The first question a small business owner should consider is: How small do you want your business to be? It is important for small business owners to know at the outset of their business plans whether or not they prefer to keep their business “small” and “local” or they have more expansive aspirations. The final decision relates directly to management style since some business owners may enjoy smaller business operations, while others want their businesses to double in growth according to the time frame of their business plan. Business size also affects marketing strategies that result in success.
Five Marketing Strategies for Your Small Business
There are five marketing strategies for new and existing small businesses. These include:
- Cumulative studies of target markets
- Understanding specific buying habits of customers
- Relational marketing and sales campaign concepts
- Interactive networking
- Use of various marketing and sales media
Cumulative Studies of Target Markets
When a sales and marketing staff in a small business understand the concepts of target markets, it is less difficult to expand the borders of each salesperson’s pipeline. Once target markets are determined, these reports should be reviewed and updated regularly to keep marketing data cumulative and proactive.
Understanding Specific Buying Habits of Customers
Small businesses have a great advantage to learn specific buying habits of customers since their customer base may be smaller. This is true for products and services purchased online or offline. Look for customer buying “trends” to add to product lines or services or to develop new sales offers.
Relational Marketing and Sales Campaign Concepts
In the world of sales and marketing strategies, small business owners need to understand how to design relational marketing and sales campaigns. This simply means a small business owner can cover a wider range of target markets by relating a single market to several others. For example, a target market for real estate can branch into commercial and industrial real estate target markets, along with the original residential real estate targets.
Few small businesses survive without a solid, supportive network. For small business owners, this is also a good way to learn competitors marketing strategies as members of the same business network.
Interactive networking is composed of several venues from which small business owners can be active members of a local or larger community online or offline. Networking is also a great way to reduce the cost of advertising.
Use of Various Marketing and Sales Media
Without a doubt, the use of mobile devices and social media has changed the landscape of marketing strategies for small business. There are various marketing strategies that form a multiplicity of useful media venues.
Content marketing remains one of the top strategies to market products and services. Use of SEO, Adwords, and other browser strategies add to the benefits of a broad range of media options for small business owners.
By forming the basic marketing template and disseminating it to websites, blogs, and social media, a small business owner covers many bases for greater business ranking, image, and visibility.
Kareem Elsirafy is a serial entrepreneur who has been able to successfully start multiple businesses and works as a mentor to help small businesses scale their revenue.