Scale Your Small Business with these 3 Marketing Tips
It can feel daunting to grow a small business when you have limited resources like time, employees and money. But it doesn’t have to stop you from scaling your business. You just need to get creative with your marketing tactics and do the best with what you have.
As with all marketing, it all starts with knowing your audience. You may think that your product or service is appealing to everyone but niching down is the best way to create leverage as a small business. Get really specific. Figure out exactly who your ideal customer is and develop a persona around them. Knowing their age, gender, occupation and other demographics are great, but dig deeper to determine their pain points, triggering events and priorities. Understanding your audience on a personal level helps you speak directly to them in your marketing communications.
From there, you need to determine your value proposition. This is just a fancy way of saying what set you apart. Unless you develop a completely original product that no one else has seen before, you’re going to have competitors. That’s the nature of the game. In fact, you probably know who your biggest competitor is. They may even be another local business just down the road. So, if you were to put yourself in the shoes of a potential customer, ask yourself why you would choose your business over your competitor. What specifically is it that you do better? Be sure to include that advantage in your marketing communication.
Did you know it’s 5 times more expensive to get a new customer than it is to close an existing one? This means you should focus on your existing customers as much as possible. They’ve already made a purchase, so the hardest work is done. Now, you can identify opportunities for repeat buying. Consider upselling if it makes sense in your business. Think of the classic “would you like to upgrade to a large for just 25 cents?” And see if you have a similar product or service that is just slightly more expensive. Perhaps inquire as to whether they’d like to purchase that one instead, after explaining the additional benefits of course. Or is there an add-on you can offer? You could also consider bundling multiple products at a discounted rate.