The Key Ingredients In A Small Business Marketing Plan

Small Business on Red Office Folder. Toned Image.In a globally competitive business environment marketing can be the factor that separates a successful business from one that will not last the distance. For a small business the stakes are even higher. Usually this type of business does not have the deep pockets that its larger competitors do – every aspect of the small business marketing plan must be extremely well considered.

A small business must be lean and able to capitalize on what financial assets it has while at the same time reaching the consumer target market and demographic that it has identified as efficiently as possible. So what are the elements that need to be included in a small business marketing plan?

#1 Understanding The Competition.

A small business has to make sure that it undertakes an extremely thorough market analysis in order to make sure that its products and services are aimed at a specific niche and that they have clearly defined unique selling points. Undertaking a competitive analysis can be as simple as using the Internet to research the keywords that competitors are using to attract consumers to their sales funnel. This gives a great idea of exactly what the USP’s of the competition are – and how the small business can differentiate itself (and what its key messages are).

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#2 Channel Analysis.

More often than not in this day and age the small business can feed its sales funnel by using the Internet in a savvy way. However, it is essential that the channels that are going to be used are identified carefully. If the business is going to be suing social media to encourage interest in its products using the tried and proven social media – blog – website / sales model then the business owners need to realize that they cannot be on every single social media site out there – it simply takes up too many scarce resources. Once again the importance of knowing who your potential customers are and where they get their information from is key.

#3 Budgeting.

Once the channels and the correct messaging has been identified it is essential that the small business knows just how much budget it has to engage in marketing activities. Even using the social media correctly is going to cost in terms of boosting your messaging. If the small business is active in a niche the of pay per click advertising can be tremendously attractive – however recent studies have shown that this is also becoming increasingly expensive.

#4 Measuring.

If you’re going to be using the Internet it is absolutely essential that you measure the success of your marketing plan on a regular basis. The old saying that a skilled and successful tailor measures twice and cuts once is also true for the small business owner. There are a number of tools that you can use to measure your success – make sure that you use them. It’s also never too late to make sure that your business is nimble in terms of its marketing plan – if something isn’t working be ruthless, a considered change is not a bad thing.

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