Market your business

Thinking about all your business activities can help you to position your business, and your products or services in the market. On this page you’ll learn how to use the 5 Ps of marketing to help build your business brand and target your customers’ needs.

Marketing and position

Marketing aims to build your brand and business. It can help you to reach your customers, attract new ones and increase your profit. But before you plan your marketing, you need to have a clear idea of your business’s position in the market.

Positioning your business

Positioning is your business niche or how you want your customers to think about your products or services. For example, is your business a budget choice for families? Or do you offer more high-end services?

Positioning helps you to be clear and focused in your marketing efforts. It shows what your business does, who you do it for and why you’re different from your competitors.

You can use key features such as your location, your experience or packaging, to position your business. For example, a home-based accountant might use their international experience to position themselves as an up-market service provider.

The 5 Ps of marketing

Once you have a clear idea of your positioning, you can use the 5Ps of marketing to reach your target market. Working your way through each of the Ps can help you identify areas of your business you can change or improve on – to meet your targeted customers’ needs.

1. Product

Product refers to what you are offering as a whole. What exactly are you selling to your customers? This includes the value added features, branding and packaging as well as service and warranty terms.

For example, if you’re a jewellery maker who is looking to grow your business, you might think about giving your customers a free gift wrapping service as an incentive to buy from you.

2. Price

Price refers to the way you set prices for your products or services. It generally includes all the parts that make up your overall cost, including the advertised price, any discounts, sales, credit terms or other payment arrangements or price matching services you offer.

Your pricing will also depend on your business’s position in the market. For example, if you advertise your business as a budget car rental service, your pricing should reflect that choice. If you’re looking to grow your business, consider if your pricing reflects your positioning.

3. Promotion

Promotion refers to all the activities and methods you use to promote your business and products. This includes sales, public relations, direct marketing and advertising. For example, if you’re growing your sports management business, you might add sponsorships to your marketing mix to help promote your business.

Your promotional strategy will be part of your marketing plan.

Things to consider before promoting your business

Your marketing and business plans

Consider what you want to achieve with your advertising or promotional campaign? Does it align with your brand and your business goals and objectives?

Before you start any promotion, write down your goals and objectives. You’ll then be able to track and evaluate your success after the campaign. This will help you decide whether to take this approach or to trial different promotions in the future.

Your target customers

If you’ve been in business for a while, you should have a good understanding of who your target customers are. These are the people who you expect will buy most of your products or services. If you’re not sure who your target customers are, then have a look at who is currently buying your products and services. Look for ways to make sure your promotional activities are reaching them.

Where to advertise or promote

How do your customers normally find you? Through the internet, social media, word of mouth, flyer, ad in a publication, online, on radio or TV? Find out how your current customers find you, then target your advertisements and promotions in these areas.

Your budget

Advertising and promotion can be expensive. Pick options that will give you the best value for money, while still reaching your target customers. Remember, the cheapest option is not always the best. The best option will be whatever is most effective for your business. Some budget-friendly advertising options include flyers, posters, social media and newsletters.

4. Place

Place refers to how you deliver your product or service to your customers. This might include the physical location (such as a shopfront, online or a distributor), your delivery methods and how you manage your stock levels. For example, you could choose to provide your product from a shopfront, over the internet or through a distributor.

If you’re looking to grow your business, you might consider changing or expanding the way you sell your products and services. For example, if you’re a homewares distributor, you might think about setting up a new store in a different location or offering franchises. Or you might consider setting up an online website to supply other businesses.

5. People

People refers to you, your staff and your customers. This covers customer service, as well as communication and training for your staff.

For example, if you’re thinking of expanding your business online, you’ll need to think about:

• how your customers use the internet
• how comfortable would they feel purchasing your goods online
• whether they’d be willing to pay shipping costs for your products
• if your staff have the skills to manage a website
• if you need to provide further staff training

Examples of the 5 Ps

Here’s a couple of examples of the 5 Ps in action.

