Marketing for Small Businesses

DIVE A LITTLE DEEPER

Marketing is the creation and maintenance of relationships with customers. Understanding the needs and wants of your target audience and then developing and promoting products and services that meet those needs and wants is essential. Marketing is crucial for any business, regardless of size or industry.

You might think you are too small to worry about having a marketing strategy, but you would be wrong. Regardless of whether you are a team of one or a team of many, a marketing strategy is imperative to your business. As I tell all my clients, “Regardless of the size of your company, marketing strategy is the same. It’s the execution that you scale based on size and budget.” So, make sure to complete the strategy.

What are some of the critical principles of marketing in a business?

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Customer focus

The customer is always the center of your marketing efforts. You need to understand their needs, wants, and pain points in order to develop and market products and services that they will find valuable.

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Value proposition

Your value proposition makes your business different from the competition. It is the unique benefit that you offer to your customers. Your marketing should communicate your value proposition and why customers should choose your business over others.

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targeting

Your product or service is not suitable for everyone, so it’s essential to target your marketing efforts to the people who are most likely to be interested in your products and services. Therefore, you must identify your target audience and understand their needs and wants.

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positioning

Positioning is how you want your brand to be perceived by your target audience. It involves developing a unique identity for your business and communicating it through marketing.

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marketing mix

The marketing mix is the combination of strategies and tactics that you use to promote your products and services. The four marketing mix elements are product, price, place, and promotion.

Street-market

Oh, how marketing has changed over the years! Thanks to the rise of digital technology, today, businesses have more ways than ever to reach and engage their customers.

One of the most significant changes in marketing is the shift from mass marketing to targeted marketing. Mass marketing is a one-size-fits-all approach to marketing, where businesses try to reach everyone with the same message. Targeted marketing, however, involves tailoring your marketing messages to specific groups of people.

Another significant change in marketing is the rise of digital marketing. Digital marketing encompasses all of the marketing activities that businesses do online, including search engine optimization (SEO), social media marketing, and email marketing, among other things. Digital marketing offers advantages over traditional marketing, such as lower cost, greater reach, and better targeting.

Most recently, the onset of AI has changed and will continue to change the landscape of many industries, and how you market your business has not escaped its grasp. We have yet to see all that AI will do, good and bad, to change marketing strategy, plans, and execution, but one thing is for sure: you can’t ignore it. You must instead embrace it and use it to your advantage in a responsible way.

Before we get too deep, I must point out that there is a difference between a marketing plan and a marketing strategy. First and foremost, you must begin with a well-defined marketing strategy before you develop your marketing plan. This is because your marketing strategy should guide all of your marketing activities. With a clear strategy, you will save time and money on effective marketing activities.

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benefits of a marketing strategy

Here are some of the benefits of having a well-defined marketing strategy:

  • It helps you to focus your efforts on the most important things.
  • It allows you to allocate your resources wisely.
  • It helps you to measure the success of your marketing efforts.
  • It helps you to stay on track and achieve your marketing goals.

If you are a small business owner, it is crucial to invest the time and effort to develop a well-defined marketing strategy. This will help you to achieve your business goals and get the most out of your marketing.

A marketing strategy is a plan that outlines your overall marketing goals and objectives. It also identifies your target audience and the strategies you will use to reach and engage them.

A marketing plan is more detailed and outlines the specific actions you will take to implement your marketing strategy. It includes things like your budget, timeline, and specific marketing tactics.

Solopreneurs make up 81% of small businesses in the United States. That’s a staggering number. That’s over 13 million businesses that are just one individual doing the daily grind trying to make their business work. Unfortunately, 41% don’t make it past the first year. The statistics show that 14% fail due to poor marketing. Another 46% don’t even know if they’re marketing is effective. Why is that? Most small businesses need to realize there’s a difference between a marketing plan strategy and a marketing strategy. 
 
The best way I can describe the difference is that a marketing strategy is the roadmap, and the marketing plan is the transportation that gets you there.  
 
Would you take off across the country to deliver your product or service to a new client without looking at the roadmap first? Then why would you start advertising to your prospective client without building the roadmap to meet them where they are at?

Why marketing is important?

Think of marketing as the voice of your business, the way you communicate your value to the world. It’s about creating a buzz, generating excitement, and building relationships with your customers. Without marketing, your business might as well be whispering in an empty room.

Marketing is defined as “the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create, maintain, and enhance customer relationships.” Still, it is so much more than that!

