1300 words and 5 examples (from Amazon, Netflix, Starbucks, Apple, McDonald’s) on the perfect marketing strategy for your local business.
When you are running a local business the last thing you want to focus on is the marketing.
You already have a million things to do like getting a new office, sourcing employees, organizing payroll process, getting products or services in the pipeline, paying taxes, paying rent and the list goes on and on…Forever!
Why you don’t use the right marketing strategy in your business?
Table of contents:
1. The ugly truth of more than 80% of local businesses
2. The main reasons behind the absence of the right marketing strategy
3. What is the marketing strategy of big companies?
- Apple’s marketing strategy
- McDonald’s marketing strategy
- Amazon’s marketing strategy
- Netflix’s marketing strategy
- Starbuck’s marketing strategy
4. Marketing strategy without budget
5. Conclusion: The importance of the right marketing strategy
The ugly truth of more than 80% of local businesses
Marketing nowadays has become a necessity. I still remember the years before 2000 when everything could be sold to anyone at any price!
People were literally buying anything. Whether you were a tech startup, a restaurant, an estate agent, a travel agency, a hotel owner (no Airbnb back then), a gym place, a small coffee shop just around the corner you could have a profitable business.
Please, don’t assume that this was a time that all people were rich and liked to spend a lot. It was a time where the marketing channels were not so many (Social started with Facebook in 2004) and people were not exposed to lots of marketing messages. Marketing’s 4P were the king of all: Product, Price, Place, Promotion (yes know you should add more like People, Process, Physical evidence)
Local businesses in 2020 face significant survival issues. Marketing channels and touchpoints are countless, and consumers have a huge number of options before making the final decision and buy a product.
Facebook, Instagram, Twitter, LinkedIn, TV ads, Paid ads, Google Ads, Radio, Website, SEO, organic growth, Search engine marketing, blogs, email marketing, Quora, Reddit, YouTube, Skype, webinars, forums…The list never ends!
The main reasons behind the absence of the right marketing strategy
Local business skip marketing. They feel like they are already overwhelmed with all these daily tasks and at the end they forget that everything starts from marketing
Which are the 7 main reasons?
Reason 1: Business owners are not really marketing specialists.
Owners of local business never pay the attention that marketing deserves and if they do spend some time focusing on marketing it pulls them away from other areas of the business.
Reason 2: Focusing in one marketing channel is not the solution
When you don’t know what channel to start on, you usually start small. This is ok! The bad thing is that you don’t start with testing 2-3-4 channels but instead you stick with the one that needs the less budget. As a result, not enough marketing gets out of the door. Marketing is like investing (you can start with ZERO budget!); the more diversified your strategy, the better off you will be. Don’t invest all your time and resources in one medium or on one marketing tool—mix it up.
Reason 3: Not knowing who your real customer is
Let’s make it clear: Not all people can become your customers. Period. If you don’t perform a market analysis, create some marketing personas and segment them based on their shopping behavior and patterns chances are that not the right customers we walk in. As a result, you want to see a big spike on the sales chart!
Reason 4: You keep doing what everyone else is doing
Every business is different and your marketing mix should be too. Following the crowd isn’t going to help you stand out from the competition!
Reason 5: Ignoring your competition
If you don’t know how you’re different from your competition how are potential customers supposed to? Knowing your competition’s strengths and weaknesses will help you differentiate.
Reason 6: Not building an email list
I don’t understand how anyone can market a business in today’s world without an email list! Email is the easiest and most inexpensive way to stay in touch with customers and prospects. If you aren’t building a list you’re missing out on huge opportunities.
Reason 7: Not building relationships
Hiding behind your computer screen, desk, or counter isn’t going to get you the level of success you want. You have to get out there—mingle, be helpful, connect people, and build relationships with the right people!
What is the marketing strategy of big companies?
Ok, we know what we are doing wrong.
Let’s find out what 5 big companies do right in their marketing strategy.
a. Apple’s marketing strategy
Apple’s Marketing is built on Simplicity.
Apple products speak for themselves. That’s how Apple has consistently positioned their marketing, keeping messaging and visuals simple. Most of the marketing is free of things like feature lists, pricing, or expensive special effects.
The logo is a perfect example of their simplicity – a simple apple shape with a chunk missing. There are no clever words to accompany it – none are necessary.
b. McDonald’s marketing strategy
McDonald’s restaurant has specific value pricing as well as bundling strategy like combo meal, happy meal, family meal and happy price menu in order to improve total sales of the service and product. The endorsement activities implement by the company aids communicate effectively with the potential consumers.
c. Amazon’s marketing strategy
Generally, Amazon marketing strategy is based on the following principles: Amazon 7ps of marketing mainly focuses on product and place elements of the marketing mix. Offering hundreds of millions of products in the USA alone, Amazon product range is the widest among online and offline retailers.
d. Netflix’s marketing strategy
Segmentation, targeting, positioning in the Marketing strategy of Netflix – Since 2016 Netflix has stopped segmenting its members by geography and has started treating its 93 million global members as a single, cohesive audience or a community of members with similar movie and TV show preferences.
e. Starbuck’s marketing strategy
One of the most important principles that Starbucks keeps to is caring for their customers. Based on some research reports done in 2017, Starbucks caters to middle and upper-class men and women who have the financial capacity for Starbucks’ premium beverages and the offerings regularly. Starbucks has a mission to bring the best coffee in the world to their customers without compromising their principles during growth.
Marketing strategy without budget
Up to now we have seen that local business do some heavy mistakes and big companies don’t. But this is not the truth!
All companies make mistakes. Especially in the beginning where budgets are low or do not exist.
At The Sachi Group we have found ways to work with local businesses that literally have zero budget. Yes, you are reading the word ZERO!
– Sometimes you don’t have the budget to kickstart your idea. We have you covered!
– Limited budgets go to limited channels. We don’t want this for your business; we help you get exposure in multiple channels.
– Sales happen every day. Especially in your e-shop. Why wait for the end of the month to figure out which product sells more?
Our new CPA model help companies of any type do the right marketing strategy without marketing budget.
Conclusion: The importance of the right marketing strategy
Your marketing strategy will highlight the path you’re taking to achieve your specific objectives and goals.
This may sound simple, and it is. But it’s not always easy to ask the hard questions that come with creating a marketing strategy.
And this is the main reason why many businesses don’t recognise the importance of a marketing strategy. They don’t see how this strategy adapts to their specific case.
This is why when we recommend something that’s because it’s the right thing for your business and not for another business.
We create your personalised marketing strategy. Request your strategy now.