Family restaurant

Say you run a restaurant catering to families. To position your restaurant towards your target market, you might consider:

• product – food catering to fussy eaters
• price – affordable prices for families
• promotion – advertisements in school newsletters
• place – location and opening hours suited to busy, family lifestyles
• people – staff that are friendly and accommodating to the needs of parents and children.

Develop your marketing plan

Writing a marketing plan can help you define your marketing strategy and identify the best activities and channels to market your products or services. Learn how to develop a marketing plan with our marketing plan template.

Why you need a marketing plan

Having a marketing plan can help you to:

• identify your target market and how your product or service can benefit it
• identify how you might attract new customers
• encourage your existing customers to continue purchasing your product or service
• set goals and time frames for your marketing activities
• map out a strategy to reach your target audience, including the messages, channels and tools you’ll use
• evaluate your marketing activities
• provide a marketing budget and see your return on investment.

Download our marketing plan template

Our marketing plan template helps you identify who your customers are, how you’ll meet their needs and what marketing tactics you might undertake.

Marketing plan template DOCX

Develop your marketing plan

Our template steps you through the process of developing a succession plan with links to extra information if you need it.

You may want to check our tips below before you start.

1. Analyse your market

Market research can help you to understand your strengths, weaknesses and the opportunities that you can take advantage of. Analysing your own business and your competition can help you identify where you’re positioned in the market.

It’s important to analyse your competition to identify their strengths and weaknesses. This can help you refine your marketing strategy and what’s unique about your business. 

A strengths, weaknesses, opportunities and threats (SWOT) analysis can help you determine where your business fits within the market and your unique selling point. Use it to help identify what your business is doing well and how you can improve.

Identifying and understanding your customers is an essential part of your marketing plan. Not everyone is your potential buyer, so it’s important to have a clear understanding of your target market early on.

2. Set your goals and objectives

Once you’re clear about your business and its positioning, you can start thinking about what you want to achieve. Think about your main business goals, whether it’s the size of your business, expansion plans or desired sales. Set specific, measurable, achievable, relevant and time bound (SMART) goals to increase your chances of success in achieving them.

3. Outline your marketing strategies

Once you’ve set some goals, consider what marketing activity, process or price will help you achieve them.

Try and choose marketing activities that suit your business and your customers. For example, if you want to target young adults, newspaper advertising may not be as effective as a social media campaign.

Choosing multiple activities that complement each other is a good way to help you get your message across. For example, if you’re trying to establish a new product in the market, you may choose to advertise on the local radio, as well as setting up social media channels and introducing a low-cost pricing strategy for first-time buyers. When used together, these strategies complement each other and help you reach a broader market.

4. Set your marketing budget

Knowing how much you have to spend on marketing and how to spend it is critical to the success of your business. A marketing budget will ensure you accurately calculate your marketing campaign or advertising.

When developing your marketing budget, make sure you’re only spending money on the activities that contribute to your current marketing goals. Advertising and promotion can be expensive. Make sure to pick options that will give you the best value while still reaching your target customers.

5. Keep your marketing plan up-to-date

It’s important to evaluate your marketing activities. Analysing your results and being aware of new marketing trends is important to keeping your marketing plan up-to-date and reaching your business goals. You should tweak and change your plan as your business and market grow and change.

Research your market

Market research is a valuable tool for all businesses. It can help you to understand your market, including potential customers and their needs. Learn how to research your market, including goods and services, customers and your competitors.

Why research your market

Market research helps you to understand your customers and their needs, as well as what your competitors are doing.

This understanding can help you to better focus your marketing efforts, make informed decisions about your business and make the most of opportunities. It’s important to make sure market research is part of your ongoing business plan and daily operations.

Read our steps for researching your market to get started.

 
1. Understand what market areas to research

Your market research should cover your:

• customers
• competitors
• product or services
• suppliers
• business location and local area
• industry and market trends.

2. Use existing market research

There are both primary and secondary methods of research you can use to conduct your market research.

