As a small business owner, you should focus on customized campaigns that target your specific audience. They can create more effective marketing strategies that will help you stand out in a competitive market. This is accomplished by recognizing customer needs and preferences. This is one of several strategies you should concentrate on, yet we occasionally make the mistake of focusing on the wrong strategies, which prevents us from succeeding.
Why your small business marketing campaign is struggling
When trying to reach a new customer or increase brand awareness, small business owners may resort to multiple marketing strategies. These could be email marketing, social media marketing, content marketing and more.
No matter what your small business marketing strategy is, there's no denying the power of digital marketing to help you reach a potential customer. However, spreading yourself too thin across multiple marketing channels can actually cause issues. Here are six strategies that prevent you from making the right moves in your business.
1. Not setting a marketing plan
Many small business owners believe a marketing plan is a waste of time. They think this strategy is only best for mid-to-large-sized businesses. Yet, an effective marketing strategy informed by thorough market research is the best way to stay on schedule and within a budget while engaging potential customers in your target market. There are many resources available to help you create the right plan for your business. Here are some key components that your plan should focus on:
- Consider implementing a marketing budget
- Identify your target audience
- Set goals and procedures
- Determine which social media networks to implement
2. Not recognizing the value of your current customers
Acquiring a new customer can be five to 25 times more costly than retaining one. Keeping the right customer is of value to any business. Last year, Global Newswire published a report showing that 95% of customers read online reviews before making a purchase. 58% would pay more for a product from a brand with good reviews. The key here is to listen to your customers' needs, respond to reviews and improve. Showing your customers that you care and value their opinion will attract new customers and increase growth.
3. Failing to keep up with current trends
Staying up-to-date and relevant also attracts new customers. Keeping up with trends will transform your business. They allow your business to break boundaries in the market, which also creates new opportunities. Now, how do you keep up with the latest trends?
- Talk to customers/people
- Subscribe to an industry newsletter
- Keep up with your competitors on social media
4. Using the wrong social media platform
Let's establish that social media, in terms of business, is not for recreational use — but that doesn't mean it can't be fun. You can be creative and use appealing content. Ideally, many small businesses make the mistake of using all the social media platforms available. The key is to research which platform works best for your target audience.
Let's take a look at demographics and usage for each major platform.
Age group: 18-44 years old
Use: It's multi-use (run advertising campaigns, track audience data, and create an e-commerce shop, all within one platform)
Age group: 18-34 years old
Use: In-app shopping and visually promote in your posts, Reels and Stories.
Age group: 16-64 years old
Use: Conversational and hashtag friendly
TikTok
Age group: 18-34 years old and growing
Use: Short videos
Across all social media platforms, never underestimate the power of memes in marketing. When used tastefully, they can increase engagement and have the potential to go viral. However, be careful not to leverage memes carelessly. It's vital for your brand to appear genuine and show an understanding of the culture you're engaging with.
5. Spending funds on costly advertising
You could be spending your funds on the wrong form of advertisement for your business. Some of the more costly forms, such as TV or billboard ads, should be avoided. Online advertising is one of the most effective and inexpensive forms of advertising today. Your primary goal is to focus on building an online presence. This consists of interacting on social media and promoting new and existing products, goods, or services. Of course, each small business has different needs, so the best form of advertisement is based on your type of business and target audience.
6. Not tracking your results
Dealing with numbers can be tricky, but math is key to business. From revenue to customer service metrics, it's critical to keep track of results to know what's working for your business. According to C.B. Insights, cash shortage is the number one reason for business failure. If you don't keep track, your ROI will decrease and your business will be closing its doors.
Small business marketing strategy is key to your success
It's never too late to reflect on the marketing mistakes you could be making. Once you're on the right track, you can focus on the right areas to improve. This will make your business a success and make it stand out from others in the industry. How will you improve your business?
