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MARKETING CONCEPT FOR SMALL BUSINESS

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marketing concept

The marketing concept is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than their competitors. Today most firms have adopted the marketing concept, but this has not always been the case. Sometimes finding the right marketing mix could be tasking for most start-ups or smaller businesses thus, the need to adopt a marketing concept.

It is very important small businesses get the proper marketing strategy in place so that they can at least get a reasonable share of the whole market while competing with the bigger firms. Marketing is very pivotal and should make a huge part of the company’s strategic plan. For smaller business, you need not have a very complicating marketing strategy, but a simple and effective one so as to drive the business to achieving it set goals.

We will be looking at some of those marketing concept that have worked and are still working.

 

Marketing concept to use

1. Marketing concept starts with having a plan:

Everything most definitely will start with planning. No matter how good your strategies are, you must plan how best to execute them. You have to map out certain keynotes to use that will give you the best result in the long run.

2. BE CONSISTENT:

Your marketing concepts must be consistent with the overall organizational ideology of the company. Also, whatever market strategy chosen, must be judiciously followed. If you have to alter anything, then a more effective one should be employed.

3. GET THE BEST MARKETING MIX FOR YOUR BUSINESS:

In marketing, there is a mix usually applied. They include; People, place, product and price. You have to get the best mix for you business to apply your needed target. Getting the right people in terms of employees and customer is very key to the business success. Asides the people, you need to get the right location for your business, putting certain factors into consideration like proximity to the market, transportation network and other key factor to having a good location. You also have to get the best product and at the right price. All this put together will give you the perfect mix for your business.

4. HAVE A TARGET MARKET:

It is very important to know the market you are going to be catered to. You should try and get a target market, so you can strive to dominate that particular market. Targeting a particular part of the market makes it easy to focus, once the target has been fixed, all you do is making sure all efforts are channeled toward satisfying them in the best way possible. No one can have the entire market to himself, so carving out a niche for yourself will go a long way to improve your marketability.

5. CREATE A BRAND:

You have to create an identity for yourself that will last in the hearts of your customers. A brand will give your business it needed uniqueness and make you stand out among your rivals and competitors. A brand helps your customers understand what you stand for and as such you have to make it a great one.

Read also: How apple built a trillion dollar brand

6. GO DIGITAL:

The power of the e-market cannot be overemphasized. The online market has become so dynamic and also a great tool for build your business. You can only imagine the traffic on the internet space, so putting this factor to good effect will do a long way to boost your business beyond limits you never imagined. Having a website, making good use of social media marketing are awesome tools for your business growth

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Marketing

Promotion strategy: Best easy practices and all you need (+ free pdfs)

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Businesses are consistently talking about what they do. If any brand wants to stay ahead of the competition, it’s important to craft a good promotion strategy.

However, a promotion strategy will not only help you reach out to the target audience. It will help you convert these people into paying customers, thereby generating more leads.

So, in this post, we’ll walk you through the basics of a promotion strategy and how to craft a good promotion strategy.

Promotion strategy definition

Business promotion is very critical, as it focuses on how to attract your target market. Also, it introduces your product or service to the market. After which you convince these people to buy or convince them to take any action you want.

A promotion strategy is the written plan to tell people about your business and turn them into customers thereby generating revenue.

Furthermore, It incorporates everything that needs to be done for effective marketing to your target market and how to execute your plan.

Every strategy should understand the importance of creating emotional connections with the target market, to arouse interests to your offers.

Read Also: Best Facebook Marketing Guide to Scale any Business (+ Free Tips)

Components of a promotion strategy

So, below are the listed components of a promotion strategy.

  • Personal selling
  • Advertising
  • Sales promotion
  • Publicity
  • Direct marketing

Personal selling

Personal selling involves encouraging potential customers on an individual basis. A representative of the organization usually carries out this task.

Advertising

This is the major component of a promotion strategy. It is an impersonal method of promoting a product in which a sponsor is involved. Also, the sponsor is clearly defined.

However, forms of advertisement includes: TV, Newspaper etc

Sales promotion

This is used normally to supplement advertising and facilitate personal selling.

Forms of sales promotion includes: trade fair, exhibition, etc.

Publicity

It involves impersonal messages that reach the target market through the media.

In addition, it often has more credibility than advertising.