• Primary research involves gathering information yourself first-hand.
• Secondary research uses information and data that has already been collected and analysed by others.

Before you embark on gathering first-hand information about your market, you can use research that has already been done. For example, look for market reports, government statistics, and trade and industry association publications.

Sources of government statistics and data

• National Institute of Statistics
• National Committee for Sub-National Democratic Development
• Trade Statistics 
• The Report of Domestic and International Commodity Price
• Trade Information Book
• Macro-economic & Fiscal Policy 
• Statistic and Economic Analysis
• General Department of Customs and Excise
• General Department of Taxation
• Techo Startup Center 

Government statistics by topic:

• Food statistics
• Health and safety information
• Immigration statistics
• Labour market information
• Quota management and statistics
• Taxation statistics
• Tourism research
• Tourism statistics
• Trade and investment data
• Transport statistics
•  

3. Research goods and services

Testing your business idea with customers can give you an idea of how successful it might be. You can do this by talking to people about your idea and seeking their feedback on your product or service. This could be through direct contact, surveys, focus groups or social media polls.

You may also consider a test run or pilot test of your product or service with a small number of clients to fine tune your idea. This will help work out if your idea is viable, find any problems, develop a price for your product or service, and see how quickly your business might grow. This may help you identify where your products or services fit in the market and how they differ from your competitors.

You can also work out your product or service’s:

• positioning – whether your products or services are high-end, competitive or a low-cost alternative to the products or services offered by your competitors. Read more on positioning your business.
• anticipated demand – the amount of products or services your customers are likely to purchase from you. For example, how much will an individual customer buy in 6 months or 12 months?

4. Research your customers

Ways to collect customer data include emails, online surveys, interviews, and even talking directly to your customers.

You can discover:

• what their needs are
• what they’re willing to pay for different products
• the anticipated demand for your products.

Finding out how your customers think and behave (including their likes and dislikes) can also help you better target your marketing activities.

Using existing customer data

• customer relationship management (CRM) database
• customer loyalty or reward program information
• point of sale (POS) system and sales records
• inventory management system
• records of customer complaints, feedback or suggestions
• reports on customer service benchmarks and targets
• website statistics and traffic.

Example of using customer research

If your research shows that your customers are looking for an affordable, family-friendly restaurant, your business could cater to that need. Marketing is about working out what problems your business or product can help solve.

5. Research your competitors

You can collect data on your competitors through:

• observing their advertisements and sales
• observing businesses in your industry and area through trade magazines, general advertising or site visits
• networking
• the internet, including websites, blogs and other social media.

You can use this competitor data in your strengths, weaknesses, opportunities, threats (SWOT) analysis when you develop your marketing plan.

Analysing your competitors can also help you understand where your business or products fit in the marketplace.

Questions to ask when researching your competitors

Consider the following:

• Who are your competitors?
• What do they offer their customers?
• Where are they located?
• What marketing strategies do they use?
• How do they communicate with their customers?
• Do they have an online or social media presence?

Identify your target market

Identifying and understanding your customers is an essential part of your business and marketing plan. Not everyone is your potential buyer, so it’s important to have a clear understanding of your target market early on. Learn how to analyse your market and define your customer segments.

What is a target market?

A target market is a group of potential customers that you identify to sell products or services to. Each group can be divided into smaller segments. Segments are typically grouped by age, location, income and lifestyle. Once you’ve defined your target audience, you’ll find it easier to determine where and how to market your business.

Why have a target market?

For your business to thrive you need to know who your customer is. Knowing your customers will help you to target customers who are willing to pay for your product or service. This is a much more effective and affordable way to reach your customers and generate business. You’ll be wasting resources if you aim too broadly, or find out too late that there aren’t enough customers for your product or service.

By understanding your market you can promote your product or service more effectively to the right customer group. You will know:

• where they are
• which media channels they use
• what their buying habits are
• how to tailor your marketing to motivate them to buy your product or service.