In the world of business, marketing is the magic that turns a great product or service into a thriving enterprise. It’s the art of connecting with your customers, understanding their needs, and showing them how your offerings can make their lives better. In a nutshell, marketing is the bridge between your business and your customers.

Why marketing is important

A well-defined marketing strategy is like a roadmap to sucess. It outlines your goals, identifies your target audience, and lays out the steps you’ll take to reach them. It’s your game plan for attracting customers, building brand awareness, and ultimately driving sales.

Marketing is not just about shouting your message from the rooftops; it’s about understanding the psychology of your customers. It’s about crafting messages that resonate with their needs, desires, and aspirations. Marketing strategy is how marketing influences customer behavior, guiding them towards your products or services.

In essence, marketing is the art of connecting with your customers, building relationships, and creating a loyal following for your brand. It’s about understanding their needs, communicating your value, and influencing their behavior. Without marketing, your business is like a ship without a sail, adrift in a sea of competitors.

So, why is marketing important? Because it’s the lifeblood of your business, the force that drives growth and success. It’s the voice that speaks to your customers, the strategy that guides your actions, and the art of connecting with those who matter most. Embrace marketing, and watch your business flourish.

Are marketing and advertising the same?

In the business world, the terms “marketing” and “advertising” are often used interchangeably. However, while they are both essential components of promoting a product or service, there are some critical differences between the two.

Marketing

Marketing is the comprehensive framework that encompasses the creation, communication, delivery, and exchange of products or services that hold value for customers, clients, partners, and society as a whole. It includes a wide range of marketing activities, from market research and product development to pricing, distribution, and promotion.

In essence, marketing is about understanding your target audience, identifying their needs and wants, and developing products or services that meet them. It’s also about building customer relationships and creating a positive brand experience that will encourage them to continue doing business with you.

Advertising

Advertising is a specific marketing activity that involves paid messages that are intended to promote a product, service, or brand. These messages can take many forms, such as print ads, television commercials, radio ads, and online ads.

While advertising aims to reach a broad audience and generate interest in a product or service, it’s just one piece of the marketing puzzle. To achieve sustainable growth, businesses must adopt a comprehensive marketing strategy that encompasses a diverse range of activities, including content marketing, social media marketing, and public relations.

Marketing Without Advertising

It is possible to market a business without using advertising. Many other marketing activities can be effective, such as content marketing, social media marketing, public relations, email marketing, and affiliate marketing, to name a few. Still, we will get into more detail later.

How Marketing and Sales Work Together

Marketing and sales are two closely related functions that work together to achieve a common goal: generating revenue. Marketing is responsible for creating demand for a product or service, while sales is responsible for closing deals and generating sales. I like to say that marketing is the wingman of sales.

For example, a marketing team might create a new ad campaign for a new product. The sales team would then be responsible for following up with leads generated by the ad campaign and closing deals.

By working together, marketing and sales can create a powerful synergy that drives revenue growth.

What are the 4 basic strategies of marketing?

If you’re a small business owner seeking cost-effective marketing solutions, fret not. There are four fundamental components of marketing that can help you reach your target audience and achieve your business goals without straining your budget.

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Product Strategy

Tom Fishburne, the founder of Marketoonist says, “The best marketing doesn’t feel like marketing.” Your product strategy focuses on developing a product or service that meets the needs and wants of your target audience. This involves conducting market research to understand your customers’ preferences, identifying your unique selling proposition (USP), and developing a product that stands out from the competition.

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Pricing Strategy

Your pricing strategy determines how much you charge for your product or service. This involves considering your production costs, competitor prices, and the perceived value of your offering. A well-crafted pricing strategy can maximize your profits and attract more customers.

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Place Strategy

Your place strategy focuses on where you distribute your product or service. This involves identifying the most effective channels to reach your target audience, such as online stores, retail locations, or direct sales. A well-planned place strategy ensures that your product is available where your customers are looking for it.

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Promotion Strategy

Your promotion strategy involves communicating the value of your product or service to your target audience. This includes developing a compelling marketing message, choosing the right marketing channels, and creating engaging content. Effective promotion can generate interest, drive traffic to your website or store, and ultimately increase sales.

The components of marketing you choose to use will be determined as you build out your marketing strategy. I realize it all seems overwhelming, but that is why I have created my step-by-step workbook to walk you through creating your own well-defined marketing strategy. I want to not only teach you about marketing but give you the tools to do it yourself.

