What You Need to Do Before Spending a Penny on Marketing
What You Need to Do Before Spending a Penny on Marketing
Picture a dart board with a bull’s eye in the center. The bull’s eye represents your ideal customer – the one who loves what you offer, buys often, pays your asking price and refers others to your business. Now surrounding the bulls eye are outer circles which are still within the target borders. These are your target customers. They may not be absolutely perfect, but they will buy from you and could well be a referral source. And who knows, you may impress them enough that they become ideal.
The more you research and learn about your ideal customer and target market, the more you’ll know how to create, package and sell your offering successfully. This approach to identifying and understanding your target market is routine for big corporations, so research needs to be part of your routine as well.
The biggest mistake you can make is to assume that just because you are excited about your small business, everyone will want what you have to offer. Actually it works the other way around. First find a need that’s not being filled, then use your skills, talent or passion to fill it. If you’ve been in business for a while and your business is not growing as quickly as you would like, remember the marketplace changes at lightning speed and you may need to periodically realign yourself with your customer’s changing wants.
Once you understand what your customer will pay for, you need to know what similar products or services your competitors are selling successfully and how they’re doing it. They may have developed a successful way to reach your market. Do a Google search for your type of business, then check out competitor’s websites, particularly those that show up at the top of the search list. Note what strikes you as interesting or eye catching. What type of marketing are they doing? This information is priceless, since someone has already done what you’re trying to do. They’ve developed an approach that works.
Next you need to clearly define what truly differentiates your business from the competition. What makes you unique and valuable? This question needs to be answered from Day One. Better price and service don’t count since every business says that, so it carries little meaning. Dig deeper, refer back to your research and find out what will make customers think of you instead of your competition. Armed with the answers to these questions, develop a compelling 30 second "sound byte" that verbalizes your message, your uniqueness, your brand and use it whenever possible.
You may think that in order to market yourself successfully you need a Big Company marketing budget. But actually, many companies allocate their marketing budgets as a percentage of gross sales. So first it’s imperative that you estimate your projected yearly gross sales for the coming year. Then allocate around 5 to 10% of projected gross sales (recommended figures vary) for your marketing budget. Decide what you need to achieve with your marketing this year. For example, how much will be devoted to directly bringing new customers to you and how much for building name recognition? Consider what overall strategies potential customers might respond to. Is it print, radio, direct mail, personal relationships? Develop an overall "best way to approach them" strategy.
Make a list of the ideas that seem interesting. Think carefully about the time and money involved in implementing each. Then choose those that meet the highest criteria for meeting your marketing goals, fitting within your budget and your personal skill set. If you’re a poor writer, writing articles may not be your first choice, but if you’re a techie, marketing on the Internet may be! If a certain approach is essential, don’t eliminate it because it’s not a fit. You might be able to outsource it.
In the future, if you hope to spend less time marketing and more time making money, you need a focused, detailed marketing plan! Most small businesses don’t have one, because they don’t know where to start. Try listing each specific marketing activity you’re committed to implementing in the next six months. Note how you’ll do each, what marketing materials you’ll need, how often you’ll repeat it, how you’ll schedule it and how much it will cost. Check each to make sure it will attract your target market, fulfill your marketing strategy, fit into your marketing budget and your schedule. Then stick to it.
Every month, measure and track results so you can determine what’s working and what your ROI is. Measurement is not difficult and is essential in determining what is bringing in paying customers. If you don’t measure results you’re wasting your money. Measurement is so valuable because it allows you to make course adjustments to your plan to keep it focused and on track.
If you follow these suggestions, and get any necessary outside professional help you need along the way, you will see powerful and profitable results in your small business. Here’s to customers knocking down your door!
What You Need to Do Before Spending a Penny on Marketing - To learn more about this author, visit Janis Pettit's Website.
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Most of us build our small businesses around a basic talent, skill or passion that we assume will easily make us profitable. Yet our surveys show that attracting new customers is the main area where small and solo business owners (SBO’s) say they need help. Whether you’re just starting out or are well established, your challenge is the same as any other business, including the IBM’s of the world—identifying, attracting and keeping customers by getting a strong ROI from your marketing program. It’s imperative that you develop a strategy and plan to make your marketing powerful, affordable and successful. Yet many small businesses I’ve worked with were overwhelmed by the possibilities and were going about marketing in a very haphazard way, making very costly mistakes. Here are some guidelines to get you started.