1. Research your market

To define your target market effectively you’ll need to do some research. Gathering statistics and other market research data helps you to understand your potential customers and their needs and make better marketing decisions.

Find out how to research your market.

 RESEARCH YOUR MARKET
2. Segment your market

Work out if your market is large enough and accessible. Then segment the market into groups of buyers with similar preferences and buying habits. For example, the athletic shoe industry is broken up into several segmented groups – first by gender, then by the activity or sport.

Once you’ve identified your market segments, you can define your ideal customer for each segment.

3. Define your target customers

To define your target customers, ask yourself the following questions:

Who your customers are

• Are your target customers male or female?
• How old are they?
• Where do they live?
• What is their marital status?
• Do they have children?
• How old are their children?
• What is their education level?
• What do they do for a living?
• What is their average income?

Customer interests and buying habits

• What motivates a customer to make a purchase?
• What are your customers’ common interests?
• Who makes the buying decisions?
• How often do they purchase a product?
• Do they shop online or prefer to see their product before they buy?
• How long does it take them to make a buying decision?
• What form of media does your target rely on for information?
• How far do they travel to make a purchase?
• What other products do they buy?

Then target your marketing efforts to explain how your product and service will fit into their lifestyle and how it best meets their needs.

Business marketing

Marketing explained

There are many definitions of marketing. Broadly, it involves activities that help to build your brand and business. It’s about identifying and understanding your customers, and developing products and services that meet their needs. Marketing requires careful planning and research – but investing time and money now will pay off in the long term.

Marketing is more than just advertising and logos, it can be across many areas of your business, including:

• how your customers are greeted on the phone
• your customer service procedures
• what your staff wear
• your email signature.

Benefits of marketing

Good marketing tells a story about your business and gives your customers a reason to purchase from you instead of your competitors. It helps you to look at everything in your business that could affect how your customers identify you.

Writing a marketing plan can help you define certain aspects of your business and focus on your priorities.

Learn how to write a marketing plan.

 DEVELOP YOUR MARKETING PLAN
Legal obligations when marketing

When marketing your business, products or services, make sure you’re aware of any regulations or legal requirements including the ones we’ve listed below.

• Advertising your business
• Running competitions, lotteries or promotions
• Direct marketing
• Telemarketing
• Privacy
• Using intellectual property
• Trade mark laws
• International regulations

Whether you’ve just started out or been running your business for years, business planning can be the key to your success. Having a business plan:

• can help you prioritise – it gives your business direction, defines your objectives, maps out strategies to achieve your goals and helps you to manage possible bumps in the road
• gives you control over your business – the planning process helps you learn about the different forces and factors that may affect your success. If you’re already in business, it helps you to step back and look at what’s working and what you can improve on
• is vital to help you get finance – if you’re seeking finance for your business, you’ll need to show banks and investors why they should invest in your business

Before you write your business plan

Before writing your business plan, honestly evaluate yourself and decide if your business idea has a good chance of success. Analysis can help you anticipate any challenges you may face and help you overcome them. It can also help you set the goals for your business in your business plan.

Things to consider before writing your business plan:

• Analyse your business idea – Is your business idea viable? Is there a market for your proposed product or service? Is your business idea worth investing your time and money into?
• Analyse yourself – Are you ready to venture into business? Do you have what it takes to be an entrepreneur? Do you have the skills needed to run your business successfully? Are you ready to put in the hard work?

1. Determine who your plan is for

Does your business plan have more than one purpose? Will you use it internally, or will you involve external parties, such as an investor or bank?

Deciding what your purpose is, can help you develop your plan for the right audience. If the plan has been developed for third parties, you will need to determine what they’ll be most interested in. Don’t assume they’re just interested in the financial part of your business. They’ll be looking at the whole package.

2. Do your research

You’ll need to make quite a few decisions about your business including its structure, marketing strategies and finances before you can complete your plan. Research can help you develop goals and targets, as well as a better understanding of where your business should be heading. It’s important to make sure your research is up-to-date and accurate before presenting to lenders or investors as market conditions can change over time.

