Strategic Marketing for Entrepreneurs
Build a Marketing Plan
Develop a Business Strategy
Small business owners are faced with many challenges which includes branding the company and its products and services, which can be done through the development a business strategy for marketing. Strategic marketing for entrepreneurs is always a tough thing to do because it can be costly to get started, however with a solid plan there are many ways a company can get the ball rolling without breaking the bank and reach their target customers. Start ups require utilizing different strategies than established businesses that have large budgets for marketing and a brand identity already, so for an business founder to overcome what they lack in terms of financial resources, they need to be flexible and well aware of the current trends in the industry.
By completing a competitive analysis and understanding the reasons that your product or service may stand out from the rest of the market provides an entrepreneur with the core information needed to develop a solid strategic marketing plan.The it needs to be implemented quickly otherwise can quickly go stale. Taking advantage of both traditional marketing techniques and online strategies that are comprised of both advertising mediums and engaging with the local community and online community through social media sites.
Favorite Traditional Marketing Technique
Traditional Marketing for Small Businesses
Creative, but affordable marketing for a business is possible and when done right can attract a lot of customers that will boost sales numbers without having to spend a lot on advertising. It is not always easy to come up with the right marketing strategies and content so talk with your friends and family and get others input before moving quickly with a marketing idea. Once you start printing your traditional marketing collateral if you find a mistake or decide to make a change you are losing resources that could have been better spent elsewhere, so take your time to like your marketing material prior to going to print, buying a sign or any other significant marketing expense. Advertising by ads or leaflets can be done in smaller sizes than the usual larger sizes so you can produce more ads for the same cost. Often targeting local or regional papers or newsletters specifically associated to a niche related to your market can be lower cost than larger city papers or a large presence in the yellow pages phone book. Having your advertising methods simple and personal with letters thanking them for your business also keeps your customers coming back for more products.
Marketing calls for creating name recognition and progressive sales along the way. Although your business may be small for now to gain name recognition, it isn’t small for progressive sales. To achieve such sales, it is essential that your business advertising showcases offers that paves the way for potential customers. There would be situations wherein customers would rather pay for a lower price than purchasing quality products. Having an array of packages or offers, aside from your premium product, offered at a lower price will definitely attract these customers right away. Premium products tempts those customers who would rather pay for a higher price to purchase quality products and to keep these customers it would be suggested that these products be made available individually or in a premium package for a higher price but saving money than having the products purchased individually.
Working with another small business that provides another compatible service to your companies offering can be beneficial to your business and you would be helping the other business too. You can offer the other business services in turn that the other business offers your products as well, reaching out to their customers. These types of business to business relationships can help a small business owner build a close ecosystem of partners to gain traction in a local area. Joining a local chamber of commerce or other local business organization and attending business networking events can provide you the ability to meet others that may help you grow your business.
It is always essential to give extra care for your current customers providing them special services such as discounts exclusively for them or inform them about your new products before you launch it to the public. Current customers keep coming back to you and they provide more business than from those who never purchased from you. There would even be chances that they would be talking about you with friends and relatives who never tried your products, giving you an edge with publicity and you can offer referral incentives for those current customers.
With all the possible marketing tools a business can use to bring their service or product out to the public, it is how you manage your marketing that creates more future sales.
What is your most successful online marketing resource?
Online Marketing for Entrepreneurs
Online Marketing for Small Businesses
Businesses have an edge with marketing through the internet, with many potential customers browsing the internet everyday. But for those who are new to the virtual world of business, it is important that you broadcast your business by setting up websites about your business and placing ads for more exposure. Marketing for such businesses can be achieved in many ways and sometimes for free with the help of many websites that offer their site to post ads or business tools for free in return that you use their name and link in your business website. Coming up with creative online deals for your product or service can sometimes drive unique brand awareness that can leverage social media channels when your customers begin talking about your deal to their friends online.
Possible ways of marketing your business online would require you to have email addresses of your current customers and referrals. Businesses can request their customers to sign up for their newsletters so they can receive updates or special offers via email. Creating surveys, joining social/business networking sites, customer reviews, business blogs and email blasts and SEO are tools that can make your business known online. Many entrepreneurs have found incorporating Google Adwords for targeted searches for niche products or Facebook Advertising to match a specific target demographic as a key component in a strategic marketing plan especially if your product or service is targeted at a large region or global in nature.
However, strategy is important with online businesses and must also be taken seriously and tested before giving up or moving to another. Internet users notice ad campaigns on the internet if it is updated, catchy, visible and usually found on top of the list after searching for a certain product or service on yahoo and google.
Marketing is ultimately cheaper, efficient and convenient through the internet so businesses wouldn’t need to spend much money and time to do so.
Help with Strategic Marketing for Entrepreneurs and Small Business Owners
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Cohesive Strategic Marketing Plan Between Traditional and Online
Businesses can attract potential customers and boost their sales growth by applying both traditional and online marketing to their strategy. A sound strategic marketing plan will incorporate both and will develop a cohesive message for potential customers whether they are exposed to your brand through a traditional sales call or mailed letter or through a promotional tweet on twitter or a google adsense search ad online.
For a fact, not everyone has a computer or internet access, not everyone enjoys browsing the web and at the same time not everyone likes the endless handouts of flyers, print ads and so on. By using both options, businesses can gain a stronger business presence and entice customers on both ends. When a customer drops by the shop and purchases, it would be convenient that the business gets that customers information for newsletters to be emailed or mailed to a physical address. Add a personalized ‘Thank you for your business’ note with a special discount for coming back to shop will surely get that customer to come back. With referrals from current customers, the business can use email campaigns to notify referrals about the business and also offer certain discounts. So many advertising strategies can be accomplished with the various marketing tools the internet can provide. While small businesses tend to be on a budget limit, online marketing itself is very convenient and cheaper creating a single ad that can be seen by thousands of internet users again and again, unlike printing of hundreds of ads that some may throw away, forget and may not even reach the desired number of possible customers. There are also ways to engage with social media sites like twitter to interact with you community of customers and provide them discounts that is entirely free to use besides the time it takes to make a occasional posts and encourage your customers to follow you.
But before taking the leap into a large marketing campaign, entrepreneurs should research and test a strategic marketing plan they intend to use bearing in mind the limit of their marketing budget. Performing surveys to learn which marketing strategy has been delivering more customers or which one doesn't so adjustments can be made. Moreover, it is important that businesses use target marketing to be able to reach more possible sales, which again is why the online model is so enticing for an entrepreneur on a budget that still wants to control the marketing focus as much as possible.