Is marketing harder for small business owners?
Without the big budget of a public company, I find marketing to be really limited as far as how much you can do with a small budget if you are a small business owner.
I believe the biggest challenge for small business owners in marketing their products or services goes to the operational aspects of analysis, planning and delivery. The budget itself can be quite low, starting from few hundrets $ monthly. What I think is crucial factor for success in marketing is the ability and capacity to plan and create very consistant marketing strategy, work out the plan which will then support to meet goals set up in the strategic approach. Being small business owner requires a lot effort mostly because you are juggling and managing tons of work either yourself or with help of few people. This is off course different than in big or even medium sized companies which have not only internal marketing depts but they also hire external ATL and BTL agencies to realize each year goals.
Marketing your business with Facebook ads can be as low as $5 per day. Try pay per engagements, to your fb pages.
You can try some of the other tools like e-mail marketing or post in social websites.Secondly there are some zines in Google where you can post the adds for free.Be flexible in your approach and you will get success.
I cannot actually agree with this statement. Marketing is hard for those who know little about it. Small business owners try to do everything themselves to save money, that's why marketing can be a daunting task for them. Being a small business owner, I always consult with the marketing gurus from https://future.thecmoclub.com/ , when it comes to marketing.
As a digital marketer who focuses on paid lead/acquisition programs I do find my clients tend to be mid-size businesses who have already invested in a marketing plan and have key performance metrics in mind.
I find the biggest thing is tracking! So many small businesses I've spoken with who test digital marketing have Boosted Post on Facebook, tried Google AdWords, etc.....but haven't tracked things properly so have decided it didn't work. Investing in proper analytics (set up Google Analytics, define your success metrics, etc.) is really key.
Also, while I'm biased, I think it's well worth investing in an expert (consultant or agency) who can help you develop a plan if marketing is not your wheelhouse. The cost of setting things up properly even if you ultimately decide to manage is well worth the investment.
It depends really. There are lots of different techniques which work nicely for small business. For example, I make some promotional gifts and present them to my customers. I get some custom lapel pins from http://www.pinsource.com/ and people like it. It helps my marketing somehow
Knowing your unique selling points is the first step. Marketing can be difficult for small and big companies but utilising your budget in a targeted way is the best option. Use one medium and concentrate on that and do it right first. If you decide to take on PR use a PR who is small and has small business expertise as we do.
Marketing philosophy is very important for every company's success.A generic marketing strategy does not suit every company.
It is different even for every large public company.
Product is generally a better indicator to identify and adopt a marketing strategy in the market.
But for small companies it is true that their marketing is more focused on existing customer relationships , their feedback, their referrals and their own expansion.
Basing growth on some strategic partners and their growth is generally how small companies grow.
But fortunately entrepreneurs in this age have a lot of support from internet , websites , social media and other platforms to make a major impact even without a budget to spend on marketing.
I would suggest to explore these marketing opportunities for the time being and moving forward the scale can be increased.
For a small company a vision of long term sustainability with continuous growth is very important.
Best Of Luck,
North York, Canada
There's lots of great advice here. I have made it my primary focus to assist small businesses with marketing... NOT to get you to pay me to figure it out and do it for you, but to provide a process, you can do yourself that is proven to work for small business.
There is SO much that can be done at no- or low-cost to suffice building a small business to great success, but it requires doing the fundamentals extremely well.
I have put several free videos together to assist small business owners with this. The one I think I will direct you to (if you are serious about learning this) is the recording of the online training event I did just a couple of weeks ago. It was entitled "How to Create KILLER Marketing Message!". You can download it and watch it by going to this link: http://www.screencast.com/t/D5Rn4TfC
I think you will get great value from this. If I can be of any assistance, please private message me.
Marketing is never limited, only creativity.
Marketing success is incremental. If you put $500 into it, you get a percentage of growth based on the chosen promotional activities. It doesn't matter if you're a Fortune 100 company or a mom and pop shop.
Many companies budget based on the cost of acquisition of a new client/customer. For instance, if it costs $75 to gain a new loyal customer, you'll want to make sure the average dollars spent annually is around $500 or more. However, if your average customer only spends $100 per year, you won't want to spend more than $20 per acquisition going forward.
Facebook is a great way to gain new customers, as you can have incremental gains on every $5 you spend. Promotions can be tied to any demographics - Income, location, gender, etc.
A Youtube video can also be used to generate attention and its costs are surprising. I've shot shows for as little as $200 to $500,000. The $200 show was for a local company that saw a 20X multiplier on their ROI. The $500,000 show only had a 5X multiplier on their ROI. So, the small business got more bang for their buck.