As a small business owner you need to gain consumers trust by letting them know how your product or service can add value to their lives. Marketing for SMEs is much different than marketing in larger corporations.
In South Africa, approximately 91% of the formal business sector consists of SMEs. It contributes between 52% and 57% to our GDP. Owners underestimate the importance of aligning marketing strategies to the company’s business plan. As a result, many SMEs fail within the first year.
Four steps to get the most out of your marketing and advertising strategy
Step 1: Market research – The foundation of your strategy
Strategy is essential to the marketing process. Don’t try to guess your target market. Gain an understanding of your target audience and develop a marketing plan that aligns with your business goals. Call your competitors to find out what they’re offering, visit websites and do research.
Your marketing plan should be specific. It must be complimented by a focused message which hits your target with pin-point accuracy. As a small business owner you can’t afford to miss the mark.
Keep abreast of new developments in your industry and don’t lose sight of your business goals.
Tip: Keep your marketing plan simple and update it at least twice a year.
Step 2: Develop your brand – It could make or break your business
Whether you run a small guesthouse, sell souvenirs or work as a carpenter, your business should be easily identified by a trustworthy brand. Brand development isn’t an expensive privilege reserved for large corporations. While it might take some time, you can develop your unique brand inexpensively.
Remember: Your brand determines how customers and consumers view your enterprise.
A successful brand is not created in one day. It requires creativity, science and commitment. You must believe in your business to develop a clear, specific and credible brand. Most importantly, your brand must stand out from the rest in the market. It should be easily recognisable, desirable and create interest to attract customers to your organisation.
Step 3: Establish your message – You have something to offer
Every business has something unique to offer to its clients. This unique selling point (USP) is one of the most exciting features of your business. Use the USP to create a message that summarises your enterprise for prospective clients.
Developing a strong marketing message will create awareness and drive customers to your business. If you have employees, make sure they understand and believe in your USP and marketing message.
Commitment, loyalty and positive attitudes are not only important among employees who are in direct contact with customers but at all levels of the company’s organisational ladder. This can be achieved through training, human resource development and recognition of employee contributions to the company.
Tip: Distinguish your message from competitors to position yourself as a unique, professional and trustworthy brand.
Remember: Your business has something special to offer to the market.
Differentiation could increase the number of inquiries you get. It also helps you land a larger percentage of the prospective clients.
Step 4: Choose your marketing vehicle – Target your audience
You’ve completed your market research, decided on your brand and your marketing message. Now it’s time to deliver your message to your target audience. It’s important to find the correct medium to relay your message. As an SME, you probably don’t have massive financial resources to dedicate to advertising and marketing your brand.
Advertising on television, radio and even the newspaper is very expensive and might not reach the audience you need to target. If you operate within a small community, find creative ways to engage your consumers directly.
Never underestimate the power of word of mouth advertising. If you employ people from your community, make sure that they speak about your business positively. Partner with them to spread the word about your business. This is the most cost-effective way to attract new business and create awareness of your product and services.
No matter what vehicle you use to market your business, it’s important to remember that commitment and loyalty to your brand can’t be bought. Your marketing strategy should enhance the positive attributes of your organisation and entice consumers to hand you money.
Just putting it out there...
If youd like to find out how to master persuasive business writing techniques, click here...
No comments:
Post a Comment