A marketing strategy integrates your small business’s marketing goals by focusing on the ideal product mix to achieve maximum profit potential. Your strategy is laid out in a product- or market-specific marketing plan that describes your unique marketing objectives within a specified time frame.
Both your strategy and plan are critical to the success of your small business. It is critical that you consistently give attention to both, as each will require tweaking over time, especially if they don’t seem to be working as well as they once were.
The approach you take to fine tuning your small business marketing strategy is key after all, the future success of your business might be on the line. Read on for marketing strategy revision tips:
Your Changing Target Market
Change is inevitable; how you deal with it can make or break your business. Your target market may shift for a variety of reasons, and you need to figure out how to keep the customers you have while attracting new ones. You may need to adjust your product or service mix, or rebrand your business to lure back once-loyal customers and encourage others to give you a try.
Your Marketing Goals
Reassess the measurable goals you’ve established to see where you’ve succeeded, where you still need to do some work and what, if any, goals need to change. Determine what ROI you expect from your goals and how they’re measuring up.
Your Changing Industry
Stay involved with industry associations, especially those that offer resources for staying “up” on the latest developments and marketing trends. Read their newsletters, attend their classes and conferences and learn what you need to know to stay competitive within your industry.
What are they up to? Make it your job to know! This includes online as well as offline competitors. Analyze how they market themselves and figure out what tactics you can use to counteract their approach. Figure out if there are target markets they’re missing and direct your marketing at them. And learn from what they’re doing well, adapting it to your marketing plan.
Resources you Need to get the Job Done
What will it take — manpower, money, time, effort — to implement your plan, and what adjustments do you need to make to get the ball rolling? Don’t drag your feet on this one because time is of the essence!
Neither Facebook nor Twitter existed 10 years ago; today these social media outlets play an important role in many small business marketing plans. Obviously it’s difficult to predict what the future will hold in the way of marketing options, but you can start by following market trends that impact your industry, your local region and your customers. Try to predict how they’ll play out over the next year and how they may influence your marketing strategy.
Assess and analyze, adjust and augment—four A’s that can raise your small business marketing efforts to the honor roll!