Small business marketing: 10 questions answered
- Create a dynamic marketing plan with goals, a timeline and performance targets
- Build a professional website and maintain active social media profiles
- Implement strategies to maintain and grow your relationship with existing customers.
Marketing is about raising the profile of your business and building qualified leads that convert to sales. It’s a vital part of any successful enterprise and here are some tips for nailing the basics.
1. What is marketing?
Marketing means letting people know what your business offers. While there is no set formula, a traditional marketing mix is based on the four Ps:
- Product (what you’re selling)
- Place (where you’re selling it)
- Price (how much you’re selling it for)
- Promotion (how you’re selling it)
2. Why does my small business need marketing?
People can’t buy from you if they don’t know about your products or services.
“Marketing is essential for any growing business. It’s your pathway to success." says David Hirsch, General Manager of Marketing, QBE Australia Pacific.
- Don’t be afraid to try new things – Be prepared to test new products and services to explore what your market really wants.
- Know your customer – Find out what they’re looking for, what they need but don’t yet know they need, and what problems you can solve for them.
- Make the most of digital tools – There are many ways to save time and money by using technology. Automating and outsourcing social posts will save time you can spend growing your business.
3. Why do I need a marketing plan?
A marketing plan is a framework to manage your marketing activity, expenditure and performance targets. It can include a summary of your marketing goals, a timeline of when you want these goals completed and how you will measure success. It needs to be a dynamic document that flexes as your business needs change.
4. Do I need a website?
A digital presence is a must for every business.1 This includes your website and social media pages and your app if you have one.
A website is your virtual shopfront, open for business 24/7. It’s often the first experience a potential customer has with your business. For many people, the first point of call is when your business appears on a Google search list, so it can pay to have a presence there.
Check out this guide on how to set up a website for other tips.
5. Do I need social media?
Social media can be a great marketing tool so take the time to develop profiles that reflect your business and professional style.
LinkedIn can be an effective way to communicate if you’re offering business services. Consider writing articles on subjects that showcase your expertise. For example, if you sell car insurance, you may want to offer tips on why regular servicing is important.
Facebook and Instagram are also useful. Your customers consume a lot of content on these platforms, so make sure what you share is valuable. Think tips, information or even a glimpse into the people behind the business. Also encourage customers to share their experiences with your business to drive word of mouth and positive sentiment.
These resources can help you set up your business on social media:
- Facebook and Instagram – Free tools for small businesses
- LinkedIn – Action plan for small businesses
There’s also the option of hiring a social media marketing company that can create your accounts and help you with engaging content.
6. How do I promote my business locally?
There are lots of tactics you can use to build your reputation in your community. Going to local events puts your business in front of locals, while traditional advertisements in local papers can still reach a wide audience in your area.
Sponsoring local teams or clubs supports the community and associates your brand with positive local endeavours. Running competitions can generate excitement and buzz, drawing attention to your business in a fun and engaging way.
7. Why are sponsorships beneficial?
“The key to any good sponsorship is a genuine match of values and purpose. If you find a partner that aligns to your business, the relationship will be mutually beneficial,” says Hirsch.
Let’s say you offer insurance to farmers. Supporting a local farm-related charity could be a natural alignment. Sponsoring a local sports club, particularly if you have a connection to it, is also a good option.
8. Are marketing emails worthwhile?
“A marketing email can be immensely valuable if you’re targeting the right people with the right content,” says Hirsch. One source estimates email marketing campaigns return $36 for every $1 spent.2
The role of an email newsletter isn’t a hard-sell. Like social media, it’s about giving customers and prospects something useful, interesting or entertaining, which will then paint your business in a good light.
Include helpful tips, a few words about an organisation you sponsor or a story about how your business helped a customer. Special offers, discounts and competitions also work well.
You can also use the content you create for your social media in other places like your newsletter.
9. What about networking?
“Networking is a must, even in a digital-first world. There are few marketing tools that can compete with connecting to people on a one-to-one basis,” says Hirsch.
While personal marketing has a high conversion rate, it can be hard to scale. So back it up with a digital marketing presence to reach a broader audience in a cost-effective way.
10. Do you need a plan for existing customers?
The Association for Data-Driven Marketing & Advertising claims it costs up to 25 times more to acquire a new customer than to sell to an existing one.3
That’s why it’s important to look after your customers and make them feel valued. Personalised service, regular catch-ups, loyalty discounts or gifts and sneak previews and events make all the difference. Repeat business is a valuable income stream and word of mouth marketing from a happy, existing customer is a great way of winning your next customer.
Extend your knowledge with Q nect
Implementing a dynamic marketing plan is essential to develop and grow your business. Visit QBE Q nect to discover other ways to leverage digital tools and maintain rewarding customer relationships.
1 Social media for business | business.gov.au
2 The Ultimate List of Email Marketing Stats That We Think You Should Know – HubSpot
3 Retention Marketing Strategy Course | ADMA