One shouldn't rush out and purchase advertisement spots and air time as soon as they open their doors without fist thinking about who their target audience (i.e. target market) is and how best to reach them (i.e. marketing channels). Knowing what you plan on selling and whom you plan on selling it can make a big difference in small business success; actually its one of the primary reasons for success or failure. Thinking about what is truly important to you and your business before creating a marketing strategy and buying media can be helpful in creating a sense of direction.
Media Buying:
Buying media will take a little informal (or formal as the case sometimes turns out) research before putting down the dollars $$$. Its nearly always wise to expend the effort to read about media planning and buying to gain a basic grasp of these concepts. The more familiar you are of the different options available and how they work, the better choices you are likely to make when finally looking at your own budget. I read 'A Guide to
Media Planning
and Buying in 2021' by Media Tool that offers some pretty solid advice on media buying (Its not an endorsement or lack of endorsement...its informational oriented.). (Media Tool, 2021)
Your target audience (i.e. the primary customer you will be serving) will determine your ultimate marketing channel (s). For example, if you own a small fishing lure manufacturer in the Upper Peninsula of Michigan you might take a look at demographics of visitors in the region and the media channels other local businesses are using to reach them (i.e. local paper, local news, organization bulletins, Facebook, widow flyer, etc..). Pay attention to where your seeing advertisements for similar products selling in the same market as yours. Chances are local visitors, their activities, money spent, your business offerings, and where to reach customers will have some similarities that will give you a hint at the best channels to advertise.
Create a Marketing Strategy:
Once you understand your target market and the most likely media channels to attract them you would come up with a basic marketing strategy. Sometimes those strategies are simple such as posting items in your shop window or advertising in your local paper (In Delta County they use Escanaba Daily Press and U.P. Action News). Take a good look at your budget, the cost of using the media channel, and the potential effectiveness of your dollars spent. Remember that it is your money so don't waste it by picking the wrong type of advertising. 💸💸 People will try and sell you everything! 😤 (You can also calculate Return on Investment ROI of channels and most advertising mediums will have some basic numbers for you to use. You can learn more about ROI in an article on trueNorth's website entitled, 'ROI Calculator: How to Calculate Your Marketing ROI')
Marketing is essential to the life of a small business and your marketing focus and channel will make or break your business. Not all strategies that work for big business are going to work well for small business. If your trying to produce local products for local consumption you will want to advertise in local venues. Likewise if you are selling online and in other markets you will likely want to use more e-marketing techniques. Sometimes one might want to use a hybrid strategy where local marketing increases PR and interest while online marketing is your primary sales venue. Technology can narrow the gap between large business and small business marketing advantages. You can read a little more about e-marketing technology and small business implementation in Mathew Stallings work, 'Consideration for Small Business Implementation Marketing Technology'.
Brooks, A. (January 14th, 2021) Retrieved 10-17-2021 trueNorth https://www.ventureharbour.com/roi-calculator-how-to-calculate-your-marketing-roi/
Media Tool (2021). Guide to Media Planning and Buying in 2021. Retrieved October 17th, 2021 https://mediatool.com/wp-content/uploads/mediatool-media-planning-guide.pdf
Stallings, M. (Fall 11, 2017). Consideration for Small Business Implementation Marketing Technology. Southeastern University FireScholars. Retrieved October 17, 2021 https://firescholars.seu.edu/cgi/viewcontent.cgi?article=1087&context=honors
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