Businesses small and large face marketing challenges that will inevitably require strategic planning. Common challenges facing small businesses include creating a marketing plan, selling a brand new product, and retaining customers.
But not every business leader is a marketing guru, and getting your brand out there will be more intuitive for some than others. Luckily, there are a plethora of marketing services that can help in these areas and offer direction, ensuring that your resources are being well spent.
Depending on your product or service, it can be at least five times more expensive to acquire a new customer than it is to retain a current one. Combine that with the fact that new customers are an easier sell and that happy ones generate referral business, and you’ll begin to get a picture of why customer retention is so important. Many companies make the mistake of focusing their campaigns primarily on attracting new clients and not on assuaging current ones (think promo codes or discounts on the first order), but data show this can be a costly mistake.
SELLING A BRAND NEW PRODUCT
Rolling out new products into your inventory is also one of the top challenges small businesses face. If you have a product no one has heard of, demand generation marketing helps create awareness. Demand generation is an all-encompassing marketing strategy that focuses on the whole customer journey, usually beginning with building brand awareness and carrying through to customer retention. It’s an effective strategy because if you’ve already built brand awareness, for example, introducing new products becomes less of a challenge.
CREATING A MARKETING PLAN
Last but not least, consider the task without which all of your other marketing efforts will inevitably fail, get derailed, or otherwise off track: create your marketing plan.
This is a challenge because small business owners and entrepreneurs are often too bogged down with the operational aspects to set aside enough time to plan for strategic business growth. According to one 2019 report, 58% of small business owners devoted 5 hours or less on marketing per week. So you may need to plan strategically to strategically plan.
Small business owners and entrepreneurs face many marketing challenges, but developing a strategic marketing plan will help you bring focus and guide your efforts. Strategies such as demand generation will help to address the challenges of common hurdles such as customer retention and demand generation.
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