Last Updated on 3 weeks by Heyward CPA PLLC
Welcome to an insightful exploration of small business marketing and growth, brought to you by HEYWARD CPA LIVE! In this engaging discussion, James E. Heyward and Kory H. Franklin dive deep into the practical realities of running a small business from an accounting and marketing perspective. Joined by recent marketing graduate Christian Cruz, they unpack the nuances of marketing, sales, customer relationships, and how business owners can leverage these elements for sustainable success.
Understanding Marketing: Beyond Advertising and Promotion
One of the common misconceptions among small business owners is equating marketing solely with advertising or promotion. Christian Cruz, a fresh marketing graduate from NC State, provides a clear, concise definition that sheds light on the broader concept:
“Marketing is about communicating value, building value for the product. You have to make sure the customer understands why your product has value and why it’s worth the price you’re setting.”
Christian emphasizes that marketing isn’t just about the product itself but about catering to the needs and desires of the customer. “The product isn’t necessarily yours; it’s really the person who’s purchasing it. So you have to cater it towards their needs, what they’re looking for.” This customer-centric approach defines the mission of marketing: to connect value with the right audience in a meaningful way.
From Theory to Practice: Applying Marketing in Small Businesses
While marketing theories often sound idealistic or corporate, Christian shares insights from his hands-on experience working with a small client. He highlights that the fundamentals remain the same but the implementation requires a focus on building credibility and trust. For small businesses, this means ensuring a quality product and actively listening to customer feedback to improve offerings.
Building trust is essential because small businesses often enter new markets and have to prove their value to prospective customers. Christian says, “You just have to build that trust with your customers through having a great product or being able to hear the customer’s feedback and apply it to your product to make it better.”
The Power of Market Segmentation
Market segmentation is a cornerstone of effective marketing that many small business owners overlook. Instead of casting a wide net hoping to catch anyone, identifying and targeting specific customer segments allows for personalized messaging that resonates deeply with the audience.
Christian explains the importance of segmentation by pointing out that customers want personalization. “They want to feel like your product or service is for them.” However, he also notes that marketing is rarely perfect on the first try — it requires resilience, trial and error, and the ability to pivot based on results.
Kory Franklin adds that market segmentation is critical for long-term success, as it enables businesses to focus their efforts and resources strategically rather than spreading themselves too thin.
Measuring Marketing Success: Metrics That Matter
Evaluating the effectiveness of marketing campaigns is vital to refining strategies and maximizing return on investment. Christian highlights that the metrics depend heavily on the type of marketing being conducted. For example:
- Digital marketing: Metrics like click rates, follower engagement (likes, comments), and website visits are crucial.
- Paid search campaigns: Metrics such as cost per click and conversion rates are primary indicators of success.
This segmentation of metrics means that different teams within an organization might focus on entirely different performance indicators, yet all contribute toward the overall marketing goals.
Common Marketing Challenges for Small Businesses
A recurring theme in the discussion is how many small businesses struggle with marketing because they lack foundational knowledge or confuse marketing with mere promotion. James Heyward shares his perspective based on years of experience:
“Most small businesses start with the vocation of what they do but don’t understand marketing. They think of marketing as being marketed to, instead of marketing as communicating value to their customers.”
This lack of orientation often leads to haphazard marketing efforts, such as random social media posts or flyer distributions, without clear strategy or understanding of who the target customer really is.
Christian agrees and adds that effective marketing requires constant learning and adjustment. He encourages business owners to embrace trial, error, and pivoting to find what works best for their unique situation.
Marketing Research: The ‘Why’ Behind Consumer Behavior
Marketing research plays a pivotal role in uncovering the motivations behind consumer decisions. Christian defines marketing research as “finding the why” — identifying what drives people to purchase a brand and what discourages them. This involves both qualitative and quantitative methods:
- Qualitative research: Engaging with customers through interviews, surveys, and observation to understand their feelings, preferences, and behaviors.
- Quantitative research: Analyzing numerical data and statistics to identify patterns and trends.
Christian’s experience conducting marketing research on campus involved interviews and surveys that helped him gain a deeper understanding of consumer behavior. This dual approach allows marketers to create strategies informed by both emotional insights and hard data.
Example: A Real-World Small Business Campaign
Christian shares a practical example of a social media campaign his team developed for a small business client. The process included:
- Pre-campaign analysis: Reviewing the client’s current social media metrics, brand messaging, and conducting SWOT analysis.
