Six Marketing Plan Essentials for Small Businesses
Boost Impact without Increasing Your Budget
Mention marketing to a small or mid-sized business owner and you'll often hear, “We can’t afford much advertising.” While advertising is one way to reach customers and prospects, today’s businesses need a carefully considered strategic marketing plan to get the most from their efforts.
Success in today’s highly competitive marketplace means that any size company must look beyond single day-to-day tactics and think strategically. This is especially true of small and mid-size companies that lack the budgets of the "big guys". While developing a strategic marketing plan is often best left to professionals, there are some fundamentals that any business can follow.
1. Understand market trends.
Determine what your business or organization must do to achieve its objectives based on an understanding of current and future markets. In other words, make sure you have a product or service that the marketplace wants.
Solicit honest feedback from customers. Become obsessive with measuring customer satisfaction and loyalty. Use acquired knowledge to aid future product and service development and to adapt marketing efforts to specific customers or market segments.
2. Segment the market.
A major trend among businesses and organizations of all sizes is to align their offerings and strategies according to market segments. Market segments are characterized by demographic traits (age, education, geography, etc.) and lifestyle traits (adventure seekers, busy moms, active seniors, etc.).
You can make your offers more relevant when you customize language, imagery and information targeted to a segment of the market you're trying to reach. Today, reaching narrow market segments is much easier and more cost effective than ever. For example, digital print technologies have made it economical to replace a single mass mailing with multiple targeted pieces.
3. Build a meaningful identity.
Develop an identity that will get attention and motivate customers to choose you over the competition. The concept of identity or “branding” goes far beyond a catchy name, logo or slogan. Define your products and services in a way that will resonate most with customers and prospects. Then articulate your message in a manner that will get their attention.
Build this identity through a variety of tactics: product labeling, signage, newsletters, product/service brochure, website, promotional products or targeted direct mail campaigns.
4. Remember your employees.
Often overlooked, employees are a highly-effective marketing tool. Their behaviors, along with their ability to communicate with customers and gather feedback, are all essential parts of a strategic marketing plan. Make the identity you developed in Step 3 part of your organization’s culture. Reinforce this through visual reminders such as banners, apparel and signage as well as through staff rewards and special events.
5. Optimize customer interaction.
Smart businesses know that the most effective way to grow a business is with current customers. Develop ways to stimulate repeat purchases, cross selling of other products and services and referrals. Use every opportunity to educate existing customers about your company and what you offer. Use product labels and inserts to invite feedback, drive customers to a website and reinforce company philosophy and customer commitment.
Offer incentives to customers who purchase one product or service to buy others through coupons and incentives. Make it easy for customers to share information with coworkers and friends through emails, newsletters and other marketing communications they will want to share.
6. Don't waste resources talking to the wrong people.
Part of your marketing strategy includes how to most effectively – and cost effectively – reach targeted customers and prospects. New developments in communication technology have created new ways to find people who will likely buy your product or service.
For example, database marketing enables businesses to target market segments and individual customers by purchasing a mailing list based on factors such as age, gender, zip code, hobbies, shopping history, ethnicity, or income. When you use such a list, you dramatically reduce the number of pieces you mail out and instead talk only to the people who are likely to be receptive to your message.
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Remember that marketing is a process. Listen to the marketplace and refine your products and services to meet changing needs, and you’ll attract customers’ attention.
For more tips on your next marketing project, contact us at Allegra Okemos at (517) 333-0713.