Present Your Value Early
Small businesses inherently hold value in the fact that they can maintain personal customer relationships. This is a big reason for consumers to choose to do business with SMBs over larger companies. On the other hand, lack of consumer information on an SMB may result in it being harder for potential buyers to trust small businesses.
For your SMB, it will be important to establish the value of your service early in the process. This will mean engaging with customers, making yourself available, and providing valuable information all before there is a purchase.
You want your clients to feel comfortable with their purchase decision. This is why small businesses encourage consumer learning. Consumers with high motivation to search for information in order to make purchasing decisions, will be more likely to branch out beyond larger brand name companies. When potential customers come across your product or service, be ready to give helpful information about your business and begin building your relationship.
Learn your Target Demographics
What industry is your business a part of? This will be important to keep in mind when targeting your market. Some questions to ask yourself are
- How much are people willing to pay for my product or service?
- What is the income level of my consumers?
- What kind of lifestyle do my consumers share?
Not everyone will need your product or service. Instead of trying to gain maximum reach, really try to figure out who your ideal customer is and how you can best reach them. For small businesses, this may mean determining where your target market is geographically, and choosing your store location based on that area. For instance, a high-end hair salon will need to consider locations that have high income per capita.
Different consumers rank their values in different orders. You will need to determine why customers choose YOUR product over others. Do you succeed in quality, price, customer service, timeliness, or something else? Niche down your service and figure out what keywords your audience will be searching for that can lead them to your business.
Never Underestimate the Power of Marketing
SMBs can be scared away from marketing activities by larger companies. It can be overwhelming to compare your small company to large brand names in a marketing environment and simply fall back on your current consumer base. But no matter how great your product or service is, your business won’t see huge growth until you engage in consistent marketing activities. Something to keep in mind is- not everyone is looking for a familiar brand name. Many consumers are highly motivated to search for information about small or local businesses. Get your brand out there now, and have plenty of persuasive information available for potential consumers.
Marketing doesn’t always have to be a large risky investment. If you underestimate the value of marketing or are hesitant to make an investment, try simply enhancing your social media presence with customer reviews and SEO tools. Next you can evaluate how it affects your ROI. Your change on your return on investment is a direct reflection of your marketing efforts. There are many other simple marketing tactics out there that can support your small business. For more information about what you can do to grow your business, click here to contact us.