Small businesses typically lack the resources of global organizations, but that doesn’t mean that resource-deprived companies cannot compete with the big dogs. However, ingenuity and innovation may prove useful to small businesses, which could add the tools necessary to develop effective marketing strategies.
Anthony Krumeich, CEO and co-founder of the San Francisco bar Bloodhound, recently outlined a few ways small companies can improve their outreach. Bloodhound, which has become a Bay Area favorite for its wide selection of drinks and food, was able to improve its profits with an effective marketing strategy.
Consider these marketing strategies for small business to help brand a business and generate leads.
1. Use social media – Krumeich told the Washington Post that Facebook, LinkedIn and Twitter are critical for small businesses. These companies can use social media to stay ahead of their competitors and attract new clients.
“[Companies can use] very targeted Facebook ads and promoted Tweets to reach customers that aren’t already being engaged by your bigger competitors,” Krumeich told the news source.
Since certain aspects of social media are free to use, businesses can connect with their target audiences without a significant monetary investment.
2. Avoid spending money when possible – This is easier said than done, but companies that devote their resources to improving their products increase the likelihood that they can attract large audiences. Searching for industry-specific outlets can help small businesses stand out in a crowded marketplace.
The source points out that many companies have increased their clientele by finding unique outlets to promote their goods and services. For example, the Golf Connection, which was developed by 3Thirty6 Publications, allows entrepreneurs to raise their marketing efforts to draw high-income customers.
3. Examine a business’ needs – Every company is different, and figuring out the best way to maximize the value of the resources available is a challenge for many businesses. Considering a business’ needs is valuable because it allows executives and managers to map out a strategy that helps them meet their short- and long-term goals. Companies that conduct research and take a step-by-step approach can decide the best ways to invest their resources.
“Before throwing money at the various channels, you need to look at your business’ specific circumstances to find where your best [return on investment] will come from,” Krumeich told the news source.