Small Business Strategy: 4 Vital Tips for Success

Your small business strategy rests directly on the foundation of your marketing system; and if you don’t have a marketing system and you’re not planning on creating one, then you have no small business strategy. End of.

If being successful in business is important to you, then there is no alternative but to take marketing very seriously indeed, and to educate yourself to become very, very good at it. Frankly, the level of marketing expertise I see from most small business owners is embarrassing.

The furthest most of them go is to have some fuzzy notion about the need for more business, and then to leave the rest to chance, hoping, wishing and even praying for punters to walk through the door or hit their website and buy something from them. But hope is a rotten strategy for success.

If you want to enjoy the advantages of a successful marketing system, you need to understand most of what you listen to, believe, and probably think you know about marketing and small business strategy is incorrect. The business world is dominated by marketing myths, and they serve no one but a few phonies.

Strategy idea # 1: Marketing is a money maker

Most small business strategy is curbed by an unscientific “marketing budget”. But why? If you’re marketing properly, then you should be getting an expected positive ROI from everything you do. So… why would you limit your marketing according to some number a bean counter has pulled out of his butt? Bottom line: when your marketing is making money like this, and it’s measurable, trackable and predictable, be ready to plough back as much as you have into it.

Strategy tip # 2: Grab the keys to the Mint!

OK, now let’s pretend you have this stupendous marketing system and you know from experience there’s a 90 % probability every time you run it you’re going to make a handsome profit. A nice place to be, right?

Right. (it’s eminently practical for your business, too).

Nope. If you had any sense at all you’d keep pushing that button like a rat with a wire in its head giving it the shots of “happy juice”

Strategy tip # 3: Look before you leap
But, be smart about this. Start with small tests and monitor responses like a hawk watching a mouse. And even when you have a process that works, don’t wager more than you can stand losing, because the unpredictable happens, and you don’t want to be cleared out by rotten luck falling on bad judgement.

The safe thing to do is determine your evil “budget” as a fraction of profits, so the more you bring in, the more money you can spend on your marketing.

More than once small business owners have said to me they can’t do any more marketing this year on the grounds that they don’t have the budget for it, even though their marketing is making them a profit. Some years ago, right at the beginning of the 2007 recession, I heard a real estate agent say she was stopping all of her advertising, even though it was the only thing bringing in business. Now THAT is insane..

Strategy tip # 4: How to make it pay

So how do you know when your marketing is working?

When it’s making you money.

How do you know that?

By ruthlessly and conscientiously tracking and measuring everything you do.

So the “secret” here is to ensure that your small business strategy is designed in a way to let you track every sale to the marketing activity that brought it in. Right down to every email, postcard and sales call. You can never ever have too much information about this, since it’s the difference that’ll make you wealthy.

The Use of Online Marketing Services For Business Improvement

In an attempt at forwarding their businesses, everyone is talking about online marketing. While most people know that this is a great tool, not everyone knows what online marketing services do for business improvement.

When you think of transacting on the internet, it is important to remember that almost everyone else in your product universe also has an existence on this platform. While you use your website to generate awareness about yourself others are also doing the same. To be able to have a better impact, wider reach and constant communication with your target audience, online marketing services for business improvement prove most useful.

When you think of online marketing, it may seem simple. Some companies tend to believe that placing advertisements is all that it takes. However, it is a much more complex business. Given that the internet is so advanced and complicated, the answer cannot come as easily. It is important to have the right advertisement at the right times and on the right sites. Placing advertisements and articles randomly on the internet will only get you reduced results if any at all.

The process of online marketing is systematic. It is first important to have the right content for your advertisement, teaser or even article. Keywords are what prompt searches, and rate your content as well. Having the right content which is dense in words that people are likely to search will help your promotion rate better. Your site and its content must also be tailored accordingly.

Placing your promotions and advertisements, or even your articles and content in the right places is key. It is best to have them in places which are related to your area of work and expertise, as people interested in allied products will show a greater preference for you. Intelligent and strategic positioning of your advertisement can also have a positive, far reaching effect which may be otherwise difficult to achieve.

There are several professionals who can help with your online marketing endeavours. With a complete knowledge of the internet, advertising and also your market segment, they can help you derive the best from the efforts and money you are willing to invest.

The smallest advertisement sometimes gets noticed most. It is all about getting noticed. With a sound online marketing plan, you will find that your company and products will have a new appeal, and can fetch you plenty more than you even imagined.

Key Small Business Tips for Success

Small business tips for starting your own business can put you on the path to financial success.

The SBA says that the term small business includes concerns that are organized to make a profit and have fewer than 500 employees. In this post, small business includes work at home, affiliate marketing, network marketing and online home based businesses, and I will explore small business tips to help you achieve your business goals. These tips will help you get customers and generate more sales quickly.

Here are key small business tips and questions to consider:

1. Why do you want to start a small business? Starting your own business requires commitment. So, don’t proceed to do so unless you are prepared for long hours and frustration while you are establishing your business. For many, enduring this is well worth the potential of financial security.

2. Will you market a product or service? A service business is one where you offer your expertise to clients. For a product business, you will need to offer a tangible product. Typically, a product business is more expensive to launch than a service business.

3. Do you have a simplified business plan? The thought of writing a business plan is intimidating to most aspiring entrepreneurs. However, it is possible to write a one-page plan that tells the what, who, how and where of your business. You should keep it simple. You can add details as you go. Just get it started.

4. Who is your customer? Describe your target customer in as much detail as possible. Know their needs and wants. Know how you can provide a solution to their problem. This profile will help you create a targeted marketing message and save you time and money in reaching prospects.

5. What is your pricing? Pricing is an art and a science. You need to cover your costs and generate a reasonable profit. Doing research to see what your competitors are charging can help.

6. Are you watching your costs? Many entrepreneurs tend to underestimate how long it will take for their small business to turn a profit. Don’t burden your business with too many costs too quickly. To keep costs to a minimum, hire interns and outsource or barter for services.

7. What’s your plan for getting customers? One of my coaches says the secret to business success is spending 85% of your time doing things that will lead to sales and 15% of your time doing everything else. You’ll need a marketing plan. How do you plan on attracting prospects and converting them to paying customers? Design your advertising to generate sales. Your advertising should always include an offer and an easy way for prospects to respond.

8. Are you using social media? More and more businesses are moving to social media because their prospects are on social media. Only about 25% of small businesses are using social media to build their business. So, creating a presence on social media will give you an edge. This typically means building a fan page on Facebook. There are many resources you can use to build a fan page.

Here are some small business tips to attract more customers online:

1. Be sure to add local content targeted for your specific area.
2. Make sure prospects can find you online and offline.
3. Be very clear about what your business offers.
4. Participate on social media consistently.
5. Watch what your competitors are doing. See what is working and what is not working.

These small business tips require you to be consistent. It takes persistence to establish a social media presence.

If you act on the small business tips above, you will increase your chances of success, you will effectively leverage your time, and promote your business profitably.

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