MARKETING Tips to win the rest of 2020!

Marketing your small business for the remaining months of 2020 will take some reshaping, not just of the business but also of the mindset of the entrepreneur but it can be done! Strategically identifying where the customers are and targeting them specifically with well-defined marketing messages can help businesses to achieve some of those goals which would have been achieved earlier in the year, had it not been for COVID-19.

 

Still COVID-19 can be credited with the birth of several new customer solutions.  Customers are still buying and businesses still need to attract new and maintain old customer relationships.  Here are a few marketing tips to help your SMB ends 2020 with a win:

1.    M - Measure your marketing tactics carefully and don’t be afraid to adjust where necessary.  The idea for the remainder of 2020 is to maximize on those tactics that are effective, relevant and useful to building your brand and business and engaging with those customers who affect your bottom line.

2.    A – Agile marketing is even more important now than ever.  Focus your efforts on engaging not only existing customers but on reaching and retaining new customers as well.  And when you get those customers, deliver value!

3.    R – Be responsive. To both your clients and stakeholders.  Remember if you don’t respond in a timely manner, your competitor is right around the corner waiting to capitalize on your missed opportunities.

4.    K – Identify some key performance indicators for your business success.  Will it be increase in sales, brand visibility or increased customer engagement?  And, make them realistic, analyse current market and industry trends and temper your expectations accordingly.

5.    E – Increase efficiency by eliminating or outsourcing unnecessary or unmanageable tasks.  For example, most small business owners cannot manage their own marketing.  Now is the time to identify a marketing specialist to manage and execute these tasks.

6.    T – Training and capacity building remain crucial to personal and business development.  Schedule time to build your own capacity while increasing business output, connecting with clients and building the business.

7.    I – Useful, timely and relevant information that is consistent and concise is required especially now.  Develop a system that keeps your customers informed and updated on what is happening in your business and industry.  It may be a monthly email newsletter, social media updates or an occasional text/WhatsApp message.  Whatever it is, keep your customers informed.

8.    N – Add new elements to your marketing.  Not because the customer group may be burdened with COVID-19, change things up a little, excite the customer group and breathe new life into your marketing campaign.

9.    G – Growing the business should be at the forefront of the entrepreneur’s mind.  All marketing engagements should fuel the bottom line.  After identifying goals for the remainder of the year, write down your objectives … quantify your growth, know where each dollar is spent and how it will fuel business growth.

 

Three ways knowing your ideal customer benefits your business

There is no business, whether large or small, anywhere in the world, that can create a product or offer a service to everyone!  No one business can fulfill the needs of every single person on the planet.  There must be something that differentiates what your business provides from that of your competition.  There may well be overlaps in some customer groups but almost certainly there is no product for everybody.

Knowing your ideal customer is integral to business success.  It guarantees the business a place in the market and with the right marketing messages, such a business can realize profits from an engaged customer group who will consistently support the business, refer new customers and help to propel the business into new markets.

As small entrepreneurs venture into business especially now, it is crucial that customer solutions are not created in a vacuum.  Knowing exactly who is the targeted customer group, is even more important as smaller businesses must operate efficiently to reduce waste and maximize each element of the business to ensure measurable outputs.

The following are three ways that knowing your ideal customer benefits your business:

·         Researching customer groups defines the customer and validates the product/service – Conducting research to validate your business or product offering among the specific customer group can only yield positive benefits.  The research helps to refine the product or service thereby ensuring that the business is providing a solution for the customer.  Research also helps to identify the ideal customer for the solution being provided.

·         Product testing, sampling and trials runs refines the product/service - Usefulness, functionality and practicality are important to the success of any new product or service.  Doing trial runs, sampling and product testing are great ways to get feedback from the target group.  This allow the business to showcase their new product features and benefits, provides a preview for the customer group and gives the customer an opportunity to have a say in the final product.

·         Early customer engagement incorporates customer opinions, gets the business more leads and builds strong customer relationships – Customers love to feel part of the process and engaging them in the decision-making process makes them feel a part of, and ownership of the product/brand.  This ownership when properly managed can result in new customer leads and stronger customer relationships.