Targeted marketing is often the best way to increase turnover, reputation and image of companies or brands. But medium-sized companies in particular still have a long way to go compared to huge groups. Of course, small companies cannot compete with the budgets of the big ones, but they generally also specialize in small target groups. With the right SME – that’s why SME marketing allows you to achieve all your goals and reap many benefits, even without a big budget.
In this article, we’ll tell you how SME marketing differs from other larger businesses and how you can get the most out of it.
Why is a marketing strategy useful for small and medium businesses?
Even in the field of small and medium-sized enterprises today, marketing strategies are necessary to achieve clear goals and to be perceived as a successful company. The world has become more and more competitive over time, which has been greatly accelerated by globalization in recent decades.
In the modern business world, a company can achieve many goals with proper marketing. The most important KPIs of a marketing strategy include, for example, increasing turnover, increasing awareness, strengthening the brand image or acquiring new customers. This is why it is essential to implement a marketing strategy using SMEs. It is essential that SME marketing enables the achievement of all set goals and KPIs.
Marketing strategies of SMEs vs. Marketing Strategies of Different Business Sizes: What Are the Differences?
Marketing for small businesses is often very different from marketing for large corporations. In many cases (but not always) the target group is smaller and more specific and services are often limited to the local level. While large companies use their budgets to make themselves known as much as possible and build a good image among the majority population, SMEs can SME-Mass marketing is much more targeted.
This is also a great advantage that SMEs can take advantage of. Instead of trying to launch a huge and expensive advertising campaign, you can set a specific target group. Modern internet marketing now makes it possible to define exactly who and where to contact. This allows you to reach exactly the right people at a fraction of the usual cost.
What are the benefits of a well-designed marketing strategy?
Marketing strategies will help you achieve your set goals and reap all the benefits. In particular, the following important aspects are covered:
- Set clear and realistic marketing goals
- Marketing objectives in line with the company’s overall strategy
- Highlighting unique features and competitive advantages
- Identifying the best and most effective channels and tools
- Increase in turnover, profits and notoriety
What are the different types of marketing strategies?
Even in small and medium-sized enterprises, different types of strategies can be relied upon to achieve optimal results. In recent years, online marketing tools have become increasingly important and today offer attractive opportunities to target the right groups.
- Direct marketing: Nowadays, it is mainly e-mails or newsletters that the company sends directly to the target group.
- Content Marketing: News and blog articles on your own website will reach many visitors who will discover the content completely organically in a search engine.
- Social Media Marketing: Whether it’s Facebook, Instagram or LinkedIn – now there’s a social media channel for every target group and even the help of professional influencers.
- Guerrilla marketing: In today’s world, saturated with stimuli, it is sometimes necessary to draw attention to yourself with specific actions – this is exactly what guerilla marketing is trying to do.
- Exhibition marketing : One of the most classic types of marketing is exhibition marketing, which remains the ideal channel for direct contact.
- Local Marketing: Businesses thus reach a locally targeted target group in order to promote the benefits of proximity.
What part should local marketing represent?
In recent years, the so-called “Near-Me” search has gained importance. They now represent almost half of the searches performed on the major search engines. Users specifically search for suppliers in their area to purchase goods or services. This applies to both B2C and B2B transactions. In both cases, customers really appreciate the local presence, which is often the deciding factor for the purchase.
Small and medium business marketing can be especially local marketing as budgets and resources can be used to the best advantage. Precise online marketing tools allow a company to reach exactly the right target group in the right place. It is thus possible to use all the advantages to quickly and effectively reach new customers in the catchment area.
The exact share of the latter depends, of course, on the business model of the company in question. A company with a strong in-store presence and a small store can invest more in local marketing in this area. In contrast, companies offering digital products or services nationally may not place as much emphasis on the local environment.
Effective marketing strategy with these tips
There are several important steps in order to create the ideal marketing strategy. To do this, follow the tips below to give you some useful reference points for this somewhat complex task.
- Define identity: It’s about highlighting and focusing on a company’s unique features. The presentation must communicate them coherently – online and offline (corporate identity, logo, website, store, etc.)
- Define goals: Offline and online marketing can be very effective, but it also requires transparent and realistic goals. Awareness, image, reach or revenue can serve as suitable goals in this regard – but remember that they must all be measurable.
- Create content: For each target group, there is specific and appropriate content that has the greatest possible impact. This step is about finding them and creating them for your target audience. The subsequent choice of channel can also play a decisive role here.
- Choose channels : Today there are many different channels, both offline and online. All of them have advantages and disadvantages that must be considered for the sake of business and content. Cost, scope and return on investment (ROI) are the main factors to consider.
- Verify success: Last but not least, it is also very important to measure and monitor the success of the marketing strategy. This is the only way to measure the achievement of goals and learn important lessons from the strategy.
Conclusion
Nowadays, a well-designed marketing strategy can determine the success of any business. It allows you to set goals, increase awareness and maximize sales. However, not all companies can or want to devote huge marketing budgets to achieving these goals.
SME marketing can offer an interesting alternative. It takes into account the constraints and framework conditions that often exist in small and medium-sized enterprises, with the aim of enabling an approach that is as targeted as possible to potential customers. This helps create inexpensive recognition value to set you apart from the competition.