Most small business owners know the importance of a business plan, which outlines your company’s course for success.
Because this strategy is buried in the larger business plan, many small business owners may not give marketing the time, research and attention it deserves, assuming that they know their customer base and how to reach them.
Thomas, a marketing professor at the McDonough School of Business at Georgetown University, said the development of a marketing plan requires that you complete four specific tasks: There are numerous potential customers in most markets, but to succeed faster and better, a small business must study the market and determine the characteristics of its best target customers.
Small businesses seldom take the time to study their competitors in depth, or determine competition that may be outside their industry but just as capable of luring the customer away.
Social media has become an essential part of businesses’ marketing plans because every type of customer is on some type of platform, such as Facebook, Twitter, Google+, LinkedIn and other networks.
Brett Farmiloe, founder of internet marketing company Markitors, advised companies that are just getting started in social media to get to know their customers and what platforms they are using.
“Figure out where your customers are spending their time, and set up shop on those platforms,” Farmiloe told Business News Daily.
Though email marketing may not be a new concept like social media marketing, it is an effective and popular choice for many small business owners.
Farmiloe noted that companies can set their email marketing efforts apart by segmenting their markets.