Small businesses often ask the following question…“How do I market my product? I don’t have a lot of money to spend on advertising and I’m a small player competing against much larger budgets”. The key to success for small businesses in traditional markets is doing a lot with a little and appearing bigger than they in fact are. Here are 5 ways to accomplish what might sound like an impossible task:
- Develop a Marketing Plan
The key to success as a small business is to know who your target audience is, determine how and where to best communicate with them and then execute with laser focus. Developing a marketing plan will be the best time and money spent as it creates the map for you and your team to follow and the basis for all decisions.
- Create a Unique Selling Proposition (USP)
After identifying who your target customer is and how to communicate with them, you must determine your USP – your Unique Selling Proposition. This is the definition of what makes your business unique amongst every possible competitor and allows you to hone your tone, imagery and choice of channel to engage your target audience.
- Content, Content, Content
In a world where consumers are bombarded with brand messaging, creating and curating relevant content is critical. By creating interesting content, sharing other relevant insights and taking a position whether positive or negative on activities in your sector, you will rise to be top of mind with your target consumer and the go to source for industry news and views.
- Social Media is your best friend
Social media can drive organic growth. By publishing content that is relevant and engaging, your network of influence will grow. Learn how to use popular social media channels to drive engagement with your brand and grow your business by finding out how consumers use various social channels and what they value about each. You are also able to be highly targeted with paid advertising on social media channels, increasing your ability to test various messaging with target audiences.
- Develop a Customer Referral Program
Finally, harness the power of a growing online and offline network to create a customer referral program. Create easy mechanisms for referrals and allocation of benefits that work in both the physical and online world.
Small businesses have the opportunity to do more with less if they are highly targeted in their approach and invest in a few core strategies that deliver the greatest influence and impact.