- Content planning: Creating approximately 15 posts tailored to the client’s brand guidelines, including color schemes and fonts.
- Campaign execution: Running a three-week campaign with a modest budget for boosting posts and paid ads.
- Post-campaign evaluation: Analyzing the results, engagement, and explaining why certain posts performed better than others.
This structured approach ensured every detail was intentional and measurable, rather than relying on guesswork or hoping for viral success. Christian underscores the importance of details like A/B testing, where even slight changes in color can significantly impact click rates and customer engagement.
The Psychology of Marketing: Engaging the Senses and Emotions
Marketing is not just about numbers; it’s about connecting with customers on a psychological level. Christian and James discuss how subtle sensory cues influence consumer behavior. For instance, Disney World uses scents like cinnamon in their parks to attract visitors to certain areas, appealing to the sense of smell.
Similarly, grocery stores use lighting, music, and even the feel of flooring to create atmospheres that encourage purchases. For example, the fresh, farm-like ambiance in produce sections uses green and brown color schemes paired with mist sprays to enhance the perception of freshness.
These sensory marketing tactics tap into the psychographics of consumers — their preferences, lifestyles, and emotional triggers — which are as important as demographics in creating effective marketing strategies.
Integrating Marketing and Sales for Business Growth
The interplay between marketing and sales is a delicate but crucial aspect of business growth. James Heyward highlights a common disconnect:
“Sales people and marketing people sometimes don’t like each other, and that friction can prevent marketing and sales from working cohesively.”
Marketing is often seen as a long-term game focused on building relationships and educating customers, while sales is viewed as a short-term effort to close deals and generate revenue quickly.
However, Heyward emphasizes the importance of marrying these two functions to create a seamless customer journey. The goal is not just to sell but to educate and build trust so that customers naturally want to buy. This approach fosters lasting relationships and sustainable growth.
Sales as Education: Teaching Customers Their Needs
Christian shares his perspective on sales as an educational process. He explains how customers have both active needs (immediate requirements) and latent needs (future needs they may not yet recognize). Effective sales involve teaching customers how a product or service can fulfill both types of needs.
This mindset shifts sales from being a pushy transaction to a consultative, value-driven interaction, which aligns perfectly with strategic marketing principles.
Continuous Learning: The Key to Business Success
A recurring and passionate theme in the conversation is the importance of continuous learning and adaptability. Heyward stresses that in today’s fast-changing business environment, it’s no longer enough to “go to school and be done.”
Business owners and professionals must embrace lifelong learning, staying curious, and getting comfortable with being uncomfortable. This mindset is essential for keeping up with new technologies, market trends, and evolving customer behaviors.
Heyward warns against complacency and excuses like “I don’t know how to do that” or “I don’t have time to learn.” He challenges everyone to take control of their education and growth, leveraging resources like AI tools, online courses, and communities to stay competitive.
Building Relationships: The Foundation of Marketing
At the heart of all marketing and sales efforts lies one fundamental truth: relationships matter. Christian and the hosts agree that building trust and maintaining credibility with customers is the foundation for long-term success.
Marketing is not about quick wins or superficial promotion; it’s about creating genuine connections and consistently delivering value. As Christian puts it, “You educate them so they can trust you and build that credibility for yourself, so they know to trust you now and long term in the future.”
Conclusion: Embrace Marketing as a Strategic Business Tool
Whether you’re a small business owner, entrepreneur, or aspiring marketer, understanding and embracing marketing as a strategic tool is essential. It goes far beyond advertising and promotion — it’s about communicating value, building relationships, and continuously learning to meet your customers’ evolving needs.
From market segmentation and research to integrating marketing with sales and leveraging psychology, every element plays a vital role in building a successful business. As James Heyward reminds us, “The goal of marketing is to identify who your people are and what moves them so your messages are more effective.”
In today’s knowledge-driven economy, the businesses that thrive are those willing to invest in their marketing knowledge, experiment with data-driven strategies, and above all, build authentic connections with their customers. So, buckle up, stay curious, and get busy growing your business with informed, intentional marketing.
For more insights on business, accounting, and marketing strategies, connect with HEYWARD CPA LIVE! and join the vibrant community of entrepreneurs committed to excellence and growth.