How to Grow Your Small Business Through Profitable Marketing
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The document provides a comprehensive guide on growing a small business through effective marketing strategies, emphasizing that marketing is essential for visibility and sales. Key points include the importance of understanding target markets, utilizing cost-effective methods, and viewing marketing as an investment rather than an expense. It also outlines common pitfalls in marketing and offers practical tips for engaging customers and building brand perception.
How to Grow Your Small Business Through Profitable Marketing
- 1. How to Grow Your Small Business Through Profitable Marketing July 2015 Randye Spina, MBA (203) 559-8838 [email protected] www.myaffordablemarketing.com
- 2. Copyright 2015 Affordable Marketing $olutions You may have the best product or service, but if you're not marketing it no one will ever know
- 3. What exactly is marketing, anyway? Marketing is the complete cycle of bringing a product or service to market. This includes its name, pricing, packaging, sales strategy, target market definition, distribution channels, timing, branding, slogan, logo, font, even how your business phone is answered as well as all other means by which the right market finds out about your product at the right time, with the intention of making a purchase either for the first time or as a repeat buyer. Copyright 2015 Affordable Marketing $olutions
- 4. When should you market? • Conventional small business wisdom says that at least 20% of a business owners’ time should be spent on marketing, but really it should be… • Always about keeping your pipeline full! – Easy to do if you put the right processes in place so that it becomes part of your daily business routine • Make time even when you’re busy because this is when you have the money + good energy to present your business in the very best light Copyright 2015 Affordable Marketing $olutions
- 5. Copyright 2015 Affordable Marketing $olutions Basic marketing “isms” • Marketing is the lifeblood of any business • On average, it costs up to 10x more to acquire a new customer than to keep an existing one – great Retention marketing keeps costs down • Reach vs. Frequency – frequency performs better, only the largest of marketing budgets can afford both – Four $250 ads run consecutively will always outperform a one-time $1000 ad • 80/20 Rule – 80% of your revenue will come from 20% of your customers – This 20% will be your best/most profitable customers over time so have killer customer service • Track everything so you know what worked and what didn’t
- 6. Copyright 2015 Affordable Marketing $olutions Why most business owners fail at marketing • Marketing is not the owner’s expertise • Consider marketing an expense – it’s an investment • Sell features instead of benefits • Don’t do anything to market themselves • Do too much of the wrong things • Don’t know who their target market is or how to reach them • No consistent image or message • One shot deal vs. ongoing efforts
- 7. Copyright 2015 Affordable Marketing $olutions What NOT to do • Nothing • Get stuck in analysis/paralysis – doing SOMETHING is still better than doing nothing perfectly • Have no idea what your competition is doing • Confuse marketing (cohesive strategic activity) with advertising (just one tactical part of your strategy) • Piecemeal efforts vs. having a cohesive plan with a budget (even a small budget is better than nothing) • Fail to ensure your strategy and execution are in synch • Put up a website/create social media accounts then expect them to perform with no additional marketing effort
- 8. Oopsies Copyright 2015 Affordable Marketing $olutions
- 9. Competitive Intelligence? Copyright 2015 Affordable Marketing $olutions
- 10. Missed Opportunity Copyright 2015 Affordable Marketing $olutions
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- 12. Formula for success Marketing Formula: + 60% = list/audience/target market + 30% = messaging/verbiage/promotion + 10% = design/layout/graphics Copyright 2015 Affordable Marketing $olutions
- 13. Target Practice List your best target market segment(s): 1 2 3 What marketing efforts have been done to reach those segments? 1 2 3 Copyright 2015 Affordable Marketing $olutions
- 14. Business vs. Consumer Segments B2B marketing – Has a longer sales cycle – be patient, but persistent – On average it takes 9-10 ‘touches’ before someone makes a purchase decision – Target more than one person/title within a big organization – Time is money – be sure your message is succinct and addresses a benefit that will solve their problem – Uses more formal and factual language B2C marketing – Usually a more emotional sale – On average it takes 3-5 ‘touches’ before someone makes a purchase decision – Good targeting will yield the best results Copyright 2015 Affordable Marketing $olutions
- 15. Strategic Marketing Elements Copyright 2015 Affordable Marketing $olutions
- 16. Copyright 2015 Affordable Marketing $olutions Affordable marketing techniques • Website – A – Run a simple SEO report before you start writing. Integrate your site’s URL in all marketing communications (on- and off-line) to drive traffic to your site. Keep it updated too. Link it to all your social media + blog. • Moz.com – A – Plug in requested information to see where your site should be listed, then complete all the suggestions to ensure your site can be found. • Business Cards – A – Stash them everywhere so you always have them to hand out. Print on the back side – for just 25% more in printing cost you double your space. Use this space to tell your story, or create a checklist for potential clients. • Networking – A – Join networking organizations in your industry/geography and regularly attend the meetings. Offer to volunteer on committees for additional exposure. Create an ‘elevator speech’ and always have plenty of business cards on hand. • Referrals – A – Ask friends, family, clients, colleagues, even neighbors for referrals.
