A Brief Guide To Small Business MarketingApr 21, 2022
Written By Coach Andrea Walker
Since the global pandemic, there has been a massive spike in startup companies and small businesses.
Americans filed paperwork to start 4.3 million businesses last year, according to data from the Census Bureau, a 24 percent increase from the year before and by far the most in the decade and a half that the government has kept track. Applications are on a pace to be even higher this year. The surge is a striking and unexpected turnaround after a 40-year decline in U.S. entrepreneurship. -The NewYork Times
This means business ideas are sparking, and overall, people are chasing their dreams.
But what happens when we launch our brilliant ideas, and they fall flat or on deaf ears?
- Should we go out of business?
- Overwhelm family and friends asking them to promote for us?
- Continue marketing products and services without intention?
- Or find a better way?
For a company to succeed, it must find enough people to buy its products and services.
Before your small business can shoot towards superstardom, you'll need to take some time to evaluate your prospective customer base by figuring out your target market. You'll find it easier to tailor your offers and expand your marketing efforts when done correctly.
Let's go over five tips to help you achieve this goal and bring your small business closer to its desired success.
Finding Your Target Market: Why Is It Important?
Knowing your potential customer base will increase your company's likelihood of success. By defining a target market, you can:
- Determine if there's enough demand for your offerings
- Modify your concept to meet the customer base's needs
- Tailor your services and products to your customer base
- Direct marketing efforts to the most promising prospects
It's hard to limit the scope of a small business by defining its target market. However, new business owners should be aware that they shouldn't avoid defining their target market. This will help ensure that they accept new customers who come their way. If they want your products or services, you'll still be there.
Defining Your Business' Target Market
Finding your customer base means identifying your businesses' characteristics and the people likely to purchase your services and products.
The most common attributes are:
- Buying behaviors
- Family and marital status
- Ethnic group
- Political affiliation
Use the above criteria to create a profile of your ideal customer—a person who is genuinely interested in your offerings. Deciding how narrow your definition will be isn't an exact science, but it's best to be as specific as possible. The more carefully your small business's target market is defined, your marketing efforts will likely succeed.
When Other Businesses Are Your Target Market
Some companies market their products and services to other businesses, not individuals. B2B or business-to-business marketing is lucrative because companies typically buy in more significant quantities than individual consumers do. If you're targeting other companies, use characteristics such as these to define your market.
- Number of workers
- Industry size
- Geographic location
- Annual sales
By using these criteria to find your target audience, you'll learn how to create more effective marketing campaigns.
Finding a Niche
A niche is a specialized or narrow market segment.
In a competitive marketplace, niches help companies distinguish themselves from their competitors. Finding a niche is a profitable and effective strategy for a small business owner because it's expensive and time-consuming to cater to a broad audience. A niche is a hook with which you can reel in the best prospects.
Continuing the Process
For a small business to succeed, you'll need to circularly approach market research and target audience definition. Begin by finding the right prospects based on careful observation. Then, learn more about your audience's habits, competitors' behaviors, and industry trends.
Based on your research, revisit your business concept and your defined market.
If needed, make changes to your niche or audience to fulfill unmet market demands.
Learning about your target market and adjusting your strategy is a continuous process, and it's the heart of a successful small business.
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