You’ve done it. Started up that business you’ve always dreamed of, gathered funding, set up shop and are ready to start bringing in customers and making sales. There’s just one problem. No one has any idea who you are yet. You might as well be invisible in this situation, because you effectively are when it comes to how you’ll be able to reach potential customers and clients. So what do you need to set yourself apart, get word of your small business out there and start bringing in prospective clients? That’s right, you’re going to need a marketing strategy. Let’s get into the four main components that go into a successful marketing strategy, outline each, and get you started on making sure your small business is a complete success.
1) Target Market
The amount of diverse and different resources that are available to customers makes it nigh impossible to appeal to absolutely everyone in the market. In fact, it’d be foolish to even try. Instead, ideally you should be designing your product or service with the ideal customer base already in mind, so as to make your job quite a bit easier. Demographic factors can determine the market you’re looking for, such as marketing luxury items to those with considerable disposable income. Psychographic strategies also come into play, by specifically targeting those who would be more psychologically likely to already go for your product or service.
2) Differentiation Strategy
It’s an age old question: what sets you apart? Well, when you’re marketing your business, the answer to this question is paramount. This is because customers tend to view generic items as being inferior or of lower quality, even in cases when they’re not. Your marketing plan needs to combat this by making a clear distinction that shows just how your product or service is different from, and ultimately better than, what the competition is offering. Pricing can of course differentiate you, but technology, special features, and other incentives can be just as effective.
3) Price Strategy
You need a price strategy for your products or services. Period. This will depend largely on market forces and penetration versus profit, but it’ll also largely depend on the financial resources that you have at your disposal. For instance, a business that has plenty of cash on reserve might use penetration pricing that will ultimately lose the business money in order to either grab up the competitor’s customers or else drive them out of the market entirely. For products or services that are more on the high-end side, businesses might use skim pricing or other strategies to get ahead, sacrificing volume sales in the process. Whichever strategy you employ, you’ll have to make sure it fits squarely within the accepted price range for those goods or services in your area.
4) Local SEO
Let’s face it: Internet marketing is one of the most effective ways you can get your brand out there. Along with short-and longtail keyword strategies, you can also utilize Google’s autocomplete function to your advantage, manipulating search results to better reflect on your company and ensure that only the information you want published online is getting the most attention. Because when it comes to your marketing strategy, one of the first things people will do, for good or bad, will be to Google your company upon hearing about you. Another strategy you can employ is hiring a local SEO agency to do the dirty work for you, ensuring that your brand gets the attention it deserves.
4 Strategies to Get Your Brand Where it Needs to Be
By employing the four strategies we’ve examined together, your small business is sure to flourish. Because again, it’s not just about the product or service that you offer in today’s economic climate. You need to have the right marketing strategy to get the job done.