Business Success Center
Marketing departments and their
by-products are often seen as necessary cost centers. Companies
depend upon them for growth, but the expense of materials and
advertising can be overwhelming. While some expenses will always
be present, you can increase your customer/client base and
build revenue on a tight budget.
Analyze Current Action. You
will be amazed at how much money you can save and make by reviewing
all current marketing activity. Start with an analysis of your
message and materials. What are your employees saying? Do your
correspondences (including e-mail) indicate why your company
is unique and how the customer will benefit? Are you taking
every opportunity to promote your company in a positive manner?
You will be surprised at how brief marketing training and internal
communication can affect the bottom line.
And,
speaking of the bottom line: review all current advertising,
both media and copy. Are you getting the most bang out of
your buck? Are you able to track your success? Do you have
knowledge that your ad will be in the face of your target
market? If not...you need to reconsider your investment.
And, keep in mind that even with a medium that is reaching
your target market...your results are only as good as the
ad itself. Look at your message. Make it clear why someone
should choose your company. Make it easy for them to choose
you and compel them to act. And, don’t forget
to direct them to your Web site to extend the power of your
ad!
Also,
don’t forget to review
your overall marketing budget. Remember Ben Franklin’s
warning, “Beware of little expenses. A small leak will
sink a great ship.” Watch spending excessive dollars
in marketing areas because, “everyone in the industry
does it.”
Remember that not everyone in
the industry makes it!
Free Publicity. Are
you taking every opportunity to gain free exposure? If not,
you should. Local media is seeking news. They are looking for
solid information that affects the community and those within
it! Adding a new service, reaching a milestone, or touching
community members in a unique way are just a few of the reasons
you can submit a press release to local media. Many resources
are available to assist you with this powerful area. And, if
you’re marketing outside of your local area, you are
in luck. Online resources are absolutely wonderful. For example, www.prweb.com is
a site that submits your press releases for free to media professionals
all across the country. Isn’t technology wonderful!
Community Involvement. We
all know that time is limited, but if done wisely, time spent
becoming involved with your community is an investment. Get
out there and attend business groups, civic, and charity functions.
Encourage your employees to do the same. Look at each event
as an opportunity. Set specific goals, (i.e., to meet 5 people
and ensure they know what your business does and its advantage
over others of its kind).
Everyday,
local organizations and non-profits are planning special
events. Are these events reaching your target market? If
so, everyone wins if you get involved! And, it doesn’t mean breaking the bank. Volunteer
your time or your companies’ services to make the event
a success. There is power in partnership!
Current Customers. According
to Guerrilla Marketing Guru Jay Conrad Levinson, it costs six
times as much to sell something to a new customer as it does
to sell the same product to an existing customer. When budgets
are tight, look first to your current customers. Keep current
customer marketing campaigns simple, but powerful. Make it
a primary goal to personally contact and ask your customers
for the sale. E-mail is great and can be quite effective...but
don’t forget about the good old phone! What do you think
would happen if you placed a personal call to your top 20 accounts
and asked if they had any projects within the next 30 days
that you could assist them with?
Keep in mind that your loyal
customers have the power to refer you to others. While you
may want to consider offering incentives for those who provide
referrals, asking is free! A referral plan is a wonderful,
cost-effective way to grow your business!
Resources devoted to marketing
should be seen as an investment. However make wise investments
before letting countless marketing money head out the window.
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