As a small business, you know that creating your brand and attracting customers is the only way you’ll be successful. You might have the best employees and product to sell, but have you taken a long hard look at your marketing approach? With the age of the internet, everything is so competitive, which is why an effective marketing strategy can boost your business. In addition to reading the following information and changing your mindset from survival mode to entrepreneur, protect yourself, your business and your employees with a comprehensive Indianapolis Business Insurance policy.
Who is your targeted demographic?
The is the first step in developing a marketing strategy. Define your niche: who are you serving? Who does your product or service cater to? This doesn’t mean, however, that you can’t service anyone who walks through your door. It simply means that you need to be disciplined and tailor your strategy to attract the most lucrative group of people.
What is your business’ category?
Most business owners can’t resist over-complicating their company descriptions. This leaves people unsure of what you actually do, which weakens your marketing effectiveness. Here’s a simple rule: If someone can’t clearly remember your category description a month after you meet them, they were never clear about what you do in the first place. Clearly defining your category helps amplify your marketing and sales efforts. Think of what it would take to be the best – the leader – in your category. You’re not the leader? Then narrow your category definition (or your target market focus) until you are the leader, says Small Business Trends.
What makes you unique?
Surely you’ve already pinpointed what makes your product or service different from all of your competitors. Now, it’s time to share that with your customers. Keep it simple and don’t over-complicate it. Find one to three things that benefit your customer and incorporate that in your marketing strategy.
Who are your competitors?
The buying decision-making process for your customers is always going to include comparing items with competitors. Remember your niche and your target audience when determining who your competitors are. Is it a local shop? A national one? Does a big retailer provider the same product? Ask yourself these questions and narrow your competitors down to two groups.
Finally, determine what makes you different from the competitor, whether it’s price, faster service, more customization, more options, higher quality, or other characteristics.
Create a marketing statement.
When you put the five key decisions of marketing strategy in a sentence form, it looks like this fill-in-the-blank statement:
Your company name is the leading category for target customers that provides unique benefit. Unlike competitors, your company does unique differentiator.
Now, you’re ready to implement your strategy!
About McClain Matthews Insurance
At McClain Matthews, we specialize in providing comprehensive insurance solutions for Indianapolis residents, business owners and beyond. For the last 69 years, we have established relationships within our community and pride ourselves on tailoring coverages as needed by our clients. For more information on how we can serve you, contact our friendly experts today at (317) 298-7500.