles and cousins. Include friends and acquaintances. Inform everyone on your list about your home business. Send copies of all promotional material to everyone on your list. Your list is a goldmine.

Ask for referrals. Contact everyone on your goldmine list and ask for the name and address of someone they know that might be interested in your product or service. Referrals are a great source of new business activity.