Marketing tips for managing your family business or any type of business can be challenging and daunting at times.
One of the biggest obstacles most SME’s face is managing a healthy cashflow. We also know that increasing sales or profits by creating a workable sales funnel. Through improved marketing outputs is vital to attract new customers and closing more sales.
Business owners may experience a lag or a loss of effectiveness in their current strategies that have been used repeatedly throughout the years.
Businesses are typically being run without proper marketing strategies or plans for execution.
A general observation is that businesses have a habit of overlooking the necessity of the marketing function. Placing it on the back burner and focusing on other operational areas when circumstances become unstable or their predicted sales forecasts seems “promising” enough.
But do these forecasts always deliver the expected outcomes?
Notably, one must continue with marketing efforts. Even during peak seasons as it helps increase or stabilize sales during the slower seasons to minimize any negative cash flow impact.
For instance, we are in a form of lock down and are searching for means of surviving. Increasing lead generation or creating a workable sales funnel.
A business goal would be to start working on marketing now so by the time lock down is over. The business recovery period is shortened.
During the recovery period, your lead generation sales or profits will increase. Therefore, your market share expands as your plan of action becomes more defined and your stress levels will lessen!
Here are marketing tips you use to grow your business through effective marketing:
First marketing tip take advantage of email and social media marketing to create awareness around your business and your offerings.
If you don’t have a qualified email list, now is a good time to start a database. Email notifications can be sent to subscribers about special deals, promotions and news. Automated email campaigns can even lessen your workload!
Increase your database by giving away free information (freebies) to educate. That way your business remains memorable and your database stays loyal and attracted to your offering.
Remember to work on your marketing message. Ensure it is refined to appeal to your target market.
Marketing is evolving and what worked yesterday does not work today so it is important to remain innovative.
Don’t get stuck in the founder’s syndrome.It is easy for multi-generational businesses to stagnate and continue doing the things that were successful decades ago.
For example, if you relied on print media, consider venturing into digital channels. Online advertising is surprisingly affordable, if you know what you are doing. No budget? No problem! There are various free tools you can use to market effectively to your audience.
Sometimes the fear of technology stops people from trying new strategies, however most of the latest trends used in digital marketing are easy to implement once you know how! Invest in developing your skills by attending workshops or courses – you will soon realize that your fears were unfounded.
It is up to 6 times cheaper to sell to an existing customer than a new one.
It’s easy to say that you know your customers; especially your business has been around for several generations. But times and people change – just look at generational trends.
Knowing your customer or KYC sets the foundation – know their shopping habits, buying patterns and what platforms they use when looking to purchase a product or service.
Are you speaking their language or is your message getting lost in translation?
The format and functionality of your website is the key to its success. When potential customers visit your website, they want access to the information they are looking for in less than 3 clicks.
Not only does your website create brand awareness but it creates a sales funnel for online shopping alternatives.
It’s all about getting customers and once we have them, building relationships to retain them!
Customer experience can make or break you. Be it via your product or service offering or even the general customer service they received from your business when purchasing.
How do you market customer experience to your potential customers. What measures do you have in place to ensure you deliver on your promises?
Make use of surveys or automated feedback forms when needed.
A tool worth noting is the Net Promoter Score which measures the willingness of customers to recommend a company’s products or services to others. It gauges the customer’s overall satisfaction with your offering and loyalty to your brand.
Overall business health depends on business owner health and how they choose to grow themselves. Having a business that works for you is important.
Your marketing plan must compliment your business plan and aid in achieving your desired objectives in order to promote business growth and profitability.
As a professional business coach, I have come across many businesses who are not reaching their full potential due to lack of marketing. I coach owners on how to think differently to reach their goals.
So begin investing in your capabilities and your marketing to start noticing positive changes and feel the difference effective marketing makes on your life and in your business.
Connect with me today to arrange a one hour free business strategy consultation to discuss your business marketing needs.
After all, one small change can make a huge difference!
Yours in great business,