3. Update your finances

Lenders and investors need to know your finances are in order and your business is in a strong financial position. Both lenders and investors will want to know how much money you currently have, how much money you need and how much you expect to make in the near future. While a bit of extra funding will help you ensure you’re covered for unexpected costs, be realistic and avoid asking for more than you need.

4. Write your summary last

Summarise the main points of your business plan using as few words as possible. You want to get to the point but not overlook important facts. This is also your opportunity to sell yourself, but don’t overdo it. The summary should include details about your business, market, goals, current financial position, how much finance you’re seeking and what it will achieve.

5. Get help

Don’t leave your business plan to the last minute. It takes time, research and careful preparation to develop an impressive plan that can sway investors and lenders.

If you aren’t confident in completing the plan yourself, you can enlist the help of a professional to look through your plan and provide advice.

There are a number of government services available to help you plan, start or grow your business. These services can provide general advice, workshops, seminars and networking events, and can even match you with a mentor or business coach.

6. Review regularly

Review your plan regularly. As your business changes many of the strategies in your plan will need to change to ensure your business is still heading in the right direction. Having your plan up to date can keep you focused on where you are heading.

It’s a good idea to keep a record of each version of your business plan as they may contain some important historical information as well as your intellectual property.

7. Protect your plan

Having an understanding with third parties when distributing a plan could be enough protection for some businesses. However, others who have innovative business practices or products or services may wish for each person to sign a confidentiality agreement to protect their innovations.

It may also be a good idea to include some words in your plan asking the reader not to disclose the details of your plan.

Business plan template

Our business plan template and guide provides a roadmap for your business’s future. It can help you start your business and manage your future goals.

Business Plan Template

Business Plan Guide

Whether you’re about to start a new business, buy an established business or turn your hobby into a business, you’ll need to prepare yourself for any challenges you may face.

Before you start to work in your new venture, we recommend you take some time to consider the following key areas to help develop your business.

1. Analyze your business idea

The very first step of the process is to do some research and analysis to determine whether your business idea has potential and if you’re the best person to build it.

Some questions to consider include:

• Is there a need for your product or service?
• Is there a desire for your product or service?
• Who will buy the product or service?
• How hard will it be to develop your idea?
• Is your idea financially viable?
• How will you protect your idea?
• Who are your competitors?

Consider yourself

Operating a business is not just about working for yourself. It also means having the necessary skills to grow and succeed.

It’s important to consider whether you really understand what’s involved and whether you’re suited to running a business. Ask yourself:

• Why do you want to start a business?
• Do you have the skills to set-up and run your business or will you need to outsource?
• What are your business and personal goals?
• What income do you need to generate for your business to be successful?
• Do you have the financial capacity and time to start and run your business?

2. Define your customers and competitors

Conduct market research to help you understand your customers, your competition and your market. Research your customer’s habits, needs and where they’re located. Analyze who your competitors are, where they’re located and what they do better than you.

Through this research you’ll understand:

• who your customers are, their needs and buying patterns
• who your competitors are, what they sell and for what price
• how you can improve your business, product or service to become more competitive

When you conduct your research, you may want to consider:

• What your customer demands and expectations are?
• Where your customers are located?
• How and where they receive marketing?
• Who your competitors are?
• What are they selling and for what price?
• How they market their business?

3. Develop your business plan

An essential part of starting your business is developing your business plan. This will include the operational, financial and marketing aspects of your business. This is important if you are looking for a loan, applying for a business grant or pitching to investors. Lenders and investors want to see the true potential of your business idea. 

The plan can also help you identify your goals and develop strategies for achieving them.

Use our business planning template and guide to help you.

Remember a business plan is a living document. You should review it regularly to remind yourself of your goals and modify it when plans change.

4. Recognise risk

While setting up your business can be an exciting time you should also think about how you can protect your future business in times of crisis or change. Create emergency management and succession plan, to prepare and protect yourself against potential risks.

