The essence of marketing is to understand your customers’ needs and develop a plan that surrounds those needs. Let’s face it anyone that has a business has a desire to grow their business. The most effective way to grow and expand your business is by focusing on organic growth.
You can increase organic growth in four different ways including:
- Acquiring more customers
- Persuading each customer to buy more products – cross selling
- Persuading each customer to buy more expensive products or up selling each customer – upselling
- Persuading each customer to buy more profitable products
All four of these increase your revenue and profit. Let me encourage you to focus on the first which is to acquire more customers. Why? Because by acquiring more customers you increase your customer base and your revenues then come from a larger base.
How can you use marketing to acquire more customers?
- Spend time researching and create a strategic marketing plan.
- Guide your product development to reach out to customers you aren’t currently attracting.
- Price your products and services competitively.
- Develop your message and materials based on solution marketing.
The Importance of a Target Market in Small Business
When it comes to your customers keep in mind the importance of target marketing. The reason this is important is that only a proportion of the population is likely to purchase any products or service. By taking time pitch your sales and marketing efforts to the correct niche market you will be more productive and not waste your efforts or time.
It’s important to consider your virtual segmentation by selecting particular segments to present your offerings to. Those segments will have the particular likelihood of purchasing your products and services. Again, this saves you from wasting valuable time and money. Fish where the fish are.
Small Business Marketing and Large Business Marketing are Different
If you are like the majority of small business owners your marketing budget is limited. The most effective way to market a small business is to create a well rounded program that combines sales activities with your marketing tactics. Your sales activities will not only decrease your out-of-pocket marketing expense but it also adds the value of interacting with your prospective customers and clients. This interaction will provide you with research that is priceless.
Small businesses typically have a limited marketing budget if any at all. Does that mean you can’t run with the big dogs? Absolutely not. It just means you have to think a little more creatively. Know your target market and try to determine the best possible way to reach them. Don’t use a shotgun approach, rather try to focus on what media your target market is looking at or any method that you can use to cost effectively reach them. Angloinfo is a good example of this. It is know that most people when looking for a product or service provider will look online. So make sure that your marketing includes online. By knowing the objectives of your campaign, you will be in a better position to select the right medium. Are you new on the market and you need to educate or inform (Brand Building) or are you well know and you want to increase your sales (call to action)? The medium or method of marketing and promotion that you use mustbe able to achieve your objectives.
When you do spend money on marketing, do not forget to create a way to track those marketing efforts. You can do this by coding your ads, developing specific landing pages, using different telephone numbers, and asking prospects where they heard about you. This enables you to notice when a marketing tactic stops working. You can then quickly replace it with a better choice or method. You would be surprised how many business don’t do this and just keep on spending money on the incorrect activity.
Getting Started with Small Business Marketing
The best way to go about getting started with your small business marketing is to do a business or marketing plan or at least write down and do the followings:
Your business Vision – business objectives – your target market/s – options available to reach them – what you wish to achieve through the marketing you do – how much you wish to spend to achieve your goals - implementation plan - how you will measure the performance of your marketing activity (did you achieve your objectives from the money you spent?)
We wish you success in your effective marketing!