For any company, finding the right marketing formula can take a lot work. When the company has a limited budget and resources, like many small businesses, it can be made even more difficult.
Small business owners can face a lot of challenges when it comes to marketing their brand. Here are four of the most common problems that entrepreneurs have to overcome in order to create a successful marketing strategy:
1. Little ROI For Money Spent on Advertising
There are a lot of advertising options available for small businesses today: television, print ads, radio, mailers,and phone calls. The problem is that each option can have a hefty price tag attached to it and may result in almost no return on the investment.
How do businesses make sure that they are getting more for their marketing dollar? Strategy and good content.
Entrepreneurs need to develop a solid marketing strategy by doing the research. They need to have a solid idea of what tactics are going to reach their target audience. The first step in that is to know exactly who is a part of that target audience.
They must develop a “snapshot” of the people their products and services are meant to help.
- Age
- Location
- Education
- Employment
- Gender
- Family situation
Once they know who they are marketing to, it is easier to develop great content that is going to reach out to that audience and make an impact. Content needs to be written for the consumer in a way that promises value.
2. Partnerships That Fall Flat
A lot of small businesses form relationships that promise to be beneficial to both parties, but in the end do not hold up. There may be little to no results from the time and money spent on those partnerships.
It is a good idea to try out those partnerships. But after a time, if there is no measurable gain for the business, it is best to cut those ties.
3. Engaging Customers
Not all businesses see a lot of repeat business from their customers, such as realtors, car lots, insurance, etc. So, how can they keep engaged with those customers to make sure they grow that relationship?
There are several things entrepreneurs can do.
- Customer appreciation events
- Social media
- Newsletters
- Personal contact on birthdays or anniversaries
The relationship with a customer doesn’t have to end once the sale is complete. There are many ways to keep contact and build relationships that can turn into brand loyalty.
4. Having Passionate Employees
One of the most important parts of building a brand is the employee. If a business is staffed by a group of people who are passionate about the brand and its products or services, it is easier to get the customers excited as well.
Business owners need to develop that passion in their employees. Hold regular meetings where everyone gets to add their ideas. Educate those employees regularly on products and services. Celebrate every win.
Employees that are ready to champion the cause of the business are in valuable. They are the direct connection between the brand and the customer and make the difference between a one-time sale and a customer for life.