Being profitable is key to a successful business. Unfortunately, not all businesses get stellar results and a lot depends on the implementation of your small business marketing.
It is important not to assume that profitability happens just by running marketing campaigns. Even if you are running a local small business marketing campaign. You have to carefully plan.
Your goal should be to first understand the different marketing channels and tactics, then choose the best one that fits your company. Once you have an idea as of which channel seems to fit your goals, run some tests and only then execute your marketing implementation.
Small Business Marketing Strategies: Suggestions to Improve Conversions.
- Position your product right: This strategy works well when you position your products as “pain killers,” rather than “vitamins.” Meaning customers “gotta have your product right now” because they are experiencing a problem that needs immediate resolution. In other words, does your product or feature solve a pain point? Or is it just an additional benefit?So ask yourself, what pain point are you trying to solve? And once you understand, you can then answer how your product can help your customers alleviate that pain. This tactic will certainly increase revenue because buyers will buy now, rather than sometime in the future.
Define your market: It is imperative that you thoroughly understand “what the heck you are selling” and to whom. Remember, buyers are not interested in features, they are interested in solutions. Therefore targeting the right customer will make your business life a lot easier and increase your chances of building a successful company. You really have to understand the personality of that target customer. So ask yourself “what problem(s) does your product or service solve for what type of customers?.” The benefit of specializing in a narrow market segment is that promotions become much easier. You know where your customers hang out online, so you know how to target them.
- Market only those keywords that will give you the highest ROI: The importance of doing this will translate into shorter sales cycle and highest profitability. If you do not know what keywords are profitable and which are not, this has to be your starting point. This is especially true for small business online marketing campaigns. Like they say “garbage in, garbage out.” If you are not sure how to do this, you may want to read “Small Business Ideas to Turn Your Business Profitable…FAST!” for potential solutions.
- Swallow your market whole: Become the expert in your niche or vertical market. Doing so will turn you into the market leader. Once an authority, the competition will have a tough time catching up to you. Therefore instead of competing with everyone, try to become the best at something no one else is doing. This is especially true for small business internet marketing. You will then become the “go-to” authority. Remember that having a great product or service is just the beginning, you have to be different to make your business and your brand stand-out.
Small Business Marketing: Wrapping It Up
Rinse and repeat the process, make sure you are always aware of your data. Tweak, adapt and pivot your small business marketing as necessary. This will allow you to build a profitable business and potentially increase its value for when you are ready to exit your company and cash out.
Question: What’s the biggest mistake you’ve made or seem to have made with your small business marketing?
Either way, let me know by leaving a quick comment below.
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