7 MARKETING TIPS FOR SMALL BUSINESS ENTREPRENEURS
It takes a lot of courage to build a business upon an idea. Scaling up on that idea takes hours of work and unwavering ambition. However, it’s important to get noticed by the right audience for your start-up to gain traction in the market.
Marketing is a tough job. While large campaigns tend to get noticed, it’s even more difficult to market a small business with a limited budget and reach your target audience. There are no metrics to predict the audience’s reaction to your idea.
However, if you’re the owner of a small start-up, then fear not, for we’ve compiled a list of tips and tricks that can help you form an effective strategy suited to your business.
Creating and focusing on value
Many people have ideas, and many take the step to establish their start-ups. However, a study in 2019 released some alarming numbers, stating that 90% of start-ups failed, with 21.5% of them failing in their first year. One of the main reasons behind this is the lack of smart marketing.
For smart marketing, it’s important to identify the unique factor of your start-up. What are you doing differently? What are you offering to your customers that no one else is? If you focus on creating that unique value for customers, that’s bound to turn heads in the market.
Understanding your audience
It’s important to understand that your business will not attract everybody. It’s foolish to regard everyone as a potential client, especially with a limited budget for marketing. The smarter thing to do would be to target a certain segment of society where your product is more likely to resonate. Identifying that segment is a skill you can acquire with an MBA online program, while you develop your acumen for business management through the degree.
After narrowing down your audience, tailoring a marketing campaign targeting their wants and needs will become easy and cost-effective.
Using your existing clients
Launching a start-up with a small clientele in hand can be a huge blessing in terms of selling your product and expanding. In the beginning, clients are usually friends or family members trying to help out. Having them spread the word can do wonders to grow your business.
You should not underestimate the ‘word of mouth’ mode of marketing. Focusing on giving the best product/service will strengthen your relationship with existing customers, which will ensure that they’ll recommend your business to others seeking the same service. Therefore, make sure you use initial customers wisely and focus on delivering a high-quality customer experience from the beginning.
Using online platforms
Reaching a wide niche of customers for small businesses requires a lot of money and some aggressive marketing techniques. Marketing was generally perceived as buying airtime on television, renting a billboard, or buying a newspaper section, which are expensive options. However, the digital revolution has provided far more effective alternatives with a unique capability to reach your target audience.
Everybody uses social media, and the best part, you don’t have to worry about reaching your intended audience. With social media platforms, you can market your business for free, and with a few bucks in, you can increase your reach too! With complex algorithms in place, a social media user’s browsing patterns are identified, and if they match your product, they are more likely to see your adverts. This potential provides a huge relief for start-ups as it can do wonders for your business expansion.
Optimize your content
Having a social media presence is one thing, but it’s important to make your presence felt. It’s important to engage your audience effectively and keep them interested in your brand. For that purpose, putting out the right content is the best way. Frequent clickbait tactics can only bring you so much attention. To achieve your long-term business goals, you can concentrate on developing relevant, insightful, and entertaining content that will resonate with your audience rather than just showy stuff.
The audience looks for brands that connect with them on a personal level. As a start-up, use your content to show that you are just that. Make them feel that connection.
Use Social Media Influencers
Social media has given rise to new stars in the most unlikely fashion. Social media influencers have become celebrities by doing their own thing and making their content. People relate to them personally, and having them on board for your marketing strategy may also do the trick in breaking into your niche market. They can provide a raw form of an advertisement on social media that can resonate with the common user and ultimately boost your sales. Furthermore, this is very convenient when running on a limited budget. There is no need for fancy production or high-profile actors whose lifestyles look unattainable to the public eye. It’ll create an organic and relatable brand connection with your audience.
Another great way of engaging with existing customers is by email. Using email is one of the best ways to market any new product/innovation you come up with or are about to introduce. A personalized email weekly/monthly email to update them about your new product or upcoming launches will make your customers feel valued and make them loyal to your brand. They’ll be more likely to return to your service because of the value that you give them.
With this sort of engagement, ‘word-of-mouth’ from your loyal customer base will prove to be a far more effective advertisement to help you expand your start-up.
Launching a start-up is a great challenge but breaking through in the market is an even bigger battle. It takes a lot of effort, but if you devise a smart, multi-channel marketing campaign, you can save your business from becoming another failed start-up statistic.
Smart marketing efforts are key in establishing your business on a limited budget. To achieve that, it’s important first to understand your target audience. You can only do that once you’ve generated a unique value for your start-up. Marketing that unique service is more likely to help you break into the market. Furthermore, use existing clients to help spread the word about your product. The spoken word has a lot of power and can help you garner more customers. Use influencers for marketing campaigns on social media as they can publicize your business without you breaking the bank. Lastly, using email newsletters is one sure way of keeping your audience interested and engaged.
These techniques don’t guarantee overnight success, but putting out the right content and determined efforts to keep your current clients engaged while slowly but surely expanding your reach, will certainly help you achieve the desired sales for your business.