A solid marketing campaign can help turn a small company into a big business. Although most small business owners do not have an extensive background in marketing, this shouldn’t be an excuse for owners to neglect this crucial aspect of running the company. While each company will need to implement its own unique marketing strategy depending on its own specific resources, goals and industry, there are several techniques every small business owner can utilize.
Making a small business marketing plan
Start by establishing attainable milestones. These can be something simple, such as generating X amount of leads at a tradeshow or cold-calling a certain predetermined number of potential customers. Having a list of goals creates a target for the marketing team to work towards, ultimately providing them additional incentive and motivation.
After that, create quantifiable metrics for tracking the company’s progress toward these milestones. This can involve measuring customer engagement with the company’s website or using surveys to determine the effectiveness of a particular marketing strategy. Using quantifiable metrics lets owners know which techniques are successful and which might need to be overhauled or scrapped entirely.
Since marketing involves generating future leads that will ideally be converted into a sale or a client, this process requires an upfront investment that pays off over time. Obtaining a small business loan or a working capital loan to supplement a meager marketing budget can go a long way to amplifying and creating a more robust small business marketing campaign.
By following the useful ideas below, small business owners can leverage their resources to expand their market share, create greater brand awareness and generate more potential leads. Ultimately, a solid small business marketing campaign will help grow the company and put the enterprise in a position for long-term success.
Small Business Marketing Ideas
A solid small business marketing strategy involves more than simply buying ad space or writing a blog once a week. This task includes setting specific milestones that are attainable for the company. Each enterprise will ultimately need its own path, based on the unique needs of whatever industry it operates within. Although strategies differ, each one should have all the same general aspects, such as a set of goals like lead generation and conversion, or a predetermined number of inbound traffic hits on the company’s website.
Having a plan in place ensures that your goals are measurable and that you have a means to gauge the success of a particular strategy.
The following are tips to ensure you have a SMART marketing plan.
Define Your Budget & Strategy
- Define your budget. Small business owners spend an average of $300 a month for online marketing, which is a manageable number and not too exorbitant.
- Further, 75 percent of owners found a small business marketing strategy to be either effective or very effective at attracting new customers.
- Each $1 spent on emails provides an average ROI of $38.
Monitor Performance & Measure ROI
- 20% of small businesses that tracked their marketing analytics three times a week or more were most likely to achieve greater ROI in 2015.
- Google Analytics lets you measure people’s engagement with your website, such as returning visitors, audience engagement rate, average time spent on site, bounce rate and the conversion rates from different sources.
- More than 70 percent of marketing executives said data will be playing a bigger role in their campaigns over the next three years.
- 44 percent of trade exhibitors don’t measure the ROI of these events.
Small Business Loans
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Use the money as you see fit to expand, pay taxes, increase inventory or any other business-related expenses you choose ... even marketing!