Small business marketing

Launching a new business or product is exciting and hard work. I am often asked how can I get started? What should I do? This article is based on my experience of helping over 30 entrepreneurs set up businesses in the past few years.

Rarely if ever does a product or service sell itself. If you don’t market and sell your product you are not going to succeed.

Your marketing activity needs to be carefully planned, implemented, monitored, reviewed and adapted.

You’ll need patience, and be confident in your approach and committed to the ideas, plans can take 60 –90 days to bring results.

1. Differentiate

Try to avoid being a “me-too” by being different in the way you promote your product or service, or the way you design your product or its packaging.

2. Hunt the gaps

Look for gaps in the marketplace. Try to become a niche player. Niche markets are less price sensitive than mass markets, not governed by price, and are easier to identify and to promote to.

3. Think benefits

“What’s in it for my customer?” Make this your key phrase in your thinking about everything you do or say from sales talks to product literature, advertising to PR and sales letters.

4. Who is the customer?

Identifying your customer is critical to your success. Decide on the customers you want and don’t want. Please remember that you cannot have all the customers and there will be ones you do not want. Build a picture of your ideal customer in your mind and look for more with the same characteristics. Use this picture to decide new and different ways to reach your customers and more products that they need.

5. Research

Your customers: Who are they? How many are there? How can you segment them? Who else do they buy from?

What are their needs and expectations of you, and your competitors? How do your competitors communicate with them?

Your market: How big is it? What is the trend is it growing or declining? What market share are you aiming for?

Your competition: Who? What are their strengths and weaknesses? What can you offer that’s different and better?

Where to find information: The Internet, Annual reports, Business press, Trade press, Trade associations, Chambers of commerce, Business Link organisations, libraries. A wealth of information is out there already much of it free.

6. SWOT

Do it for your competitors as well as your business. Remember perception is all that matters. Look for weaknesses in your competitors that you can improve.

7. Have a strong identity.

It takes time to build a strong identity so start now!

A good name that is memorable is a great starting point.

Make sure that your corporate identity is carried through consistently across everything you do.  Make sure everyone uses the same typeface in letters.

Small companies can make themselves look bigger by having a good corporate image.

For advice on trade marks www.itma.org.uk and www.patent.gov.uk

8. Think Big!

Today’s small companies are tomorrow’s big companies. McDonalds did not start out ruling the world. So think like big companies, as customers like to feel comfortable with their suppliers.

VAT registration.  As this is based on turnover people will think you are bigger than you are especially if your competitor is not registered. If you are not registered people may think that you are too small to handle the job!

Limited Company status can also suggest you are bigger than you are.