In the current fast-paced economic world, competition is stiffer, and there is no room for error, especially for small businesses. You must always be on the lookout for every chance to get your venture into the spotlight. Unfortunately, the current market and customer base are designed to put in the same marketing efforts as the household names. It’s time for you to try these marketing hacks for small business.
Marketing Hacks for Small Business That will Take You to the Next Level
As a small business owner, you need to go the extra mile with your marketing strategies to sell your products and services and take your business to the next level. No marketing strategy is indeed guaranteed. However, considering the following modern marketing tips can help you make the breakthrough you are looking for.
Strategy. Research. Positioning. In That Order
Because of the difference in goals and the number of resources available for marketing, big companies do things differently from the relatively smaller ones. The traditional sequence starts from research and diagnosis for the established companies into segmentation, targeting, and positioning.
After orientation, their marketers gather data through market research and then finish with marketing segmentation.
On the other hand, small businesses should prioritize strategizing first, then research. This can be attributed to how small companies build their target segment profile with a hands-on approach. For instance, it is easy for small business owners to call or write emails to their customers asking them for interviews that can help build the business’s profile.
Consider Quality Over Quantity
Big, established businesses have a standard method of generating insight and data. First, they do qualitative research with a specific focus, including different groups and ethnography, to understand the market. They then use the collected insights to decide their next steps with the research.
Usually, small businesses make excuses such as low budgets, lack of access to customers, and limited time for not adhering to this marketing strategy. However, there are affordable qualitative research tools that small businesses can use.
Availability of free resources from various credible agencies or industry-leading publications, low-cost panel data, digital surveys, and polls are a few examples of how you can maintain quality over quantity while marketing. Many industry groups and experts publish essential consumer behaviors, trends, and shopping patterns.
Use the “Versus” Position
The classic big marketing theory dictates that a business should focus on being distinct, on looking like itself, on salience, and, if it believes in differentiation, proper communication of the benefits it stands for should be relative to that of the competition.
Fortunately, with the current technological improvements, small businesses can quickly rival big companies through messaging and pivoting to move with a trend or market. More prominent brands can be clunky and slow, especially when changing market dynamics and trends.
Don’t Be Afraid of Pricing Higher
Pricing is one of the most crucial aspects of any business. While it’s true that you can make a killing by selling your products or services at a lower price than your competitors, high prices can help you attract a specific pool of customers.
The thumb rule is not to look down and calculate the variable cost of your product on any basis. Certainly, your products’ prices must be more than their variable costs but do not use that as some anchor for adding, say 20% or 40%, to the cost.
For small businesses, setting high prices can be a sign of delivering quality products or services to their customers.
The goal of messaging and communications is to reach people where they are and avoid duplicative efforts. Casting a wide reach by using different communication platforms is vital to avoid duplicating your efforts – meaning getting the same audiences in different places.
Have Sub Categories
The Ehrenberg-Bass principle of marketing, which is now famous worldwide, states that you shouldn’t focus a lot on targeting. Instead, focus on sophisticated mass targeting — everybody in the category should be your target.
Understandably, many small businesses might oppose this idea because they do not have the budget to target everybody in their niche. Even if they did, they wouldn’t have the products to satisfy the demand.
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