5 Keys to a Great Small Business Marketing Strategy - Small Business Trends
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All successful businesses have a clear marketing strategy that makes everything they do more effective. Strategy is simply the decisions you need to make so your tactics work better. Your marketing strategy is the foundation for creating awareness, generating interest, closing new sales and continuing customer engagement.
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Your marketing strategy guides your company culture, your products and services mix and your pricing. The 5 Keys of Marketing Strategy Who is your narrowly defined target customer? In which category does your business exist?
What is your unique benefit? Who is your real competition? How are you clearly different from your competitors? To make your tactics work better, to grow your business and bring sanity to your world, you have to decide on the single, simple answer to each of these questions and commit to not changing it for a year or two.
And focus is almost always the difference between a business that grows profitably and one that never seems to gain any momentum. Who is Your Target Customer? The first decision in any marketing strategy is to define your target customer.
Focusing on a well-defined target may make you uncomfortable at first, but stay the course and follow through. He made this change over a period of two years and tripled his business, narrowed his service offerings and strengthened his pitch.
The narrower you define your market so you can focus on those that you can best serve and those that can best service you, the more effective your entire business will be. What is Your Category?
Your category is simply the short description of what business you are in. What few words would someone say to describe your business? This leaves people unsure of what you actually do, which weakens your marketing effectiveness. Clearly defining your category helps amplify your marketing and sales efforts.
Think of what it would take to be the best — the leader — in your category. Then narrow your category definition or your target market focus until you are the leader. A focused laser can melt steel at a distance, but the same light undirected has no effect. Be laser-like in your focus. What is Your Unique Benefit? Your unique benefit should highlight the one or two main things your product or service actually delivers benefits that your target customer really wants, not a long list of all the things your product does features.
Before you begin, think about these important concepts. Make a Plan Many small businesses create marketing content such as blog posts and social media contests without any clear goals in mind, which is a common misstep. By planning a strategy before producing content, your business will be better prepared to sustain a consistent long-term marketing campaign. Take time to plan out realistic goals and objectives. Do you want to increase customer engagement?
5 Keys to a Great Small Business Marketing Strategy
Do you want more people to know about your business? Write down your goals so your business can keep track of its success along the way. Understand Your Audience Knowing who your customers are and what they like to do helps you target an audience more likely to buy your services. Create a customer profile before you start marketing. Age, gender, education level and income are all things your business should consider when creating a target consumer for your marketing campaign.
Good marketing entertains or educates customers.
By knowing who those customers are, you can be better prepared to create content, such as how-to tips that interest them. Know Your Brand Research about return on investment by the market automation organization Eloqua suggests that it may take as long as a year or two for your marketing efforts to contribute substantially to the bottom line.