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For anyone who thought entrepreneurship was only for college grads, it might be shocking to hear that seniors own over half of the small businesses in the US. Senior entrepreneurs are a growing trend, which means a growing need for senior-specific resources. Learn how to successfully market a business with these senior entrepreneur tips from Coyote Worx Consulting.
Dive Back Into Higher Education
No matter how long it’s been since you attended college, you never stop learning. Though you may have the expertise you need to start a business successfully, more knowledge never hurts. Returning to school for a business degree gives you a competitive edge and a new perspective.
Online education makes it easy to return to school without leaving home. If you’re considering a degree program, take a look at this opportunity to earn a management, accounting, communications, or business degree.
Traditional education is one way to support your professional goals, but don’t stop there. Read on for more ideas on developing your business know-how to market your wares.
Target the Ideal Customer
Growing your business starts with zeroing in on your target market. Sometimes, a brilliant product idea or service concept comes before you define an audience. Whatever comes first, brainstorming your customer profile is instrumental in creating a marketing plan.
Think about who you want to sell to, their characteristics, how to reach them, and why they need your product or service.
A significant part of targeting an audience is appealing to their pain points. Solving a problem for the customer might involve asking about their problems first, or you might be able to observe pain points on social media or market trends.
Consider how to approach client needs through your marketing. For example, green marketing principles might appeal to an eco-conscious audience and help you connect with them more effectively, no matter the product you sell.
Partner with Other Businesses
Senior entrepreneurs may be experts in their respective fields, but going it alone often means missing out on opportunities. Partnering with other companies and business owners helps build brand recognition with a new audience.
Many companies use social media influencers for brand partnerships, but building organic relationships with other brands can also work wonders. Especially for local businesses, giving customers deals or discounts on another brand can benefit both companies.
Hubspot gives countless examples of successful brand partnerships, such as GoPro and Red Bull or Uber and Spotify. These lucrative deals illustrate that complementary products or services (not competitors) can serve dual audiences and expand markets.
Build a Professional Network
Many older entrepreneurs have built business connections during their careers. An existing professional network is one benefit of entrepreneurship later in life, as those relationships may support your new business venture, too.
Entrepreneurship in retirement can be lonely if you work alone all the time. A supportive business network provides a social outlet and exposes you to new ideas and strategies.
If you don’t yet have a network to connect with, join local small business organizations and attend events. Entrepreneurs of all ages benefit from exchanging ideas; a fresh perspective can work wonders for stagnant sales.
Explore Social Media as Marketing
A common assumption is that older generations are not as adept at social media as their younger counterparts. It can be challenging to learn how to use social media, especially as it constantly changes. But doing so could benefit your business in big ways.
Adobe confirms that social media is vital for businesses for multiple reasons. Marketing through social media reaches a broad audience and connects you directly to customers. It’s a personal way to source the data you need to make decisions on products, pricing, and more.
Give Before You Ask
One smart marketing strategy for entrepreneurs is to serve your customers’ needs before asking them to buy from you. Giving something away for free can feel counterproductive, but doing so can earn you loyal customers.
Depending on your business, giving away free samples, freely sharing resources, or hosting contests and giveaways could help you reach new audiences. Once people see how much value you offer, they are more likely to do business with you — and come back for more.
Shopify quotes statistics suggesting that product sampling encourages consumers to buy more and more often. Because repeat customers tend to account for most companies’ sales, “free” samples often earn far more than their cost.
From going back to school to calling up old business contacts, senior entrepreneurs have many options for building their businesses. As the business game continues to change, keeping up with the trends ensures your marketing efforts have the most impact. Stay flexible and open to change, and your company will benefit.