How to Develop Marketing Strategy for Small Business?

How to Develop Marketing Strategy for Small Business

Most of small business owners fail to create a successful marketing strategy at all, instead of focusing on tricks. Let me give you one of the definitions of strategy from the fine peoples at Merriam Webster: a careful plan or method: a clever marketing strategy the art of devising or employing plans or stratagems toward a goal so the strategy is a plan and the implementation of that plan.

Tactics are merely the methods with which you carry out that plan. Planning is important in small business marketing strategy for a few reasons:-Planning helps ensure you keep consistent marketing effort.-Planning helps you set goals and move towards reaching them.-Planning helps you set and stick to a budget. Many small business owners are intimidated by the idea of a marketing plan.

How to Develop Marketing Strategy for Small Business?

They think it needs to be a huge formal document with financials and charts. It can be that, particularly if you are going for funding. However, if you are just in business for yourself, your marketing plan can be very simple.

Here are some items I think it should include: Your overall vision, value proposition, and unique selling position-A list of your target markets, and what you know about them-Your budget for marketing-A list of strengths and weaknesses with the customer facing side of your business.

A list of steps you are going to take (I recommend a marketing calendar)-There are three ways to increase your revenue, and your plan should take each into account:  Increase your number of customers2. Increase the amount of your average transaction3.

Increase the frequency at which your customers buy from you most marketing efforts I encounter focus only on #1. However, #1 represents the most expensive, difficult and slow method for increasing revenues. Remember that marketing is not just advertising and PR.

Your plan should encompass your customers' entire experience with you. It might include changing the way you answer the phone, more frequent follow-up calls, cleaning the bathrooms at your store more often, adding plants to your reception area.

Your plan also might include some kind of customer satisfaction survey, maybe during follow-up calls or during a visit to your business. Your plan might also include presenting your products or services better or repackaging them in different ways. It might have you creating a new brochure, or giving sales training to your staff.

Your plan should include the tactics you want to use, and a budget for each tactic. There’s an old military aphorism that goes: Even the best possible battle plan has not survived the first contact with the enemy. 

This basically means that the unpredictable always happens - it's what makes life interesting. Do not be afraid to revise your marketing plan to respond to changing conditions.

However Business Management Articles, you still need a consistent and intelligent marketing effort. You should be able to capitalize on new opportunities and respond to new challenges. Plan and stay consistent - you will outpace most of your competition.
How to Develop Marketing Strategy for Small Business? How to Develop Marketing Strategy for Small Business? Reviewed by Administrative Info on July 08, 2019 Rating: 5

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