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What our members have to say...
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"DONE DEAL - Software start-up Stratum recently raised €240,000 through our Irish network. Click the logo on the left to read an article from the Irish Post about Stratum's fund raise."
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Greg Kelly - Managing Director of www.stratum.ie |
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Top 6 Small Business Marketing Mistakes
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In recent years, business has shifted to being conducted in a large part online. With millions of consumers using the web, there are vast opportunities for small businesses to make a mark on the web. Using strategies such as local online marketing and advertising campaigns, search engine optimization, etc. (the same tactics used by large businesses). Your local business can become visible to thousands searching the internet every day. Here are some things to avoid when marketing your small business:
1. No marketing plan
A marketing plan isn’t just for big business, it is just as important for small businesses. In fact, it’s probably more critical. So take time to write down your marketing plan for the next 12 months at least and stick to it!
2. Not knowing target audience
Do you know who your target audience is for the products/services that you offer?
Defining your target audience will give you a good idea on where to advertise/market your business. Some questions to ask yourself in order to define your target audience are:
• What is their net household income? Can they afford my products/services?
• Where do they look for my product/service? Both online and in physical locations?
• Do they work out of the home or in the home?
• What is their job profile – an executive, manager, worker, entrepreneur, stay-at-home parent, etc.
3. Who is responsible for marketing?
Who in your business is responsible for marketing? For most small businesses it is the owner themselves. If this is the case, are you holding yourself accountable for your marketing efforts?
If you’re not finding the time or it’s not a strong skill for you, then you should consider outsourcing your marketing.
4. No tracking of marketing performance
If you don’t currently measure the results of your marketing campaigns then how will you know whether they were effective?
5. Spamming
There are many that believe large quantity blasts are a great way to reach consumers, whether it be direct mail, email, web forum spam, or any number of other tactics. While this may reach a large audience, and even 5% conversion of that number might be huge, this may leave a bad taste in the mouth of the rest. So while you may gain some business from that five percent, you've effectively alienated yourself from not only the rest of your target audience, but all those in their extended networks. This draws on the idea of promoting a quality brand image and reputability.
6. Not tracking campaigns and results
I would venture to say a large portion of business owners, while dedicated a portion of their budget towards marketing, have no idea what it's doing or if it is even working. Without the ability to track campaigns, you can't develop a quality strategy and know which areas to pursue.
Think of your business as part of a person's support group. It's logical to say, "Everybody needs a support group so my business should attract everyone." But, will it? People - your customers - want to go to a support business that understands their specific concerns, needs, and wants. Make sure you ARE that business by targeting a niche market.
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