Picture a dart board with a bull’s eye in the center. The bull’s eye represents your ideal customer – the one who loves what you offer, buys often, pays your asking price and refers others to your business. Now surrounding the bulls eye are outer circles which are still within the target borders. These are your target customers. They may not be absolutely perfect, but they will buy from you and could well be a referral source. And who knows, you may impress them enough that they become ideal.
The more you research and learn about your ideal customer and target market, the more you’ll know how to create, package and sell your offering successfully. This approach to identifying and understanding your target market is routine for big corporations, so research needs to be part of your routine as well.
The biggest mistake you can make is to assume that just because you are excited about your small business, everyone will want what you have to offer. Actually it works the other way around. First find a need that’s not being filled, then use your skills, talent or passion to fill it. If you’ve been in business for a while and your business is not growing as quickly as you would like, remember the marketplace changes at lightning speed and you may need to periodically realign yourself with your customer’s changing wants.
Once you understand what your customer will pay for, you need to know what similar products or services your competitors are selling successfully and how they’re doing it. They may have developed a successful way to reach your market. Do a Google search for your type of business, then check out competitor’s websites, particularly those that show up at the top of the search list. Note what strikes you as interesting or eye catching. What type of marketing are they doing? This information is priceless, since someone has already done what you’re trying to do. They’ve developed an approach that works.
Next you need to clearly define what truly differentiates your business from the competition. What makes you unique and valuable? This question needs to be answered from Day One. Better price and service don’t count since every business says that, so it carries little meaning. Dig deeper, refer back to your research and find out what will make customers think of you instead of your competition. Armed with the answers to these questions, develop a compelling 30 second "sound byte" that verbalizes your message, your uniqueness, your brand and use it whenever possible.
You may think that in order to market yourself successfully you need a Big Company marketing budget. But actually, many companies allocate their marketing budgets as a percentage of gross sales. So first it’s imperative that you estimate your projected yearly gross sales for the coming year. Then allocate around 5 to 10% of projected gross sales (recommended figures vary) for your marketing budget. Decide what you need to achieve with your marketing this year. For example, how much will be devoted to directly bringing new customers to you and how much for building name recognition? Consider what overall strategies potential customers might respond to. Is it print, radio, direct mail, personal relationships? Develop an overall "best way to approach them" strategy.
Make a list of the ideas that seem interesting. Think carefully about the time and money involved in implementing each. Then choose those that meet the highest criteria for meeting your marketing goals, fitting within your budget and your personal skill set. If you’re a poor writer, writing articles may not be your first choice, but if you’re a techie, marketing on the Internet may be! If a certain approach is essential, don’t eliminate it because it’s not a fit. You might be able to outsource it.
In the future, if you hope to spend less time marketing and more time making money, you need a focused, detailed marketing plan! Most small businesses don’t have one, because they don’t know where to start. Try listing each specific marketing activity you’re committed to implementing in the next six months. Note how you’ll do each, what marketing materials you’ll need, how often you’ll repeat it, how you’ll schedule it and how much it will cost. Check each to make sure it will attract your target market, fulfill your marketing strategy, fit into your marketing budget and your schedule. Then stick to it.
Every month, measure and track results so you can determine what’s working and what your ROI is. Measurement is not difficult and is essential in determining what is bringing in paying customers. If you don’t measure results you’re wasting your money. Measurement is so valuable because it allows you to make course adjustments to your plan to keep it focused and on track.
If you follow these suggestions, and get any necessary outside professional help you need along the way, you will see powerful and profitable results in your small business. Here’s to customers knocking down your door!
What You Need to Do Before Spending a Penny on Marketing - To learn more about this author, visit Janis Pettit's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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Joe DagerJoe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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John AlexanderJohn has taught keyword research and SEO skills to small groups of business owners and Webmasters from over 80 different countries world wide since 2002. John is also the Director of Search Engine Academy ; Co-director of Training at Search Engine Workshops offering live, SEO Workshops with his partner SEO educator Robin Nobles, author of the very first comprehensive online search engine marketing courses at SEO Training Online and the SEO Workshop Resource Center. I look forward to hearing from you! - Visit John Alexander's Website |
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