Marketing Strategies for Small Business

Marketing strategies for small business must be developed to give you confidence in the future stability of your business. Some of the building blocks to a sustainable business are to develop strategies for:

• Getting more new leads.
• Improving leads to sales conversion ratio.
• Increasing the average value of each sale.
• Improving and enhancing profit margins.
• Increasing the average number of sales per year per customer.
• Getting customers to refer more qualified leads.
• Converting more referred leads to buying customers.

Each of these on their own, once well planned and actioned has the potential to change your bottom line profits. When done together, the result can be outstanding.

Marketing strategies must consider both traditional offline as well as contemporary online marketing. They work together, leveraging of each other.

However, some of the more fundamental questions to be considered relate to:

Your Business

Describe what your business does - what you sell, how you sell it, who you sell to, by industry or specific niche.

What is your Unique Competitive Advantage for your top three products?

What is it about your product/service that distinguishes it from that offered by your competition?

Why should your prospects or customers buy this product from you and not your competitors?

Can you be specific about what your customers really want… from their point of view?

Your Customers

What is the “lifetime value” of your typical customer?

Who is your typical customer?

Do you have your current customers in a computer database?

Are they segmented into groups with similar buying habits/patterns?

Do you keep in touch with them on a regular basis? How often per year?

When was the last time you contacted them? What was the occasion?

Your Marketing

What marketing & advertising plans have you in place currently?

Is your website providing any marketing benefit?

Do you have an internet marketing plan?

What methods of marketing have you used to attract new business?

Are you still using the “most successful” strategies?

Your Competitors

Who are your top three competitors, and what do they offer that you do not.

What steps are you taking to offset their advantage?

What are your competitor’s biggest failings and how do you specifically fill those voids?

How do your competitors get customers?

For an initial, no obligation discussion with a business management consultant with a difference, please contact us.