Small Business

Marketing Your Small Business: What Makes You Unique

Name: 5 Tips on How to Market a Small Business
Brand: Axos Bank

Jan 26, 2021

In today’s digital age, consumers can access a global array of products by simply picking up their phones. Standing out among all that competition can seem daunting, but setting your small business apart is more important than ever when it comes to ensuring your financial stability.

Ask yourself: Are you doing the most to make sure people are finding your business?

As you work to set up your small business for financial success, your marketing efforts should be a key focus area — but choosing the right marketing strategy can be challenging. That’s why we put together the following five tips on how to promote your business. These steps will show you how to establish a strong identity for your business, spread brand awareness, and promote trust among your growing client base.

1. Determine What Sets Your Small Business Apart

Figure out what elements of your company make you stand out from your competition. As you determine what your business excels at, continue to push in that direction. By innovating within your niche, you will engage customers and keep your business moving forward. To help your business stay ahead of the curve, keep the following questions in mind:

Is your company able to offer a product or service that is different in some way from similar products or services out there?
Does your product achieve better results than others?

Remember to focus on the factors that make your business unique. This will help to establish the baseline for all future marketing efforts.

2. Step Up Your Customer Service

One thing that keeps customers coming back — and positive reviews coming in — is excellent customer service. You don’t have to offer a 100% money-back guarantee to ensure your customers are happy (although it wouldn't hurt). Train your staff to provide a superior customer experience from the moment customers first reach out to your business.

Putting the customer first will help to develop a loyal client base who will be dedicated to your brand. These customers will then be more likely to spread the word about your business through positive reviews and old-fashioned word-of-mouth. Such reviews can truly make a difference — a study shows that 72% of consumers are likely to share a positive experience with at least six people.

3. Know Your Audience

Do your research and find out  who  is buying your products or services. Understanding your core audience will help you refine your messaging and determine where to concentrate your advertising dollars.

If, for example, you discover that your purchasing audience is largely comprised of millennials, you may want to allocate a significant chunk of your marketing budget to Instagram advertising. Such a strategy might not be as effective, however, if your audience turned out to consist primarily of Gen Xers, baby boomers, or retirees.

4. Make It Easy to Buy from You

Sometimes, it is possible to improve the stature of a small business by simply making it easier to shop. Start by ensuring that you have a strong online presence so customers who are looking for a product or service can find you.

If your small business sells items online, try purchasing a few items yourself using your web-based sales program. If you find it difficult to make a purchase, chances are your customers will too. They may even give up before reaching the checkout.
If you operate a brick-and-mortar store, make sure that your hours reflect your customers' lifestyles. The standard 9-to-5 may be popular among chic boutiques, but it often clashes with the schedules of working professionals.

5. Provide the Best Quality

Improving the quality and dependability of your products can truly set you apart from your competition. While a high-quality product will often cost more, it can also result in rave reviews and customers who are loyal for life.

Give customers an inside look at what it takes to make your product so that they understand they’re buying products of uncompromising quality. Highlight the materials you use, or portions of the product that are made by hand. In addition, you can work to appeal to your audience’s values — perhaps your products are eco-friendly, or ethically sourced. In an oversaturated market, these are the little things that can sway a customer to choose your brand over another.

There is no simple formula for making your small business a financial success. However, taking these steps can help move your business in the right direction. Once you have identified what makes your company unique, incorporate it into all your marketing and communication efforts. These tips will help you stand out in your industry, stay relevant to your audience, and keep the money flowing in.

At Axos Bank, we welcome the opportunity to support your small business through an extensive range of business banking products and services. To find out how we can help you further distinguish your business through our financial solutions, contact one of our business banking specialists at 1-844-678-2726 or by email at  [email protected].