Consider what you would do:

• during a natural disaster
• if you could no longer run your business
• if you retire
• during technological disruption

5. Determine your business structure

Now that you have a more of an understanding of your business, your product and your customers, you need to register your business and decide on your business structure.

Pick a business structure that best suits your needs. Your business structure refers to the way you will operate your business. You can also change your business structure as your business grows.

Types of business structures include:

• Sole trader: an individual trading on their own.
• Partnership: a group or association of people running a business together and distribute income or losses between themselves.
• Company: a legal entity run by its directors and owned by shareholders.
• Trust: an entity that holds property or income for the benefit of others.

6. Confirm your business name is available

Your business name is the name under which you operate your business.

To find out if your business name is available search the business names register on the Ministry of Commence (MoC) website.

If your name isn’t available, try altering your choice or keep searching until you find a suitable name that is available.

7. Register your website domain

Your domain name is your website address on the internet. Your domain gives your business an online identity for your customers.

When you pick a website name, remember to pick a name that:

• represents your business
• is easy to remember, pronounce and spell
• is 3 syllables or less

If you want to buy a .com.kh or .org.kh web address you will need to have a company name or a business number (TIN). 

Also, you can use our Qbiz Solution’s service for digital marketing such as:

• Domain
• Hosting
• Mail Service 
• Website Design

8. Find advice and support

• Business Enterprise Centres, Association and our Qbiz Solution’s adviser who provide low-cost advice and support.
• Advisory services to help you find local business advisers and professionals.

So you’re thinking of starting in business? Whether you’re starting a new business, or buying an established one, you’ll need to prepare for challenges.

Starting a business requires a lot of effort and commitment. Before you start, it’s important to know what’s involved and if you’re suited to business and self-employment. We recommend you take some time to critically evaluate yourself.

Consider these key areas to make sure you are ready.

1. Do you have the right skills?

Aside from having knowledge in your chosen industry, running a business requires a wide range of skills such as business, personal and interpersonal skills. Now is the time to find training opportunities to help you build relevant skills.

2. Are you prepared to sacrifice your lifestyle?

Your lifestyle will change a lot as a business owner. You will need to work long hours and even weekends. You need to prepare yourself that you may have less free time.

3. Do you have the discipline to continue through tough times?

Passion and motivation can wear off during hard times. Make sure you’re prepared to keep working even when things are hard. You will need to rely on your discipline not to give up.

4. Do you have access to the money you need?

Make sure you are in the right financial position to start a business. Starting a business is exciting but also expensive. There will be a number of up-front costs you will have to consider, as well ongoing fixed and variable costs involved in running a business.

You may not start making money from your business for some time. It’s important you have enough financial backing to take on and support your new venture.

5. Are you prepared not to have a salary?

You should have enough savings or an alternative income to use whilst establishing your business. It may be a while before you can pay yourself a stable salary or income again. This may have a significant effect on your lifestyle and daily living.

6. How good is my business idea?

It’s important that you assess your business idea with a critical eye. Make sure that there is a need or desire from customers for your product or service.

7. Are you prepared to seek help?

It’s important that you are comfortable seeking help. Running a business isn’t a simple thing to do and you don’t have to do it alone. Make sure you reach out to professional business advisors or other trusted business professionals.

Talking to a business adviser or trusted accountant or tax agent can help you solve business problems and connect you to grants and programs.

8. Are you prepared for the risks including not succeeding?

Unfortunately, you need to be prepare yourself that your business may not be successful. This might mean that you could lose money, time and investments.

Before you start a business, be aware of all the business risks you might face.

9. Deciding not to start

It’s okay if you don’t feel ready to start a business. There are other pathways you can take.

You can:

• continue your business idea but as a hobby venture
• think of another idea and assess your new business idea
• reassess your situation again in the future – you might be ready then!

Guide to starting a business

This page is part of the guide to starting a business. Learn the other steps to get your business up and running.