Key Marketing Tactics Every Business Owner Should Know
It’s all about strategy. Your marketing tactics are crucial to the success of the next campaign. There are new techniques that are sure to put your product or services above the competition. Every business owner needs a little help starting out. Marketing a business has become more complex in recent years. With evolving technology and marketing tactics, small businesses have trouble keeping up with larger, established corporations. We hope to give a little guidance on where to start if you’re a small business owner and help you align your marketing plan with your businesses goals and objectives.
Know Your Customer Base
Before planning out your marketing strategy, you will need to look at your existing and potential customers. Separate these individuals into different groups according to their needs and wants. After being grouped, offer product or service packages based on their interests. By separating your audience you are better equipped to meet their needs better than your competitors. Listen to the feedback these groups provide. It will help you adjust your marketing strategy.
This is also a great way to gauge which groups are more profitable to your business. Some groups may require a less direct/tailored marketing approach, while some need to be reached more frequent. After separating your customers into these segments you can begin building credibility.
Niche Marketing
Many businesses take up the mantle of the problem solver by tailoring their product or services to a niche market. Find a problem and offer your business as the solution to that problem. By matching your business strengths with your niche market needs, you will find more success marketing to this group. If you are an expert in couples counseling, be the expert. Own it. If that niche market isn’t being served well, develop a strategy around their specific needs.
S.W.O.T. Analysis
The S.W.O.T. analysis is key when developing your upcoming marketing strategy. After looking over your base customers, it’s time to look inwards. The S.W.O.T. analysis is an acronym for Strengths, Weaknesses, Opportunities, and Threats.
Strengths
This first section of the S.W.O.T. analysis is where you determine the strongest selling points your business possesses. Your company may be flexible and personable when it comes to customer service or your products may be one of a kind in your local market. This is the section where you really dive into what puts your business above the competition. Write out each one and narrow the top three strengths of your business.
EXAMPLES
- Situated in a developing business area
- Monthly/Annually recurring events
Weaknesses
On the flip side, you have parts of your business where it is lacking. For example, your business might be 20% over budget for the first quarter of the year or your business might lack a pre-existing reputation in the community. This is where you can address the areas your business can improve upon when developing your marketing strategy.
EXAMPLES
- Majority of the public are not aware of our services
- Situated in an underdeveloped part of a business area
Opportunities
Every business has potential in different markets. This is where you can list the opportunities that are specific to your area or the rise of new technology that resonates well with your customers. Again, you are looking for potential in this portion of the S.W.O.T. analysis.
EXAMPLES
- One of a kind in products/services in the area
- Community development opportunities through local partnerships
Threats
Sometimes it’s hard to develop a sound list of threats to your business. It isn’t something you would normally consider when developing a marketing strategy that is meant to improve your business. Threats can be considered as new competition that offers a similar service or product, or a new law that affects the way you do business.
EXAMPLES
- Economic difficulties due to the lack of sustainable funding
- Competition offers a more attractive version of product or service
Be Concise and Accurate
Overall, you need to follow marketing tactics that align with your business goals and objectives. Be sure to differentiate between your existing and potential customer base. Make sure you are meeting their needs and serving them information that is relevant to their assigned group. If you have something that sets your business apart from the competition, play off of that strength. Keep up with your businesses S.W.O.T analysis to be sure your marketing tactics are aligned with your business goals and objectives.
Posted: Feb 11, 2019