Simple Ways to Solve Small Business Struggles
Talk to just about any entrepreneur. They’ll tell you pretty much the same things. They all seem to struggle with:
- Working long hours, but with no marketing plan in place
- Worrying about how to attract new customers
- Losing market share and not understanding why
- Losing sight of marketing trends
- Stress about their company’s future
How to Approach Positioning Your Business
Yes, you work hard. That’s not one of the reasons businesses fail. Generally, they fail for lack of strategy. That especially applies to marketing strategy. It’s a simple concept, really. Not complex or confusing. But the truth is that most business leaders are just plainly too busy to take time out, sit down with the team, and dedicate focused time to developing a solid, up-to-date marketing strategy and marketing plan.
Ponder these three simple steps to get started:
- Explore the marketplace. Which of your competitors are successful? Why?
- Clearly define your goals. Make them measurable and achievable.
- Assign responsibilities for action steps toward those goals.
Fundamentals of a Solid Plan
Be sure to include these elements in your discussions and incorporate them into the final plan:
- How to reach new customers – brainstorm a list, then narrow it down
- How to promote your business – include traditional and digital platforms
- Build your reputation – positive word of mouth is super-important
- Help new potential customers say, “Yes, I’ve heard of you!”
- Put together a Public Relations Plan
- Develop a Public Relations strategy
- Create a Media Kit and Press Release Campaign
- Develop a distribution list
- Persuade the media, your customers and potential customers
- Use the power of social media to enhance your image
- Create a Crisis Communication plan
Want to build your brand equity, but aren’t sure how? Need to build awareness with potential customers?
Positive Word of Mouth – A Must-Have
Stop for a moment to think about this: 90% of customers trust referrals from people they know, 70% trust credible reviews posted on the internet, and a measly 14% trust traditional advertising.
Brands need to encourage a dialog around their products if they wish to compete. Interactive Marketing channels — from social media platforms (like Twitter, LinkedIn, Facebook, Yelp and YouTube among others) to the exploding array of mobile applications (like FourSquare) — facilitate communication between users and therefore host these brand-related conversations.
Have you updated your marketing strategy and marketing plan?
——————
For more resources, see our Library topics Marketing and Social Networking.
——————
Lisa Chapman serves her clients as a Business and Marketing Coach, Business Planning Consultant and Social Media Consultant, specializing in increasing revenues.