|
1. Develop a Marketing Plan
As a small business, it is essential that you spend time developing a marketing plan that takes into account your business and market dynamics.
The plan should outline what you wish to achieve (marketing objectives) and how you intend to achieve them (marketing strategy). This will ensure you only implement marketing tactics that are relevant, maximise your marketing spend and achieve profitable results.
2. Know Your Key Point of Difference
You can gain a competitive edge in the market by knowing and communicating the business's key point of difference to its target market.
Ask yourself:
- What makes you stand out from competitors?
- What makes you better than 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 the business that will provide the best return.
3. Focus on the Customer
All effective marketing strategies begin and end with the customer. It is important to find out who your most profitable customers are and how you can keep them loyal, as well as how to attract new customers with a similar profile. Only marketing to customers who have a need and desire for your service or product will ensure you optimise your marketing spend now and in the future.
4. Focus on Keeping your Customers
Any multi national company will tell you that retaining customers is far more cost-effective than trying to attract new ones. Set marketing 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.
5. Analyse Your Competitors
Conducting a competitor analysis will enable you to find out your competitors’ strengths and weaknesses, as well as what makes you different from them and what you do better. Your key strengths and point of difference can then be communicated to customers, to differentiate yourself in the market.
6. Understand Your Market
Your market is the overall industry in which your business competes. You need to analyse your market so you can gain an understanding of the business’s full market potential and identify new areas of opportunity. Ask yourself:
- Is the market growing or declining and why?
- Which segment(s) of the market is most advantageous for my business to compete in?
- Which factors are changing the market (eg. seasonality/trends) and how will they affect the future of my business?
7. Review Your Business
Reviewing your business on a regular basis and comparing its performance to the market and competitors will help identify your current strengths, weaknesses and future opportunities for business growth.
8. Set SMART Marketing Objectives
Be realistic about what your business needs to accomplish. Your marketing objectives should be relevant to your current marketing and business issues and move the business towards achieving its financial goals. Your marketing objectives should therefore be linked to your financial and sales objectives and follow the SMART principle i.e. Smart, Measurable, Achievable, Realistic and Time Specific.
9. Evaluate Your Marketing Tactics
Big businesses don’t rest on their laurels after having implemented their marketing plan and neither should your business. Tracking and evaluating marketing tactics will save you valuable time and money, as it will show which tactics worked for the business and which should or should not be repeated in the future.
10. Learn from Your Experiences
Continually speak to your customers, research 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.
Source: Bronwen Ryan, M4B Marketing Software, www.m4b.com.au
|
