To smaller businesses, big brands can feel like they have existed since the dawn of time.
They often have deep banks of knowledge–and deep pockets to match. But life as a marketer at a small or mid-market business (SMB) is a different story. There is a lot to learn from brand behemoths. But these businesses also exist in a different world, with different rules.
However, there are evergreen marketing strategies that can be transformative for small and mid-sized brands. Intuit Mailchimp’s latest report, How to Grow your Brand: Marketing Strategies for Mid-Market Companies, shares insights from some of the brightest minds in the marketing effectiveness field.
Here are five tips our experts suggest SMBs should pursue through the peak holiday season and beyond.
- Standing out > Selling out
In our report How to Grow your Brand: Marketing Strategies for Mid-Market Companies, marketing effectiveness expert Les Binet offers advice to SMBs on how to balance their marketing budgets.
He argues that brands must understand their position within the market. Especially if they are new, niche, or have a premium pricing model. Growth strategies should reflect these characteristics.
Binet argues improving customer experience plays a larger role in fostering loyalty compared to relying on CRM programs. Pricing strategies are equally important. Discounts and promotions that offer short-term gains can also damage long-term profitability, so they must be used strategically.
It can feel like David vs. Goliath, but Binet notes that it’s important to remember how that fable ends. “When growth slows, brand owners often make the mistake of thinking that marketing is no longer working and, therefore, cut budgets. That opens the door to challenger brands like you.
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Source : https://www.marketingtechnews.net/news/5-marketing-growth-tips-for-small-to-mid-market-brands/
