When you are a small business owner, knowing how to optimize your marketing efforts can be a challenge. However, one of the most important roles you fill is that of Chief Marketing Officer. Unfortunately, the function of marketing can quickly fall by the wayside when other business and client matters take priority. Yet, building a robust marketing program is essential to success, whether you are launching a new venture or refocusing your efforts on an existing business.

Brand awareness takes time, but if you invest in the right marketing strategy, target the right customers, and focus on the right marketing channels, you will succeed. In this blog, YGL Enterprises outlines several tips to focus your marketing efforts and ensure your company realizes a strong position against your competition.

Small Business is the Backbone of the U.S. Economy

Economic uncertainty indeed abounds at the moment. The last few years have been tumultuous for small companies. Whether they are B2C or B2B offering a product or service, all businesses continue to face numerous challenges to success.

But there is a positive truth here as well.

Small business is vital to the American economy. Yes, the media tends to give big corporations credit as primary job creators; however, small businesses employ more people and have proven more resilient in navigating financial uncertainty.

According to a recent study by the U.S. Small Business Administration (SBA), “Small businesses of 500 employees or fewer make up 99.9% of all U.S. businesses and 99.7% of firms with paid employees… In addition, a 2019 SBA report found that small businesses accounted for 44% of U.S. economic activity.”

But Marketing Is Not Always a Priority

Unfortunately, Only 47% of small business owners invest in marketing efforts. And while this next number doesn’t seem huge, 14% of small businesses fail because of poor or non-existent  marketing. There are two main reasons why this occurs, time and resources. However, every business can prosper by developing a targeted marketing plan encompassing social media, public relations, and brand development. To get started, the marketing experts at YGL Enterprises encourage you to incorporate these marketing approaches into your business plan.

Marketing Best Practices to Embrace Now

  1. Know your audience. Start by creating a buyer persona. Next, seek a clear understanding of your prospect’s needs to solve a problem.
  2. Embrace social media. If you aren’t familiar with platforms like LinkedIn, Facebook, Twitter, Instagram, and TikTok, then take the time to learn. Ask yourself, where does my target market go to find information about a particular product or service? YouTube has many how-to videos to assist you as you learn the basics.
  3. Video. This medium continues to grow in popularity, with over 5B views on YouTube daily. Why? Because video is the most effective way to tell a story and connect with an audience.
  4. Create a winning website. Own your brand. Consumers expect your online business persona to be polished, informative, relevant, and easy to navigate.
  5. Create quality content. Feature a monthly blog on your website that educates the consumer about your product or service. Additionally, post the information on social media to expand awareness about your product or service.
  6. Research. Recognize the value of market research that offers insight into your prospects’ buying habits, economic trends, and changes in your industry’s landscape. All of these factors can impact your sales and ultimate ROI.
  7. Network. Consumers buy from those they trust. So take the time to network—whether in-person, via virtual events, or on a platform like LinkedIn. No matter where you are interacting, ask questions, listen, and learn.
  8. Understand the Buyer’s Journey. Realize that just because you met someone once doesn’t mean they are ready to make a purchasing decision. Understand the Buyer’s Journey and craft your marketing and sales tactics accordingly.
  9. Feedback. Actively solicit input from your existing customers. Real-time comments help refine your marketing efforts and address problems as they arise. Make a conscious effort to cultivate and reward your superfans and quickly address issues when there are missteps.
  10. Always be authentic. Today’s consumers can and will educate themselves on a brand and its competitors before making a decision. This process includes searching for reviews. Therefore, transparency, honesty, and a consistent focus on creating a positive customer experience through all phases of an engagement will elevate loyalty and generate affinity.

A Final Point? Marketing Costs Time & Money

Marketing, when done well, costs time and money. However, understand that consistent and targeted marketing will contribute to your company’s longevity and success. Effective marketing will provide a solid return on investment and offer predictable revenue.

Of course, as a small business owner, this may all sound wonderful and exciting—but also feel overwhelming. And that’s okay! Quite frankly, the most successful small business owners recognize their limits and often seek out a team of experts with competencies, resources, and skill sets they may not have.

This is where YGL Enterprises can help. We are marketing pros and understand the challenges small business owners and professional services firm leaders face. We welcome the opportunity to learn about your pain points and goals, and invite you to reach out to discuss your specific needs.

Put the strategy in place to make this year and every year one of your best. Contact us today.