7 Steps to Creating a Successful Small Business Marketing Plan

Small business marketing is all about determining the needs of your target market and then providing solutions to meet those needs.

These 7 steps are aimed at entrepreneurs starting a small business and those who want to create a successful small business marketing plan for an existing business.
Most small business promotions focus on how great their products and services are. Instead, you should educate your target market consistently and start building a relationship that will establish your credibility and trust. It is important to develop a marketing mindset. “Think Marketing” your products and services all of the time. It is very important to consistently market your products and services. Don’t fall into the trap of stop and go marketing. Some small business owners only market when sales are down.

You can’t have a successful small business without having a successful small business marketing plan. Effective small business marketing is the way to growth and profits

If you’re a small business owner or you want to know how to start a small business in the future, this simple 7-step plan will help you understand your business and your target market.

How to Start a Small Business Marketing Plan: 7 Steps
Begin the process by answering these questions:

1) Who — Who specifically is your target market? Who is your ideal client? What research can you do to find out more about your target market?

2) What — What products and services do your ideal clients want and need? What does your product and service do for your ideal client? What problems does your product solve for your customer? What are the solutions that your ideal client is looking for? What is your area of specialty that will differentiate you in the marketplace? What are the industry trends? What type of message will your ideal client likely respond to? What are you ultimately selling? For example: Are you selling eye glasses or are you selling vision? What is your unique mix of products and services? What is your pricing strategy?

3) Where — Where is your ideal client? Where is your customer located geographically? Where will you position yourself so they can easily find you? Where are the best places to get your marketing message to them? Will you speak to groups, hold seminars, or write a blog, newsletters or articles?
4) When — How frequently does your target market need to hear your marketing message? When are they most likely to buy your products and services?

5) Why — Why are you in business? Why do customers or clients buy from you? Why should they choose your product or service over your competition?

6) How — How does your customer buy your product or service? How are you going to reach potential buyers for your services and products? How will you communicate your marketing message? How will you provide customers or clients with the information they need to make their buying decision?

7) Marketing Mindset – Practice mastering a Marketing Mindset and you will be on the path to a profitable small business.

With these 7 steps, you can take action towards starting a small business marketing plan that targets new customers. “Marketing is about testing and evaluating your return on investment. But it’s primarily about helping people get what they want.” Master these small business marketing steps and you will be on the path to more profit and success as a business owner.

Small Business Marketing Strategies for Tackling Big Competitors

One of the great challenges facing small business owners is that they must often battle for customers against larger competitors, who can afford to run more advertising, offer lower prices, and who are better established in the marketplace.

And yet some small business owners do it very successfully. How?

There are some proven marketing strategies to use when competing against larger, more established competitors. These strategies have been used successfully by companies of all sizes to drive sales and carve out a sustainable position in the market. They apply to online commerce and traditional small businesses.

Here are details on two such strategies that you can use as a small business owner to help grow your business when competing with larger competitors:

Take the “Alternative” Position

If you are up against the market leader in your business, shift your market position so you don’t compete directly with them on their turf. Become the “alternative” to the market leader – that is, promote and advertise an aspect of your product/service that the leader simply can’t offer. This is a classic marketing strategy that has been used successfully by small companies and major corporations, because it allows you to compete with the leader in a part of the market where they may not be very strong.

Pepsi couldn’t beat Coke at the cola wars, because Coke was viewed as the original cola drink that had no substitutes. That was fine with Pepsi. It let Coke have that territory, and instead marketed itself as the “Choice of a New Generation”. Its marketing appeal and target audience was young and cool – everything that Coke couldn’t be with their more traditional positioning. Pepsi successfully carved out the number 2 position in the market by becoming the primary alternative to Coke, and made billions in the process.

The rule applies to everything from .com companies to local furniture stores. Survey the competitive landscape in your market and determine how you can position your business as the best alternative to the established market leader. Second place in a given market can be a very nice place to be from a profitability standpoint.

Sell what they don’t have – You!

Many small business owners have found success by building their personal reputations as experts in their field, with significant benefits to their small business. They have become the “public face” for their company.

