Create Your Marketing Strategy

By Joleen Small

As a business owner you want to gain as many customers as you can to sell your product or service. One way to accomplish this is to do your research on the market and any potential customers. For instance, if you own a coffee shop, you may imagine your ideal customer to be a young professional age 34 on her way to work. You think a flyer delivered under the doors of her apartment complex might be the best way to make her aware of your shop - but how do you know for certain? First, do some research to see what the best way may be to reach a customer who fits that profile. Next, test your idea to see if it works or if it needs to be adjusted. It could save you much headache if you develop a well-researched strategy to reach your customers rather than flying blindly into the market.

Learn About the Customer and Your Market

You may be proud of your product and believe in it, but make sure potential clients feel the same. Think about a person who would be the best client for your business. Ask a few people who fit that description and learn if they have the problem your product or service is trying to solve and if they think your product or service will solve it. Also find out what other companies are selling a product or service similar to yours. How much do they charge for it? How do they get it to their customer? Do they have a retail outlet or an online store? Do they deliver door–to–door or do they offer pickup service? Study how your competition markets to their clients and feel free to take some pointers or make some tweaks. As the American Marketing Association says, “By identifying and understanding your target audience, a comprehensive marketing strategy helps you tailor your messaging to resonate with potential customers who are most likely to engage with your brand.”

You may also use data to do research on your industry and possible customers. There are companies available who collect information on population, employment, spending habits, and trade. Use this information to do a deep dive on your market. The Census, Bureau of Labor Statistics, and the Bureau of Economic Analysis spending are a few places you may start.

Develop a Plan

You may have already created a marketing plan as part of your overall business plan. Take some time to make any adjustments, if necessary, based on your research.  Start by setting a goal for how you want to allow people to learn about your business. For instance, you want to double your customer base within the next year or gain one hundred more followers on Instagram. Now that you have your goal, define what actions you’ll take to achieve them. For instance, you may boost your ad spending on a local television station that your target market watches by ten percent or increase the number of times you post on Instagram from twice weekly to five times per week. Make sure you create a realistic budget and stick to it to help you achieve this. The Small Business Administration recommends smaller operations earning less than $5 million set aside 7-8% of what they make for their marketing budget. This is provided you have a margin of 10 – 12% after you’ve paid your other expenses.  

Test Your Strategy

Keep records of your results. If you took out advertising on a TV station, keep track of how many people purchased your product during the same time period. Was there an uptick in purchases or did sales remain the same? How many people purchased your product at the time you increased your Instagram posts? You may want to consider improving or even adjusting your strategy if there is no change in sales or if sales decrease. Continue talking to customers who purchase from you and find out how they have heard about you. Test other methods and keep track of the results until you find the marketing method that works best for you.