Small Business Marketing is the process of selling products or services to customers usually through advertising efforts. A good business marketing strategy devises a method of effectively communicating to potential and present customers why they should choose your business. Marketing your small business is essential to it’s success so it is a good idea to develop a Small Business Marketing Plan. You can also consider getting help from marketing experts who have extensive knowledge in this field and can offer you valuable marketing strategies. Below are some tips and marketing strategies for medium and small businesses.
1.)Target Market– The first step in developing a small business marketing strategy is to select your target market. Specifying who you are selling to can help you develop more effective advertising campaigns.
2.)Conduct Market Research– By conducting market research you can discover what potential customers are looking for in your type of business and then use this information to develop an advertising campaign that will attract them. For example if through market research you discover that the main motivator in consumers are low prices, you can use this to appeal to them. You should be aware of your potential customers and their wants and needs. Is there a demand for a product that is not being met? Is there a lot of competition? Know your market environment. Marketing a product or service that nobody wants is a sure way to small business failure. Many entrepreneurs make the mistake of assuming they know what customers want and only discover their mistake when their small business fails to produce profits. Back up your assumptions with facts and market research. Just because you love those presidential bobble heads doesn’t mean your customers will.
3.)Analyze your competition– Perform a competitive analysis and find out all you can about your competition. How are they promoting their business? What are their strengths and weaknesses? Through your competition you can get good ideas on how to advertise your small business.
4.)Your unique business spin– Your small business should have its unique spin that makes it stand out from the competition. Sell why your product or service is better. Does it offer something different from your competitors? It might be faster service, better quality, lower prices. Will customers appreciate this difference? You may think you know what customers want but you don’t. You may be surprised to find out that lower prices are not always a customer’s priority. Market Research can help you gain valuable information about what potential customers are really seeking in your business.
5.)Communicate through a single statement– Communicate the “unique spin” of your small business idea through a single statement. This statement can be your small business slogan. Make sure this unique spin is something your target market wants. For example Maria runs a house cleaning service in NYC. Her target market are wealthy New Yorkers who don’t have time to clean. After conducting market research she finds out a majority of her potential customers are seeking 1. Good quality cleaning and 2. Cheap prices. She decides to make her slogan, “Luxury cleaning without the luxury prices.” Maria uses this phrase on all her advertising efforts. The public will repeatedly see this phrase and associate it with Maria’s cleaning business. The phrase is simple, straight to the point and conveys the unique spin.
6.)Consistency– Using a consistent statement and brand for your small business marketing will better utilize your past and current advertising efforts. You want past customers to remember you and return, and new potential customers to give you a try.
7.)Test various small business advertising methods– Try various advertising methods and find out which method of advertising is more effective for your small business. This will save money in the long run because you will only be spending money on the most effective forms of advertising. For example you may want to hand out flyers, develop a small business website, try yellow book ads, billboards, newspaper ads, radio ads and more. Find a way to keep track of how customers find your small business. Find new ways to effectively reach your target market. Test conventional as well as non-conventional ways of advertising. Be sure to avoid illegal advertising methods.