Small business owners can boost sales this season with effective business marketing plans
In a moment when the economy is coming out of turmoil, it's more important than ever for small business owners to properly promote products and services. Yet the Times Standard reports that many small business owners struggle to understand the distinction between marketing and advertising.
Small business owners might think of advertising as a component of marketing, while marketing - which includes research, media planning, product pricing and more - is a larger process.
The Times Standard quotes marketing consultant and strategist Laura Lake as explaining that marketing is "everything that an organization does to facilitate an exchange between company and consumer."
In order to get the most out of product promotions this year, business owners might benefit from these four tips on building a business marketing plan.
Set annual goals
Economies change and consumers come and go. The same marketing tactics that work one year will likely prove inefficient the next. Entrepreneur.com advises small business owners to set marketing plans to cover one year.
Before outlining the specifics of a marketing plan, it's essential to know what a business hopes to accomplish. Write out the annual goals of a company - from increasing sales by 12 percent to expanding offered services.
Establishing these goals will help shape the kind of advertising channels and necessary research that will be necessary for other aspects of marketing.
Research and remember the customer is always right
Research is critical to offering clients necessary but unique products and services. Business owners should do their homework on their market competitors, target consumers and user ratings of their businesses.
In order to outstrip the competition, it's essential that entrepreneurs know what others in the industry are doing. This kind of information will help establish appropriate pricing, and finding holes in markets offers opportunities for savvy entrepreneurs to shine.
Venture Hacks says that customer feedback might be one of the most important steps to developing a marketing plan. By learning what customers value, a small business owner can plan marketing strategies around their strongest selling points.
Build a brand and position it well
It's important to create a perception around products and services that will convince consumers a small business offers what they want.
For example, if customers love the personal touch of a company's services, consider developing a friendly brand that uses colloquialisms in advertisements.
Once the attributes of a brand are developed, it's important that the brand be consistently represented in every situation where consumers encounter a company - from the brand slogan to the tone of email campaigns.
The personality of a brand will also offer insight on which advertising channels would be best to reach potential clients. A kid-friendly brand might do better with social media marketing and television ads than newsletters.
Integrate for increased efficacy
Once a company has prepared a holistic marketing approach, the different advertising venues should reinforce each other rather than remain isolated slices of the marketing pie.
Email marketing campaigns might include a link that brings recipients to an ecommerce website, and social media platforms can include a sign-up list for fans to opt to receive company information via email.
According to a report from Lyris Perspectives, integrating advertising channels increases the efficacy of each and makes overall marketing more effective. The firm predicts that combining social media, mobile, and email campaigns might particularly give businesses a competitive edge this year.
As a report from Nielson's Global Consumer Confidence Index reveals that Canadian consumer confidence is on the rise, small business owners should consider developing their business marketing plans sooner rather than later to catch consumer dollars.
