Marketing is a process, not a destination; a marathon, not a sprint. Yes, we can amass more analogies, but the point of this post is that an effective marketing strategy for any small business is to start with the basics. In a recent forbes.com article, “Overcoming Top Small Business Marketing Challenges,” a member of the Young Entrepreneur Council covers the pillars of a successful marketing strategy and lays the foundation to maximize your momentum. Below, you’ll find a few highlights.
If you own a small business, you face a variety of challenges when it comes to marketing. Unlike large corporations, your budget is limited. You don’t have a large team of experts at your disposal. You also need to keep up with the latest innovations in technology and marketing.
Deciding Where To Focus
There are more ways than ever to promote your business. There’s SEO, social media, PPC and other online advertising methods, content marketing, and my own specialty, mobile marketing. While it’s great to have choices, you also have to refine your approach and decide what’s right for you.
Identify where to invest your resources. I always tell clients to first ask themselves where their customers are spending their time. …Don’t simply use an advertising or promotional strategy because its trendy. Make sure it’s an effective way to target your customers.Differentiating Yourself
Unique Selling Proposition/Point (USP) is an old business principle that is more relevant now than ever. Many businesses seem to look to their competitors for guidance on branding and marketing, which is always a mistake. Give customers a unique reason to seek your product or service. Branding and differentiation apply to your website, social media pages, paid ads and everything else that has your logo or business name attached to it. What’s the particular appeal of your business? …Your visual style, fonts, language and overall tone should be consistent on all of your platforms and channels, whether online or offline.Getting Repeat Customers
Attracting customers in the first place is difficult enough, but the best way to grow a business is to get loyal customers who return again and again. There are many ways to do this, such as coupons, loyalty programs and email marketing. The latter is particularly effective for building relationships with customers.Funding Your Marketing Efforts
Many small businesses have trouble finding the cash to invest in marketing. This is a dilemma because you need marketing to get attention for your business but you need money to invest in marketing outreach. If you’re short on cash, start with free or low-cost methods. It doesn’t cost anything (aside from your time) to set up a Facebook page or other social media accounts, post to your blog or set up an email list.Lack Of Time
Time and money are the two major resources that everyone is always trying to balance. As I mentioned in the last section, if you’re short on money, you can start with cheap marketing strategies. These do, however, take time. Writing blog posts, maintaining social media pages, making videos and so forth takes time. Furthermore, many business owners don’t have the expertise to implement an effective content marketing plan. There’s no simple solution to this dilemma. It’s a question of finding the right balance. However, one thing I often advise businesses is not to overlook the value of their time. If you can afford to hire a dedicated social media person or content creator, that’s one thing. However, it’s difficult to run a business and learn all of these things yourself. Look for ways to outsource essential tasks.
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How effective is your marketing strategy? What tips can you provide to fellow small business owners? Feel free to share your experiences in the comments section of this post.
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