Many small business owners get overwhelmed when writing their marketing strategy. These three keys help create a strategy that will grow your small business.
There is a lot of noise out there about 'Marketing Success' and 'Marketing Strategies'. It can be overwhelming. Fact is, much of it is very good but it can get watered down and cause you to chase the hot new trend or tactic that has all the buzz. Instead of getting caught up in all the hype, you should consider the fundamentals of basic habits that have proven to lead to marketing success. They aren't sexy but you've heard them again and again. So make them a habit and keep them top of mind when you are creating your marketing strategy.
1. Specialize Your Offering
You've probably had this drummed into your head if you read much on marketing. Many refer to it as 'finding your niche'. That can be difficult if you feel like you have a lot to offer a variety of consumers or businesses. However, if you don't have a focus you will try to be all things to all people and struggle to find your way.
When thinking about specialization, consider two main areas. First, you could create a niche around a specific set of products or services. An example might be Jiffy Lube. They focus on providing convenient and basic preventative maintenance for most cars and trucks. You don't need an appointment and the customer realizes they can usually get in and out quickly. Their services niche is primarily limited to preventative maintenance. Broad market, niche services.
The second area of specialization would be a niche around customers or markets. Keeping with the automotive example, there might be a Honda auto shop in your city. They would have chosen to go much wider with their service offerings but they focus specifically on customers who drive Honda automobiles. Honda owners would be attracted to this business because of their expertise in only working with Hondas. Their 'niche' is Honda owners. Broad services, niche market.
2. Differentiate From the Competition
This key can be the most difficult and it's also perhaps the most important. How do you differentiate yourself from your competitors? There are a lot of terms out there for this key: unique selling proposition, clear competitive advantage, area of excellence...call it what you want but you need to define it.
Ask yourself the simple question of "Why would a prospect buy from me rather than my competitor?" Make a list. Does it reflect the business you want to be in? Some factors are fast delivery, high quality, low price, convenience, or a combination of any of those factors.
You need to be able to articulate your unique selling proposition and position as the single thing that you want to be known for. What can your customers count on you for? If you are FedEx, you promise your customers that you'll deliver their packages when they "absolutely, positively have to be there overnight". Your key differentiator can become the heart of your marketing and advertising campaigns.
3. Segment Your Customers
Business growth generally comes from a pretty simple formula: get more customers, sell more to existing customers, and/or get your customers to buy more frequently. You can choose where you want to focus but you need to segment your customer list so that you can message appropriately to each target segment.
Your best opportunity for sales is usually with active customers. Keep them engaged and ask them to create the next most important segment: referrals. After referrals, lapsed customers are typically a very valuable group to target.
Many small businesses focus too much of their marketing efforts on prospects rather than getting existing customers to buy again and buy more frequently. Segment your prospect and customer lists so that you can more effectively market to them with relevant messaging. When you concentrate your efforts in these three areas, you'll achieve greater success in a shorter amount of time. Continually ask yourself questions relating to these keys questions:
Answering these questions will create a sound foundation for your marketing strategy. Keep it simple and keep coming back to these questions as you develop your marketing strategy.
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