Marketing Your Small Business

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By iA Private Wealth, October 04, 2021

Having a strong brand identity is one of the best ways you can differentiate your business from the competition. Whether it’s new or established, every business can benefit from effective marketing to enhance brand awareness and generate strong leads.

Marketing a small business takes commitment and persistence, but it doesn’t need to be onerous and you won’t need an outsized budget. Also, today’s online technological capabilities can make brand marketing very accessible and highly effective.

Here are five basic tips to help you build a solid plan to market your small business:

  1. Define your audience. Most small businesses are not geared to everyone, so identify your target audience. It’s useful to create sample profiles (known as “personas”) of the types of clients you want to attract. A persona will capture details like age group, job type, income, location, objectives, challenges, how someone likes to be engaged by a business, etc. Once that’s done, you can better understand your typical client (e.g., what they need, why they need it) and customize your marketing efforts so you can resonate with your niche audience.
  2. Define your value proposition. You might know your products or services are better than the competition, but your potential clients may not. That’s why it helps to create a value proposition highlighting how you can meet your clients’ needs and why they should choose you (e.g., maybe you’re faster and less expensive, or offer superior personalized service). Think about your business in relation to others in your field, and clearly articulate specific points of differentiation and reasons why you provide better value.
  3. Leverage referrals.It’s powerful when your clients are “brand ambassadors” and spread the word about why they like your business. Referrals are a lifeline for business growth as many people would rather interact with a business their family or friends recommend than seek out a company blindly. Satisfied clients typically won’t mind referring you when one of their contacts needs your products or services. Some may leave positive online reviews about your business or be receptive to being quoted in your marketing materials – just be sure to explain how you intend to use their testimonial and let them see the quote first, in case they want to make revisions.
  4. Leverage social media. Business owners often turn to digital marketing to promote their business and brand. They maintain a professional-looking website that makes it easy to learn who they are, what they offer and how to conduct business with them. They also utilize social media to deliver their message and connect with clients and prospects, perhaps offering tips or information related to their business, and then linking to their website so people can find out more. You may also consider advertising on social media channels to raise awareness and engagement. Whatever social media strategies you choose, track their effectiveness in driving interest and growth, and focus on the ones best suited for your business.
  5. Use automation tools. As your online presence gains more visibility, you’ll want to engage further and turn prospects into clients. For example, automation tools can collect email addresses and other valuable details from people who visit your website. Then you can send promotions or offers that may spark greater interest in your business. Just be sure that all of your email marketing activities fully comply with CASL – Canada’s anti-spam legislation, as the penalties for non-compliance are quite stiff. You can also use automation tools to segment email campaigns (e.g., an email may target a certain region or people who display interest in a specific service or product). Online analytics tools will track traffic on your website and tell you what content is most popular and pertinent. Knowing what attracts clients and prospects helps you refine your marketing strategy so it better aligns with people’s interests and needs.

There’s more to marketing your small business and brand, but these five tips provide a solid foundation to build upon. If you want more help, reach out to professionals who can support your marketing needs. Your contacts may recommend experts they’ve had a good experience with.

For more insight on how to grow your small business, speak with an iA Private Wealth Investment Advisor today.

This article is a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. iA Private Wealth is a trademark and business name under which iA Private Wealth Inc. operates.

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