Public relation:

The target market of public relations might be stockholders, a government agency or a special interest group.

Furthermore, it can be in form of newsletters, annual reports, etc.

How to make a promotion strategy

Everything in life requires prior planning. Having a solid strategy helps you envision what you have to do, see where you currently stand, and then bridge the gap.

So, let’s take a look at how to craft a promotion strategy in few steps:

1. Identify your target market

Consider the people you’re trying to reach and to whom your product or service is most likely to appeal to.

Do a quick audit on their demographics, psychographics, and lifestyle.

Then, proceed to set SMART goals, that will help you effectively reach your target market.

2. Set SMART goals

Goal setting gives you a sense of direction. It is important that you set goals that are SMART.

What are SMART goals?

• SPECIFIC; detailed and actionable.

• MEASURABLE; goals that will help you stay on track while visualizing your goals.

• ACHIEVABLE; goals are within your capacity and budget.

• REALISTIC

• TIMELY; goals that give you a sense of urgency.

3. Develop strategies to support your goals.

After successfully crafting your goals, proceed to set up strategies that will help you nail those goals.

4. Review your budget

Before choosing promotional strategies to work on, make sure you consider how much you can spend on it.

5. Test your ideas

Finally, proceed to get the word out, then review your goals from time to time.

Promotional strategies pdf

So, below are some pdfs that will be of great help. Do well to download and read through.

The Role of Promotion Strategies in Personal Selling

Competitive Promotional Strategies

Impact of Promotional Strategies on Brand Awareness

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Marketing

Global Marketing: Simplified strategy to scale any business

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Global marketing

Did you know good global marketing is not limited to only big companies? Read more below to find out how you can successfully position your brand on a global scale.

International marketing is not just about selling your products or rendering your services globally. It requires conscious efforts to planning, and implementing strategies that’ll help position your brand in a global market.

So, in this blog post, we’ll be discussing what global marketing really is, why it is important for every brand to have a stand in the global market and how to go about it.

Global marketing

Global marketing

International marketing requires adjusting an existing marketing strategy of a company to adapt to the conditions of other countries.

According to Wikipedia, global marketing is “marketing” on a worldwide scale that reconciles or takes commercial advantage of global operational differences, similarities and opportunities in order to meet global objectives.

Simply put, it is extending your products or services to other countries.

Objectives of global marketing

International marketing aims to achieve a lot, below are some of the listed objectives of global marketing:

  1. Increase globalization
  2. Promote social and cultural exchange among countries.
  3. Enhance free trade by bringing all countries together for trading purposes.
  4. Assist developing countries in economic and industrial growth.
  5. Promote sustainable management of resources globally.

Importance of global marketing

You might be thinking, why should a brand consider this?

Why is it important for any brand to go global?

Let’s look at some of the advantages or importance attached to going global.

1. It fosters global cooperation

Companies working together and sharing economic resources fosters global cooperation.

2. It leads to the growth of businesses

In cases where the domestic markets are saturated, leveraging on global marketing can be a boost to a company’s sales.

3. It helps a company stay ahead of the competition.

Nowadays, your competitors will outrun you if you’re only taking advantage of existing on a worldwide scale. It’s either foreign competitors start threatening you in your domestic market, or they grow bigger. Which is as a result of existing on a worldwide scale.

4. Increase in sales and profitability

The internet has made global marketing easier. We now have e-commerce sites and the likes that will help you reach out to your potential foreign customers. This can result to greater return on investment, or new sources of revenue.

5. Enlarge customer base

Entering a foreign market via e-commerce or a collaborative sales partnership can grow the number of your customer base. Which can lead to an increase in sales.

Global marketing examples

Good global marketing has to do with identifying countries that it’s products might be successful. Then localizing the brand to reflect the necessities of those communities.

So, let’s take a look at some examples of brands that totally ‘get it’

Apple

When it comes to good global marketing, the Apple brand cannot be left out. Apple has significantly tailored it’s products to suit local tastes.

Starbucks

Starbucks is known globally for its reputation in the engagement of local culture. It’s the world’s most popular coffee house which has made its mark from Brazil to China. Furthermore, It is currently present in 20,000 stores in 63 countries.

Coca-Cola

Coca-Cola brand has adapted to create a global brand that resonates with global audience.

