A competitive edge is what will set your business apart from the rest and skyrocket you to success. But how do you create that edge? It all comes down to developing the right marketing strategy. Let’s take a look at the seven most powerful options for small businesses to consider.
1. Prestige Pricing
Pricing is a vital element of an effective marketing strategy. By using prestige pricing, you’re playing into the old adage of “you get what you pay for” and communicating to customers that your products and services are superior in quality or they deliver greater value than competitors’ offerings.
Of course, you will need to articulate this value clearly so that your customers understand exactly why your prices are higher.
When executed properly, prestige pricing has a very positive effect on both your sales and your profit margins.
2. Speak at Industry Events
Speaking at industry events – or even organising events of your own – is a huge opportunity for your business to gain visibility and establish credibility. It’s an excellent way of putting yourself out there and establishing authority in your field. Industry conferences are also ideal places to network with other professionals that could help you expand your customer base even further down the road.
3. Work with Influencers
Influencer marketing is one of the most powerful ways for businesses, both big and small, to promote their products or services. Creating long-term partnerships with influencers within your niche is a great way to not only increase your visibility but also build trust and authority.
There are many ways to work with influencers, including sponsored posts, creating video series, delivering webinars or conducting interviews. Don’t necessarily limit your focus to influencers with huge follower counts, either. The best influencers to work with are those with an engaged and loyal audience; even micro-influencers with under 10,000 followers could help you to make an impact.
4. Become an Influencer Yourself
This doesn’t mean transforming yourself into a Kardashian – it’s about becoming an industry influencer. This means delivering valuable content and becoming an authority within your niche so that you are seen, heard and respected by a large audience. This will help you stand head and shoulders above the rest, and build trust among potential customers who are looking for guidance.
5. Narrow Your Niche
You can’t be all things to all people. In order to stand out, you need to narrow your focus and clearly define who you are serving. This means being hyper-targeted in the market and addressing a very specific need.
This is one of the most effective marketing strategies to help your business gain a competitive edge because once you know exactly who your ideal customer is and what they need, your message, offer and tactics will fall right into place.
This is an especially powerful strategy if you’re targeting an under-served niche who doesn’t feel seen and heard by other businesses. If you can identify such a niche, you will be able to secure a large market share and cultivate a very loyal customer base.
6. Invest in Customer Relationships
Customers are the lifeblood of any business, so nurturing them in the long-term is one of the smartest moves you can make. You should always be working to build stronger relationships with those who have already invested in your product or service because when you become known as a business that puts its customers first, you won’t struggle to sell.
7. Engage Online Communities
One of the most effective ways to build a positive online presence is by engaging in relevant communities, whether that’s on social media or other platforms where your target customers are spending their time. This will drive traffic back to your website and create opportunities for people to get to know you and your business. Facebook groups, Slack channels and forums work especially well for this.
Conclusion
The marketing strategies discussed in this post can help you gain a competitive edge and attract more customers. Every business is unique so not all of the above strategies will apply, but by honing in on one or two that are suitable for you, you can make your business stand out and enjoy greater success.
