Ignore Marketing at your peril

People buy from people they like, people they trust and who are credible

Most small business entrepreneurs and business owners are ‘doers’ rather than ‘planners’. This short talk ensures that you do not end up doing the right marketing the wrong way or the wrong marketing activities the right way.

You do not have to fell a tree to create an effective marketing plan. In fact, one day may be enough.

Step 1 – Understand your Market and your Competition
Offer what your customer wants and not necessarily what they need. Have you ever been shopping with the intention of buying a pair of jeans and coming home with shoes, a blouse and yet another pair of earrings?

Ask yourself the following questions:
• Are there segments of my market which are being underserved?
• Are these segments big enough to make money?
• What share do I need to just break even?
• Is there too much competition?
• Can I capitalise on the weaknesses in my competition’s offerings?
• Does my market value my unique competitive offering?

Step 2 – Understand your Customer
Among other things you need to know what motivates your customers to buy.
• Is it looking good, being healthy, getting rich, relieving pain, helping people enjoy their leisure time?
• How does my customer normally buy similar products – in a shop, over the Internet, from a catalogue?
• Who are the primary buyer and the primary buying influencer?
• What habits to they have?

Step 3 - Pick a Niche
It’s much easier to jump up and down in a small puddle rather than a big ocean.
Carve out a niche and then develop a 2nd but not before you’ve captured the first.

Step 4 – Develop your Marketing Message
1) Your short and sweet 30 second statement of what you do
2) Longer message
a) Proof that the prospects’ problem is so important it should be solved now, without delay
b) Why you are the best business to solve their problem
c) Benefits they will receive
d) Examples and testimonials from existing customers
e) Explanation of prices and payments terms
f) Your unconditional guarantee

Step 5 – The Marketing Medium

Printed (portable and flexible)
Business cards
Brochures, flyers, catalogues and postcards
Newsletters
Articles
Signs and posters
Gift certificates
Direct mail sales letters
Competitions

Advertising
Newspaper, magazines
Printed directories such as Yellow Pages
Press releases
Advertorial
Hoardings
Window displays

Verbal/visual
Telemarketing
Networking
Seminars, talks and presentations
Agents
Special events
Charity events
Trade shows
Radio and TV appearances

Internet
Website
Email
Directories
Social media
Blog
Ezine and ebook

Personal
Word of mouth
Referral

Step 6 – Set Goals
Make some estimates of what you want. Make sure they are SMART – specific, measurable, achievable, realistic, timely. Put processes in place to measure how you are doing.

Step 7 – Develop your Budget
If you have been trading for a while, review your accounts to establish how much it has cost you to acquire each client. Then decide on how much each extra client is worth to you and therefore if it is profitable to invest additional resources to gain additional clients.

This is all about running a profitable business – it is no good throwing good money away developing a product or service which is losing money IF you have undertaken all the low cost marketing you can.

20% of your efforts will yield 80% of the results. If one marketing method works for you, do lots more of it. Don’t think ‘Leafleting is my best form of marketing. I’ll just try an advert to see if it’s better’. Only when you have the resources to expend on advertising or capacity to copy with the additional sales should you add another medium.

People buy from people they like, people they trust and who are credible

Saturday Morning Musings

In a week which began with the final of the University of Hertfordshire business awards hosted by Ruth Badger of the Apprentice fame and ended with a fantastic Sports Relief night, the one thing UK enterprise is full of is INNOVATION. 

The four finalists at the UH awards have this in abundance  - an award-winning specialist board for cooking and serving fast-food, an event company offering tailor-made team-building experiences, a training system for helping the mentally ill and a revolutionary, gait imaging system!  All these companies were looking for funding from the four angels who formed the panel.  The winner of the £1,000 award was decided by the audience, largely made up of students and it went to the events company.  I would guess it was because £1,000 would make the most difference to their business. 

For my part, business consulting is all about creativity and innovation - it's more than just the numbers.  How do I help my clients stand out from the crowd in their field of expertise so that there company becomes the leader in their field?