3 Best Kept Secrets of Small Business Marketing
We all know that large businesses spare no expense when it comes to marketing their products and services. They have the big budgets and almost unlimited resources to get their name out there. But did you know that 99.7% of all companies in the country are actually classified as small businesses? So what can a small business owner do to make sure they are just as competitive as their much larger counterparts? Check out these best-kept business marketing secrets to ensure your organization’s success.
1. Competitive Prices. Unfortunately, low prices do not equate to more customers. Competing solely on price acts as a warning sign for potential clients because more often than not, lower prices mean lower quality. One of the best secrets for a successful business marketing strategy is to maintain a fair price for both the business and the client. As Scott Shane points out one of his best secrets, “The data shows that most entrepreneurs compete on price, but doing this leads companies to perform worse. New companies are better off competing on service, quality or some other dimension.”
2. Going straight to the source. Another one of the best-kept marketing secrets is getting direct answers. Why waste time, energy and resources guessing or theorizing what customers need or want? Asking will get you a more straightforward answer, not to mention the customer will feel as though they are being heard. Customers who feel appreciated and a part of the process are more likely to return.
3. One word: referrals. All small business owners want to hit a goal or grow their business by acquiring new customers, but focusing on existing customers is by far one of the best-kept secrets. As the Marketing Coach explains in The Power of Referrals, “Word-of-mouth referrals are your best and cheapest resource for new customers.” If a client is happy with your service or product they are bound to share the information with their peers. There are no secrets when it comes to customer service.
Do you have marketing secrets to share with us? What’s worked for your company?
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Image Credit: Katie TegtmeyerWritten by Erika Taylor Montgomery
Tags: marketing, small business