Best Marketing Strategies for Small Businesses in 2020

(Last Updated On: 19 Dec)

Marketing, marketing, marketing. Entrepreneurs hear it all around. Good marketing for your company is certainly important. However, if you do not know how to handle it and just try something, you will certainly not be in the middle of success.

Database marketing is especially suitable for companies that already have a large customer base because you then have a deep source of information.

 

Marketing strategies                                     Credit : Photo by Carlos Muza on Unsplash

What is marketing?

Marketing is used to find, retain and satisfy customers. By applying the right strategies you can grow your business exponentially, but you do need customers for that. Successful marketing ensures that you create more brand awareness and can, therefore, attract potential customers.

In addition, it helps to show your customers what you are offering and why this is important to them.

Finally, you use marketing to retain and keep your customers satisfied by, for example, offering special promotions.

Types of marketing: 

There are many different types of marketing and I am going to tell you in this article about all marketing strategies that may be relevant to you. Not every marketing method is effective for everyone. It all depends on the service or product that you offer. You will also see that different marketing types sometimes overlap.

Marketing has been around for as long as humanity has been trading, but a lot has changed over the centuries. With the rise of the internet, more and more marketing options have emerged. It has, therefore, become easier to reach your target group, but at the same time, you must also have something special to offer in your marketing strategy. Otherwise, you will simply be overlooked.

Why is marketing so important?

Marketing is ultimately all about the customer. What is the best way to reach my customers and entice them into a purchase?

We are all familiar with the saying: The customer is king. Of course, the customer is king because if your customer feels well treated, he or she will return to you sooner and perhaps make others aware of your products or services.

Because your patronage determines your success, you need a way to find and retain customers. That is marketing and that is why it is so important.

Different Marketing  and its strategies:

That seems to me sufficient basic information about marketing. We are now going to take a look behind the scenes of marketing. The curtain is pulled aside so that we gain insight into the different types of marketing and how you can apply them.

 

  1. Acquisition marketing

Acquisition marketing involves taking over address files from other parties. It is a form of marketing that allows you to grow your business fairly quickly, provided you know what you are doing. Be sure to keep an eye on costs and calculate whether the acquisition will ultimately yield more than it has cost you.

For example, you could access websites that you have noticed are inactive and then take over their mailing list so that you have a new group of potential customers to approach.

A problem that this type of marketing can entail is that it is sometimes mistaken for spam. Certainly, if an aggressive and impersonal approach is applied.

Fortunately, the ways of collecting information about potential customers are becoming increasingly sophisticated. This ensures that you can put together an exact target group to approach, which in turn gives you a greater chance of (higher) conversions.

 

  1. Database marketing:

Database marketing is especially suitable for companies that already have a large customer base because you then have a deep source of information.

For example, in database marketing, you use addresses or the transaction history of people who have made a purchase from you in the past. All this information ensures that you can apply targeted marketing, which gives you the best chance of a repeat customer.

Sort your customer files into different groups. For example, divide them into:

  • Personal interests.
  • Shopping habits.
  • Location
  • Salary group

Align all your communication channels so that customers who have already purchased a certain product, for example, do not receive an e-mail with an offer for the exact product that they have already purchased.

 

  1. Event marketing:

Event marketing allows you to contact potential customers directly. You can promote yourself well and generate valuable leads. If you are just starting out, it may be wise to participate in events organized by others so that you only have to focus on self-promotion.

Conferences or expos in your industry are events where you could market yourself to new contacts. Also, think of local events where you might be able to make interesting connections. Don’t forget to pack a stack of business cards to hand out to all those new potential customers.

Keep the following points in mind when you consider whether event marketing could be something for your business.

  • Can my current and any new customers be found at the event?
  • How many of these current and potential customers can I expect at the event?
  • What are the positive side effects when I participate in an event? For example, more brand awareness or contacts with people who can grow your business.
  • Is it worth the investment? How many new customers would you need to recruit or how many conversions should take place before you have earned the costs?
  • It can also be a nice idea to distribute pens or other materials where your logo and contact information can be found. This way, your company name stays on the screen longer for people who have received such a product.

Also, don’t forget to promote the event that you organize or participate in online. In this way, you can make people aware that they can get in touch with you in person or make a special offer that they can only receive if they also visit the event in question.

 

  1. Drip marketing:

With drip marketing, (potential) customers are approached with messages for a longer period of time. You approach your target group every few days/weeks/ months.

Consider the following options:

Social media.

For example, send messages to your followers via Twitter or Facebook at a fixed time to stay with them and to guide them to your site.

Email.

Most drip marketing is applied via e-mail. You can reach many people in your address file and the costs are also relatively low.

You can send a more personal message to those who approached you because you know who is approaching you.

Place a Call To Action in your email to send the mail recipient to your website.

Post.

Yes, in the current internet age, marketing material delivered in the ‘real-life’ mailbox seems almost an option that has been forgotten.

Yet it still has its value. Certainly, if your business only does business locally and the target group does not have to be specific.

 

  1. Affiliate marketing:

With affiliate marketing, you use partners (affiliates). These partners help you, for a certain fee, to generate leads or sales. For example, your affiliates place advertisements of your products on their website that allows the advertising clicker to end up on your site. 

CPC (Cost Per Click):

You pay the affiliate if you click on an advertisement that you offer on their site. However, this does not have to result in a conversion.

