Strategic marketing creates a bond with your customers and manages their end-to-end experience. Increase small business profits through effective marketing.
A common reality is that very few small business owners are trained in marketing. But what is marketing exactly?
Strategic marketing creates a bond with your customer. It manages the end-to-end experience of your customer to prefer, use and recommend your product or service. To do this, the small business owner must answer the following questions as part of their strategic marketing effort:
- Who is your customer?
Knowing your customer translates into sells. Who do you see using your product or service? Describe them; age, wages, lifestyle, shopping habits, schools, kids. Locate them through demographics, Census.gov, and by visiting local chambers, for a start. Visit competitors websites and assess who they are targeting and who their marketing campaign addresses. Remember, the top 20% of your potential customers will produce up to 80% of your profits so spend time defining who the 20% are. The small business owner must stay focused on the right people to control costs and maximize profit.
- What do you need them to believe?
Business is a competition between all the issues of the day taking the owners time; sales, marketing, money, pricing, products, services, and employees. But customers buy on perception, what they believe, whether the truth or not. Build a positive perception regardless of the competitions of the day going on behind the scene. People buy benefits that the small business owner offers that make them feel good and produce a result. Answer the question, what does your product offer that meets both the emotional and functional requirements. An example might be a restaurant which is the service. The emotional is the wonderful smells coming from the kitchen while the functional is the served meal. Build the perception to meet the emotional and functional needs of your customer. Why believe you? Collect references or endorsements, guarantee, build an experience, location, great staff, technical support are all examples of building the perception and supporting it with facts for continued customer loyalty.