options . To nudge them to your side , you need to make clear your product or service benefit . Don ’ t beat around the bush with unnecessary adjectives . Kenya ’ s real estate developers , for instance , can ’ t have enough of the word luxurious . Saying that an apartment is luxurious doesn ’ t communicate the product ’ s value . Instead , features like , location , size , and number of bedrooms are what aspiring homebuyers consider to be important in their purchase decision .
Trying to sell to everyone
It is entirely possible for your product or service to be used by anyone , but it is not possible to target everyone . When you crunch the numbers , you will find that a particular segment uses it more than others . By having a well-defined target market , you can focus your marketing efforts on a specific group of people whose problems your products or services can solve . You can further refine your strategies by developing buyer personas or profiles of your ideal customers that you can use to determine who to target , how to target them , and where .
Poor customer relationship management
Another common mistake among SMEs is thinking that one needs a constant stream of new leads for the business to grow .
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But to boost your chances of success , you need to put down a properly structured marketing plan . Over my professional experience , I have seen several businesses collapse because they failed to plan their marketing activities .
While this seems logical , existing clients can turn out to be silver bullets in netting more opportunities . Instead of focusing on transactions , focus on Customer Lifetime Value ( CLV ). It is the total amount of money a customer is expected to spend with your business , or on your products , during the lifetime of an average business relationship .
So , build a long relationship with your existing customers even as you look for new business . Consider special offers to existing clients , create additional products or services to keep customers engaged , provide excellent customer service that makes them feel special , and lastly , listen to and act their feedback .
Not only will loyal customers return to your business regularly , but they are also likely to spread the good word on your business to others . The great thing about word of mouth is that it ’ s a powerful marketing tool that builds trust in your business and costs you nothing .
Closing Remarks
Granted , it takes so much more to build a valuable enterprise in today ’ s world . Time and again , I have seen small businesses owners looking for grand ideas and solutions to their problems . Yet , when you go in there as a consultant , you find that the basics are lagging . All said and done , understand the environment which you operate , clearly define your offering , understand your customers intimately and deploy a robust customer relationship mechanism . In remedying the pitfalls , you can easily turn things around for the better , survive and even thrive many years to come .
Geoffrey Sirumba is a seasoned Brand and Marketing Practitioner with interest in Sustainability Projects . You can commune with him vide email at : Geoffsirumba @ gmail . com .