A marketing strategy allows a business organization to devote a part of its resources to increase sales and achieve a competitive advantage in the market. It includes tactics that are implemented with the intent of attracting customers. For these strategies to work, it is important for a business to identify its customers and devise ways to attract them towards the product or service to be marketed. Marketers require to understand the customer perspective and make an effort to promote their product or service in ways that appeal to the customers.
A small business might mean a small budget for advertising. However, with a creative expenditure of funds on marketing, even small businesses can achieve satisfactory sales. All they require is investing at the right time and in the right way. There is nothing wrong in concentrating less resources on marketing as long as one does it intelligently.
Word-of-mouth publicity is one of the basic and very important marketing strategies especially suited to small businesses. If you are a small business entrepreneur, word-of-mouth publicity is something you must go for. Although it seems to be a very basic-level way of advertising, it can work wonders. This method of promotion achieves a speedy spread of information and can fetch you some long-lasting customers.
Internet marketing has revolutionized the field of business advertising and marketing. Blogging can also be an effective way. It is good for small businesses, as it does not require the organizations to allocate big amounts of money to marketing. Through blogs, you can introduce yourself, your business, and your business offers (if any) to your prospective customers. You can furnish the readers with your contact details, thus providing your customers with the means to approach you and know more about your business. Participating in forums aids small businesses in establishing their business presence on the web. Through forums, you can be a part of business-related discussions and advertise your product or service through the Internet. Similarly, some small business organizations might choose to upload audios or videos about their products and services on the web. You can write articles about your products and services and post them on websites. Article marketing is a relatively recent field of marketing whereby businesses write articles about their products and make them available online. RSS is a set of web feed formats that are used for publishing frequently updated works like news, audios, videos, and blogs.
Viral marketing refers to the process of business promotion through social networking websites. It can serve as an effective way of advertising for small business organizations. Social networks can help you create awareness about your brand. It is similar to word-of-mouth publicity.
Distributing brochures, flyers, and newsletters can prove to be a successful and moreover, a cost-effective means of marketing a product or service. This method can best be used to advertise business locations, events, and attractive offers. Hoardings on prominent locations may not be a feasible option for small businesses. But they can advertise on a smaller scale in an effective way.
The successful implementation of a business marketing strategy requires careful planning. As a first step towards successful marketing, you need to communicate with your target customers, attract them to your business through lucrative offers, and most importantly, build in them a trust about your organization. Trust is sure to take you a long way.
Developing marketing strategies for a small business is not an easy task as it imposes certain limitations on the use of resources. Small businesses may not be able to afford a heavy expenditure on advertising or marketing. True, they may not be able to enter the market in a big way, but starting small, they can make it big with the implementation of effective marketing strategies.