Which marketing strategy is most effective?

which marketing strategy is most effectiveDetermining the most effective marketing strategy is akin to finding the perfect key that unlocks a treasure chest of business success. There is no one-size-fits-all answer, as the ideal strategy depends on a variety of factors, including the unique needs of the business, the nature of the product or service being offered, and the target audience being pursued.

To navigate this marketing maze, it’s crucial to understand the various types of marketing strategies available, each with its own strengths and applications. Traditional marketing, encompassing print, television, and radio advertising, has long been a staple for reaching a broad audience. However, with the rise of digital media, online marketing strategies, such as search engine optimization (SEO), social media marketing, and email marketing, have gained prominence, offering more targeted and cost-effective ways to connect with potential customers.

Content marketing, focused on creating and sharing valuable content that attracts and engages potential customers, has also emerged as a powerful tool. By providing informative blog posts, engaging social media content, or insightful infographics, businesses can establish themselves as thought leaders and attract a loyal following.

Ultimately, the most effective marketing strategy is the one that aligns with the specific goals and resources of the business. For instance, a small business with limited resources might focus on content marketing, leveraging their expertise to create engaging content that resonates with their target audience. Conversely, a larger company with a broader product range might employ a combination of traditional and digital marketing strategies to reach a wider audience. As I said before, marketing strategy is the same regardless of size. It’s execution that you scale.

The key to success lies in understanding the unique needs and objectives of the business, tailoring the marketing strategy accordingly, and continuously evaluating its effectiveness. By adapting to the ever-evolving marketing landscape and embracing the right strategies, businesses can unlock the door to increased brand awareness, customer engagement, and, ultimately, business growth.

What are the 7 elements of a marketing plan?

Devising a marketing plan can seem like a daunting task, but it’s essential for any small business or solopreneur seeking to achieve their marketing goals. By breaking it down into key elements of marketing, you can create a comprehensive strategy that will guide your marketing efforts and help you reach your target audience effectively. If you study marketing at the university level, they will say you will need to create a brief that includes:

  1. Executive Summary
  2. Situation Analysis
  3. Target Audience
  4. Marketing Strategies
  5. Marketing Mix
  6. Marketing Budget
  7. Implementation and Control
  8. Evaluation and Measurement

Yes, that is textbook marketing 101, but as a small business owner, you should understand it is more than a brief. It is a living document that should evolve as your business and the market change. 

How can I create a marketing plan for my small business

How can I create a marketing plan for my small business?

To create a marketing plan, you must first start with a marketing strategy build that looks inwardly at your business and then outwardly at your target audience. 

Ask anyone in a marketing agency, and they will say it is hard to nail down a marketing strategy, and you need an expert with a marketing degree to help you develop a well-defined strategy. I call BS on that. Thirty years of experience has taught me that anyone with the framework to create a marketing strategy and a marketing plan can do it on their own. I won’t tell you it is necessarily a breeze, but it’s easy to do when you put in the work. 

A successful marketing strategy can be created regardless of the size of your team. If you’re a team of one or a team of 101, you can create a marketing plan yourself. But first, start with strategy!

Marketing Strategy: Take A Look At Yourself

To create your marketing strategy, you will first want to look inward. The Psychology of Winning author Denis Waitley said, “You must look within for value, but must look beyond for perspective.” This could not be more true when developing your strategy. 

What you might think people feel about your business is different from reality. The hard truth is that their opinion matters more than your intentions. If you cannot convey your company’s mission, values, or beliefs clearly and concisely, then your audience will develop their own thoughts and beliefs about your company.

As you look inwardly, you will want to understand:

  • How does your target market see you
  • Do you have the right target market
  • What do you do well and not do well
  • How do you show up in the marketplace
  • How does your top competitor show up

Marketing Strategy: Look at Your Target Market

I’ve heard it a million times. My target market is anyone who ... fill in the blank. Well, is it REALLY anyone? Or, is a specific someone easier to sell to?

Building a well-defined target market is foundational to any successful business strategy. It’s akin to setting the coordinates for a ship before embarking on a voyage.

