Elements of a Good Small Business Marketing Strategy

Effective marketing is an essential part of your overall business strategy. After all, there’s not much point in having a great product or service if no one is aware of it!

Here are a few points to start you off in developing your own small business marketing strategy:

  • A sound strategy starts from having clearly defined missions and goals. This means that you know what it is you want to achieve in your business.
  • You know your products and services well enough to be able to define them in easy-to-understand terms, and to demonstrate the ways in which they are unique.
  • You understand where your products and services ‘fit’ in the market at any point in time.
  • You have determined who your target market is, and done your research regarding what it is they really want and need. This is a vital element as you need to have your market narrowed down to those who are more likely to be interested in buying your product. Researching your target market or potential client base can be done through online research, focus groups and surveys.
  • You know the competition! It’s important to research your competitors, their products and services, pricing, and markets. By doing this, you can determine the areas where you can develop a distinct advantage.
  • You have decided which marketing communication and promotional tactics to utilise.
  • Your strategy can be tested, by measuring the results of campaigns.
  • The strategy should be flexible enough to be adjusted, depending on the results of activities, and on changes in the wider marketplace.

Timing and activities

Your short and long-term goals will also make a difference to your marketing strategy. For instance, your goal for next six months might be to reach out to a new demographic, or to advertise a new product, and this will determine the timing and type of activities you use.

Promotional tactics and activities might include advertising in the paper, in magazines, on websites and through social media, and on the radio, and with media releases, sales promotions involving short-term discounts, or direct marketing through email campaigns, brochures or telemarketing.

Remember, a good small business marketing strategy will aim to get the attention of your target market, and to keep drawing that attention over time.

This means keeping a keen eye on what is going on out there in the marketplace, and on what people are interested in.