Key Marketing Strategies For Small Business – A marketing strategy refers to the entire game plan of a business to reach potential customers and convert them into customers of their products or services. A marketing strategy consists of the company’s value proposition, key brand message, target customer demographics, and other high-level elements.
A clear marketing strategy should revolve around the company’s value proposition, which tells consumers what the company is, how it works, and why it deserves their business.
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It provides marketing teams with a template that should inform their initiatives across all of the company’s products and services. For example, Walmart ( WMT ) is widely known as a discount retailer with “everyday low prices,” with business operations and marketing efforts rooted in this concept.
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A marketing strategy is outlined in a marketing plan – a document that outlines the specific types of marketing that a company will undertake and a timeline for implementing various marketing initiatives.
Marketing strategies should have a longer life span than individual marketing plans because they contain value propositions and other key elements of a company’s brand, which typically last for a long time. In other words, marketing strategies cover big-picture messaging, while marketing plans describe the logistical details of specific campaigns.
For example, a marketing strategy may say that a company aims to increase authority in the appropriate circles where their customers visit. A marketing plan puts this into practice by commissioning thought leadership pieces on LinkedIn.
The ultimate goal of marketing strategy is to achieve and communicate a sustainable competitive advantage by understanding the needs and wants of your consumers over competing companies. Whether it’s print ad design, mass customization, or a social media campaign, a marketing asset can be judged based on how effective it is at impacting a company’s core value proposition.
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Market research can help chart the effectiveness of a given campaign and can help identify untapped audiences to achieve bottom line goals and increase sales.
Creating a marketing strategy requires a few steps. HubSpot, the digital marketing resource, offers insights on how to build your strategy.
A marketing strategy helps a company direct advertising dollars where it will have the most impact. Compared to data from 2018, the link between organization and success in marketers is nearly four times more likely than in 2022, and nearly seven times more likely.
The four Ps are product, price, promotion and place. These are the important factors involved in marketing a good or service. The four Ps can be used when planning a new business venture, evaluating an existing offering, or trying to optimize sales with a target audience. It can also be used to test current marketing strategies on new audiences.
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The marketing strategy will detail the advertising, awareness, and public relations campaigns that will be undertaken by the company, including how the company will measure the impact of these initiatives. They will generally follow the four Ps. The tasks and components of a marketing plan include market research to support pricing decisions and new market entries, appropriate messages that target certain demographics and geographic areas, and platform selection for product and service promotion – digital , radio, Internet, trade magazines, and a mix of these platforms for each campaign, and metrics that measure the results of marketing efforts and their reporting timelines.
The terms “marketing plan” and “marketing strategy” are often used interchangeably because a marketing plan is based on a strategic framework. In some cases, the strategy and plan may be included in one document, especially for smaller companies that may only run one or two major campaigns per year. The plan describes the marketing activities on a monthly, quarterly or annual basis, while the marketing strategy outlines the overall value proposition.
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There are many good small business marketing agencies, but six key factors make a great one. The difference between a great organization and a good organization can be profound. Good agencies can give you a positive return on your ad spend, but great agencies pay double or more. They do this because they have all six of these factors.
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This is a quick 2 minute video summary of six key factors that make a great small business organization. For a much richer discussion, please read below
All great small business marketing agencies start with a strategy. What are small business marketing strategies, and why are they important?
Defined as an organization’s integrated pattern of decisions about products, markets, marketing activities, and marketing resources that determine its critical choices in the production, communication, and/or delivery of products that deliver value to customers in exchange does
First, all decisions relate back to the common goal or purpose of the relationship. It could be something like ‘build awareness from a to b’ or ‘increase traffic by z%;’ among others. The goal is to ensure that all strategies are focused on delivering the same results.
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Second, decisions must be made about what to sell (products), where to sell it (markets), how to sell it (marketing activities), and how much to spend (resources).
Ultimately, it comes down to communication – how do you solve their problem in a unique and valuable way? Customers need to understand the value you offer and how it differs from the competition. A clear, simple message performs best.
We always say that the marketing strategy is the engine of the business model. Just like a car won’t go far without an engine, neither will a business model without a marketing plan.
While marketing tactics and media are evolving rapidly, the fundamental steps and discipline are lacking. Marketing deals with human nature and psychology. As a result, the emotional needs that drive behavior change very slowly, if at all.
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Therefore, an excellent small business marketing agency marries this experience with an understanding of how to match these skills with the ever-evolving suite of tools available.
To help, we created the infographic below. It outlines all the steps needed to create a marketing strategy for small businesses.
Without good goal setting planning, it is difficult to measure your return on investment. Return on investment is how much revenue you get or increase in customers for every dollar you spend on marketing.
To calculate an effective ROAS, you need a clear and measurable business goal. In addition, you need clear marketing and communication goals, which align with your goals. This is how you measure your returns.
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If you invest the time to develop a solid marketing strategy, you’ll have these metrics before you even get started. Therefore, it will be relatively easy to calculate ROAS. Conversely, if you don’t, calculating ROAS will be difficult.
You need to make sure that the test is measuring the right result. As a result, you will be able to demonstrate with experience that you have achieved your goals. This way, you avoid wasting time and money.
If your small marketing agency’s test method is to toss out a bunch of ad copy and let an algorithm sort it out, that’s a red flag. Algorithms are great when used correctly. When it’s not, it’s garbage. It can be pure garbage, for example. But, this waste remains.
While how we interact with each other has changed dramatically, we are still subject to the same decision-making processes and psychological needs.
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As mentioned earlier, marketing strategy gives you a deep understanding of your customers’ needs. So, now, when you apply the algorithm method, you can narrow your search, reduce your costs, and use digital tools to get a faster answer.
As Chad Wangs points out in his article “How to Manage Digital Marketing for Small Businesses” on business.com
“Small businesses can grow using digital marketing. Competition among small businesses is fierce… Basic digital marketing is relatively inexpensive.
There is no one-size-fits-all answer. If it existed, everyone would do it, and everyone would be successful. Therefore, it is important to understand how best to use the digital tools available to meet your goals.
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Every tactic has its place. Some are better than others in different situations. For example, if your product or service requires customer education, how would you use paid search, social media, etc. differently than impulse buys? This way, it knows what to replace and when it separates the good from the great.
Big organizations get big because they are successful. They have succeeded by serving a wide range of customers. Just because a large organization has more resources, that doesn’t mean you have access to them. The biggest disadvantage is that the quality of the people in the account is proportional to your budget.
Knowing that someone is there and what you are trying to do can help reduce your risk. They have experienced what you are going through. As a result, they know what you are facing.
Marketing is both a science and an art. It rarely does
Sketchnotes: The 5 Key Elements Of A Better B2b Content Marketing Strategy–nolin Lechasseur :: Sacha Chua
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