When you’re starting a business, it’s easy to feel like you’re in over your head. Even the most seasoned entrepreneurs find themselves unfamiliar with some of the terminology used in the world of business. So if you’re just getting started with your own small business or startup, don’t worry if you don’t know what all the lingo means right away! Here you can get familiar with these basic business terms that you may hear as you undertake your business journey.
What is marketing strategy?
Marketing strategy refers to how you plan to get your product or service in front of your customers. Marketing is not just advertising—it’s also about finding ways to make people aware of your product without being too pushy. It can be tricky for small business owners to find ways to market their products and services. However, there are plenty of strategies you can use when you put some thought into it. A little marketing goes a long way!
What is intellectual property?
Before you launch your business, you need to understand what type of intellectual property protection is available for your business idea. Copyright law protects original works of authorship, including literary, dramatic, musical and artistic works such as poetry, novels, movies and songs. Trademarks protect words, phrases, symbols or designs that identify goods or services and distinguish them from those manufactured or sold by others. Patents protect inventions—new products or processes—that are novel, useful and non-obvious. A patent gives its owner the right to prevent others from making, using or selling an invention for up to 20 years in exchange for public disclosure of how it’s made and how it works.
What is branding?
Branding is your business’ image and how people perceive you, but it’s so much more than that. Branding is about defining who you are and what you stand for. It’s about building trust and customer loyalty by consistently offering outstanding products or services. It’s about forming relationships with customers based on shared values and beliefs.
What is public relations?
Put simply, public relations is building relationships. Most often, small business owners think of public relations as marketing or advertising when it’s actually much more than that. A PR professional uses communication to build connections between the company and an audience that may be interested in buying the product or service. Public relations also involves managing information flow within your organisation to ensure that everyone has a voice. Think of it as reporting directly to your customers.
What is ROI?
Return on investment is a way of measuring how much money you can expect to get back from the money you have put in. ROI is usually a percentage. For example, if you invest £100 in a company that offers 100% return on investment (ROI), you’ll make £200.
Hopefully today’s blog has helped all our new entrepreneurs to get familiar with these basic business terms. For more help and advice on how to run a super successful business, check out the Savvy Support Hub at support.itsallsavvy.com