Five Marketing Musts for Your Family Business

Marketing Must

In order for a family business to be successful, it’s important for its leaders to give their organization every advantage in today’s competitive marketplace. Applying the following marketing strategies can take your business to the next level and help it stand out from the crowd.

Have a strategic game plan:

Most business owners spend less time planning for their business than they do planning their family vacation. To steer the ship you need to know where you’re heading and what you need to invest to get there. Talk with your customers about your performance and their current and future needs. Study market and industry trends. Get input and feedback from your key staff. Understand the obstacles you are likely to encounter and which ones you already know you need to overcome. Develop a strategic game plan for your future growth, establish a budget and then put it into action.

 Find your competitive voice:

The best strategy for competitive marketing placement or to avoid commoditization of your family business is to create a strong brand message that speaks to the value you offer customers. Many times this involves having an intimate understanding of not only your competitive strengths and weaknesses, but also that of your competitors. To be a market leader you need to recognize opportunity to grow market share and that may require the redevelopment of your current market offering or new product and service development to meet and grow market needs.

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