Some large companies have a “public face”, a person who represents the company in the minds of customers (Richard Branson for Virgin is one). But most don’t. As a small business owner, you can effectively represent yourself as an expert in your area of expertise, and drive awareness for your small business in the process.

One of the most effective ways to build your reputation is through the credibility that comes from publicity and media relations activities.

Here are some guiding principles to working with the media as a small business owner:

View it as a relationship – reporters need story ideas and expert sources – you can offer both when it comes to your area of expertise to create a win-win situation

Pitch story ideas about what’s new and what’s changing – the media likes to break news about emerging trends, either in your industry or related to your experience as a small business owner

Strive for repeat business – once a reporter has identified you as a good source of information on a topic, they will keep coming back to you – so ensure that early in your relationship you are available to them and willing to offer help in getting information for them to pull a story together

Having a single person leading the charge to build media relationships and run the company makes it easier to transfer the goodwill that you achieve in the media over to your business activities. This doesn’t work nearly as well for larger companies, so leverage this competitive advantage and take a personal approach to building your business through publicity.

You Can Compete!

Small business marketing is all about leveraging the built-in advantages of being a small enterprise in the battle against larger competition for customers and sales. Establishing your business as an alternative to the market leader in your business, and building personal credibility that can be transferred to your small business are just two strategies that you can implement to help your small business succeed against bigger competitors.

Small Business Marketing – The Power of a Market Review

Conducting a market review is one of the most important steps in the small business marketing process as it provides together with a business review the information you need to create a dynamic marketing plan. All big businesses conduct these reviews as they know it can save time and money for their business.

A market review does not have to be complicated and a lot will depend on what information you can source. The important factor regarding a market review is to understand the key elements of your market and how these elements can affect your business now and in the future.

The key elements you need to look at when conducting a market review for your small business include:

Size of Market
Your market is simply the overall industry in which you compete. For example if you sell juice then you compete in the Beverage Market. If you sell holidays as a travel agent then you compete in the Tourism Market. Analyzing the size of your market can tell you whether it is growing or declining, help you to identify growth opportunities and for a new small business can determine if the market is large enough to compete in and operate a profitable business. There are many sources you can use to gather information on the size of your market and these include trade magazines, industry associations, search engines and local government websites and resources.

Market Segment Analysis

Segmentation is a process that looks at the total market and then divides the products or services into broad groups that have similar characteristics. In the examples above, whilst the total market is beverages, the segment that is the most important to a juice manufacturer is the Juice Segment. Looking at the total beverage market today throughout the world the leading soft drink manufacturers have entered many of the market segments such as bottled water to expand their business. Market segment analysis also helps you to determine where your small business marketing efforts should be concentrated.

Distribution Channel Analysis
A distribution channel is the way in which your product or service is made available to your customers so they can purchase it. Examples are supermarkets, personal selling (face to face selling), distributors and the internet. Analyzing the sales of each distribution channel in your market enables you to identify which channels are the most important for you to compete in to grow your business.

Market Trends
A trend is any significant change to your market that your business may need to respond to. Examples of market trends include changes to the economy, changing customer demographics, social and global factors (to name a few). If you conduct business in the USA at the moment or are intending to compete in the USA then the concerns about a possible recession and how it could affect your small business needs to be identified so action plans can be put in place to minimize the impact.

Market Seasonality
If a product or service is seasonal it means that the majority of the sales occur at one or a few times a year. Tax accountants obviously have increased sales when the end of the financial year occurs and tax returns and other government reporting are required. Understanding market seasonality factors can lead to your small business maximizing sales through this period and also may highlight opportunities to spread your sales throughout the year.

Competitor Analysis
Your key competitors need to be analyzed in order for you to identify their key strengths and weaknesses and how they compare to your own small business. Reviewing this area means that you can be smarter with your marketing efforts and be proactive against their weaknesses and of course defend against their strengths. One tip that all big businesses do is to have a competitor file with examples of their marketing activities, products or services.

Big businesses know the value of reviewing the market in which they compete and you can to. Remember you can start slowly and just review one section at a time and then put in place activities or make business decisions based on the review to grow your small business.

© Marketing for Business Success Pty Ltd 2008

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