Market strategies help small-business owners identify ways to position their businesses.
Just like large corporations, small-business owners are dedicated to promoting their products and services to potential customers. Lacking large-corporation budgets means small-business owners should opt for market strategies that carefully position their companies and that are cost effective. These strategies must give them opportunities to build relationships with their target markets.
Create a Recognizable Brand and Reinforce It
Small businesses, regardless of the industry, should have a logo to represent the brand they're trying to promote to their customers. Beyond a logo, a website helps to create an identify for a business. The logo and the content and design of the website should reflect the personality and values of the business in order to reinforce the brand.
Develop a Referral Strategy
Consumers look to friends, family and colleagues for suggestions on which businesses provide the best services and on which products are most useful. Small businesses need referral programs to capitalize on this consumer trait. Offer customers discounts for each person they refer who is converted into a customer by signing up for a service or making a purchase. This will entice consumers to spread the word about your business and become repeat buyers so that they can reap their referral rewards.
Use Social Media Marketing to Connect with Target Market
Social media marketing provides small-business owners a low-cost approach to marketing their businesses online to a wide audience of potential clients. Sites like Twitter and Facebook are used by individuals and businesses. With these sites, business owners are able to reach their target audience to announce sales, contests, product launches and other company news, as well as get feedback from customers. The key to successfully engaging in social media is to create a connection with fans and friends that will keep them interested in your brand. That means consistent, relevant communication.
Host an Open House Event
Restaurants, antique stores, nail salons and other small businesses that operate inside of an office or storefront can invite their customers to an open house or meet-and-greet session. These events give past, current and potential customers the opportunity to hear about new products and services, and receive samples and special product offers. Past and current customers will act as brand ambassadors to potential customers by commenting on the features, benefits and quality of the products you sell or services you provide. Serve light refreshments, have business cards available to distribute to potential customers and be available to answer questions.
Educate Target Market Through Seminar Marketing
Host free seminars in the locations you plan to target.. Whether you're a plumber, accountant or real estate agent, hosting free seminars gives you an opportunity to speak with potential clients, offer them free tips and advice and promote the services and products you have to offer. An accountant could do a seminar on tips for filing receipts throughout the year, while a real estate agent might do a seminar on foreclosures.
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