Small business owners have a unique aim to achieve compared to the established businesses. Small businesses always strive to survive, compete, and grow in the marketplace. This is not easy to achieve, to achieve that you should have a set of plans and strategies that should be implemented to realize success.
Marketing is an important aspect of any business; growth is achieved by growing your market share. It is common knowledge that the market offer a competitive environment, and you need good worked out strategies that will keep you competitive. However, for most business owners it is hard to figure out what strategies they should pick.
You do not have to be a genius to come up with a set of procedures on how you should achieve your marketing objectives. Although, you may be using platforms such as social media, email marketing, videos, advertisements among many others. All of these may be right and good move for your business, but again the strategies may not be effective as you expected. It is always important to choose your marketing strategy well considering it is the backbone of your business.
In this article, I will share the simple guidelines on how to choose your marketing strategy by asking yourself a set of questions.
Who is your target customer?
You will have to define your customer before deciding on the strategy to go for. Who do your business offer services to on daily basis? Answer the question without mixing up yourself and causing confusion. This is important, as it will help you narrow down on whom to deal with and try to reduce the amount of time you waste on clients that are not of much importance to you. It is always hard to develop that kind of discipline especially for new businesspersons, but with time, you will be able to stick to it.
Basically, as a small business owner you should know that the narrower your target market is, the more effective the strategy that will be employed in the market.
Define your category
This should be a short description of the kind of business you are involved in, for example, Fresh Spanish Fruits is a simple description and a perfect one. However, as the cases with many businesses they complicate things assuming that it will be more attractive to the customers. Just as is the case with defining your target clients, you should also get used to sticking to your category and remain disciplined not jumping ships when every moneymaking opportunity arises.
The importance of answering the question, which is your category? Will keep you focused on your objectives and come up with the best marketing strategies that suit your business. It highlights your market and the sales options that you can apply. For example, if you are not a leader yet in the market, you should focus and concentrate on areas that need improvement for you to be the market leader.
How unique is your product
Good managers are the ones who always know the unique benefits of their products over the rest of the competitors. As a small business owner, you should be able to identify the qualities of your product that will gain you competitive advantage over others in the market. These should be features that your target customer is in need of, but competitors cannot provide.
Who is your competitor?
One of the best renown methods of solving a problem is comparing your case with your competitor’s situation. It is sad that most of the entrepreneurs are not aware of their competitors that exist in the market. In such cases, it becomes difficult for anyone to differentiate their products from the competitor’s product. This will affect the decision-making process of the buyers and automatically you will make poor sales.
It is always important for business owners to identify their main competitors. Every competitor will always bring a different aspect in terms of comparison, which will help you in problem-solving.
What are your strengths?
After you have identified your main competitors in the market, it is always important to try list the advantages that you have over them. Essentially, the advantages should be the things that you do better than they do. Try to rank them, starting with the most effective in the market to the least effective. Do not complicate matters; just answer simple questions such as, is your delivery faster than your competitor is? Is your response to customers faster? Then when deciding on the marketing strategy to employ, you should pick the one that will make you improve your strengths or maintain them.
In conclusion, I would wish to highlight that some of the factors listed above are essential in determining your marketing strategy. However, it is not a guarantee that it will affect you decision-making process directly, it may affect you indirectly. Small business owners should widen their decision-making process and factor in as many aspects as possible that have an effect on your marketing strategy. It is also important to stick to what you do and be disciplined to avoid confusion.