Marketing for Small Business
Why Marketing is Important for Small Business
It would be difficult to exaggerate the importance of marketing to a small business, especially when you consider the benefits derived from an effective marketing campaign. One of the factors which makes it so hard for any small business to become successful is the fact that it needs to get established in its particular market, and once that happens, it must then compete successfully against major rivals. And what is it that can provide the significant boost necessary for a small business to accomplish those goals? Marketing.
You can think of branding for a company as something akin to the reputation for an individual – and that should make it immediately apparent why branding is important to business success. If you were to ask someone what the most immediate goal of marketing is, they would probably respond ‘to increase sales’. There’s no disputing that of course, but one of the ways that sales can be increased is by building a recognizable brand which customers trust and maybe even admire.
If your company’s brand is powerfully associated with some really worthwhile cause, it can generate that kind of admiration and respect. By offering high-quality products and great service, a company can establish a reputation for reliability and quality. Once those positive attributes become linked strongly to the company, a great brand is established. A great objective for one kind of marketing campaign might be to associate those desirable characteristics with the business. Another campaign might follow a different track, and use story-telling to promote how a company is supporting research into a cure for cancer, so as to create positive perception.
Learning about your target audience
One of your goals in marketing should be to learn everything possible about your target audience. In order to sell a product or a service to a group of people, you have to know what their wants and needs are, and which pain points motivate them to purchase something. You have to be able to demonstrate why your products will fulfill a need they have. This kind of information is best obtained through marketing, which can use any number of channels to find out more about consumers, and what really catches their attention today.
Understanding your market
When you delve deeply into marketing, you begin to find out a lot about the marketplace itself. You’ll learn what your competitors are doing, you’ll learn a lot more about consumer purchasing habits, and you’ll gain a better feel for your own industry. With some really good marketing techniques, you should even find out why your current customers have chosen you over your competitors, so you can emphasize whatever appeals are responsible for that selection.
It was almost mandatory to include this, so here it is. As obvious as it is though, there’s still a lot of truth to the fact that almost as soon as you begin any good marketing campaign, you’ll probably enjoy some kind of boost in sales. This is simply because you will have raised the level of awareness of at least a segment of buyers, and they will know that your company does offer something they need. In order to maintain that increase in sales, or to perhaps boost it even more, you’ll then have to take advantage of some modern digital marketing methods, such as using the social media, and using Analytics to find out which tactics work, and which are less successful.
Good marketing can be a make-or-break process for a small business. If executed well, it can help a business get established and become successful, and if it’s ignored or carried out half-heartedly, it can spell doom.