By Susan Oakes
There are so many marketing tactics for your small business to choose from it can be a little daunting to know which ones will produce the best results. The good news is that there are ways to make the selection easier so that you can maximise every dollar of your marketing budget no matter how small it is.
Marketing tactics are the combination of marketing tools, activities and business decisions needed to support your marketing strategies and achieve your marketing objectives. If conducted successfully, your marketing tactics will enable your small business to retain, expand on and attract your most profitable customers, whilst continually supporting key areas of your business and overall financial goals.
The first thing you need to consider is what is the most important area for your business to focus on. Is it attracting more customers, retaining your customers, expanding your business with your existing customers or a combination?
Tactics for Retaining Your Most Profitable Customers
Any big business will tell you that retaining your customers is more cost-effective than trying to attract new ones. It is therefore essential to know who your most profitable customers are, how you can keep them loyal and most importantly how you can protect them from your competitors' activity. Marketing tactics aimed at retaining your most profitable customers most often will add value to their purchase during and after the sale. Examples include:
Premium offers which include your brand or business logo such as caps, t-shirts, coffee cups etc. These offers act as a reminder and can be used to say thank you for supporting your small business
Web newsletters that include feedback, case studies and important information which is relevant and of interest to your customers
A customer service program which exceeds the needs of your existing customers and which can used to encourage your customers to be less sensitive to price discounting from your competitors
Loyalty schemes are a simple way to retain your customers and have been implemented by many different types of small business such as coffee shops
Tactics to Expand Your Business with Your Existing Customers
The key here is to implement marketing tactics that will encourage your customers to purchase more of your products or services (up sell) or to purchase additional products and services in your range (cross sell). Examples include:
Multiple purchase discounts i.e. your customers receive a discount if they purchase a certain quantity of your product or service. Just remember to make sure you determine the additional volume you will need to generate to make up the loss in revenue from the price discount
Sampling is a good way for your existing customers to try other products and services in your range and they can always be promoted with your existing products or services
Public relations and email marketing via the web is a cost effective way of introducing new additions to your range of products and services
Tactics to Attract New Customers
Once you have identified your most profitable customer and your key point of difference the key is to ensure you attract customers who have the same or similar characteristics and encourage them to purchase. Often it is a matter of them trialling your product or service which helps to minimize the initial purchase risk. Examples include:
Cash backs are when customers send in proof of purchase after they have bought your product or service
Joint promotions with partner products or services allows you to gain awareness and trial of your product or service with another business's customers who have a similar profile to your ideal customer
Trial offers allows potential customers to learn more about your product or service for a limited time. Car manufacturers and software companies often conduct this type of marketing tactic
Although there always seems to be new marketing tactics for your business to implement, by deciding what your focus is going to be with customers makes the selection process simpler and assists you in implementing tactics that will produce the most cost effective results.
© Marketing for Business Success Pty Ltd 2008
Susan Oakes and and her business partner Bronwen Ryan are experienced marketers who developed and now sell M4B Marketing Software which enables small businesses to review, develop, implement and track their marketing plans and projects. Visit http://www.m4b.com.au and view the demo.
Article Source: http://EzineArticles.com/?expert=Susan_Oakes http://EzineArticles.com/?Small-Business-Marketing-Tips---Selecting-the-Right-Marketing-Tactics&id=930255
There are so many marketing tactics for your small business to choose from it can be a little daunting to know which ones will produce the best results. The good news is that there are ways to make the selection easier so that you can maximise every dollar of your marketing budget no matter how small it is.
Marketing tactics are the combination of marketing tools, activities and business decisions needed to support your marketing strategies and achieve your marketing objectives. If conducted successfully, your marketing tactics will enable your small business to retain, expand on and attract your most profitable customers, whilst continually supporting key areas of your business and overall financial goals.
The first thing you need to consider is what is the most important area for your business to focus on. Is it attracting more customers, retaining your customers, expanding your business with your existing customers or a combination?
Tactics for Retaining Your Most Profitable Customers
Any big business will tell you that retaining your customers is more cost-effective than trying to attract new ones. It is therefore essential to know who your most profitable customers are, how you can keep them loyal and most importantly how you can protect them from your competitors' activity. Marketing tactics aimed at retaining your most profitable customers most often will add value to their purchase during and after the sale. Examples include:
Premium offers which include your brand or business logo such as caps, t-shirts, coffee cups etc. These offers act as a reminder and can be used to say thank you for supporting your small business
Web newsletters that include feedback, case studies and important information which is relevant and of interest to your customers
A customer service program which exceeds the needs of your existing customers and which can used to encourage your customers to be less sensitive to price discounting from your competitors
Loyalty schemes are a simple way to retain your customers and have been implemented by many different types of small business such as coffee shops
Tactics to Expand Your Business with Your Existing Customers
The key here is to implement marketing tactics that will encourage your customers to purchase more of your products or services (up sell) or to purchase additional products and services in your range (cross sell). Examples include:
Multiple purchase discounts i.e. your customers receive a discount if they purchase a certain quantity of your product or service. Just remember to make sure you determine the additional volume you will need to generate to make up the loss in revenue from the price discount
Sampling is a good way for your existing customers to try other products and services in your range and they can always be promoted with your existing products or services
Public relations and email marketing via the web is a cost effective way of introducing new additions to your range of products and services
Tactics to Attract New Customers
Once you have identified your most profitable customer and your key point of difference the key is to ensure you attract customers who have the same or similar characteristics and encourage them to purchase. Often it is a matter of them trialling your product or service which helps to minimize the initial purchase risk. Examples include:
Cash backs are when customers send in proof of purchase after they have bought your product or service
Joint promotions with partner products or services allows you to gain awareness and trial of your product or service with another business's customers who have a similar profile to your ideal customer
Trial offers allows potential customers to learn more about your product or service for a limited time. Car manufacturers and software companies often conduct this type of marketing tactic
Although there always seems to be new marketing tactics for your business to implement, by deciding what your focus is going to be with customers makes the selection process simpler and assists you in implementing tactics that will produce the most cost effective results.
© Marketing for Business Success Pty Ltd 2008
Susan Oakes and and her business partner Bronwen Ryan are experienced marketers who developed and now sell M4B Marketing Software which enables small businesses to review, develop, implement and track their marketing plans and projects. Visit http://www.m4b.com.au and view the demo.
Article Source: http://EzineArticles.com/?expert=Susan_Oakes http://EzineArticles.com/?Small-Business-Marketing-Tips---Selecting-the-Right-Marketing-Tactics&id=930255
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