In other words, the key to the brand’s success has to be the company’s focus. That means promoting values such as ‘happiness’ and ‘sharing’. However, it also includes product and messaging localization.

Marketing Management: All You Need to Know

Global marketing strategy

This marketing strategy is the step by step plan on how you can expand a business into untapped markets.

Below are the four most important steps:

Know your market

It is very important you note the market you’re moving into, because every region has various behaviours and norms.

Tailor your marketing strategy to suit your new audience.

What might work for a local audience, might not work for a global audience.

Try to give your new audience a tailor fit experience.

Good branding

Keep your brand name the same across all continents. If you’ll need to change a brand’s name, make sure something like a logo remains consistent.

Localize your messaging

Pay attention to the details in your messaging and see what resonates with each audience.

Global marketing management

Above all, the practice of designing international plan around a company’s products, price and it’s distribution is known as international marketing management.

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Marketing

Lead Generation: Definition, Process, Tools, and Strategies (Simplified )

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lead generation

Successful product marketers and sales representatives are people that good at generating the interests of their target audience. People that can direct these interests to a particular product or service they offer. Well if are one of the many business owners who lack this skill, you need to take a close look at Lead Generation.

So first, let’s begin with a brief definition of Lead Generation.

Lead generation is the marketing process that seeks to attract and build the interest of a lead (potential consumer) or a targeted audience to a company’s product or service with the hope of turning the interest into a sale.

Read Also: EFFECTS OF ADVERTISING AND PROMOTION ON SMALL BUSINESSES

LEAD GENERATION PROCESS

Many successful businesses are continuously looking to expand their customer base and grow their businesses. But, business growth could be challenging because it involves a steady flow of authentic sales conversion and a high customer retention rate.
With this in mind, the need to constantly project advertisement campaigns targeted to the specific set of people who they have identified to be their potential customers is very paramount. And as such creating a system that will make that happen should be a priority. In the world of Lead generation, the following are processes business owners need to pursue to enable them identify and convert these prospects into paying customers, they are;

1. Audience Identification

The main job in this category is to identify their target consumers. This means the segmented portion of the larger market that fits into the category of people that will need your product or service. It is important to conduct a research about them and come up with a clear picture of;

  • Who they are
  • Where they live
  • How much they earn
  • The kind of lifestyle they live
  • Their personality traits
  • Their age bracket, gender, etc.

Now, gathering this information will give you a clearer picture of the kind of customers you’re going to target.

2. Picking a Promotional Method

For an effective lead generation, you will need a cutting edge promotional campaign. This is with the intention of constantly getting the products and services in front of your audience.

There are tons and tons of ways this can be done. But again the most effective method should be identified and used.

So, marketing ideas like advertising on TV, radio, local newspapers, billboards, etc can be effective. Also, conducting a social media campaign on Facebook, Twitter, Instagram, etc is another option for a specified demographic.

Read Also: Promotion Mix: Definition, Types, Importance, & Strategies

Furthermore, launching an e-mail marketing campaign is something you should look at. It gives the opportunity to send out direct mails to these prospects through a customized approach and an enticing call to action on every mail sent. In addition, approaches like Search engine optimization (SEO), Google AdWords, blogging, etc are also effective ways to reach these targeted audiences.

3. Create a Sales Funnel

At this point, you should already know how best to reach your prospects. But there also has to be a plan for collecting the contact information of these people.

This process starts with channeling all prospects to a page that encourages them to share their contact information, online or offline. On this note, it will be vital to create a database to house this information. The plan is to help you keep track of these potential customers.

4. Relationship Building

Now, the next thing to do is to build some sort of relationship with these prospects so they can move to buying-customers.

Reaching out to these customers will depend on the type of contact information you were able to get from them.

For some, a customized email newsletter will need to be sent to them periodically, followed by a call to action. While for others, you would need to reach them through SMS and calls. These reach outs serve as reminders. It also strengthens the resolve of those who are still skeptical about the service and product quality. Those who might need more information from the service provider before committing.

5. Track Best Leads

The need to quickly identify which leads are worth pursuing out of the whole lot is pretty basic. Lead generation is ineffective without putting this into consideration.

