| |
Marketing Tips
The Top 10 Marketing Tips for Small Business |
| |
|
Before you begin marketing your business - on a local, national or
international level - there are 10 pieces of advice to keep in mind to help you
maximise your marketing results. |
| |
|
1. Start with a Marketing Plan |
Small businesses often make the mistake of implementing tactics on an adhoc
basis without putting a marketing plan
in place. This can waste valuable time and money communicating to customers who
don't have a need for your service or product.
In order to set measurable objectives and the appropriate
marketing strategies and tactics needed to achieve them, your marketing
plan should begin with an analysis of your market, business environment,
competitors and customers. Knowing the market you compete and the factors that
impact your business will ensure you develop and implement tactics that are
relevant, maximise your marketing spend and achieve profitable results.
|
| |
|
2. Focus on the Customer |
All effective marketing
strategies begin and end with the customer. It is important to find out
who your most profitable customers are and how you can keep them loyal, as well
as how you can attract new customers with a similar profile.
Only marketing to customers who have a need and desire for your service or
product will ensure you optimise your marketing
spend now and in the future.
|
| |
|
3. Focus on Keeping your Customers |
| Any multi national company will tell you that retaining your customers is far
more cost-effective than trying to attract new ones. Set objectives and develop
marketing strategies that focus on the retention and expansion of your
most valuable customers as this will guarantee a successful business long term.
|
| |
|
4. Identify your Key Points of Difference |
| You can gain a competitive edge in your market by knowing and communicating
your key point of difference to your target market. Ask yourself: |
-
What makes you stand out from your competitors?
-
What makes your better than your competitors?
-
Is your point of difference relevant to your customers' needs and wants?
|
|
Once you know this, you'll be able to set yourself apart from your competitors
and place emphasis on the areas of your business that will provide the most
return.
|
| |
|
5. Know Your Market |
| Your market is the overall industry in which you compete. You need to analyse
your market so you can gain an understanding of your business's full market
potential and identify new areas of opportunity. Ask yourself: |
-
Is my market growing or declining and why?
-
Which segment(s) of my market is most advantageous for my business to compete
in?
-
Which factors are changing my market (eg. seasonality/trends) and how will they
affect the future of my business?
|
|
6. Know Your Competitors |
Investigate your competition and find out their strengths and weaknesses and
how they compare to yours. Analysing your competition will enable you to
determine what makes you different from your competitors and what you do
better. Your key strengths and point of difference can then be communicated to
your customers to differentiate yourself in the market.
If you also get to know your current threats now, you can put a plan in place
that will make sure they don't become a greater threat in the future.
|
| |
|
7. Know Your Business |
| Review, review, review! Reviewing your business on a regular basis and
comparing your performance to your market and competitors will help you to
identify your current strengths, weaknesses and future opportunities for
business growth.
|
| |
|
8. Set Realistic Objectives |
Be realistic about what you need to accomplish. Your
marketing objectives should be relevant to your current marketing and
business issues and move you towards achieving your financial goals. Your
marketing objectives should therefore be linked to your financial and sales
objectives and follow the SMART principle i.e.
S - specific
M - measurable
A - achievable
R - realistic
T - time specific
|
| |
|
9. Track and Evaluate Your Marketing Tactics |
Big businesses don't rest on their laurels after having implemented their
marketing plan and neither should small businesses.
Tracking and evaluating your
marketing tactics will save you valuable time and money, as it will
show which tactics worked for your business and which should or should not be
repeated in the future.
|
| |
|
10. Learn from Your Experiences |
| Continually speak to your customers, research your competitors and analyse your
business and market to ensure you are taking advantage of all opportunities
available. If something doesn't work – don't be put off – chances are you will
know what went wrong and why, so your marketing activities will only become
more effective and improve your business results year after year.
|
| |
|
The M4B Marketing Software
user guide which is included with your purchase of the software, provides over
165 pages of marketing tips, information and examples to assist you maximise
your use of the software. |
| |
Plan 
