Marketing a new small business can seem daunting initially. Here are three strategies which will help you select better marketing plans for your small business:
- Look for marketing plans which yield repeat business
- Look for marketing plans which will meet the customers in a timely way
- Look for low-cost or no-cost marketing plans
Marketing efforts should ideally increase the number of repeat business customers, not just provide initial exposure. The reason for this is that your repeat customers are the ones who are most likely to make your venture profitable, as well as be open to new product and service offerings in the future. These customers can also provide you with the insights needed to make improvements to your business, if you ask them nicely. Repeat customers are also more likely to provide referrals (see below).
The best time to offer your solution is generally when the customer has first recognized a problem, or, having noticed the problem, is now in the process of selecting from one of many different solutions. Marketing which reaches customers at other points in the buying process is less likely to be effective. Discovering unmet needs takes more time, effort and sales skill, while replacing a current solution provider can be difficult if the customer has already built up significant loyalty to the competition. Your best bet is to simply avoid this by meeting customers when they are ready to make a choice, or when they can still easily change their minds.
When starting a new business, it is vitally important to save money whenever possible. This is one of the reasons why word-of-mouth is such an important part of many new businesses. It is one of the most simple, easy, and effective ways of getting new customers, so it is imperative that your current and former customers are satisfied to the greatest extent possible. A good business reputation is something people can comment on, and have their opinions appreciated and even valued by others, whereas anything which even resembles paid advertising will generate mistrust and skepticism.
In summary, marketing plans which are targeted towards yielding repeat business, which meets customers when they make their decisions, and which have low or no cost are often the most effective for a small business. Include these in your next marketing plan and notice the difference in your sales and ultimately, profits.