USU Eastern Director of Small Business Development and Custom Fit Ryan Murray spoke to Business Expansion and Retention (BEAR) members at a recent meeting. Murray focused on the essentials of marketing for small business survival.
Murray spoke to BEAR members about a marketing triangle revolving around price, quality and differentiation. He explained that business owners should decide if they will target a market that wants a low price, good quality or innovative products and services.
“You can’t have it all,” Murray explained about how business owners should not try to fulfill the entire triangle and instead focus on one or two aspects. “If I try to do all three, my customers don’t believe me. All three contradict one another.”
Murray went on to explain that when someone chooses a price point for their product or service, they ultimately decide where they’re located on the triangle and within the market.
“I need to identify where I am with my price point and that will put me on the triangle,” Murray explained. “If I change my price, I change my target market.”
Murray suggested that business owners discover where they are on the triangle to kickstart their marketing plan.
Those interested in small business development and the Custom Fit program can contact Murray at ryan.murray@usu.edu