When you have a well-defined target market, you will:

  • Focus your business resources — time, money, and effort — with surgical precision. Instead of scattering efforts across a broad spectrum, concentrating on a specific target market ensures maximum impact and optimal resource allocation.
  • Provide tailored solutions to your customer’s unique needs, preferences, and pain points.
  • Have effective communication that speaks directly to your customers’ needs, capturing their attention and interest faster than talking to a broad audience.
  • Position your business effectively in the market. Whether you want to be perceived as a luxury brand, a cost-effective option, or a niche specialist, understanding your target market helps shape this perception and gain a competitive edge.
  • Understand the specific needs of your target market and address them better than your competitors, gaining a competitive advantage.
  • Find it easier to track and measure the success of your marketing efforts because you can clearly see if your strategies resonate with your intended audience and make data-driven adjustments accordingly.
  • Save money by avoiding unnecessary expenditures on marketing to an audience that isn’t interested or relevant to your offerings.
well-defined target market

Honing in on a target market isn’t just a strategic choice; it’s a fundamental necessity for any business aiming to succeed. It’s about understanding your audience so profoundly that you can meet their needs with precision and efficiency. This practice is the bedrock upon which a flourishing business is built.

To get down to it, you will need to:

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Research

Research your current and potential customers
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Ideal Customer

Define Your ideal customers
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Marketshare

Determine the market share of your ideal customers
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Your Voice

Find the voice of your company
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Problems

Understand the problems that drive customers to look for your product
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Buying Decisions

Understand the buying decisions that drive customers to decide who to buy from
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Tie to Customer

Tie your features, benefits, and value to their problems and buying decisions
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value proposition

Write a value proposition for your company
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Personas

Build customer personas for your ideal customers

Regularly review and update your plan to ensure it effectively achieves your marketing goals. I believe that each fiscal year, you should go through key steps of your marketing strategy and marketing plan, guiding you for the following year. 

how do you write a simple marketing plan?

When marketing is strategy, not just a plan, you have a roadmap to success. With that roadmap you have created, you are now ready to start moving the bus down the road with the marketing plan. 

There are five steps I take when developing a marketing plan:

  1. Evaluate where you are missing being seen in the marketplace.
  2. Identify the opportunities for growth in your business. These opportunities should address the threats and weaknesses you define in your marketing strategy development.
  3. Identify where your target audience “hangs out.”
  4. Determine what you should continue doing with your marketing, what you should stop doing with your marketing, what you should do more of, and what you should add to your marketing plan.
  5. Determine your marketing channels, KPIs, and Timelines and cross reference where each channel aligns with your customer’s buying journey.

How can I do paid advertising for my small business?

As a small business owner or solopreneur, you, too, can effectively utilize paid advertising to reach your target audience and grow your business. 

Since now, you have taken the time to build your marketing strategy and define your marketing plan, you know where your ideal customer hangs out. There are many options for paid advertising, including social media platforms, billboards, YouTube, search ads, shopping ads, radio, TV, streaming services, Amazon - the list goes on and on. 

Marketing with Social Media

Social media platforms like Facebook, TikTok, Twitter, Snapchat, Pinterest, Instagram, and LinkedIn offer powerful paid advertising tools that can be tailored to your specific business needs and target audience. Here are some critical steps to get started with social media advertising:

  1. Choose the Right Platform: Identify the social media platforms where your target audience is most active. For instance, if you’re targeting younger demographics, Instagram might be a better choice than Facebook.
  2. Set Clear Campaign Goals: Determine what you want to achieve with your advertising campaign. Do you want to increase brand awareness, drive website traffic, generate leads, or boost sales?
  3. Define Your Target Audience: Use the detailed targeting options available on social media platforms to reach the right people. This includes factors like age, location, interests, and behaviors.
  4. Create Compelling Ad Copy and Visuals: Craft engaging ad copy that clearly communicates your message and highlights your unique selling proposition. Use high-quality visuals that capture attention and resonate with your target audience.
  5. Set a Realistic Budget: Determine how much you will spend on your advertising campaign. Start with a smaller budget and gradually increase it as you gain experience and see positive results.
  6. Monitor and Optimize: Regularly monitor your ad performance using analytics tools provided by the social media platforms. Analyze metrics like clicks, impressions, engagement, and conversions to identify what’s working and what needs improvement.

