- Business, Commercial, Small Business
- June 18, 2020
- FCU Team
You have your business plan, funding, and you are ready to launch your business. What’s next, and how do you stay at the top of your market for long-term success? Below are a few best practices that'll help you launch and market your new small business.
Launching Your Business
Start The Buzz
You likely already started talking about your business with friends and family, but now it’s time to expand your audience. Start leveraging your network’s network by asking them to share your business cards, social media posts, and other marketing materials. Be authentic and passionate, and the excitement will follow.
Create A Landing Page
Even if you don’t have a full website up and running, you need a place to direct potential customers. This could be as easy as setting up your business page on Facebook, or a simple landing page on your website where people can find key information such as your actual launch date, how to sign up for newsletters, and any pre-order information.
Keep Your Product Message Simple And Clear
Help your ideal customers find you by creating a clear and concise description of what you do, sell, or provide. While you may have a variety of different products or services, decide what specific need you fill, and create a clear way of communicating that quickly with potential customers. For example, if you sell organic tea blends, rather than listing various flavors, come up with a catch-all description, such as, “Teas to support your healthy lifestyle.” You can then direct your customers to your landing page or website to find out more.
Create Excitement And Demand
The best way to make a strong launch is to create a limited-time launch offer. Pre-launch marketing is a great way to not only market your business, but also announce an offer that can start you earning right out of the gate. The launch offer might be a pre-sale discount or a package deal only available on a specific date for a limited time. Generate more demand by making the offer only for the first number of people. Customers don’t like to miss out so capitalize on buyer psychology to start selling today.
As your business grows, you can use the same strategies for your launch as an on-going marketing strategy. Don’t forget to learn and adjust as you go. What worked from your launch? Keep doing that. What did not generate as much response as you expected? Figure out why a strategy may not have resonated with customers and make changes. Maybe the price point was too high or you did not reach as many people as you hoped? Don’t be afraid to ask friends and other business owners for feedback on your marketing. Above all else, make sure you know your customers and what they want, then give it to them! Finally, don’t under estimate the power of good word of mouth. Provide incentives for referrals or for posting recommendations on social media. Most consumers make decisions based on prior experiences of others. If you are not leveraging word of mouth strategies, you could be missing revenue!
Staying At The Top Of Your Market
A key element of successful marketing is knowing your market. You should know who your top competitors are and how they generate more sales. This doesn’t mean copying their marketing efforts, but knowing what your competitors are doing so you can do something better or newer. You can stay at the top of your market by always offering something your competitors don’t. Figure out what makes your business unique and focus on that aspect to generate interest. You don’t have to cut prices to bring sales your way. Instead, offer something your competitors don’t, but that your clients need. Smart business owners regularly check their market to make sure pricing is consistent, products are comparable, and what trends are driving sales. You can do this review yourself with a little online research, or there are companies that can provide professional market reports, consumer surveys, and recommendations—for a fee. Whatever you choose, never get comfortable. Keep sales growing by adapting to changes in your particular market, and watch your revenue grow.
This article is Part 6 and the last in our Small Business series. Previously published blogs can be found below:
Part 3: Obtaining Licenses and Permits
Part 4: Preparing Your Business Plan
Part 5: Powering Your Finances
To help your business reach its full potential, you need a partner in your financial growth. Click here to view Florida Credit Union’s business product offerings and see how we can help your business reach new heights.
Florida Credit Union is a full-service financial institution. Founded in 1954 as the Alachua County Teacher’s Credit Union, FCU now services over 100,000 consumer and business members in 45 countries throughout North and Central Florida. For more information about the services we provide, visit FLCU.org or call us at 1-800-284-1144.