At first thought, it may seem that anyone with the guts to start and run their own small business would instinctively know how to market it with ease. Yet, this isn’t always the case.
Marketing strikes many small business owners with dread. A common refrain from business owners is: “I know my business is good, but I have no idea how to market it.” The UPS Store conducted a survey of small business owners to identify their concerns. One-third of respondents said marketing or branding their business was the biggest challenge they face.
To put this into perspective, marketing their businesses topped other common concerns, including lack of time and limited financial resources. More than half of those surveyed said marketing ranked “very high” or “extremely high” on their list of key priorities. Yet, nearly 40 percent of respondents agreed or strongly agreed that they feel “overwhelmed” by the challenge.
This contradiction becomes more concerning when you factor in the role small businesses play in the nation’s overall business landscape. According to the Small Business Administration, small businesses (companies with less than 500 employees) provide 55 percent of all jobs and have provided 66 percent of all net new jobs since the 1970s.
“The small business sector could be stronger, if its representatives didn’t feel intimidated by the essential discipline of marketing,” said Marcus Lemonis, entrepreneur and host of CNBC’s The Profit. “Any business owner who can make a strong, persuasive pitch for the funding of their business can probably do the same for the products or services of that business.”
Small businesses provide 55 percent of all jobs and have provided 66 percent of all net new jobs since the 1970s.
-sba.gov
For any business owner, marketing comes with significant costs and risks. To help small business owners transfer the skill of selling to funders to selling to customers, while reducing marketing anxiety, Lemonis offers the following tips:
•Know your target customer. Just as you played to the interests and likings of your funders, you can do the same with potential customers through strategic marketing.
•Remember the Three P’s of Success. Recognize the keys to success for all businesses are the people, process and product. Those funding your business will want to know you have those three in order. If you do, your customers will be more confident in your business as well.
•Your people are your assets. Understand that people are the cornerstone of your business. Find the right people, and support them. This will ensure they’re marketing and selling your brand the way you would.
•Be vulnerable, be honest and communicate. This stands true for every aspect of your business, including developing the next steps of your marketing strategy. If you share your business or your brand’s story with a genuine approach, your success will increase.
*This article was published in the 2019 Boho Chic issue of VERGE Lifestyle & Urban Culture Magazine.
Photograph by Getty Images / iStock photo
Read more career and lifestyle articles in the digital issues of VERGE Lifestyle & Urban Culture magazine. Click here to shop the latest issues now and become inspired!
