Marketing Strategies for Small Business
In a down economy, only the scrappy survive. Small businesses have to be smart with their marketing dollars and flexible with their small business marketing strategy. The worst thing you can do in a recession is cut your marketing budget. Unfortunately, this is a natural knee-jerk reaction for many small businesses. But it also creates a fascinating ocean of possibilities.
Consider this: if your competition is also cutting their marketing, who’s marketing? Who’s reaching your potential customers? No one. Your market is a lake with only a set number of fish. During boom times, your lake is full of trawlers, crowding each other for the same fish. But during lean times, your lake is sparse, if not empty. The fish are still there, but the competition isn’t. Imagine how much more fish you could catch if you were the only trawler on the lake.
We know, money is tight, but the Internet and mobile technology gives small businesses invaluable tools to create effective and budget-sensitive marketing strategies for small business.
For some valuable tips on how to develop recession-proof marketing strategies for small business, let’s look at some advice from Jay Conrad Levinson.
Levinson fashioned himself as the consummate scrappy small business marketer. As the author of the effective and (still) relevant Guerilla Marketing books, he has some excellent advice to help small businesses market themselves in a down economy.
1. Follow-up is key. Levinson notes that the kinds of businesses that prosper in a recession followed up with customers within 48 hours of the customer’s first purchase. And 3-5 weeks later they contacted the customer again, asking if they’re completely satisfied and need anything at all. He notes that the longer you follow up, the stronger your relationship with them will be, and the more referrals you may generate. You can cost-effectively do this through using sms marketing campaigns.
2. Use the recession as a selling tool. Levinson suggests explaining to customers that, “during a recession, it is crucial not to waste money. [They should] protect their money by spending it wisely and not make a mistake. Mistakes can be financial disasters during a recession.” These are good points to remember when fashioning your text message. It’ll grab people’s attention and appeal to a felt need.
3. Emphasize value over price. He explains, “Price almost becomes secondary during hard times; people are searching for value.” To avoid getting into a price war with competing products, stress your value benefits in your sms campaigns. With all those benefits, the price becomes less important to your overall small business marketing strategy.
4. Eliminate worry. He suggests “eliminating any perceived risk of buying from you by stressing your money-back guarantee, your liberal warranty and deep commitment to service.” In other words, take the sting out of the purchase. Reliability and trust are key components to a successful small business marketing strategy.
5. Combine offerings. “Be on the alert for strategic alliances, fusion marketing efforts with others. It makes the most sense during a recession when companies must market aggressively while reducing their marketing investment.” Partnering with a complementary business can draw customers from peripheral markets. For example, if you’re a pizza shop next to an ice cream parlor, in your next sms marketing campaign, consider offering a coupon for $1 off one of their desserts for purchasing one of your large pizzas.
These are just some of the many helpful tips found in his book, Guerrilla Marketing Excellence: The Fifty Golden Rules for Small-Business Success.
Books like this and others will be featured on this blog, and we’ll show how you can use, adapt, and repurpose these tips to develop a powerful marketing strategy for small business. With a little imagination and creativity, you can easily adapt these and other tips to your mobile marketing campaign.
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