- Bob Martel
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- Bob Martel |
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Direct Marketing | Database Marketing | Copywriting | ||
| Marketing Discipline Required To Grow Your Business The recent "top-of-mind" seminar sponsored by this newspaper offered some terrific insight into the business opportunities for MetroWest businesses, based on the market research information that was shared. The seminar also touched upon some other business building gems for the small business owner. The challenge for small business owners is that they are not a Fortune 500 company and the strategies that the big companies use may seem a bit lofty. After all, these companies have multi-million dollar budgets to "buy" marketshare, right? But reality sets in when you think about these strategies for your business. The good news for small businesses is that you can increase your marketshare (and profits) with an effective, integrated marketing plan. In other words, you need to examine and develop the best media mix for your particular business, and learn how to utilize each medium for specific marketing objectives. This article outlines some of the steps, and also shares some observations from the TOMA seminar. Your mission: create a proven marketing system (a set of on-going programs) to meet your business goals, and watch the revenue take care of itself. Realize, first and foremost, that marketing and advertising are not synonymous. The terms are used interchangeably, as was done at the seminar. Advertising is simply one marketing technique, and it is the primary means of generating a stream of new customers. Advertising is one way to "turn on the customer faucet" for your business - but you have to use this medium properly to realize maximum results. Advertising can be used to build image, generate leads, generate traffic, or communicate a sale. Advertising is a great way to present a front end product or service to new prospects. But it shouldn't be your only marketing method. Now - from the seminar, positioning the value of your business, in the minds of your best prospects, is critical. It's all about building perceived value. You need to understand why people do business with you, why they come back, and why those who leave your business do so. You also need to understand the strengths and weaknesses of your major competitors, as was stated. But this does not mean emulating their marketing strategy, copying their yellow page ad or in any way "being like them". Study their marketing approach, their yellow page ads, their service delivery, and their general advertising. It does mean, however, that you need to create your unique edge - and make sure your customers and prospects know it. Sorry, but "we have great service, quality and pricing" is not a unique positioning statement. Pizza "delivered in 30 minutes" is a good example of a competitive edge that built an empire. Every time that I hear a failing business blame their demise on Wal-Mart or the Mall I just cringe. While the mega-retail conglomerates certainly impact local businesses, the businesses that fail often do so, in part, because of poor marketing. They do little to build a loyal customer base. They take their current customers for granted, spend a small fortune to bring new business in the door, fail to carve out a niche in their industry segment, and they simply do not have a marketing plan that they follow. I've seen too many businesses operate with a "let's see what the day brings" marketing strategy. They open the door, turn on the cash register, wait for the phone to ring and then wonder why the world isn't beating a path to their door for their "mousetrap". Based on the TOMA market research information, and just by looking out your car window, you can see the growth in MetroWest. Lots of new prospects to reach! But how much should you spend in marketing? You can listen to your accountant and "keep your expenses in line with revenue" of the business, or you can be a bit more scientific. You should allocate from 4-8% of your gross revenue goal for the year, and invest it in growing the business. About half of your budget should be invested in your current customers. Seasonal businesses should pre-empt their competition by launching programs early - and throughout the entire year. When it comes to advertising campaigns, as obvious as this might seem, you should have some objectives and, preferably, a method for measuring results. You can build your image - or you can create (and measure) response. In actuality you can do both. Any well written ad should convey a benefit to the reader. Your ad should give the reader a compelling reason to take action (call, visit the website, etc.). Another gem mentioned at the TOMA seminar: Capitalize on the goodwill that you have earned with your customers. More on that in a future article. Next Week: The single most powerful marketing technique on the planet. Bob Martel is a marketing consultant, speaker, and direct marketing copywriter. He can be reached at JMB Marketing by e-mail at bobmartel@jmbmarketing.com, or by calling (508) 481-8383. Copyright © 2005 JMB Marketing Group, All Right Reserved |
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JMB Marketing Group |
Voice (508) 481-8383 |
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