Marketing without Social Media Advertising

While social media advertising is a popular choice, there are other effective ways to reach your target audience without relying solely on social media. Here are some alternative paid advertising options:

  1. Search Engine Marketing (SEM): SEM involves paying for ads that appear at the top of search engine results pages (SERPs) when users search for specific keywords related to your business.
  2. Pay-Per-Click (PPC) Advertising: PPC ads can be placed on various websites and networks, including search engines, display networks, and content-based websites. You only pay when someone clicks on your ad.
  3. Native Advertising: Native ads are designed to blend in seamlessly with the organic content of a website or app. They can be highly effective in capturing user attention and driving engagement.
  4. Radio, billboards, and TV: These are still very viable options if your audience is in your local area.

How can I market my small business on a budget?

how can i market my small business on a budget

As a small business owner, you know the importance of marketing to reach your target audience and grow your business. However, you may not have the budget for traditional paid advertising campaigns. Don’t worry; there are many effective and low-cost marketing strategies that you can implement to get your business noticed.

Before you start spending money on paid advertising, focus on earned, shared, and owned marketing strategies. These strategies are more cost-effective and can be just as effective, if not more so, than paid advertising.

  • Earned Marketing: Earned marketing is when other people promote your business for you. This can be through positive reviews, word-of-mouth recommendations, or media coverage. To earn marketing, focus on providing excellent customer service, building relationships with journalists and influencers, and creating high-quality content that is worth sharing.
  • Shared Marketing: Shared marketing is when your customers promote your business for you. This can be through social media shares, blog posts, or customer testimonials. To encourage shared marketing, make it easy for your customers to share your content, create shareable content, and incentivize sharing with rewards or contests.
  • Owned Marketing: Owned marketing is when you own the channels you use to promote your business. This includes your website, blog, social media pages, and email list. To use owned marketing effectively, create high-quality content that your audience will find valuable, optimize your website for search engines, and use social media to connect with your customers.

Low-Cost Marketing Ideas for Small Businesses

Here are some specific low-cost marketing ideas that you can implement to get your business noticed:

  • Create a strong online presence: Make sure your website is up-to-date and easy to navigate. Claim your Google My Business listing and make sure it is accurate. Create social media profiles and engage with your followers.
  • Content marketing: Create high-quality blog posts, articles, and infographics that your target audience will find valuable. Share your content on social media and submit it to relevant websites and directories.
  • Email marketing: Build an email list and send regular newsletters with valuable content and promotional offers.
  • Networking and public relations: Attend industry events and network with other businesses. Get involved in your community and volunteer your time. Reach out to local media outlets and pitch story ideas.
  • Partnerships: Partner with other businesses to cross-promote your products or services.
  • Referral programs: Reward existing customers for referring new customers to your business.

According to a recent study, small businesses typically allocate 7-8% of their gross revenue to marketing. However, this number can vary depending on the industry, the business’s competitive landscape, and the company’s goals. As a start-up, solopreneur, or business with less than 20 employees, I have seen this number as low as 2-4%. Now, keep in mind this is not all ad spend. This also would include paid services, software, or printing costs associated with marketing. 

Marketing Without a Budget

It is possible to market your business without spending any money on advertising. Here are some ideas:

  • marketing without a budgetLeverage your existing resources: Use your personal network to spread the word about your business. Offer free consultations or demos. Host a free webinar or workshop.
  • Get creative: Think outside the box and come up with unique ways to promote your business. Use guerrilla marketing tactics or create a social media challenge.
  • Be consistent: The key to successful marketing is consistency. No matter what strategies you use, make sure you are consistent with your messaging and branding.
  • Start Small and Scale Gradually: Begin with a few well-defined campaigns and gradually expand your efforts as you gain experience and confidence.
  • Leverage Free Tools and Resources: Many free tools and resources are available to help you create and manage your paid advertising campaigns. Utilize them to maximize your efficiency and minimize costs.
  • Seek Expert Advice: Consider consulting with a marketing professional or agency if you need additional guidance or support in developing and managing your paid advertising campaigns.
  • Test and Experiment: Don’t be afraid to try different ad formats, targeting options, and messaging. Continuously test and experiment to identify what works best for your business and target audience.
  • Track Results and Measure ROI: Regularly monitor your campaign performance and analyze metrics like clicks, impressions, conversions, and return on investment (ROI). Use these insights to refine your strategies and optimize your campaigns.

Remember, marketing is an ongoing process that takes time and effort. Don’t get discouraged if you don’t see results immediately. Just keep at it, and you will eventually start to see your business grow.

In conclusion, having a marketing strategy for your small business is attainable with the right tools. DIY Marketing Strategies provides a free step-by-step guide to help you have an agency-quality marketing strategy all on your own.