How do you build a coherent marketing strategy for a small business?

Identify your business and marketing goals

The first step to creating an effective marketing strategy is to set clear and measurable goals. Not only are marketing objectives the foundation of your strategy, but they also serve as a guidepost to gauge the effectiveness of your activities and adapt them to changing market conditions. This is why it is so important to consider exactly what you want to achieve.

Ask yourself the questions: Is your goal to increase sales by 20% in the next six months? Or do you want to increase awareness of your brand in the local community? Perhaps your priority is to acquire 100 new customers in a year or improve customer retention by 15% in the same timeframe. It is also worth considering long-term goals, such as expansion into new markets or new product development.

Goals need to be realistic, measurable and linked to the company’s overall growth plans. When setting them, remember to make them ambitious but achievable. It is often the case that entrepreneurs have high expectations but forget the realities of the market, which can lead to frustration. It is therefore important that the goals set are in line with the company’s resources and capabilities.

One of the most effective methods for setting goals is the SMART (Specific, Measurable, Achievable, Relevant, Time-bound) principle. Here is what the different elements of this principle mean:

• Specific (concrete): Your goal should be clearly formulated. Instead of saying ‘I want to increase sales’, specify by exactly how much you want to increase sales and over what period. Example: ‘I want to increase sales of product X by 20% in the next six months’.
• Measurable: Determine how you will measure progress towards your goal. Will you use an analytics system to monitor sales, or will you explore brand awareness through surveys? Measurability will allow you to assess whether you are on track to achieve your goal.
• Achievable: Make sure your goal is realistic. Analyse your resources, skills and capabilities. If you have failed in the past to increase your sales by 30% in the short term, you may want to consider a more moderate target that is more achievable.
• Relevant: The goal should be in line with your company’s mission and values and relevant to its growth. When setting goals, consider what your priorities are and how a particular goal will further develop your business.
• Time-bound: Set a timeframe in which you intend to achieve a particular goal. Having a specific deadline will help you focus your efforts and prevent you from procrastinating. For example: ‘I want to reach 100 new customers by the end of the year’.

Setting goals based on SMART principles will not only allow you to focus on what is really important, but will also motivate your team to work towards achieving common results. With clear and specific goals, you will create a solid foundation for your marketing strategy, which will translate into better results for your small business.

Understand your target audience

For your strategy to be effective, you need to know who you are targeting. Who are your customers? What are their needs, problems and expectations? Create a profile of your ideal customer (buyer persona), which will help you to precisely tailor your offer and communication to your real audience. Knowing your target audience is the foundation of any successful marketing campaign.

Market and competition analysis

Every business operates in a specific market environment. A market analysis will help you understand what opportunities and threats may affect your business. Also, analyse your competitors – what marketing activities are they doing, what are they doing well, and where can you find their weaknesses? The SWOT (Strengths, Weaknesses, Opportunities, Threats) tool will help you assess what strengths your business is worth exploiting and what challenges you should prepare for.

Marketing budget planning

Small business marketing budgets can sometimes be limited, so it is important to manage your funds wisely. Consider which activities produce the best results at minimal cost and which you can afford at any given time. It is important to monitor the effects and flexibly adjust spending to maximise the use of available resources.

Develop an action plan

Strategy is not only about goals and ideas, but also about concrete actions. Develop a timetable for your marketing campaigns and determine what will be published, when and where. A content plan, or content schedule, will help you to act regularly and avoid long gaps in communication with your customers. However, remember to be flexible – some activities may need to be adapted to current events or market trends.

Measuring results and optimising your strategy

Every marketing strategy requires regular analysis and optimisation. Monitor key performance indicators (KPIs), such as website traffic, social media engagement or conversion rates, to know which activities are delivering the best results. Based on the data collected, adjust your strategy to continuously improve your results.

Do you have to do it all yourself?

Building a coherent marketing strategy can seem complicated, especially if you run a small business and have many other responsibilities on your plate. Fortunately, you don’t have to be an expert at everything! SLT Media can help you create and execute a marketing strategy tailored to your business needs. Our team specialises in serving local businesses – from social media management, content creation, website building, corporate identity design and newsletter management. With us, you can focus on running your business while we take care of the marketing.

Building a coherent marketing strategy for a small business requires planning, analysis and consistency. Well-thought-out objectives, knowledge of your market and customers, the right mix of channels and consistency in communication are the keys to success. Regular monitoring of results will allow you to optimise your efforts and successfully grow your business in a competitive environment. And if you need support in this process, SLT Media is here to help!