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Opinions expressed by Entrepreneur contributors are their own. It's quite common for small business owners to focus on product development. They're passionate about it and have experience in it. But, they completely overlook having a marketing system that can lead to increased profits. The key to successful marketing lies in focusing on three main components, and knowing what you are actively doing. Marketing message You need to determine who your targeted audience is and what problem you are solving for them. And, what makes you different and unique so that they will choose you over your competitors. Providing you complete this initial step successfully, you won't encounter any problems later in the sales process. You will not stand out from other competitors in the market if you don't know your customers and the problems you're solving for them. This will hinder your ability to make sales. Related: 5 Building Blocks to Create Compelling Marketing Messages Lead generation It is the process of converting a complete stranger who doesn't know anything about your company or product to someone who is interested in learning more about it. Business owners complain that they are not achieving their targets even when most of their customers are satisfied and their feedback is always positive. The usual questions I ask them are, how do you get leads and are you constantly running ads. I usually follow up by asking, how are you expecting people to learn about your services if you're not advertising to them. There is no point in creating content on social media if it doesn't reach the people to the degree you want it to. A business without advertising will never grow in the way it expects. It will be left in the dark. Businesses that spend money and invest in advertising are more likely to attract...

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Opinions expressed by Entrepreneur contributors are their own. It's quite common for small business owners to focus on product development. They're passionate about it and have experience in it....

March Madness: Finest Past Players and Potential Future Greats

Excitement is building as one of America’s best-loved sports tournaments, March Madness draws near and NCAA teams look to do battle on the basketball...

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