The Top 10 Marketing Tips for Small Business

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.