Social media can have a big impact on small businesses. Unfortunately, it’s not just about publishing a few posts and nice graphics. To really stand-out on a small business budget, your business has to understand its target customer, build great content and take a bit of a guerilla marketing approach to build experiences and programs that foster community and credibility.
Here is what I have seen work in my own business and also via the research I do monitoring social media and mobile marketing trends. Below is a high-level summary of my recent Business Bites 2.0: Marketing On A Shoestring session. The session was put together by the Greater Washington Hispanic Chamber of Commerce and Rhode Island Avenue Main Street to help DC small businesses to leverage social media to grow their businesses.
Managing Partner of AMA Consulting
A marketing plan is the blue print that outlines how your company will capture its share of your target market. The process of formulating a marketing plan can be broken down into 3 phases: Analysis of Company, Analysis of Business Environment, and Goal Setting.
Analysis of Company: SWOT Analysis
S: Strengths are internal factors that add value to your company. For example, superior financial position, patents, innovation, strong brand.
W: Weaknesses are internal factors, necessary for optimum performance that you lack. For example: Disadvantages compared to competitors, weak leadership, and poor technology.
O: Opportunities are external events that your company can capitalize on. For example, loosening of regulation, demographic shifts, removal of international trade barriers.
T: Threats are events or forces outside your control that may negatively affect your business. For example, natural disaster, market entry of a new competitor, social, economic trends.
Idaliz Ortiz is a Puerto Rican former multimedia journalist. She received a GLAAD award in 2017 for Spanish Programing - Special Feature, and was twice nominated for a Capital Emmy Award. She is currently the GWHCC Director of Marketing and Communications. Feel free to email her at email@example.com