Small Business Management

Small Business Marketing Strategy

Small Business Marketing Strategy: Marketing Mix Variables

Small Business Marketing Strategy

The small business marketing strategy should be a formalized written document that comprises offline and online marketing initiatives to drive an organizations sales growth. The business marketing strategy should be aligned with operational goals and objectives and be representative of current market conditions. An organizations products and services go through different stages of the product lifecycle. The small business marketing strategy must be responsive to market forces and changes in the operational goals and objectives of the company.

Small business marketing strategy is essentially the individual or organizational activities that facilitate and expedites the exchange of goods and services in a dynamic environment through the development, distribution, promotion and pricing of goods and services. A marketing strategy for small business concentrates on the four marketing mix variables.

Marketing Mix Variables Of The Small Business Marketing Strategy

(i) Product: This includes positioning and branding the product/service, creating product guarantees and establishing procedures for fulfilling guarantees. This also covers developing and testing new products, modifying existing products and eliminating products.

(ii) Distribution: The selection and establishment of distribution channels, the establishment of distribution and dealer policies, creating procedures for efficient product handling, setting up inventory controls, determining transportation methods and providing the framework for managing distribution costs and logistics.

(iii) Promotion: Establish promotional objectives, determine promotion channels, create an advertising schedule, design benchmarks for measuring promotion effectiveness, formulate a sales plan, train required sales personnel, procure sales literature and backup materials, release and coordinate public relations policies.

(iv) Determine market forces for price, set pricing methods, setup conditions and terms of sale, establish bulk purchase prices.

Online Small Business Marketing Strategy: This can consists of the unique blend of activities that comprise a companies online marketing efforts. An internet marketing strategy for your small business should comprise part of your overall marketing plan.

Small business marketing strategy considers the following:

(a) Branding considerations

(b) Use of organic search engine marketing to position for the target market

(c) Use of pay per click advertising

(d) Article marketing to assist with creating back links and generating awareness

(e) Email newsletters and correspondence with existing and potential customers

(f) Blogging to reach interested consumers and to keep the market informed about the latest initiatives and developments

(g) Banner advertising on portals and sites that are a demographic fit for the product or service.

(h) Updating content on a regular basis to encourage repeat visits and build a loyal readership base.

Small business marketing strategy changes and evolves in line with changes in the business landscape and the shifting consumer preferences and tastes. Marketing pillars remain the same although their use may be different.

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