Marketing strategy tips for small businesses.
For all entrepreneurs, making the decision to start a business and ideate constantly is tough enough and it is downright daunting to top that with putting together a marketing strategy while you are still working on a roadmap for success. There are considerations that can affect how you market your business. The goal of marketing remains trying to identify your target audience and applying the right strategy to attract and engage them.
In this blog, I am going to highlight what small businesses should consider when selecting their marketing strategy.
Marketing Goals: Running a business without well defined goals (marketing or business) is like running very fast with your eyes closed. Setting goals enables you to devise a detailed blueprint and plan that aligns limited time and resources with achievable marketing objectives. Examples of marketing goals include new customer acquisition, reputation management, increasing brand awareness or a focus on lead generation and customer retention.
Customer Insight: It is very important to have a good understanding of what your customer profile is. Knowing their motivations for seeking a business like yours or what drives their need for your product/service is important. Knowledge of their buying behaviour also helps i.e. where do they shop(online or in store), if online, what channels works best to reach and engage with them (social media, email marketing etc.). Insight into these attributes goes a long way in helping to build and nurture a consistent pipeline.
Market Insight: Alongside understanding your customers, it is critical to know your operating landscape which includes industry trends, who your competitors are and how they operate etc. Conducting some form of research is the best way to get the information needed and you can also sign up for industry news or conduct a survey.
Return on Investment (ROI): With limited resources and budgets standard for most small businesses, your efforts must be focused around the tactics that generate the best return on investment for your marketing spend. You must test different strategies and evaluate them to understand which is worthwhile to invest in.
In conclusion, marketing strategies for small businesses will continue to evolve and the onus is on the business owner to stay alert to fast changing market dynamics to ensure the right tactics are being deployed to maximise success.
Oyinda Bishi is a marketing consultant and Founder of Growth Hacks.