MARKETING
YOUR WAY TO SUCCESS
By
Evan Wise, Managing Director of Management One
Any
business must continue to grow by adding new customers
to the list of current customers. I run into small business
owners that lament the fact that they can’t afford
a marketing budget but still need to boost sales. They
simply can’t see around this conflicting set of
needs. The problem is that they associate a marketing
budget with expensive advertising. Without help, the
result is they do nothing and struggle or eventually
go out of business.
Marketing
for any company is a strategy to find new clients and
get them interested in your product of service. There
have been many books written about the process of identifying
your target market, establishing what you bring to that
market, finding your uniqueness and developing your
message. All of these are critical and we work with
clients to develop these. The issue I want to address
is getting the message out. That is the barrier that
many small businesses see as the expensive barrier to
growth and prosperity.
There
is a hierarchy of methods based on the breadth of your
target market and the depth of your pockets. Certainly
many companies can benefit by advertising in magazines,
media and other methods if it is done correctly. Every
company, regardless of size, must have a marketing strategy
in order to succeed.
The
two reasons most small business owners don’t market
themselves is that they don’t have the money to
advertise. The other reason is time and motivation.
Unfortunately they just associate marketing with advertising
and advertising with money. There are answers to both,
however money seems to be the barrier many can’t
get over. Let’s look at some of the inexpensive
ways that small business owners can get their message
out to the community.
Question
number one is where do your potential customers hang
out. What do they do? Learn everything you can about
your current customers and then learn from the information.
Once you know your customer’s habits and activities
you can use that to begin your marketing process. Some
of the best ways to get your message out inexpensively
involve networking.
Networking
Step one is the make a list of everyone you know. This
includes people from church, people in business, customers,
your barber and realtor, friends and relatives. How
many of these people know what you do? How many know
how to contact you if they need what you do? How many
people on your list know who your target market is and
what would be a good lead for you? Do they know how
to help you grow your business?
Develop
a plan to start calling and seeing those on the list.
By telling them about your business you will build your
business. By telling them about your mission to find
customers and asking for their help you will build your
list of prospects to call. Calling five people a day
will bring in 10 customers a week and 500 over the course
of the year if only 40% of the people you call actually
come in.
If
20% of those new customers get someone else to come
in you now have another 100 customers.
Go
where your customers hang out to find new leads. If
you sell to businesses, join the chamber of commerce
and get to know your target market personally. If you
sell to contractors, find out the local association
of contractors and get involved. People buy from people
they like, know and trust. Advertising won’t accomplish
that as easily as will personal contact. As you meet
new people add them to your list of contacts.
As
you work through your list of contacts, rate them as
A, B or C contacts for your business. “A”
contacts are the ones that are prime candidates, use
your product of service but from a competitor or should
be using your product or service. “B” contacts
are those that show an interest or know others and are
willing to recommend you. “C” contacts are
those that wish you never called and can’t wait
to get off the phone.
Develop
a plan to mine the “A” and “B”
prospects to raise them to the level of customer. Send
them promotions, call them regularly and build the relationship.
Add the “C” contacts to your mailing list
but don’t worry about calling again. All three
should be asked if they would agree to be on your email
list. This email list becomes a very inexpensive way
to get information about your business out to potential
clients. Every customer you deal with should be asked
if they would like to be on your email list.
There
are hundreds of ways to market a small business without
investing a lot of money. Not having money is no excuse
for not having a marketing plan.
Roger
Blackwell, professor of marketing at Ohio State University
and author of “From Mind to Market” estimates:
20% of businesses are doing the right things.
30% of businesses are struggling
50% of businesses are in various phases of going out
of businesses
Planning,
strategy and execution are keys to getting into the
20% bracket. Don’t wait until you move from the
30% bracket to the 50% bracket.
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