In order to run a successful small business, you need to devote a sizable percentage of your budget to marketing. The U.S. Small Business Administration recommends earmarking up to 8% of your gross revenue for marketing purposes.
You also need to get a good grasp on why marketing is important for small businesses. You’ll understand why you need to set aside so much money for marketing when you see why it’s so essential in the first place.
Are you having a tough time wrapping your head around the importance of marketing? Here are seven reasons why marketing is important for small businesses.
As long as your business makes a great product or provides a great service, you might be under the impression that it’ll be easy for your company to stand out. But that is simply not the case!
There are more than 30 million small businesses in the country today. That makes it easy for companies—even great companies—to get lost in the shuffle.
One of the top reasons why marketing is important for small businesses is because it lets the public know about a company’s existence. You’ll be able to put your small business on the map through your marketing efforts.
As the owner of a small business, you spend almost all of your time tinkering with your products or perfecting your services. You know them inside and out and have a clear understanding of how they work.
But a lot of the people who might benefit from your products and/or services probably don’t know much about them. Marketing gives you a chance to educate people about your products and/or services and to show them why they need to buy them from you.
Inbound marketing, in particular, is an effective marketing approach for small businesses. It allows businesses to use a combination of content marketing, social media marketing, and more to educate consumers about the products and services that they sell.
To make your small business as successful as it can be, you need to build a loyal following for your brand. People are going to have to come back to your business on a regular basis to buy products and/or services from you.
This requires you to build up a certain level of trust with your customers. They need to trust you to provide them with the best products and/or services at the best prices.
Marketing helps to establish some sense of trust between companies and customers. Companies are able to use marketing techniques to create trust with their customers and keep them coming back for more products and/or services in the future.
When you first get your small business off the ground, you might have some idea of who your target audience is going to be based on the products and/or services that you have to offer. But over time, you might find that your target audience isn’t who you thought it would be.
Marketing can teach you so much about your customer base. You can take a look at who responds to your marketing efforts the most and use it to change up who you’re targeting your products and/or services at.
You can also use marketing to gain invaluable feedback on your products and/or services from your customers. Specifically, social media marketing has become a great tool for small businesses searching for feedback from customers.
At the end of the day, your goal as a small business owner is going to be to make money. You want to sell as many products and/or services as you can to your customers.
As long as you market your products and/or services right, you should be able to drum up sales for your business in no time. Educating consumers about them and talking to people about why they need them will result in more sales over time.
When your small business first opens up or when you first introduce a new product and/or service, it shouldn’t be too difficult generating interest in your brand. There will be a newness to it that will create some buzz.
But once your small business isn’t new anymore or once your product and/or service has been out for a few months, the newness will wear off. Your small business won’t be on the tips of everyone’s tongues anymore.
You can maintain your company’s relevance by using marketing. Marketing will help you continue to maintain connections with your customers, even when you don’t have a new product and/or service to show them.
In the business world, growth is the name of the game. You want your company to be bigger in a year than it is now.
Without marketing, growth is pretty much impossible. You’re not going to be able to attract new customers to your business if you don’t have a strong marketing plan in place.
By continuing to market your company at all times, you’ll push it to grow bigger and bigger every year. You’ll also continue to learn more about your customers so that you can create products and/or services that cater to their specific needs.
It’s not difficult to see why marketing is important once you start marketing your small business aggressively. You’ll see your business grow by leaps and bounds in a short amount of time with the right marketing plan.
The key is to make marketing a priority from the beginning—and to stick with marketing once your small business has achieved some success. Marketing your brand is something you’ll need to do for as long as your company is open for business.
Looking to learn more about marketing your small business effectively? Check out our other articles on marketing a small business the right way.
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