In today's increasingly competitive small business environment, business owners are putting more and more emphasis on making sure that they are effectively spreading the word about their products and services.
With so many competitors vying for precious market share, business owners, managers and marketing directors are having to think and work smarter.
In this article, I'll outline some common pitfalls made when getting the word out, how to avoid them and how to market smarter -- ensuring that every cent spent translates into increased business.
The first thing to realize is that there is life beyond advertising. Directing too much money at traditional media advertising (newspaper, radio, television, etc.) is one of the biggest marketing pitfalls. Breaking out of the advertising box can be counter-intuitive at first, but it is important. Seventy percent of U.S. small businesses operate successfully with no media advertising.
Although cost is a big consideration in marketing, it shouldn't be the primary motivator for deciding where to allocate funds. Good marketing is all about value, and media advertising can provide surprisingly little value in comparison to other marketing channels available. This isn't to say that media advertising doesn't deserve a place in many marketing campaigns, but it definitely shouldn't be the only trick up your sleeve.
Now that we know traditional media advertising is not the only (nor always the best) option open to use, we'll tackle the next question: "What should my marketing strategy look like?"
To answer that question, it's necessary to sit down and think about your goals: Do you want to increase sales? Increase profits? What about increasing traffic to your website?
Any good marketing campaign will have a specific goal in mind. That goal should take into account the strengths and weaknesses of the business itself, as well as opportunities for partnerships with other business and threats from competitors. With a sound and integrated strategic marketing plan, you can most effectively use the tools described below.
The
Small Business Association has several articles on its website (www.sba.gov) that describe how to put together a strategic marketing plan. However, creating a strategic marketing plan can be a complex process.
If you'd like to reap the benefits without taking time away from the day-to-day of running your business, then think about bringing in a marketing expert. An expert can work with you (and your staff, if you like) to plan a strategy that will massively increase the value that you get out of your marketing.
To get you started, here are some of the main items that make up a healthy, well-rounded marketing toolbox:
1. Actively Seeking Referrals
Do you have a plan for encouraging, garnering and following up on referrals? The best way to increase sales and grow your business is to realize that your customer base can be ten times as valuable as your sales force when it comes to producing leads.
Every time you close a deal, make a sale or ship a product, the question on the tip of your tongue should be "Were you happy with the service we provided you?" If the answer is yes, then your next question is "Do you know of anyone else who would benefit from (Product X / Service Y)?
This gets your client thinking, and makes getting referrals an active process that you initiate. If appropriate, ask for the names and numbers of the people your customer refers, and follow up with them. If you did a good job, your customer will be only too happy to provide a good word.
2. Industry Promotion
Promote the product in general, not your business in particular. Take a look at some of the most visible marketing campaigns of the past decade. The phrase "Got Milk?" should immediately ring some bells.
Sometimes it's okay to promote the value of a service or product you provide without screaming "Buy, buy, buy!". Write Letters to the Editor of local and national trade publications in your sector, and submit articles that promote the product or service you offer.
Refrain from selling the product itself. Rather, sell the fact that you speak with authority on the subject; this can be ten times more valuable than a full page ad in the New York Times.
Just make sure that, at the end of your article (or letter or ad), there is a small line of text that lets the reader know your name, business name and how to get in touch.
Once you have something written up, disseminate it. One of the most valuable ways of marketing is to get others to do the marketing for you. Use services like
PR Newswire,
prweb.com and
articlemarketing.net to send out press releases, articles and news about your business that will strike an interest.
Make sure that what you write has a news-worthy slant and is interesting to read, but still refers (subtly) to your business.
3. Networking and Public Speaking
Research local business and professional organizations (if you aren't a member of your local chamber of commerce, you should be). Become involved with them and take a leading role. Write articles for newsletters and offer to speak at events about your areas of expertise (if you're in business, then you're likely to be an expert at what you do).
4. Seminars, Training and Education
Investigate the idea of offering seminars targeted towards your customers that explain what you do and how you do it. Invite potential clients and advertise the event openly. Research has consistently shown that those attending seminars and training sessions are likely to purchase goods or services from those delivering the message.
5. Make Customer Relationships #1
One if the most vital components of your marketing strategy is to maintain good, strong relationships with your customers and partners, and to be able to build new relationships with ease.
This is where Information Technology can play vital role.
Customer Relationship Management systems like
SalesForce.com or
Microsoft CRM can help you record all of the contacts you make with your customers, from the first phone call to closing the sale.
Then, when the customer calls, every member of the organization will have immediate access to all of the customer's information and history with the company.
In conclusion, make sure that you explore all of the options open to you when spreading the word about your business. Value, not cost, should be the benchmark of a good marketing strategy, and there are many opportunities out there to find it!!
Copyright: Copyright c 2007-2008 Robert Lynch
About the Author:| Robert Lynch is a business consultant based in Seattle, Washington. Visit the Lynch Consultants website at http://www.lynchconsultants.com for more free articles, to sign up for a free small business newsletter or to get more details on Lynch Consultants services.
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