This means distinguishing those that need to be nurtured from those who are not just ready to buy yet. Tracking and ranking these leads can help marketers to channel and prioritize leads according to their rankings. The actions of these leads shown towards your preferred marketing tool will affect how high their rankings will be. It will also dictate whether any considerations will be given to them.

Read Also: Marketing Strategies: How A ‘Free-Delivery’ Offer Can Improve Sales For Your Business

WHAT ARE THE TOOLS FOR LEAD GENERATION

Lead generation is more than just getting people to show interest, its also about collecting their information so targeted communication and advertisements can be sent to them and turn casual consumers to loyal customers.
And like any other job, lead generation requires the right tools to enable marketers to generate more leads that will lead to sales. 

The following are categories of lead-generating tools, they are:

One page lead generation tools

This platform helps to capture leads on a website. Tools under this category include; Turnstile, Qualaroo, Optinmonster, Intercom, Unbounce, etc.

Inbound lead generation tools

This tool helps to bring more leads gotten from the creation of content and campaigns from search engines and social media platforms to the website. They include; Quora, Hootsuite, Slideshare, Everwebinar, LinkedIn, etc.

Outbound Lead generation tools

Outbound lead generation involves sending out unsolicited messages to the target audience regardless of whether they have shown interest in the product or not. This tactic includes cold calling, sending mass text messages, sending mass emails, display advertising, etc. However, the tools used include; Sendblaster, Datanyse, Hunter, BuzzBuilder, etc

Email Marketing Tools

Email marketing helps businesses to nurture leads after they must have shown interest, in signing up and providing their email address. The next step is to start sending targeted emails to them to help nurture the buying process until they become loyal customers. Some of the tools needed for this include; ActiveCampaign, SendinBlue, Prospect.io, Mailchimp, etc.

Search Engine Marketing Tools

Search engine marketing makes use of search engine optimization to increase the visibility of websites in search engine results pages. You can achieve this through organic or paid advertising. Some of the tools used to get results include; Yoast SEO plugin, Google Analytics, Google Ads Scripts, Twilio, SEMrush, etc.

Marketing Management Tools

This tool helps businesses to oversee and manage their marketing strategies. They help streamline daily marketing activities and improve the overall strategy. The following includes great tools for achieving top-notch management in handling marketing activities; Canva, Buffer, Google alerts, Google Analytics, Hubspot, ActiveCampaign, Hoovers, Buzzsumo, etc.

STRATEGIES FOR LEAD GENERATION

Lead generation strategy describes those tactics that businesses use to attract prospective customers and turn them into buying customers. A lead is a person who has shown interest in what a business is offering and takes some actions. They have shared their contact details or shown that they are interested in doing business.
The following are strategies which can be used to generate more leads, they include:

Create a gated content

Gated contents are materials only accessible to users who take their time to fill out forms on the website before accessing them. The contents of these materials are locked until the user submits either a name, phone number, or an email before it is released for them. This strategy offers something of value for free to the user while attracting leads to the product or service been offered. Gated contents often include E-books, reports, free courses, free software, online tools.

Read Also: SOCIAL MEDIA MARKETING STRATEGY 2020: A detailed guide(+free template)

Create Newsletters

Creating a value-packed periodic newsletter that encourages interested prospects to connect and stay in touch with your business. This allows businesses to share promotional content directly to the prospective customers, to further move them from prospects to buying customers. Contents of the newsletter might include promotional offers, updates about products, new blog posts, upcoming programs, etc.

Hosting Events

since lead generation can be done online and offline, hosting events is another way to attract and serve your target market, capturing their contact details through event registration.
This is also an avenue to connect with customers in real-time, know everything that there is to know, and answer their questions. Organizing webinars, workshops, Seminars, Conferences, etc are good ways to execute such plans.

Free Coupons and discounts

Most customers patronize products that have discounts and free coupons attached to them. Customers are attracted to products that offer discounts as opposed to the ones that don’t to them. This is because it helps them to save cost when buying. Offering discounts and free coupons is a good way to get the attention of prospective customers, it also gives them the opportunity to try out new products which they haven’t used before. In the midst of offering them such amazing offers can some of them move from prospects to buying customers.

Conclusion

With Lead Generation as an essential part of any business’ growth, hope this post was able to provide all the information you would need threading this path?

Please reach out on the comment section for any questions or clarifications.

 

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