Posts Tagged ‘Small Business Owner’

What You Need to Know About Branding…

Tuesday, May 26th, 2015

Branding

Every business wants to be a customer’s first choice. Building and managing a brand can play a significant part in making that happen. In a world of infinite choices, branding that helps people remember your company is more important than ever. Today consumers have a seemingly endless choice of retailers, products and services available at their fingertips online, or at the local shopping centres or shopping malls. Some feel that for national and international companies, spending large to create a corporate image or brand works, some feel otherwise.

Does that mean, a small business owner should just forget about branding? For small businesses, what sets apart the business can be factors such as high quality, craftsmanship, personalised customer service, faster turn around, local tips to help customers make the proper product selections, and similar qualitative factors. The most cost effective way to grow your small business is using the tried and true model of direct response marketing online and in print. A strong brand is invaluable as the battle for customers intensifies day by day. It is important to spend time investing in researching, defining and building your brand even it is a small business.

Small Business Marketing Plan

Friday, November 29th, 2013

Every small business owner needs a marketing plan in order to grow his or her business. It is important to select a marketing plan that suits your needs. A marketing plan forms the first part of your overall business. Marketing plan can benefits from the sections outlined below.

Outline your Marketing Strategy
Before getting in to the detail of your marketing plan, it is important for you to create a marketing strategy that outlines your business essentials, your target market, tactics on how you intend to reach that market, and your competitive position in that market. Often, the marketing strategy can be captured in a simple mission statement that provides answer to questions like “What are you doing?” and “Why are you doing it?”

Identify your Target Audience
Determine who constitutes the target market for the purchase of your product. It is important to have a good understanding of the products you are selling so as to understand the nature of the customers.

Determine and define what makes your company unique
You may want to prepare a Unique Selling Proposition (USP) that describe how your service differ from those of your competitors, make an analysis of your competitors. Evaluate other business that engage in the same kind of product and service. A SWOT (Strength, Weakness, Opportunities and Threats) analysis can be an effective tool for analysing competition.

Create a Pricing Strategy
A slightly lower price as compared to that of competitors can be employed to promote market penetration.

Create a Marketing Budget
The overall marketing budget should cover the strategies that will work best for your industry.

Establish a Break-even point and Performance Metrics
How many products you need to sell before you start realising a profit & measuring what has been achieved so far will help you understand areas that you need to improve on.

As a small business owner, identifying and focusing on the potential ideal customer can help you generate a small business marketing plan that can be extremely beneficial in expanding your reach and revenue base.