02/09/2024
Don't Let Your Business Become Extinct! Effective marketing will set you apart from your competition.
It’s sad when businesses fail. They might offer a great product or service. They may have a wonderful mission. Perhaps they even possess a charismatic entrepreneur at the helm. And yet, I have witnessed many companies decline into a slow and painful death due to their philosophy that investing in marketing is a luxury, not a necessity.
So, here are the 5 top considerations your small business needs in order to avoid extinction:
1. Branding: A logo that tells who you are. A style that conveys your business’s personality, if you will. Are you marketing B2B (business to business) and do you want to convey a professional, global presence? Are you marketing B2C (business to consumer) and want to come across as friendly, fun and affordable? Your branding should be unique. It tells your audience how they should perceive your business.
2. A mission statement: This will define what your goal is. Why are you in business? What need(s) are you filling? It is critical in positioning you in the playing field of commerce. What matters to you? Why does your audience want or need what you have to offer?
3. A competitive advantage: This should define what sets you apart from the rest of your competitors. What makes you different? What do you bring to the table that your competitors do not? Ideally, you want to be seen as head and shoulders above the rest for offering a unique product or service. This will build loyalty.
4. Know your target demographic: Who are you appealing to? Spend some time identifying your prime target audience. Do some research. Are you appealing to millennials? Seniors? Middle-aged professionals? Heads of households with 2-plus children? Know who you are appealing to. Sometimes the audience you think is your ideal target might not be. It is important to stay open-minded during this process. Sometimes a secondary market will emerge that you may not have anticipated. Understand what motivates them and why. This is critical.
5. A comprehensive marketing plan, Develop an online presence and create a marketing campaign that supports your goals and objectives. Of course, the passion behind why you started your business should drive you to succeed. Without that, you really shouldn’t consider being an entrepreneur. Being a small business owner certainly is not for the faint of heart. It takes hard work, dedication and an infectious desire for others to understand why your product or service matters to them.
Some of the most successful businesses I have encountered have been the ones that not only had a well-defined mission and a passion to thrive, but have also understood the value in investing in a well orchestrated marketing plan. At the heart of every transaction, whether consumer driven or business driven, is an emotion. Will your product or service save them time or money? Will it solve a problem? Will it entertain them or make them feel good? Emotion drives action. Take the time to figure out what emotion will motivate them to act and gear your message to reach them emotionally. In the end, it’s all about connecting with your target audience and filling a need.
As my dear old dad always said about success in business, “It’s simple. Find a need and fill it.” Create a marketing campaign that will drive people to you. There you have it: Business 101, made easy. 🏆
(Article republished from Orlando Business Journal.) Beth Hearn Douglas is president of Douglas Design & Marketing. She has experience in comprehensive campaign development, art direction, writing, design, social media and e-commerce in many industries, including tourism, health care, banking, hospitality, dining, senior care, education, high-tech, industrial, retail and professional associations. She can be reached via email at [email protected]. For more information, visit www.douglasmarketingworks.com or call 407-774-8108.