PPV (Pay Per View):

Every time your ad is shown/viewed, you pay a certain amount to your affiliate. This option also gives you no assurance of conversion.

PPL (Pay Per Lead):

When a surfer on the affiliate site fills out a form that allows you to come into contact with this potential customer you have to pay the affiliate.

PPS (Pay Per Sale):

With this option, you know for sure that what you pay for also delivers something. You only pay the affiliate if you have actually sold a product or service.

For example, you could pay a certain percentage of the proceeds from the product sold to the affiliate.

A lesser-known way of affiliate marketing is when an affiliate website posts a good review of your service or product to interest visitors in it. There is little legitimate control over affiliate marketing. Although I have to say that things have improved a lot in recent years.

 

  1. Content marketing:

Content marketing is all about building a strong relationship with your audience by offering them valuable content on a regular basis. If they then want to purchase a product in the future, they will choose you rather than your competitor because a relationship has already been established.

You give your customers the feeling that they are really important to you and that you want to help them. Offer a solution and customers will return to you. Everything revolves around storytelling. First, there is a story and then the product follows. If you can hold the attention of your audience, you will have the opportunity to offer and sell your product.

By blogging you can build a loyal audience as long as you also faithfully post your blogs. By keeping a pattern in it, you know potential customers when they can expect something new from you and you gradually become part of their regular ‘internet tour’.

 

Alternative marketing strategies:

Marketing is always subject to change. Products and services change or renew and the wishes of the customer can vary per season. So much has been said and written about marketing that it is sometimes time for an alternative approach.

You could also consider the following marketing strategies.

 

Free software to generate leads.

The word ‘free’ works on people like a red rag on a mad bull. It immediately attracts attention and you can use it. When a web surfer comes to your site for a free product, it is likely that they will evolve into a paying customer. Exactly what you want.

If you are good at developing popular software such as Chrome or WordPress extensions or other software that could be wanted then this can be ideal for generating leads for your website.

 

Tapping into unknown channels

Many marketing channels are already so saturated that it is becoming increasingly difficult to stand out. You could, therefore, focus your marketing arrows on less well-known options.

Maybe you can pay someone who has a lot of followers on for example Instagram a certain amount to promote your product (s) every week.

That way you can reach hundreds of thousands of potential customers very quickly. It is best to find someone with followers who could fit in with your target group.

In addition, you could contact managers of smaller websites, who do not generate much revenue of their own, to advertise on their site. Usually, owners of smaller sites can be prodded for this because they can increase their own income this way.

This is cheaper than advertising via Google, for example, you can reach a new audience again and there is no competition.

 

Partner up:

Maybe you have heard of ‘cross-promotion’? This means that you advertise a product and that the person you advertise also puts your product or service in the spotlight.

For example, approach a company and ask if you can offer something of them to your audience for free if they make a purchase from you and in return, they promote it through their own marketing. That is a way to introduce a new audience to your service or product.

It doesn’t even have to be a big company that you contact. Perhaps there is a site that offers free software.

You would then also provide that free software via your own site to expand your own customer base and the site that makes the free software will also gain more brand awareness.

Marketing research:

Information is the key to success. That is why it is important that you do thorough market research before you start a marketing strategy.

This way you can map out everything exactly and you don’t have to waste energy on avoiding unexpected obstacles.

Consider the following points for your research:

Similar products or services.

Do research on the product or service that you offer. Compare the ‘look’, the specifications, the warranty period and what other services are associated with the product or service.

This way you can see where you might fall short or stand head and shoulders above it. What you can of course immediately advertise.

Who is your target group?

To give your marketing strategy the best chance of success, you need to know who your target audience is. Only in this way can you work in a targeted manner.

Identify which channels you can best use to communicate your message.

What is the motivation of the target group to make a purchase, what could possibly prevent them and how can you prevent that?

And also the well-known characteristics of the customer such as age, location, interests, etcetera.

What does your competitor do?

Analyze how your competitor promotes his or her products or services. What does he or she offer for what price?

Also, don’t forget to rate the marketing campaign of your competition. How is it designed and what appeals to you or not?

I do not mean that you should go after your competitor after monkeys, but gaining insight into where the competitor is failing or achieving success can prevent you from making the same mistakes or giving you inspiration for a genius strategy.

 

Conclusion:

Finally, we have discussed everything about marketing, I hope that you have gained enough knowledge to set up your own ultimate marketing strategy.

Consider which marketing method (s) are best for you and your company and only focus on those people who can actually become your customers. After all, you cannot win everyone for you. Be strategic and hold on, then the road to success will be hindered by fewer obstacles.

 

About the Author :

I am Sandra Azura from Zoe Talent Solutions and I am working under the team content writer. The fact is that I create online courses related. Our entire team is very passionate about Management Skills and we always strive to offer you professional, comprehensive info about any Business Management Skills. I encourage readers to share their ideas and tips too.

Management is an important factor that determines the success of the company. Often entrepreneurs are too busy with processes, routines, and meetings that they forget to structure and plan effective management.

The truth is that a business does not survive long without strategic management. You need to have a broad view of the happenings in the market, be aware of competitors’ actions and develop business plans with the sole purpose of increasing the company’s growth.

If you want to preserve the future of your business, but these 5 tips into practice to leverage success. Check out!

5 Successful Practices for Business Management of Your Business

  1. Develop a market plan
  2. Invest in training
  3. Cost control
  4. Make partnerships
  5. Take risks
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