Understanding marketing basics

Understanding marketing basics can help you power up business and prevent pitfalls. Here's a primer for beginners or a refresher for old pros.

14 MIN READ

Tool for Growth Bill Fannin had worked for about 15 years in the business without ever using any marketing. Fannin, of Post & Beam Design Build of Forest Hill, Md., finally turned to Ann Marie Mecera of Mecera Communications to develop a marketing plan. Fannin discovered which jobs made the most margin and ways to differentiate his business in a competitive Baltimore-area market.

“All it takes is a hiccup in the market,” he says, “and you’re not going to be able to do the $1 million you did last year.”

Since rolling out his plan, he has had success and knew, as a result of his plan, that he was on track late last year to break $1.5 million, with six employees, spending $27,000 on marketing.

He says that if he could start all over again, he would have developed a marketing plan 15 years ago, right from the get-go.

“If someone wants to take a shorter road than we did, there’s a more efficient way,” Fannin says. “Looking back, I might have even borrowed money for a marketing plan.

“I’d borrow money for a truck — why not borrow money to have more of an impact in the marketplace? It’s a tool. Buy a tool to get the job done.”

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