All about small business marketing
The reality is that small business marketing can often mean the difference between your small business succeeding or quietly fading away. To many small business owners feel that when money is tight, that marketing their products or services, is not worth spending the money on. This can be a fatal mistake. The bottom line is that if your customers don't know what you can offer them, how can they know that they should buy from you? If you understand what your target market's needs and wants are, you can develop a marketing strategy that positions your small business as the answer to that need or want. And by using some creativity and planning you can do it affordable!
Small business owners must realize that the core of their marketing must focus on growth. Do not make the mistake of trying to be everything to everyone. By focusing on what you can do for the customers you already have, and then attracting more of the same type of customers, you can grow your small business into something much larger. Here are the steps to focus on-
1. Gain more customers-Your marketing must be a reflection of what you can offer your target market.
2. Have existing customers buy more of your product or service-You must be able to market to your customers that they should buy even more from you.
3. Have your existing customers buy even more expensive products from you-Your marketing should also reflect why your top of the line products are the most desirable.
While each of these steps can bring about growth, it is most important that small businesses focus on the first one. Growing your customer base is the best way to insure the long-term survival of your small business. If your marketing is effective it will produce this result. Here are some tips to get you started.
- Do not overlook the need do the proper amount of market research. This information is invaluable when you are planning your marketing strategies.
- Look at your products closely to determine if you are developing what your target market is really going to want.
- Go over your pricing strategy in detail, to make sure that you product or service is priced competitively. Keep in mind that the wrong pricing can be damaging. If you price your product or service to high, your target market will go elsewhere, to low and they will feel that your product or service must not have real value.
- Make sure that your marketing positions, your small business as the answer to your target markets problem or need. By establishing this type of relationship with your customers, you are far more likely to secure long-term sales.
There are many small business owners who make the mistake that they can just follow the same marketing as their larger competition. This is an unfortunate mistake. First and foremost, most small businesses do not have the same amount of money to spend on marketing. Small businesses must be creative and look for ways that they can market their product or service, while still protecting their bottom line. Do not assume that since you are only a small business, that you cannot reach out and target your customers. There are many different ways you can market to your potential customers-
- Send out referrals and discounts to your existing customer base.
- Use Public Relations-This type of free publicity can go a long way toward boosting the profile of your business.
- Piggy back onto another event. If you are willing to sell tickets, participate in a charity fun run, or donate food for the homeless, your target market will take notice of you.
- Participate in co-op advertising with other small businesses
- Remember the only limits you have are those of your creativity!