Maintaining a competitive edge is one of the biggest challenges that entrepreneurs face in todays business environment. The key question is how do you remain relevant year in year out when the small business market or SMB comprise of billions of small businesses all striving for success? Well it takes more than a dollar and a dream, or blatantly slapping a logo on a flyer and expecting result, even more than a random social media post that is irrelevant to your business. In fact, marketing is a science not an art, because there are sets of marketing rules to follow in order to achieve your desired business outcome.
Below are 5 marketing tips that can potentially help your business reach its marketing goals as well as increasing market share.
- Create a marketing plan: Having a thorough understanding of the market in which you are operate in or intend to operate will allow you to tailor a plan that can help you achieve your goal faster. Therefore, conducting researches to better evaluate your potential buyers are crucial. In addition, that plan should include your target market, your competitive analysis, as well as a realistic budget for the marketing plan.
- Find new ways to market your business a tradeshow maybe. Finding cash for new marketing campaign is always a tug and pull situation for small business because of other critical cost associated with business operation which hinders most small business from having a solid budget for marketing. Publications are costly; however, sharing a booth with another business at a trade show is a cost effective strategy that can often yield good result.
- Be Creative and stretch your marketing dollars: Business is supposed to be fun; well at least most of the time. Therefore, it is always a good thing to go beyond marketing by finding creative ways to market your products and services. Be creative like Heidi from heavenly cookies, which UPS did not deliver her cookies while she had pay for a booth to participate in the International Restaurant and Food Services Show at the Jacob Javitz Center, but quickly thought on her feet by writing “no cookies for the show UPS failed to deliver them”. Her creativity helped her generate enough buzz which landed her on The Today show with Rachel Ray the next morning. She now operates a million dollar company; yes that kind of creativity.
- Set goals that are achievable: Small business owners or entrepreneurs must think outside the box to know that unless they set short term and long term goals their chance at attaining some level of success is far-fetched. The New age entrepreneur must place less focus on obstacles, and failures but focus more on creating cutting edge strategies, and innovative ideas. In fact, optimism is the key ingredient along any entrepreneurial journey.
- Learn from your marketing mishaps: In business timing is everything; there is no such thing as small or big ideas. In addition there is prepared an unprepared, because proper preparation will always prevent poor performance. It is imperative to learn from your mistake because it allows you to improve from them, make necessary adjustments and keep moving forward.
Overall, marketing is not a cost center it’s a key element that cannot be ignore. Marketing is a revenue creation engine that guarantees success when all the rules are followed.