Marketing strategy is crucial to the success of any company, big or small, providing a foundation for accelerated growth. However, many entrepreneurs lack familiarity with this aspect of business management, putting their brands at risk of stagnating and even failing if they are unable to identify the correct path forward.
On this episode of The Small Business Show, host Jim Fitzpatrick is joined by John Jantsch, author, marketing consultant, and founder and president of Duct Tape Marketing, a fractional CMO service. Jantsch has spent the last three decades helping entrepreneurs design the marketing strategies that have taken their businesses to the next level. His experience in the sector has landed him speaking engagements at TedEx and appearances in publications such as The New York Times, Entrepreneur Magazine and more. Now, he discusses the proper method for devising a quality marketing campaign and the common mistakes small business owners make when setting their growth strategies.
Key Takeaways
1. Jantsch was inspired to start Duct Tape Marketing to equip entrepreneurs with a high-quality fractional CMO experience without maxing out their small business budget.
2. When working with a small business client, Jantsch first conducts research analyzing the brand’s audience, building his marketing strategy recommendations from the data he obtains.
3. In the second phase, Duct Tape Marketing focuses on building the foundation needed to execute its plan, helping businesses integrate aspects such as content creation or social media into their operations.
4. The next step in Jantsch’s marketing strategy process is to drive as many customers to the brand as possible, generating and pursuing leads over the course of months and even years.
5. Many small businesses make the mistake of serving too many markets. This prevents the brand from finding its niche and puts the company at risk of losing its course. Another common mistake companies make is implementing new ideas without due consideration. While brands must be innovative to stay ahead of the game, enacting marketing strategies without knowledge of whether or not they will work is a recipe for disaster.
6. Jantsch notes it has become easier and cheaper to pursue traditional marketing mediums, such as television advertising. These channels have faced significant competition from digital alternatives, forcing them to adopt more accommodating processes to attract clients.
"One of the biggest things that I think we do is that we really help people understand the value, the true value, the unique value that differentiates them from everyone else in the market." — John Jantsch