Running a small business is not a walk in the park, with statistics indicating that about 90% of all startups in America fail, primarily due to cash flow problems. The good news is, with the right marketing strategy in place, even the smallest business can compete with larger corporations for their market share. In this article, we explore a few ways in which small businesses can improve their marketing, so they don’t become just another statistic.
Focus on Your Target Audience
When it comes to target audiences, business owners first need to understand that not everyone will be interested in the products or services they offer, regardless of what kind of business it is. Once a business has narrowed down who their target market is, business owners should cater their marketing to focus primarily on this group. To do this, business owners need a good understanding of who their target market is so they can formulate a marketing strategy that will be most effective.
For example, a business that is developing virtual reality software that aims to give students access to virtual field trips and is looking to cater to the growing EdTech market, may decide on a strategy that focuses solely on digital marketing that targets schools and other educational facilities that have the means to purchase expensive headsets and computers capable of running the software rather than small-budget rural schools. According to PR experts at merrittgrp.com, one of the best ways to appeal to this audience within the EdTech market is by developing a marketing strategy that focuses on case studies and success stories that can help validate the product.
Learn from the Competition
When looking to improve their marketing, the best thing a small business can do is look at what their closest competition is doing. For example, if a business’s main competitor runs regular paid ads on social media, then it may indicate that they are finding success with this marketing strategy. If one company is seeing success from running paid ads on Facebook, then it stands to reason that other similar businesses could also benefit from this type of marketing.
Collect Testimonials and Reviews
Thanks to the Age of the Internet, a person can find almost any product or service they could ever want online with just the click of a button. With so many choices available, many consumers have started using reviews and testimonials to decide what businesses they should support. Data estimates that almost 90% of consumers read product reviews before they make a purchase, and three out of every four shoppers say they trust the opinions found in online reviews as much as they would a personal recommendation from family or friends.
What this all means for small businesses is that collecting reviews and testimonials is vital if they wish to market themselves online. Giving potential customers access to these reviews and testimonials can often help sell a product or service better than any other kind of marketing, so small businesses should always give their customers the chance to leave a review when they make a purchase.
These are just some of the ways by which small businesses can improve their marketing, but savvy business owners should always be on the lookout for new and exciting ways to connect with their audience. By following these tips, and with more research and trial and error, most businesses should be able to formulate a marketing strategy that works for them.