The key to getting a global footprint in this dynamic business world is coming up with a sound marketing strategy. However, finding the right marketing strategies for small companies can be a challenge due to scale and budget constraints. We will take a look at the best marketing strategies for small companies as a guidance on where to start your efforts.
Segmentation
Segmentation is a key to any marketing strategy. For small companies, this element is even more crucial. With your limited resources, you will want to make sure that you reach the relevant target audience. Therefore, dividing the market into chunks you can actually serve and targeting the right chunks is an absolute must. Divide your current and potential targets into different groups based on their demographic, psychographic and other segmentation variables. Dividing these groups allows you to carry out independent research on each group. Being able to determine their preferences will allow you to design the best strategy to address their needs.
Targeting and positioning
The next step after segmenting the market is targeting the right segments. As a small company, your resources are limited. In addition, there are massive companies out there already trying to target large parts of the market. Therefore, do not try to target the whole market. Focus on those segments you can actually serve better than the competition. Differentiating your customer needs allows you to focus your strengths and energy on the potentially profitable group. Once you have targeted the right segments, your goal should be to position yourself in the best possible manner. Positioning refers to occupying the right spot in the mind of target consumers. In other words, give your target consumers a reason to buy. This encompasses setting your product or service apart from the competition, but also communicating these differences that set you apart.
Market research
Market research is an integral part of all marketing strategies for small companies. Of course, it is also needed for segmenting the market, targeting and positioning yourself. It involves carrying out market research to determine the specific markets you intend to do business with. This research involves asking questions such as; their population, age bracket, location, current lifestyle trends, and their common means of communication. With this information, your business is able to map out a plan on how to reach the customer.
Promotion
Your strategy should contain a well-defined course of action on how to create awareness for your product. Choose the most appropriate medium to reach your target audience, explaining the various aspects of your product. For small companies, obviously not all means of promotion actually make sense. Large billboard ads or TV ads may just be out of scope. Therefore, focus on those channels that you can afford and that will give you the highest conversion. Typically, this includes social media marketing and search engine advertising (SEA), which allow you to start with a small budget and lead to high conversion. You will pay only for those consumers that actually view your ad or even click on your website.
Monitoring and Evaluation
It may sound like a no-brainer that monitoring and evaluation of your efforts is key to a good set of marketing strategies for small companies. Always keep in mind that you will want to maximize conversion to ensure you get the most from your limited budget. Therefore, constantly monitor the level of impact your strategy has on your target audience to make the necessary adjustments when necessary.
Establishing a brand
Having a strong brand means that customers know what your business is all about. It sets your business aside from other businesses. Establishing an identity may be costly at the initial stages but worthwhile once your business starts getting a foothold. Identity comes with an eye-catching name, logo, motto, and imagery.
As a small business, it is wise to seek the help of professionals for proper branding. You can either enlist the services of a freelancer or a seasoned firm. Once you have a well- thought brand, you can start advertising by attaching your brand to your contact information like business cards, emails, and websites.
Consumer Follow-ups
Marketing does not end with attracting consumers and making sales. If you want to use the best marketing strategies for small companies, you will have to consider consumer follow-ups. This refers to getting feedback from the customer on your product. You should come up with follow-up questions to determine the impact of your product on the market.
This strategy also allows you to know the deficiencies in your strategy, providing you with insights on how best to address the issues. Follow-ups are a form of an after-sale survey that enables you to gauge the
milestones your product is gaining on the market. Not only does it determine the product’s performance, but how people respond to how you operate your business. Follow-ups can come in the form of questionnaires or controlled interviews based on a sample population.
Posters and Flyers
This is probably one of the oldest marketing strategies. Flyers are mostly hand-delivered to people on the sidewalk or to people’s mailboxes within the service area. Flyers are effective for businesses seeking to operate within a small geographical location. The flyer shows your potential customers your location, services offered, operating schedule, and contact information.
For small companies, posters and flyers are a wise strategy: they do not cost much and create initial awareness within your area.
You could also consider placing posters around public areas like supermarkets, malls, hospitals, and storefronts. Some of these locations offer bulletin boards that you can use to advertise your business, reaching out to potential customers in different locations.
With these marketing strategies for small companies, you will be able to grow awareness and boost your business.