By Updated September 24, 2020
Marketing strategies give your small business a direction toward effective promotion. Marketing strategies differ from one business to the next and should be customized to suit the needs of the particular company. The development of a marketing strategy involves the isolation of a target market segment, a set of clear-cut goals, a fair amount of consumer research, and the implementation of initiatives aimed at getting the word out.
Identify Target Markets
Target markets are those segments of the population that the small-business owner deems to be potential customers. A variety of criteria ranging from income level, to age, to geographic location can be used to determine these targets, depending on the product or services you sell.
Your marketing strategy should be designed to address these markets first and foremost. For example, Forbes suggests that if a company’s goal is to reach millenials, digital
Lapovations LLC, a small business formed at the University of Arkansas, received a $999,429 Small Business Innovation Research Phase II grant from the National Science Foundation. The grant builds on the success of its $225,000 Phase I grant and will be used to develop and commercialize its products.
Lapovations is a medical device company that focuses on improving laparoscopy, or minimally invasive abdominal surgery. The company was formed in the New Venture Development program presented by the U of A’s Office of Entrepreneurship and Innovation. In 2018, Lapovations became the most successful startup competition team in U of A history, winning seven state, regional and national business plan competitions, placing second in two others, and earning more than $305,000 in cash and investment prizes.
In 2019 Lapovations was awarded a $50,000 grant by Arkansas Economic Development Commission as part of the Arkansas Small Business Innovation Research Matching Grant Program. Lapovations
Help is now available for small business owners who have taken an economic hit due to the COVID-19 pandemic.
The Erie County Business Task Force and others were on hand Tuesday to announce details about the Erie County ‘Back to Business’ grant program. The money is available thanks to $20 million in CARES Act funding and businesses must have 50 or fewer employees to be eligible.
Priority will be given to those who have not yet gotten any COVID-related assistance, minority and women owned businesses, those in highly-distressed zip codes, those seeking to hire back laid off or furloughed workers and those businesses that have yet to reopen.
“We have all seen the devastating effects of the COVID-19 shutdown on our local economy. Minority-owned businesses in Highly Distressed areas have been especially hard-hit, and the parameters
Comcast RISE Initiative Provides Small Businesses with Free Marketing Insights and Opportunities to Apply for Media, Technology Upgrades and Grants Up To $10,000
Black-Owned Small Businesses, Those Impacted Most by the Pandemic, are the First Eligible Applicants for Comcast RISE Resources and Grants.
Comcast Corporation (NASDAQ: CMCSA) today launched Comcast RISE, an initiative created to help strengthen and empower small businesses hard hit by COVID-19. The Comcast RISE program will help thousands of small businesses over the next three years. The multi-faceted program offers grants, marketing and technology upgrades, including media campaigns and connectivity, computer and voice equipment, as well as free marketing insights to all applicants.
U.S. small businesses have been particularly hard hit by the pandemic. A recent study from the National Bureau of Economic Research found that the number of U.S. active business owners dropped from 15 million to 11.7 million from February to April. The study
Running a small business has a lot of demands, including everything from perfecting your products to fixing an overflowing toilet. But one of the trickiest parts can be finding the right health insurance for you and your employees.
Under the Affordable Care Act, companies with 50 or more full-time employees or the equivalent in part-time employees have to provide health insurance to employees and their dependents or pay a fine, $3,860 per employee in 2020. Consequently, 83.1% of American workers were offered insurance in the first quarter of 2016.
Smaller businesses with fewer employees, however, are exempt. So, should your small business provide insurance? That depends on several factors, like can you afford it and do your employees need it?
If you hire mainly high school or college students who are covered under their parents’ insurance, you probably don’t need to induce them to work with health coverage. But if
Small businesses around the world are in trouble. Whether they survive will affect not just economies but the fabric of communities as well. In the coming months, AP’s Small Business Struggles will examine how the pandemic is impacting small businesses in a dozen locations around the world. The next in the occasional series of narrative and photo storytelling will move Thursday, Oct. 15.
SMALL BUSINESS STRUGGLES-WINCHESTER — The viral pandemic has hammered small businesses across the United States — an alarming trend for an economy that’s trying to rebound from the deepest, fastest recession in history. Normally, small employers are a vital source of hiring after a recession. Small companies are struggling even in Winchester, Virginia, a city of 28,000 that works hard to promote and preserve local enterprises. Winchester designed traffic lights to make it easier to traverse downtown on foot than by car to encourage foot
The White House on Sunday changed tactics yet again on boosting the pandemic-hit US economy, this time urging lawmakers to back a plan to help small businesses weeks ahead of the presidential election.
The change comes after President Donald Trump’s Republican Party and Democrats both rejected, for different reasons, a beefed-up $1.8 trillion economic rescue plan proposed Friday.
In a letter Sunday to Congress, White House chief of staff Mark Meadows and Treasury Secretary Steven Mnuchin urged backing for a bill allowing some $130 billion in unused funds from a previous support plan to be redirected.
The money would be earmarked for businesses, particularly small and medium-sized companies, that are facing declining revenues while negotiations for more support drag on.
“Now is the time for us to come together and immediately vote on a bill to allow us to spend the unused Paycheck Protection Program funds while we continue to
It’s easy and far too common for small business owners to focus so much of their time and energy on running their business that they fail to plan for their personal financial future.
But, when you own a small business, there’s no 401(k) employer match or other company-sponsored retirement programs to join. Your retirement fund rests solely on your shoulders and failing to prioritize retirement over the other areas of your business will harm you down the road.
Ensuring that your financial wellbeing is taken care of in the future is a part of ensuring the financial stability of your business.
Think of your retirement plan as a part of your overall business strategy. Some retirement plans have more small business tax advantages than others. Start here by taking a look at plans that include one or more of these major tax advantages.
Tax-deferred plans that grow your investment without
COLUMBUS — Ohio lawmakers, along with Gov. Mike DeWine, continue to work on a statewide aid package that could provide relief to renters during the ongoing COVID-19 pandemic.
DeWine eluded to possible relief earlier this week in his regular COVID-19 news conference.
DeWine said the plan would include using CARES Act funding to help people struggling to pay their rent, mortgage or water and sewer utility bills. It would also focus on providing aid to small businesses and non-profits.
Ohio Senate President Larry Obhof said the plan would continue to help small businesses across the state.
“President Trump’s paycheck protection plan saved tens of thousands of businesses across Ohio, and we believe this new state initiative will add to that by providing relief to small businesses in need,” Obhof said. “We have worked hard to come up with a plan that works for Ohio businesses and saves Ohio jobs, and