It is not easy to start a business in today’s cut-throat world. Most sectors are already saturated. According to the Bureau of Labor of the US, one in every twelve companies closes every year. Similarly, only 50 percent of startups operate for more than five years!
With such ominous predictions, small businesses need to put in extra effort to ensure their survival in today’s time. A critical aspect of conducting business that is often overlooked by startups is marketing. Businesses spend too much time in perfecting their product or offering. Not enough time is spent on actually marketing it.
To yield significant results, you need to market your product effectively. Here are some marketing fundamentals that will take your small business a long way.
1. Know who your target audience is
One of the most essential elements of marketing is to understand who you are selling your product to. This will govern the creation of your entire marketing strategy. Before you begin communicating with your customers, you need to find exactly who your customers are.
Why is it important? This is because once you know who your target audience is, you can research what their interests and preferences are. You can then decide what brand voice and tone will best attract them.
This also means that once you decide your target audience, the way you speak to them might alienate other types of customers. For instance, if you choose that your core customers are 20-30-year old females, then the same marketing campaign cannot be used to speak to 40-50-year-old males.
2. Boost brand recognition through the right marketing collateral
One thing small businesses don’t have a lot of is money. Cash flows are already a problem for startups. This is why many deem marketing to be an expense that they don’t want to bear. But, this doesn’t take away from the fact that marketing is essential.
The good news for business owners is that marketing doesn’t necessarily have to be expensive, especially if you are smart about it! One great way to market your product in a cost-effective manner is by investing in the right marketing collaterals.
For instance, rather than spending a hefty amount in designing a commercial, you can distribute flyers. This way, you can tell your customers exactly what your business is about. Distribute the flyers to each and every mailbox within your reach.
Make sure that the flyer you design is eye-catching, brief, and has the right information. For instance, it should highlight all your vital services as well as deliver contact information. Adding in a discount coupon on top of it will further incentivize your potential customers.
3. Create a quality website
We live in an online world. According to Statista, there are more than 4 billion internet users in the world. The masses use the internet for most of their purchase decision. Whether it be searching for brands or looking for reviews, the online world is in the center of it all.
This is why it is essential to market your product online. Before you delve in social media marketing and search engine marketing, you must first ensure that you have all the necessary elements right. AndSEtalks. It highlights awesome growth ideas for ecommerce websites that increase conversions.
You need to include the right elements in the right place. Also, make sure you use aesthetically, pleasing visuals to attract customers. Find the right equilibrium between negative space and text. Readability is imperative in all marketing communications.
While you are at it, you must also ensure that your website is optimized to come on top of search results. Businesses like the Leather Skin shop are great examples of websites done right. It is simplistic, informative, and value-adding. Not to mention it features a satisfactory ranking on search engines.
4. Build a social media strategy
Social media is yet another thing that has taken over the lives of many. From the moment you wake up to the moment you fall asleep, the chances are you interact with at least a few social media apps. This can include Facebook, Instagram, Twitter, Snapchat, and Pinterest.
If social media has become an integral part of your lives, know that you aren’t the only one. There are many like you. And for a small business owner, this means that social media is an excellent opportunity to market themselves cost-effectively.
How to use social media for startups? The primary thing you need to do is research where your target customers are. For instance, tweens are more likely to be found on Snapchat and Instagram, while 30-year-old adults might frequently use Facebook.
Know where your audience is and then prioritize the platform in your strategy. Decide what the purpose of your marketing is. Do you want to raise awareness? Or generate a lead? Your purpose will then govern what the best social media marketing tactic for you is.
5. Have a strong follow-up
Most businesses tend to ignore the power of the post-purchase experience. Some of the biggest companies in the world are now working to ensure that their customers are satisfied throughout the buying cycle. This includes post-purchase as well.
As a small business, you must take a page out of their book and build a post-purchase experience strategy. How will you stay connected with your customers? What will you do in case they aren’t happy with their purchase? These are just some of the queries you must answer.
One thing you must guarantee from the start is a strong follow-up. Once someone purchases from you, make sure you follow-up with them, either via call or email. Ask them about their experience and encourage them to refer you.
This will increase your customers’ lifetime value. It will also boost brand recognition through word of mouth.
Learn and adopt the five fundamentals
All in all, small businesses must adopt each of the five fundamentals to yield promising results. Now that the odds are against you. You need to prove all the statistics wrong and emerge as the odd one out! Survive by marketing your business the right way.