When it's time to develop a small business marketing strategy, entrepreneurs need to make sure they have a thorough understanding of the market in which they operate. In addition to knowing the market well, a good small business marketing strategy depends on several other aspects. While starting a business can be difficult for a new entrepreneur, developing a marketing strategy can be an equally difficult task.
To help you develop an effective small business marketing strategy, here are some great marketing tips from the marketing experts at PME MTL.
The essence of marketing is to understand your customers’ needs and develop a plan that responds to those needs. A good marketing plan contains at least:
- an analysis of the situation (strengths, weaknesses, opportunities and threats)
- a description of the target market (demographics, demand, motivations)
- quantifiable and measurable objectives
- a strategy and means of action
The way a business sells its goods and services is determined by practices in its industry. So it is important for entrepreneurs to clearly understand their industry, competition, market and products. Here are some questions that the entrepreneur could ask himself in order to improve or develop his marketing strategy.
- Who are your competitors?
- Who are their customers?
- What are their pricing, promotional, advertising and distribution policies?
- Will your response to your competitors reflect market conditions?
- What are the commission rates paid to intermediaries in the industry?
- How big is the market?
- How is the market evolving?
- Is there still room for growth?
- What are your target markets and how will you convince customers?
- Who will produce the goods or provide the services?
- How will the goods or services be offered?
- Will there be after-sales service and guarantees?
- Is there real demand for these goods or services?
Here are some effective tools for any entrepreneur who wants to improve the marketing strategy of their PME.
- Statistics Canada, for data on different sectors of activity
- Montréal en statistiques, for sociodemographic and economic data in Montréal (in French)
7 sales tips
- Assume that sales cycles are long and customers will take a longer time than you expect to say yes.
- Set aside time for sales and business development – lots of time! The best person to market your goods and services is you, the entrepreneur.
- Never assume that your goods and services will sell themselves. You have to invest plenty of time and energy.
- Follow up with business contacts and build long-term relationships.
- Seek help from professionals, business incubators, mentors or a steering committee. There are excellent marketing training programs available, and they are good investments.
- Give customers time to say “yes." It’s a back-and-forth negotiating process.
- Develop a list of potential customers and rank them by the likelihood of making a selling to them.
To receive more information about marketing and commercialization strategies, please contact PME MTL today. An experienced member of our team will be happy to assist you.
Similar tools and resources
Good practices for optimizing your operations
Optimizing inventory management, maximizing logistics services and reducing your ecological footprint. These good practices will help you improve your operations.
Establishing your online presence
In this section, you will find resources and advice to help boost your online business and enhance your presence on the Web.
Third-party logistics services
E-commerce logistics can be a complex puzzle, but a third-party logistics service provider (3PL) can make your life much easier.
Everything you need to know about delivery
Offering high- quality and efficient delivery is crucial when it comes to retaining your customers. Advice for flawless operation.
Community Bonds: A Flexible Tool for Financing NPO Projects
In addition to traditional borrowing instruments, NPOs also have the option of raising funds from within their community. This is a brief guide to community bonds, a tool that is still largely unknown.
How to create a decision matrix
Create your own decision matrix, an evaluation grid that will allow you to analyze all the possibilities and make a thoughtful choice to ensure your organization’s viability.
Evaluate whether your business is mature enough for international e-commerce
This tool will help you determine whether your business is ready for international online sales, or whether you need to review certain elements first.
Business plan template and useful start-up documents
The business plan is a tool that allows the entrepreneur to structure their project. This plan is developed by identifying the company's mission, the vision and values of the entrepreneurs, the product or service offer, market analysis, competitive analysis, marketing strategy, financial forecasts, etc.
Innovation and innovative businesses
Small and medium-sized enterprises in Montréal looking for innovative solutions can now take advantage of new initiatives.
Mentorship for entrepreneurs
Pairing business veterans (mentors) with entrepreneurs (mentorees). Mentorship program offered by Réseau M.
Specialized organizations and resources are available for entrepreneurs who want to do business abroad or explore new markets.
Financial partners and financing programs
Entrepreneurs and businesses have access to a wide range of financial partners ready to contribute to their economic development. In addition to financing, they offer a variety of other business services.
Directories: Coworking, incubators and businesses
Listing of coworking spaces in Montreal and most industrial and commercial businesses in West-Island and LaSalle.
Launching your business
When you want to start a business, it is important to be familiar with the steps involved. You don't need to have had a university degree in business administration or an enormous bank account to be successful. All you need is a good idea, a good plan, and the motivation to achieve your goals.
Sustainable development: Tips and advice for improved eco-responsibility
Is being an eco-responsible business a passing fad or a new way of thinking about our role? The answer lies in the facts!
Social economy enterprise
There are three main differences between a social economy enterprise and a traditional commercial business.
The concept of social entrepreneurship places the emphasis on the entrepreneur, his or her values, mission and approach and the social impact of the business.
Depending on your industry, the proper location can be a strategic decision. PME MTL experts help entrepreneurs look for locations suited to their needs.
The legal form you choose will depend on what your business will be doing, the number of people involved, risk management, financial and social objectives, etc.
Find experts in your area
Enter your business postal code or select your area
Dorval, Québec, H9P 1J1
1350, rue Mazurette
Montréal, Québec, H4N 1H2
3617, rue Wellington
Montréal, Québec, H4G 1T9
630, rue Sherbrooke Ouest
Montréal, Québec, H3A 1E4
6224, rue Saint-Hubert
Montréal, Québec, H2S 2M2
7305, boulevard Henri-Bourassa Est
Montréal, Québec, H1E 2Z6