Launching your business is just the first step. Unless you know how to market your business, surviving in a fiercely competitive market can get extremely difficult. Lack of a marketing strategy is a death sentence for new businesses. Given that 1 in 10 small businesses don’t have any marketing initiatives, it is the perfect opportunity to craft one and reap the benefits. Here are our top tips to help you create a solid marketing plan for your small business:
Know your goals
Jumping right into creating a marketing plan from scratch is unlikely to give you impressive results. Unless your marketing strategy is in sync with your business goals, it will not make any difference. The first step to creating a marketing plan is identifying what your goals are.
For example, if your business goal is to introduce a shopping app in addition to your brick-and-mortar store, you can fine-tune your marketing strategy to achieve that objective. Knowing your business goals also helps to create both long-term and short-term plans as both are required for a comprehensive marketing effort.
Who is your target audience?
Even the best marketing plan for a small business cannot save it unless it is customized to the needs of the target audience. That’s why the buyer’s persona plays a vital role in developing any marketing strategy across industry verticals. You need to know who you are trying to sell your product or services to so that you can capture that in your strategy.
Start by doing thorough market research to identify the demographics of your audience. You can also conduct market surveys to gather more insights that can help you to refine the marketing plan further.
Once you know the pain point of the target audience, providing them the solution via your product or service is an easier task.
Be wary of your finances
Setting a budget for your marketing plan helps you to stay on track. Anything that is beyond your budget is unrealistic and impossible to execute. So start by assessing your finances and how much you are willing to set aside as a marketing budget. Bear in mind that accounting for marketing budget early on also instills financial discipline as marketing is a recurring cost for most businesses. Have a conversation with your CFO to get an honest assessment of the cash flows. If you are unsure how much you should set aside for marketing, you can always reach out to business consultants for advice.
Know your competitors
The ultimate goal of marketing your business is to beat the competition and increase sales. To do that, studying your competitors is essential. Observe their marketing initiatives and see what is working for them. Doing so will provide insights into the behavior of your target audience and allow you to improve your marketing strategy. Competitor analysis also enables you to identify the opportunities to take your marketing plan a notch higher.
As most small businesses use social media marketing, you can keep an eye on their account handles to see the kind of content they generate. Speaking to a market research company can also help you find out more about your competitor’s marketing strategy.
Know your US
What sets you apart in a crowd full of businesses?
Your USP is the value proposition you provide your clients that lures them in. It is essential to showcase your USP through your marketing initiatives if you are serious about getting an edge over the competition.
There’s no magic bullet to crack the USP of your business. As a founder, you know best what your business offers. So start by answering questions such as:
Why should your customers choose your product/service over others?
What is the unique benefit the users enjoy?
How do you want your product/service to be recognized?
How would you describe your business to a stranger?
Think about how do you wish to market
The business of marketing has come a long way. While you can always opt for traditional modes such as brochures and flyers, investing in a website and social media marketing may deliver quicker results.
The market research will help you to find out what clicks with your target audience. For example, if your target audience is social media savvy, investing more in social media marketing is advisable instead of printing lengthy brochures.
Don’t forget your loyal customers
Although marketing helps you to bag new customers, it is equally important to nurture your loyal customers. After all, a satisfied customer is the best way to market your business. Ensure that your marketing plan also takes care of communicating with the existing customer base.
You can introduce loyalty programs or vouchers to keep your customers happy so that they choose to come back to you. Make sure to get the feedback of such customers, too, as it can help you improve upon your product/service.
Are you looking for business consultancy services to help out with your marketing plan in the UAE?
A marketing plan is a necessity to survive the tough competition in the market. It keeps you on the right path towards growth and success. Unfortunately, as a first-time business owner, you may find it overwhelming to write up a marketing strategy from scratch.
In such cases, leaning in on business consultancy services is a good idea as they can help you create a marketing plan suited to the goals and needs of your business. A business consultant has the skills and expertise to provide you creative solutions to the challenges you are facing and help you propel forward with a robust marketing plan.
That’s where we step in. At Centurion Consulting LLC, we work with you and provide marketing and brand development solutions to small businesses. Our in-house team of experts can recommend the relevant strategy and communication channels, including press, TV, radio, digital, social media, and many more. Moreover, as a leading business setup consultant in the UAE, we also offer end-to-end business consulting services, including advice on entry strategy, incorporation, and looking after the company’s financials. Set up a 45 min free online or offline consultation with our experts to learn more!
