New marketing strategies for small business
What’s the difference between the confident entrepreneurs who lead growing businesses and owners who can’t get out of survival mode? It all comes down to this: All successful businesses have a clear marketing strategy that makes everything they do more effective.
Unfortunately, many busy small business owners get so caught up in tactical daily marketing execution like building a website, sending email, tweeting, advertising, optimizing a landing page, blogging and so on, that they are not taking the time to work on the decisions that’ll improve the performance of their tactics.
Strategy is simply the decisions you need to make so your tactics work better. Your marketing strategy is the foundation for creating awareness, generating interest, closing new sales and continuing customer engagement. Your marketing strategy guides your company culture, your products and services mix and your pricing.
There are many things to consider when crafting a successful strategy, but there are four key decisions that help hundreds of small business owners grow their sales and create sanity in their businesses.
- Situation Analysis: Normally this will include a market analysis, a SWOT analysis (strengths, weaknesses, opportunities, and threats), and a competitive analysis. Knowing the market you’re in and the potential your business has for growth is the most valuable knowledge you can have.
- Find Your Target Market: Definite what audience you’re looking to attract and focus all your efforts of researching the likes and dislikes of them to cater how to attract them.
- Work Backwards: Once you have a defined goal plan out the steps to achieve them whether it be monthly or week to week. Plan for benchmarks to hit that way you know how close or far you are from your goal along the way.
- Expense Budget: This ought to include enough detail to track expenses month by month and follow-up on plan-vs.-actual analysis. Normally a plan will also include specific sales tactics, programs, management responsibilities, promotion, and other elements. The expense budget is a bare minimum.
If what I’m describing makes sense, if you understand that strategy saves you money, and you need help sorting out the situation for your particular business, please consider Windfall Executives.