Marketing strategies for small business: How to crack the code

As professional business thinker Henry Mintzberg once said, "Strategy is not the consequence of planning, but the opposite: its starting point."

Many people confuse strategy and planning; in fact, they have different functions. Strategic is the grand business objective you'd like to achieve; this can be reduced into a set of goals, and the planning is simply the implementation of those goals. 

However, as a small business, strategic thinking can become more complicated, knowing that you don't have unlimited resources. What makes it even more complicated is that you can spend an almost unlimited amount of time and money on marketing! 

So, how do you make those good strategic decisions? 

Strategic thinking and its benefits

It's tempting to jump into the deep end with any marketing and start implementing 'things' as quickly as possible; for instance, you might be tempted to start posting on LinkedIn, with the idea that getting something out is better than getting nothing out. 

This is where sometimes the troubles can begin. 

Blindly doing something quickly can be more damaging sometimes than taking a step back and considering smartly what your strategic actions should be. Why?

You can fall into the trap of not thinking about your customers at all, or even being mistaken about what your customers want. You can end up wasting resources on something that is doing nothing for brand awareness and is definitely not creating any leads. 

One way you can start thinking about strategy is building a SWOT analysis, like the one shown on BiteSize Learning, you can see it below. 

This is where rule number one comes in: always consider your target customers or audience!

Challenges for small businesses to overcome

Unlike large organisations, small and emerging businesses have to be smarter with their resources. You don't have the luxury of spending thousands on a marketing campaign that gives you no financial return. 

Firstly, you need to be aware of the problems or difficulties you might face - we highlight them below!

Little resources

Small businesses are often limited financially, and budgets will be smaller; therefore, you have to be more selective when it comes to spending your money. Equally, you'll probably have fewer people on your team, which means less work will be done - this can be frustrating when you have ambitious plans. 

Lack of knowledge 

While you may be an expert in your business's specific offering, e.g. a buyer opening up a retail store, you might find you lack expertise in other areas. This could include marketing, finances, and other functions! However, because marketing specifically offers no one-size-fits-all solution for small businesses, this can be even harder to get right. 

Getting brand exposure

When you start a business, your brand starts from ground zero, aka nobody knows who you are. Exposure is essential for getting your company recognised as an authoritative, trusted, and fulfilling brand. However, all exposure is not equal; customers need to know who you are, and they also need to trust and use your services. 

Keeping up with technological changes

Technology has never developed as quickly as it does now, and keeping up with these changes can be exhausting. Similarly, with marketing, lots of new tools for content creation, systemising work, and editing are available on the market - and changing with the market.

Nurturing long-time customers

It's one thing attracting customers, but another keeping them. For some businesses, customer retention might matter less, for instance, construction might rely less on repeat customers than it does on referrals. Despite this, as a small business, building a loyal customer base can be the difference between make and break - you might not have the luxury of always being able to attract new consumers. It's important to consider this in your marketing strategy!

How to build your strategy

Marketing is not a one-size-fits-all approach; what works for one business may not work for another. That's why it's crucial to test, measure, and refine your strategy continuously. 

Focus on building genuine relationships with your audience, delivering consistent messaging, and creating value at every touchpoint. Leveraging data and insights will help you stay agile and responsive to changing trends and customer behaviours.

So, how do you approach your strategy with these challenges in mind?

1) Your financial goals

Before diving into strategy, the first thing to think about is your business goals. What are you trying to achieve in the short and long term? Whether it's increasing revenue, growing your customer base, improving brand awareness, or launching a new product line, having clear and measurable goals gives your strategy direction and purpose. Without defined goals, it's easy to get lost in the day-to-day and lose sight of the bigger picture.

2) Your target audience

Next, get crystal clear on your target audience. Who exactly are you trying to serve? The more specific you are about your ideal customers — their needs, behaviours, and pain points — the better you can tailor your offerings and communication to resonate with them. Understanding your audience helps ensure that your strategy speaks to the right people in the right way.

3) Market landscape

It's also essential to understand the market landscape you're operating in. This includes keeping an eye on trends, your competitors, pricing norms, and customer expectations. Knowing where you stand in relation to others in your space helps you identify opportunities, threats, and areas where you can differentiate your business.

4) Resources and capabilities

Your resources and capabilities are another major factor. This includes your team, budget, tools, time, and expertise. Be honest about what you can realistically commit to — overreaching can drain your energy and finances quickly. A strong strategy works within your means and scales with you as your business grows.

5) Value props

A clearly defined value proposition is the heart of your strategy. Why should someone choose your business over another? What makes you different or better? Your value proposition should be simple, specific, and memorable. It's what draws people in and keeps them coming back.

6) Time scales

Finally, think about measurement and flexibility. Decide how you'll track progress and success. Identify key metrics that align with your goals, and set up a way to review and adjust your strategy regularly. The ability to pivot or refine your approach based on real-world feedback is a powerful advantage, especially in a small business setting.

Final thoughts on marketing strategies for marketing

In today's competitive landscape, effective marketing strategies are essential for driving business growth, building brand awareness, and connecting with customers in meaningful ways. Whether you're a small startup or an established business, your marketing efforts must be intentional, data-driven, and aligned with your overall business goals. 

A strong strategy starts with understanding your target audience, knowing who they are, what they need, and where they spend their time. From there, it's about crafting a clear value proposition and choosing the right mix of channels, digital, social, content, email, events, or traditional media, to reach and engage them.

Ultimately, successful marketing isn't just about promoting products or services - it's about telling your brand story, solving real problems, and creating experiences that keep people coming back. 

As a small business with a thoughtful, customer-centric approach, your marketing strategy can become a powerful engine for long-term success.