Smart small business owners know the importance of a business plan, which outlines your company's course for success.One critical portion of that plan is your marketing strategy.Small businesses seldom take the time to study their competitors in depth, or determine competition that may be outside their industry but just as capable of luring the customer away, said Thomas.Knowing who they are, what their core competitive advantages are and how they will respond to your offering (price cuts, increased communication, etc.) will help you figure out strategies to combat such losses.The best positioning statements are those that are single-minded and focus on solving a problem for the customer in a way that promotes the best value, he added.Don't panic if your initial marketing strategy doesn't give you the results you wanted, said Dee.Research your target market by asking those within it.
Dee advised understanding what products or services you are offering, then identifying who you help and how you help them.
Here are a few important things to keep in mind as you create your plan.
Before you can write a marketing plan, you need to find and understand your niche – the specific demographic you're targeting, said online business and marketing strategist Amber Dee.
Brett Farmiloe, founder of internet marketing company Markitors, advised companies starting out in social media to get to know their customers and what platforms they use.
"Figure out where your customers are spending their time, and set up shop on those platforms," Farmiloe told Business News Daily.