Table of Contents
- Constant market orientation:
- Reverse the marketing process:
- Focus on qualitative insights:
- Position against the big players:
- Understand the power of pricing:
- Prioritise strategy:
- Allocate budget effectively:
- Keep your brand portfolio small:
- Allow your brand to evolve:
- Enjoy the process:
- Mark Ritson Biography:
A few weeks ago we interviewed the incredibly popular Mark Ritson on his tips for marketing small businesses.
Small businesses often face unique challenges when it comes to marketing. Professor Mark Ritson offers ten invaluable tips to help small brands grow and succeed in the competitive market.
Constant market orientation:
Engage with potential customers frequently, refining and prototyping your ideas based on their feedback to ensure your offerings are relevant to the market.
Reverse the marketing process:
Be flexible with your research approach, and consider delaying it until you’ve gained more insights from the market.
Focus on qualitative insights:
Spend time with your customers through ethnography, understanding their needs and preferences through qualitative research rather than obsessing over quantitative data.
Position against the big players:
Differentiate your brand by positioning it against more famous competitors, demonstrating how your unique offerings set you apart.
Understand the power of pricing:
Recognize the impact of even a small percentage point increase in pricing on profitability, and start high with your prices, as you can always lower them later.
Prioritise strategy:
Develop a clear strategy for your business and focus on long-term goals rather than getting lost in daily tactical challenges.
Allocate budget effectively:
Split your budget into long-term brand building and shorter-term activation, and adjust the proportions as your brand grows.
Keep your brand portfolio small:
Focus your resources on a single brand, or a small number of brands, to maximize the impact of your marketing efforts.
Allow your brand to evolve:
Be flexible and adaptive when it comes to your brand’s development, just as you would with a child’s life, and be prepared to change direction as needed.
Enjoy the process:
Remember to have fun while building your brand, as passion and enjoyment are crucial to the long-term success of your business.
Mark Ritson Biography:
Early Life and Education
Mark Ritson was born in England and pursued his higher education in the field of marketing. He obtained his Bachelor’s degree from the University of Lancaster and later earned his Ph.D. in Marketing from Lancaster University Management School.
Academic Career
Ritson’s academic career spans over two decades, with teaching and research positions at some of the world’s most prestigious institutions, including London Business School, MIT Sloan School of Management, and Melbourne Business School. As a marketing professor, Ritson has educated and inspired countless students, sharing his knowledge and insights into marketing strategy, branding, and consumer behaviour.
Consulting and Industry Experience
In addition to his academic career, Ritson has an extensive background in marketing consulting, working with global brands such as Unilever. His expertise in brand management, marketing strategy, and market research has helped numerous businesses thrive in competitive markets.
Columnist and Public Speaker
Ritson is also a respected columnist, writing for publications such as Marketing Week, where he shares his thoughts on current marketing trends, challenges, and opportunities. As a sought-after public speaker, he has presented at numerous conferences and events, including The Marketing Meetup!
Awards and Recognition
Professor Mark Ritson has received numerous awards and accolades throughout his career, including being named Marketing Week’s ‘Power 100’ list multiple times and receiving the prestigious Marketing Society’s ‘Leader of the Year’ award.