Navigating Marketing in 2024:
A Guide for Micro and Small Business Owners in Australia
Marketing is often a confusing thing to grasp.. An easy way to break it down, is essentially, there's the product or service your business offers, there are your GST and financial obligations, and pretty much everything else is marketing, that is, everything else you do is about attracting people to buy something from you…
In 2024, staying ahead in the marketing landscape means understanding how traditional principles have evolved and leveraging the latest tools and platforms to connect with your audience effectively.
From the 4 P’s to the 7 P’s of Marketing
Traditionally, marketing was built on the foundation of the 4 P’s—Product, Price, Place, and Promotion. However, as the business environment has become more sophisticated, the model has expanded to include three additional elements, creating the 7 P’s.
The 4 P’s:
Product - What you sell
Price - How much you charge
Place - Where you sell it
Promotion - How you get the word out
The Additional 3 P’s:
People - Your employees and customers
Process - The way you deliver your product or service
Physical Evidence - Tangible proof of your service or product, like reviews or testimonials
The progression doesn’t stop at the 7 P’s. In today's interconnected world, marketers have introduced the 7 C’s framework to focus more on customer-centric strategies:
The 7 C’s are:
Customer Value - Ensuring your product solves a problem or adds value for your customers
Cost - Total cost of ownership for the customer, not just the price
Convenience - How easy it is for customers to purchase and use your product
Communication - Two-way interaction between you and your customers
Community - Building a loyal customer base and community around your brand
Customisation - Tailoring your offerings to meet individual customer needs
Content - Relevant and valuable information that attracts and engages your audience
The Rise of Social Media & Content Marketing
Social media has revolutionised the way businesses engage with their audience. Platforms like Facebook, Instagram, LinkedIn, and TikTok offer unprecedented opportunities for small businesses to build their brand, connect with customers, and generate leads. But it has also forced businesses to become content creators, and media savvy like never before..
Why does Social Media Matter?
Because, it’s where people spend their time. Social media usage continues to trends upwards across all demographics.
Brand Awareness - Reach a larger audience quickly
Customer Engagement - Interact directly with customers and build relationships
Cost-Effective - Many social media tools are free or low-cost, offering high ROI
Data-Driven - Access to valuable insights and analytics to refine your strategies
Content Marketing
Content marketing remains a powerful tool to educate, inform, and engage your audience. High-quality content can position your business as a thought leader in your industry and drive organic traffic to your site.
Blogging - Share insights, tips, and news related to your industry
Video - Create engaging and shareable content
Infographics - Simplify complex information with visuals
Email Marketing
Despite the rise of social media, email marketing continues to be one of the most effective channels for nurturing leads and retaining customers.
Personalisation - Tailored emails based on customer behaviour and preferences
Automation - Use tools to automate email campaigns and save time
Segmentation - Group your email list by demographics, purchase history, etc., for targeted messaging
SEO and Search Marketing
Search Engine Optimisation (SEO) and search marketing are crucial for driving traffic to your website. As search algorithms become more sophisticated, staying updated with best practices is essential.
SEO Tips:
Keyword Research - Identify and use relevant keywords
Quality Content - Create valuable content that answers your audience’s questions
Backlinks - Earn links from reputable sites to boost your credibility
User Experience - Ensure your website is mobile-friendly and loads quickly
Tools and Platforms
Leveraging the right tools and platforms can significantly improve your marketing efforts and streamline operations, making your daily life as a business owner more manageable.
Must-Have Tools:
CRM Systems - Manage customer relationships and data
Email Marketing Platforms - Automate and analyse email campaigns
Social Media Management Tools - Schedule and track social media posts
Analytics Tools - Measure and analyse marketing performance
Conclusion
Marketing in 2024 is a multifaceted endeavour that requires a blend of traditional principles and modern strategies. By understanding the evolution to customer centric strategies, and adapting to the relevant digital marketing elements, you can elevate your small business to new heights.
Ready to take your marketing to the next level? Work with me and let's grow together!
