Saturday, August 6, 2016

How to Develop a Marketing Strategy for your Small Business


How to Develop a Marketing Strategy for your Small Business

Starting a business means little unless you let the world know you exist. You must seek out your target customers in the least expensive, most effective ways possible. By developing a marketing strategy targeting whom you believe will be your small business’s best customers, you give your business the best chance for achieving success.

Finding your Target Market

Finding customers requires you to research your target demographic. Will your business be for millennials or Gen-Xers? For the bachelor or the family man? For the casual sports fan or the tailgating, jersey-wearing fanatic?

Trying to market to everyone is a challenge and will prove costly when accounting for a return on your investment, or how many customers your marketing strategy brings in. By narrowing down your marketing efforts to a select few, you increase the likelihood that your potential customers will see your business and purchase your wares. This means your strategy is more efficient on a per customer basis.

Learning the Competition

When starting a small business, it helps to know your competition. You need to know what type of market strategy they are using because you want to get their customers. Learning their methods can provide you with tips on what to use in your strategy and ways to counter their strategy.

Any competitor, large or small, has shortcomings in regards to serving the market. Use the weaknesses of your competition to your advantage. Maybe your competitors are not targeting the same potential customers your business will. Maybe their current customers are not pleased with your competitor’s customer support for their product or service. Make your competition’s weakness your strength and grab some of their market share.

Determine the Price

Getting into a pricing war with a larger competitor, especially as a small business, could spell the demise of your business. In your research of your competitors, you will find valuable pricing information so that your small business can be competitive.

Remember, increasing prices and reducing costs are the best ways to increase your profits. Set a price for your products or services to give your small business the best chance to make a profit while at the same time covering your costs. Find other ways to differentiate your business to gain customers beyond price, such as having a strong customer service or support team.

Find the Location

Now that you have a determined a good price to sell your product or service, you must find a place to house your small business. Should it be online only or a traditional brick and mortar location? Whichever location you choose, be certain that your target customers can find it. Choosing the wrong distribution channel can eat away at your profits and turn away your customers.

Advertise

Finally, you must advertise your business. Once you have your target market in mind, you want to develop a promotional strategy that will get your ideal customer's attention. Try various forms of advertising to determine which works best for your small business. Would television ads bring in the most customers or would using billboards work better? Alternatively, would ads on Facebook be better? Once you find the best form of advertising to use, maximize it. Also, combine advertising channels to get your small business in front of as many eyes as possible.

Conclusion

Success for your small business depends on how effectively you use your marketing strategy. Determine how you can gain market share and grow in the midst of your competition. Keep your business flexible and ready to adapt when needed. The success of your small business depends on it.

Use this marketing strategy template to help get you going.

5 comments:


  1. Wow that's a wonderfull blog having all details & helpful. Business location strategy

    ReplyDelete
  2. Wow that's a wonderfull blog having all details & helpful. Business location strategy

    ReplyDelete
  3. I want to say thanks to you. I have bookmark your site for future updates.
    website design westchester New York

    ReplyDelete
    Replies
    1. Thank you very much. I'm glad you enjoyed this post.

      Delete

Featured Post

How to Develop a Marketing Strategy for your Small Business

How to Develop a Marketing Strategy for your Small Business Starting a business means little unless you let the world know you exis...