Top 5 Marketing Strategies for your family business
Getting out of the dilemma of whether to continue the family business or not will make much more sense when your organization will be ranked in top lists.
Spreading a word about your business is much more difficult than it seems. It requires hard work and a lot of patience, but once you are in the game, there’s no going back, provided that you are consistent and honest with yourself.
Let's have a look at some of the marketing strategies to run your family business:
1. Run a CEO Succession Model
The first and most important thing in a family-owned business is selecting the right CEO. This shouldn’t be biased and the decision should be taken while considering the following parameters:
Values held by the individual
Required skillset should match
Strong decision-making ability
This will avoid quarrels between the family members, boost efficiency and increases productivity.
2. Assign designation according to skills
All fingers are not created equal. As the owner of a dynamic family business, it is your obligation to identify the skillsets that each family member possesses and how they can be put to use. Everything would be ruined if the wrong job was given to the wrong individual.
3. Donate and earn goodwill
It's usually a good idea to donate a portion of your revenue to charitable causes or to sell your products at a discount to the less fortunate. Customer's goodwill would rise as a result of this. They also assist in publicizing the company's name. Most jurisdictions exempt money spent on charitable contributions from taxation.
4. Use of Marketing Tools
Digital marketing was introduced in the 1990s. Can you imagine what sort of evolution must have taken place since then? Numerous marketing tools are designed and updated to make the process of marketing hassle-free. Some of the trendsetting marketing tools of 2021 are Hubspot, Trello, Yoast, Google Adwords, Google Analytics, Canva Business.
5. Digital Media Marketing
After all the traditional marketing methods, digital marketing still remains one of the most effective ways to expand your business. You can hire a marketing professional for the same or learn it online. Here are given few tips for digital marketing.
Marketing Techniques in the Digital World
1- Content Marketing: The process of developing and delivering valuable, relevant, and consistent material in order to attract and maintain a clearly defined audience and generate profitable consumer action is referred to as content marketing.
2- Social Media Campaigns: Consumers utilise social media for customer service in 67 percent of cases, with 33 percent preferring it to call. People will look for your competitors who are active on preferred social channels if they can't locate your business on social media.
3- Follow-up Emails: Low cost, global reach, easy to automate, easy to segment, immediate communication, easy to establish and run, and easy to measure and optimise are few advantages of email marketing.
4- Decoy Pricing: When a firm wants to increase sales of a specific product, it frequently uses a decoy pricing structure to sway the customer's decision. Customers are tricked into buying a product by giving options in terms of price and slight variations in the quality.
5- Constructive feedback: How is feedback a marketing method? It is an indirect way of marketing by engaging customers. There are many small businesses that have evolved and enhanced their websites, social media and UI by feedbacks from customers.