Small business owners sometimes let marketing fall by the wayside, but you need to prioritize it if you want to grow.
In this installment of CO—’s premier event series, Ready. Set. Scale., industry experts explored how small businesses can capture and maintain market share while boosting ROI.
- Moira Vetter, the Founder and CEO ofModo Modo Agency and a 2023 America’s Top Small Business honoree, offered tips for small businesses to create and improve their marketing strategies.
- CO— Vice President and Editor-in-Chief Jeanette Mulvey and Editorial Director of Features Barbara Thau highlighted strategies that popular businesses have leveraged to adapt their marketing efforts to changing demands.
How to create an effective small business marketing strategy
According to Vetter, marketing encompasses a few key areas for businesses.
“It is the brand itself … it's your story connected with your customers, and … it's the way you engage your prospects and your customers,” Vetter said.
Small businesses need a formalized marketing strategy to solidify their message and resonate with consumers. Here’s how Vetter recommends creating one.
Be consistent and ‘always on’
In a self-serve world where customers may be looking for solutions at any hour, businesses need a consistent message and an “always on” digital presence to be accessible to customers 24/7.
“Your customers … could wake up and need something at 6:00 a.m. and it's before a business is open,” Vetter explained. “You really need your message, your story, ... aspects that prove you're credible, [and] your proof points out there working for you.”
Create a marketing calendar
Marketing calendars help businesses stay focused on their promotion efforts, plan out engaging content, and avoid periods of inactivity. To create one, you can use something as simple as an Excel sheet to list key activations and messages and delegate tasks, Vetter explained. This helps keep things running even amid daily distractions or when the founder is away.
“In smaller businesses, we get very reactionary … [and] lose sight of what we were supposed to be doing next month and the following month,” Vetter said. “A calendar helps you think ahead, and then it makes you continue to revisit what you're doing.”
Think like your customer
Vetter advised putting yourself in your target customer’s shoes to understand when products are in demand versus when they’re being purchased. Understanding the seasonality of demand and the seasonality of procurement can help businesses make timely marketing decisions that align with their customers’ purchasing cycles.
“Particularly if it's a longer sales cycle, you could be … getting in front of all the right people, but if you miss … the procurement decision, or if you miss time when demand is high ... you can miss a really important window,” Vetter warned.
In smaller businesses, we get very reactionary … [and] lose sight of what we were supposed to be doing next month and the following month. A calendar helps you think ahead, and then it makes you continue to revisit what you're doing.
Moira Vetter, Founder and CEO, Modo Modo Agency
Current small business marketing trends to learn from
Small businesses can gain valuable insights from their competitors’ marketing strategies. Thau highlighted three recent CO— features that demonstrate adaptable marketing strategies, and shared ways small businesses can learn from them.
Diversify your marketing and revenue streams for profitability
Popular menswear brand UNTUCKit started as an online-only merchant in 2011. The direct-to-consumer company later expanded its focus, opening its own physical stores and growing its wholesale business by partnering with Macy’s and independent retailers.
Thau noted that UNTUCKit’s decision to diversify its marketing and revenue streams has led to greater profitability, reduced customer acquisition costs, and more exposure through multiple channels.
[Read the full article: UNTUCKit Founder Talks Business Innovation and Future Growth]
Adapt to and capitalize on changing consumer behaviors
Remote and hybrid work has changed the way consumers spend their time, with more than half of U.S. consumers currently working in fully remote or hybrid jobs, said Thau. This has led to a decrease in lunchtime business in urban areas.
To capture these daytime opportunities, Thau highlighted fast-casual restaurant brands like Chipotle and DIG, which are adapting their marketing strategies to align with changing consumer behaviors by relocating to more populous suburban residential areas.
[Read the full article: How Remote Work Is Changing The Restaurant Business]
Collaborate with local retailers for greater reach
Retail media networks sell ad space to businesses within both digital and physical retail environments, delivering targeted messages to consumers through connected TVs and in-store screens close to points of purchase.
While this marketing strategy may be out of reach for some smaller businesses, its success can inspire local retailers to form partnerships and market each other’s services affordably.
“Instacart has found … that their brand partners — and these are small businesses, too — have gotten a 15% lift in sales,” Thau said.
[Read the full article: How Businesses Are Leveraging Retail Media Networks to Fuel Growth]
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
