A good marketing strategy helps you target your products and services to the people most likely to buy them. It usually involves you creating one or two powerful ideas to raise awareness and sell your products. Developing a marketing strategy that includes the components listed below will help you make the most of your marketing investment, keep your marketing focused, and measure and improve your sales results. To develop your marketing strategy, identify your overarching business goals, so that you can then define a set of marketing goals to support them.
Your business goals might include:. When setting goals it's critical to be as targeted as possible so you can effectively measure the outcomes against what you set out to achieve.
16 Awesome Marketing Strategies For Small Businesses
Define a set of specific marketing goals based on the business goals you listed above. These goals will motivate you and your team and help you benchmark your success. Examples of marketing goals include increased market penetration selling more existing products to existing customers or market development selling existing products to new target markets. These marketing goals could be long-term and might take a few years to successfully achieve.
However, they should be clear and measurable and have time frames for achievement. Make sure your overall strategies are also practical and measurable. A good marketing strategy will not be changed every year, but revised when your strategies have been achieved or your marketing goals have been met. Also, you may need to amend your strategy if your external market changes due to a new competitor or new technology, or if your products substantially change. Research is an essential part of your marketing strategy.
You need to gather information about your market , such as its size, growth, social trends and demographics population statistics such as age, gender and family type. It is important to keep an eye on your market so you are aware of any changes over time, so your strategy remains relevant and targeted. Use your market research to develop a profile of the customers you are targeting and identify their needs. The profile will reveal their buying patterns, including how they buy, where they buy and what they buy. Again, regularly review trends so you don't miss out on new opportunities or become irrelevant with your marketing message.
11 Best Marketing Strategies for Small Business Owners | JUST™ Creative
While you try to find new customers , make sure your marketing strategy also allows you to maintain relationships with your existing customers. Similarly, as part of your marketing strategy you should develop a profile of your competitors by identifying their products, supply chains, pricing and marketing tactics. Use this to identify your competitive advantage - what sets your business apart from your competitors.
You may also want to identify the strengths and weaknesses of your own internal processes to help improve your performance compared with your competition. Being clear about details such as these will allow you to develop a targeted and more effective overall strategy that focuses on the channels most likely to produce results for you.
There Is No Magic Marketing Strategy
Facebook Ads are one of the best ways to target a specific group. Your advertising can focus on factors such as age, sex, location, interests, online habits and so on. The system is easy to use and is relatively inexpensive, making this a great way for you to reach the maximum number of potential customers in a short time. One of the most important ways of directing web traffic to your site is through Google searches. Even as Google changes the search algorithms, you still need to keep your page keyword optimized to make sure you rank highly on searches.
Email has many advantages as a marketing channel. It is easy to do, easy to automate, allows instantaneous communication, costs very little and can reach a large number of potential customers with the highest open rates, especially if you segment your list as shown above. The main idea is to get people to come back to your website at a later date when they are likely to buy your product. Email leads still have one of the highest conversion rates of all sources. Google My Business is a particularly useful tool for local businesses with a local customer base.
When people in the local area search on Google for the product or service you provide, this is a great way to have your business appear near the top of that search.
25 Types of Marketing Strategies for Small Businesses – Which Ones Do You Use?
When potential customers see your profile and accompanying good reviews at or near the top of the list, your business automatically gains credibility and people will be more willing to trust you. With so much being done online nowadays, sometimes people forget the more traditional ways of gaining visibility. For local businesses, sponsoring a local sports team is still a great way to raise awareness of your company. People love their local sports teams and having your logo emblazoned on the kit will make people associate your brand with the local area.
They will be more likely to think of you when they need your product and will be more likely to come to you due to that local association. If you want to build awareness of your product, you need to let people try it. A great example of this is when Keurig wanted to move from making coffee machines for the office to producing machines designed for home use.
Despite the fact they had a fantastic product to sell, at the time a pod-based coffee machine was still a very novel idea, so they made an effort to demonstrate their Keurig Brewing System in stores and other high-visibility locations. The strategy obviously paid off since the company has since gone on to dominate the US home brew coffee market and become a way of life. It can take a long time to start seeing results from your SEO strategies , but it pays off in the long run. One of the easiest things you can do now to increase your search engine traffic over time is keyword research.
Keyword research tools will tell you what words and phrases your target audience most often uses when searching for information or products that your business can provide. How do you do what you do better than anyone else? Knowledge shares can be anything from YouTube tutorials to webinars , to speaking at local conferences. You could repurpose your presentations and put them on your blog! Be active on LinkedIn! This is a great way to find others in your industry, join chat groups and forums for advice or event invites.
Book a booth at a town fair.
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Sponsor a few recreational sports teams in the area to place your logo on the back of a shirt. Host your own event! Invite your community to an open house or lunch and learn session. Another route to take is volunteering! Have your co-workers get together to help a local cause offering a day off for volunteering sounds good to me.
Do good and help your business. Look for feedback, because the best companies are constantly improving.
After completing a service, ask your customer to comment on their experience. My personal favorite part of winning awards is the swag that goes along with it. You are presented with a trophy, or a medal, or even just a badge, that you can then place in a prominent place to assert that your business savvy is, in fact, the best. Award shows are also another great place to network! You would be surprised at the sheer amount of awards available—you may even be able to run unopposed—check with your local news publications to see what is in your area.