As you may already know, May is National Small Business Month, established to celebrate new, established and yet-to-be-formed small businesses and the people who keep them going. And the good news is that U.S. small businesses show signs of bouncing back from this sluggish economy, as SMB optimism rose in April to a six-month high!
At Fonality, we love our small business customers and provide some great business telephone communication tools to help SMB owners stay connected. This frees up more time for them to raise capital, monitor operations and develop a great marketing strategy.
But before we start talking about marketing, I want to share some interesting facts about small business owners that I think are relevant to their marketing efforts:
- 86 percent are ultra-confident and believe they can do anything they set out to do
- 77 percent said they would rather learn from failure than never try at all
- 79 percent research products before making a purchase for their business
SMB marketing tips
This reveals a lot about SMB owners and also provides some insight into how they should approach their marketing. Here's what we can learn from these stats:
- Be informed: All small businesses start with research. How will consumers react to a product? Is this service really needed in this particular market? What kind of manufacturing and supply chain process do you need? Your marketing should tie in to this research, especially in regard to your target audience. Know who your customers are, what makes them tick and how to reach them.
- Be confident: A lot of marketing experts emphasize how important branding is right from the start. You need to have a website, logo and advertising that promote your product or service in the way you want to be perceived. If you start with an amateurish and poorly-design website, then it's going to be hard for you to work past that image later on. Make sure your branding isn't just a reflection of where your business is now but where you want it to end up.
- Be ambitious: While starting off small is certainly an option, don't be afraid to go big with your marketing efforts. If you have the time, develop a video marketing campaign about your products to launch your marketing efforts. If you have the budget, make some smart buys in magazines and on websites where you think you can actively reach your target audience. You can learn a lot from these initiatives and may end up benefiting from that kind of approach.
- Be analytical: Learning from your mistakes - or at least your decisions - is going to teach you a lot about your audience, product, branding and other marketing decisions you make early on. You're not going to immediately deliver the perfect marketing campaign - that will only come with time as you make adjustments based on analysis and feedback from previous efforts. Don't be afraid to experiment with a variety of social media marketing, print and digital advertising and other sales and marketing initiatives.
Keep checking back on our blog for more topics relevent to small busineses, and and enjoy the rest of National Small Business Month!