How do you maximise your small business marketing results to match your investment? Marketing is the backbone of any successful business, you just can’t do without it.
But in today’s competitive market, it’s not just about marketing your business, it’s also about how you do it. Another thing one has to consider in business marketing is the targeting audience.
No doubt about it, targeting the right audience is the key to business marketing success.
Business marketing is essential. It is capable of helping your businesses reach potential customers and thus helps you to outperform your competitors.
Best ways to maximise your small business marketing results
The simple fact is that it takes more than awesome products or excellent services to succeed in today’s highly competitive business environment. So as great and awesome as your products might be, marketing it to the right and relevant audience is a must.
Therefore, before you begin marketing your business – on a local, national or international level – below are 10 pieces of advice to keep in mind to help you maximise your marketing results.
#1]. Start with a marketing plan
There is this usual mistake of rushing to implement marketing tactics without putting a plan in place. This is particularly common with small and medium businesses. The fact is that it will be wasted valuable time and money trying to woo customers who don’t have a need for your service or product.
In order to set measurable objectives and the appropriate business marketing strategies and tactics needed to achieve them, your marketing plan should begin with an analysis of your market, business environment, competitors and customers.
Knowing the market you compete in and the factors that impact your business will ensure you develop and implement tactics that are relevant, maximise your marketing spend and achieve profitable results.
#2]. Focus on the customer
All effective marketing strategies begin and end with the customer as they are the mainstay of any successful business. This is why it is important to get your business customers definition right and find out who your most profitable customers are and how you can keep them loyal.
Also, as a small business owner, you have to devise means through which you can attract new customers with a similar profile to your existing ones.
You should only target your business marketing towards the audience that has a need and desire for your service or product. This is the best way to ensure you optimise your marketing spend now and in the future.
#3]. Focus on keeping your customers
No matter how huge your business customer base is, you should always strive to work towards keeping your existing customers. If you ask, most of the successful businesses will tell you that retaining your customers is far more cost-effective than trying to attract new ones.
Therefore, it is important that you set objectives and develop marketing strategies that focus on the retention and expansion of your most valuable customers as this will guarantee a successful business long term.
Also, try to get into your customer minds and understand what they find most pleasing about your business. You will also be able to know where you need to improve your business’s relationship with the customers. Also, you can easily be able to increase sales and revenue through this too.
#4]. Identify your key points of difference
You will agree with me that the market is extremely competitive no matter what you are selling. So if you want to maximise your small business marketing results, you have to identify what makes you or your business different from your competitor.
The fact is that you stand a better chance to gain a competitive edge in your market by knowing and communicating your key point of difference to your target market.
You got to ask yourself such questions as what makes you stand out from your competitors? What makes you better than your competitors? Is your point of difference relevant to your customers’ needs and wants?
Once you know this, you’ll be able to set yourself apart from your competitors and place emphasis on the areas of your business that will provide the most return.
#5]. Know your market
Your market is the overall industry in which you compete. You need to analyse your market so that you can gain an understanding of your business’s full market potential and identify new areas of opportunity.
Have you asked yourself such questions as: Is my targeted market local, regional or national? Is my market growing or declining and why? Which segment(s) of my market is most advantageous for my business to compete in?
Which factors are changing my market (eg. seasonality/trends) and how will they affect the future of my business? These are some of the key ingredients you will need to ascertain better small business marketing results. Please check out our article on affordable ways to enhance your business local search and online advertising.
#6]. Know your competitors
Who are your business competitors? Which of the businesses have more market share than you? What are your competitors doing better than yourself?
Investigate your competitors and find out their strengths and weaknesses and how they compare to yours. Analysing your competition will enable you to determine what makes you different from your competitors and what you do better.
Your key strengths and point of difference can then be communicated to your customers to differentiate yourself in the market. If you also get to know your current threats now, you can put a plan in place that will make sure they don’t become a greater threat in the future.
#7]. Know your business
Review, review, review! What do you know about your business? Just have it at the back of your mind that entrepreneurship is not just about establishing a business alone, it’s also about doing such things ads reviewing your business.
Reviewing your business on a regular basis and comparing your performance to your market and competitors will help you to identify your current strengths, weaknesses and future opportunities for business growth.
#8]. Set realistic objectives
Set target, it’s very important in running and marketing a business. Don’t just go about blabbing. Be realistic about what you need to accomplish and where you want your business to be within a foreseeable future.
Your marketing objectives should be relevant to your current marketing and business issues and move you towards achieving your financial goals.
Therefore, your business marketing objectives should be linked to your financial and sales objectives. I=Also, it should follow the SMART principle i.e. (S) specific – (M) measurable – (A) achievable – (R) realistic – (T) time.
#9]. Track and evaluate your marketing tactics
Big businesses don’t rest on their laurels after having implemented their marketing plan and neither should small to medium businesses.
Tracking and evaluating your marketing tactics will save you valuable time and money, as it will show which tactics worked for your business and which should or should not be repeated in the future.
#10]. Learn from your experiences
Continually speak to your customers, research your competitors and analyse your business and market to ensure you are taking advantage of all opportunities available.
If something doesn’t work – don’t be put off – chances are you will know what went wrong and why, so your marketing activities will only become more effective and improve your business results year after year.