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Marketing Strategies for Small Business Owners

Marketing Strategies for Small Business Owners

Marketing

GlobalLinker Staff

GlobalLinker Staff

11 Sep 2014, 10:32 — 4 min read

In a crowded market place, the effectiveness and strength of a marketing strategy will determine the success of the product or service. As compared to large corporations, small businesses often have limited budgets, so it is essential to have a sound marketing plan that is creative and cost-effective. Here are four practical tips to devise a successful marketing strategy


  1. Clearly articulate the benefits of products or services
    As a business owner it is vital to have an in depth knowledge of one’s product, its strengths and unique selling points. It helps to write a product note that encapsulates the core features of the product. An entrepreneur must think like the consumer and determine how the product can meet unique customer needs and requirements. Once the most important differentiating feature and benefit of the product is established, it can become the focal point of the marketing message. Customers are always won over by benefits and solutions to problems.


    “Don’t find customers for your products; find products for your customers.”  ~ Seth Godin


  2. Assess your target market
    The next step is to conduct a rigorous market research and define the parameters of the customer base. Determine the average age, gender, marital status, education, family status and income of customers. Create a persona of the model customer. Try to objectively evaluate the product through the eyes of the ideal customer. This is the method to gain insight into the mind-set of consumers and this will help formulate an appropriate marketing strategy. The sales process will become considerably smoother, if one can offer solutions or benefits as per customers’ needs. 


    “The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.” ~ Peter *. Drucker


  3. Determine where your customers and prospects meet
    The primary marketing message must be kept as the focal point of the marketing strategy and at the same time, entrepreneurs can create variations that incorporate other selling points. This helps to provide a broader base to the marketing strategy. People’s buying habits are determined by benefits and solutions to problems. Hence, it is always better to craft a message that tells customers what you can do for them rather than only describing the product. By addressing the needs of the consumer, entrepreneurs can build healthy relationships with the customers.


    “What we really need is a mindset shift that will make us relevant to today’s consumers, a mindset shift from ‘telling & selling’ to building relationships.”
    ~ Jim Stengel



  4. Do not ignore the internet
    SMEs in India have not yet fully explored the power of online marketing. Having a robust website is one of the easiest ways to showcase a product and establish an online presence. Innovative business owners must explore social networking channels, blogs and online advertising as part of their marketing strategy, especially if the target consumer base is below the age of 60.


    “There’s a lot of fear mongering about ‘losing control’ of your brand online, when in fact, you’ve got control over as much as you always have: how you present your business and how you act.” ~ Jay Baer & Amber Naslund



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GlobalLinker Staff

We are a team of experienced industry professionals committed to sharing our knowledge and skills with small & medium enterprises.

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