Although my blog is dedicated to providing interesting tips, insights and sharing my marketing expertise with SMBs, the recent influx of boomers wanting to start their own businesses has spurred this week’s blog topic. However, SMB owners should note that many of these tips will also serve as a good refresher too.
One of the biggest mistakes new businesses often make is skipping the development of a documented marketing strategy because they simply underestimate its importance. The best way to start planning your marketing activities is by creating a marketing strategy (a high-level overview of your marketing goals), then creating a marketing plan which outlines the specifics of which actions you’ll take to execute your marketing strategy.
I have a few tips I’d like to share with you on the most important marketing-related areas you’ll need to have in place before you launch your business:
- Create a Unique Selling Proposition (USP)
A USP is a summary of what makes your business unique and valuable to your target market. It answers the question: How does your business benefit your clients better than anyone else can?
- Set Your Target Audience
Establishing your target audience(s) is one of the key elements to all successful marketing. Be as specific as you can when identifying your target audience and remember your audience is NOT everyone who buys your product/service!
- Outline The Benefits Of Your Product/Service
Be as specific as you can be here, as knowing how your service/products benefit a customer will help you identify your marketing tactics. There should be details of benefits for every service/product. e.g. Product A benefits Hispanic seniors because it improves their B by 90%.
- List How You Will Position Your Brand In The Market
You’ll need to answer what values and perceptions you want your brand to stand for and more importantly, how do you want your customers/clients to perceive you?
- Outline Your Marketing Methods/Tactics
What marketing tactics will you use to let your audience know you are open for business? Will you use online or offline marketing? You’ll need to know your audience and how they consume information, and then target them with your tactics.
With these marketing fundamentals in place, you are ahead of the curve and the sky is the limit for your business.
If you need some expert marketing advice let me know how I can help. I am always interested in hearing from you. Are you one of the boomers thinking about starting a business? If you’re a SMB owner was this a good refresher for you? Let me know in the comments below.