How to develop a marketing strategy for small and medium-sized businesses

A marketing strategy helps small and medium-sized businesses grow and compete: how to choose the right one 

A marketing strategy plays a key role in the success of small and medium-sized businesses. It sets direction, allocates resources, and increases sustainability in a competitive environment. To accomplish this, you must choose the right type of strategy and implement effective marketing approaches.

Main types of marketing strategies

Small and medium-sized businesses have several directions for building a marketing strategy. Each type solves different problems and depends on the company’s goals.

Global strategies help businesses expand their reach. With these strategies, businesses can enter foreign markets, segment their audience, and adapt to international standards. Finding partners and developing new areas also plays an important role.

Basic strategies focus more on sustainability. They include cost optimization, developing a unique selling proposition, and focusing on a specific customer segment. This approach allows companies to gain a deeper understanding of their audience and retain their attention.

Growth strategies aim to expand the business. This usually includes modernizing existing products, launching new lines, and developing partnerships. It helps companies use their internal resources as effectively as possible.

Competitive strategies are related to strengthening market positions. They involve introducing innovations, actively attracting customers, and strengthening the brand. Additionally, a company may seek to increase its market share or reduce unprofitable areas to focus on key products.

Developing a marketing strategy

Each type of application requires a systematic approach. The main steps and methods are as follows:

1. Market and competitor analysis. Study industry dynamics, trends, and segment growth. Compare yourself to the major players. Identify weaknesses and growth opportunities.
2. Target audience analysis. Describe your customers’ age, gender, geography, motivations, pain points, and interests. Create several personas. Use surveys, social media analytics, CRM data, and web analytics.
3. Defining SMART goals and KPIs. These goals should be specific, measurable, achievable, relevant, and time-bound. Select the metrics you will track (e.g., CPA, CPL, conversions, ROMI).
4. Choosing promotional channels. Use a combination of digital and offline channels. Examples include contextual advertising, social media advertising, email marketing, and events. Decide which channels to use based on where your audience spends their time and which channels will make it easier to achieve your goals.
5. Implementation and planning. Develop a media plan that includes budgets, formats, dates, and responsible parties. Create a task schedule using a timeline or Gantt chart. Plan for tests and reserves in case of unforeseen situations.
6. Monitoring and adjustment. Launch campaigns and regularly analyze the results. Compare them with KPIs and initial goals. Evaluate not only quantitative indicators, but also the quality of traffic, conversions, and brand perception. Modify your strategy as you receive data.

Which strategy to choose

• If the company is just starting out or wants to enter new markets, use global and growth strategies.
• If resources are limited, but there is a strong, unique offering, implement basic strategies.
• If competition is intensifying, employ competitive strategies.
• If the audience is narrow and specific, focus on segmenting and personalizing.

A marketing strategy should not be cumbersome. The most important things are clear goals, adaptability, and measurability. Start with an analysis, define your uniqueness, choose your channels, and track your results. This approach empowers SMEs to thrive in unstable environments.