- 17. More affordable marketing techniques • Centers of Influence – A – Develop relationships with people/organizations who can refer business to you on a regular basis. • Pay per click (PPC) – A – Create a Google account and using the best SEO search terms/keywords try PPC with a limited budget to see if it works to create leads/sales. Test different copy/offers. • Alternative Media – A – Consider these other media such as movie screens, diner placemats, shopping carts, billboards, community events, sponsorships, door hangers, inserts, stake signs, outdoor banners, vehicle wraps. • Trade Shows/Conferences – A – Attend using a 1-day pass and network without the high cost of creating a booth or even traveling. Make appointments and schedule meetings while there to make the most of your time. Bring lots of business cards. Copyright 2015 Affordable Marketing $olutions
- 18. Even more affordable marketing techniques • Blog/Post – A – But only if you like to write and can be consistent. Be sure to write relevant material directed at your target market & don’t forget to tag posts. LinkedIn posting is perfect for B2B. • Public Relations – A – Build a list of appropriate newspapers, journals, etc. to send press releases. Make sure the information is newsworthy and relevant to their readership and you have a good chance of it being picked up. Be sure to include full contact information so readers can contact you. Use one of many free online tools to distribute online. This is great for SEO. • Coupons – A/RV – For local businesses this can be a valuable tool – both online & traditional. Be sure to ask for category exclusivity and use expiration dates on the offers. • Phone Message – A/RT – Make sure you have a message on your after hours and voice mail system that plugs your business. A short, simple message that states your company’s name, slogan & any special promotion/new product/service. Remember, for a first- time caller, impressions are everything. Train any staff/service appropriately. You may also want to consider stating your cell number for client emergencies. Copyright 2015 Affordable Marketing $olutions
- 19. Copyright 2015 Affordable Marketing $olutions Front line employees have a bigger impact on brand perception than any amount of marketing spend
- 20. Still more affordable marketing techniques • Direct Mail – A/RT/RV – Includes both letters and postcards. Build your own mailing lists through directories, phone books, networking, internet research, classified ads in trade journals, etc. • Email – RT/RV – Use a legitimate email company. Communicate valuable information for how- to’s, special offers, new products/services, etc. Be aware of frequency and especially subject line. Include links to your site + social media. • Text Messaging – RT/RV – Choose a reputable service that provides all FTC-required legal language. Use in the same way you would email. Great for sales notices, appointment confirmation, events. • Write articles to position yourself as an expert – A/RT/RV – Free to do & easy to submit to online resources, send to local area media outlets. If it is well written & speaks to their readership, there is a high likelihood it will be picked up. • Social Media – A/RT/RV – Only works when it’s a dedicated commitment. Pick two or three that are right for you & get educated on the best use of each one. Copyright 2015 Affordable Marketing $olutions
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- 22. Copyright 2015 Affordable Marketing $olutions And, finally… Keep in mind there are literally thousands of ways to creatively market your business - these are just some of the most popular, more affordable methods. Depending upon the goals you have for your business, your marketing budget, and your area of expertise, strategies may include these as well as any number of other techniques & methods that will help you meet your business goals. No matter what you do, do it properly, professionally & with full intention so that it will be successful.
- 23. Copyright 2015 Affordable Marketing $olutions Points to remember • Marketing is an investment not an expense • Have basic marketing goals to begin and expand as your business grows • Market responsibly – don’t bait & switch, respect opt-outs, etc. • Make use of professional/trade associations – they can be invaluable resources • Subscribe to all relevant industry/trade journals – most are FREE if you qualify (visit www.tradepub.com) • Know your competitors + what they’re doing • Keep abreast of your industry’s news • Every ‘touch’ to your customers is a marketing opportunity – follow up calls, invoices, birthday cards, holiday cards, forward relevant articles, etc. • Save marketing pieces that YOU respond to and mimic them for your own use
- 24. Copyright 2015 Affordable Marketing $olutions Useful Resources • Books – 1001 Ways to Market Yourself and Your Small Business – Lisa Shaw – Affordable Marketing Solutions: Proven Techniques to Profitably Market Your Small Business – Randye Spina - Blue Ocean Strategy – W. Chan Kim & Renee Mauborgne – Guerilla Marketing – Jay Conrad Levinson – Hug Your Customers – Jack Mitchell – Positioning: The Battle For Your Mind – Al Ries and Jack Trout – Small Business Survival Guide – Cliff Ennico – The E Myth – Michael E. Gerber • Associations & Organizations – American Marketing Association – www.marketingpower.com – Better Business Bureau – www.bbb.org – Chambers of Commerce – check your local area directory – Direct Marketing Association – www.the-dma.org – Public Relations Society of America – www.prsa.org – US Postal Service – www.usps.gov • Other – ConstantContact.com – inexpensive & easy to use email software – Free-press-release.com – inexpensive press release wire service – istock.com – royalty-free images – PayPal.com – online payment tools – Square.com – mobile payment tool
- 25. Copyright 2015 Affordable Marketing $olutions Practice Exercise Turn 3 features of your product/service into benefits. For example: Feature = “weighs 14 ounces” vs. Benefit = “lightweight and portable” Feature Benefit 1 ______________________ | ____________________ 2 ______________________| ____________________ 3 ______________________| ____________________ Now that you know the benefits (why people buy) you’re ready to market effectively!
- 26. Ready to get started? Join me on the couch for a Marketing Session For 60 minutes we get on the phone, brainstorm ideas & more. I’ll ask questions, then share best practices, tips, techniques, how-to’s – even pitfalls to avoid – completely customized for your business. $129 – book a session by July 31st and get an extra 30 minutes Copyright 2015 Affordable Marketing $olutions
- 27. Thank you for your time Want a copy of this presentation for reference? [email protected] Copyright 2015 Affordable Marketing $olutions