As today’s market becomes more and more competitive, small business owners face numerous marketing challenges. Unlike existing industries, fresh ones are faced with budget restrictions and may not have a large group of people to help run things. But successful businesses that have emerged recently tell us that despite these issues, entrepreneurs can overcome them by implementing the right strategy.
In this article, we’ll tackle common marketing challenges small businesses face together with some tips on how to overcome them. Whether you’re a budding business owner or are someone who’s courageously about to start one, you’ve come to the right spot!
1.Lack of resources.
One of the most common marketing problems includes the lack of resources, may it be in terms of time, money, and staff.
As expected, new businesses often start low in sales, especially while on the verge of building the brand. It’s understandable if you may not have enough funds for essential marketing projects. And since startup costs are usually expensive, investing more can add up to the burden.
If you are having trouble shelling out additional funds for marketing, consider starting through zero to low-cost options. For example, if you have products or services that need a visual representation, you can join social media sites and create a page where you can increase your visibility to potential customers. If you can spare a budget for a website, start blogging regularly and build an email list.
Keeping up with social media pages and creating content can be very time-consuming. If you lack the time you need to cater to all your marketing activities, consider hiring an agency or a freelancer for this and stay focused on growing your business.
2. Promoting your business.
There are lots of ways to build exposure for a business today. So many that it can be overwhelming, expensive, and unrewarding if you use the wrong method. For instance, if you’re into a shoe business, choosing Instagram and Facebook could be a great platform to help your products gain exposure. If you have a company that offers financial planning services, joining LinkedIn can be a great option.
Knowing where your audience is will help get your message across to the right people. To reach your target audience, sometimes you would need data and probably marketing professionals who can help you analyze and identify the right method of promoting your business. However, even at no cost, you can still identify your audience by getting to know your current customers or checking your competition. You can then base your promotional strategy on this information.
3. Standing out from the competition.
Again, in today’s competitive market, standing out is a huge factor. Unfortunately, most businesses refer to their competitors as their inspiration for marketing. So instead of giving out a distinct perspective, the results produce a poor impact on the audience, making it less memorable.
Making your business stand out is among the most common marketing challenges small businesses encounter, but creativity will draw the line between you and a crowd of competitors.
What do you have that makes your business unique from the market? Did you communicate this through your packaging, logo, or website? Were you able to convey the message through your branding campaign? Finding the key points that set your business apart from the rest will help you build a strong brand.
4. Attracting regular customers.
As a business owner, you should know that catching new customers is difficult enough. But, since having repeat customers is so profitable, recognizing them and making them feel valued is a priority.
When you have repeat customers, your business can grow substantially as they are the ones who spend more money over time and are most likely to refer. Although gaining new customers is as important as having loyal ones, garnering repeat business lets you stand out from the market.
So, how do you encourage customers to engage with your business again? You can maintain communication by getting in touch through emails or texts and offering them something sweet and irresistible like exclusive deals and promos. You can also build relationships by listening to your customers, giving them useful information, holding events, offering rewards, and improving customer service.
I hope these 4 common marketing challenges small businesses experience will help you prepare whether you’re building your business or going for an organizational transformation. Just remember, no matter how you try to mold the perfect marketing strategy, there will always be challenges along the way. As long as you’re dedicated to your craft and eager to overcome the hurdles, you will surely surpass the trials and succeed.