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How to Use Marketing to Grow Your Business in Any Economy

June 4th, 2011 by bstoller

Marketing your small business is very confusing to most small business owners and advertising managers. How much should I spend? WHERE should I spend it? Should I not spend anything and only work on social media? So many questions about the changing face of marketing that many businesses have forgotten that there is more to marketing than simply spending money to attract traffic.

The essence of effective marketing is the ability to attract the customers attention and once having attracted it, to deliver an experience that will assure you that they will come back to repeat it again and again.

From my experience with many business owners, there are many who have simply forgotten this rule. Many believe that simply getting people to their doors is all it takes. The truth of the matter is that you have competitors who DO understand this rule and are probably going to end up with some of your customers at some point.

There's more to marketing than spending money

Unless….

You go back to the principle and and brush up on your business strategy for keeping your most profitable customers and having a process to handle incoming new customers (or potential customers) from your advertising programs.

Too many times I have seen where businesses have the belief that more customers will equal more profit. Some of that time, it is correct. However, if you continually gain more customers only to have them visit you once and never come back, you are probably going backwards.

Your marketing dollars should factor in not just the advertising expense, but also factor in the system to handle new customers.

If you have a hair salon, for example, a first time visitor is probably going to have a lot of questions. Some questions they will ask, but many will be simply questions like, “Do I feel comfortable here?… Are these people going to be able to listen to my hair care wants and desires?” …. and so on.

As a business owner, it is up to you to climb into the mind of your customers and figure out what questions they are going to have during their first visit to your store. You must take care of those questions and concerns or your first time visitor will not be a second time visitor!

Once you have determine the questions and concerns you believe your first time visitors may have, then your second step is to design a system for your business to handle them. Even if your business is typically not a high repeat business, let’s say a real estate business, by taking the time to understand what your customer wants and needs you will have another form of repeat business – referrals.

I hope this makes sense – marketing is not just getting people to your door. It’s the entire system that your business uses to process potential customers without alienating your most profitable ones you already have.

If reading this stimulates a little thought or questions, please visit our Facebook Page, become a fan, and post any questions or ideas you may have that could help others.

Categories : Marketing Strategies
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Marketing Fundamentals for Small Businesses – Your Competitive Advantage

January 10th, 2011 by bstoller

Marketing fundamentals for a small business is no different than a fortune 500 company

One of the most critical parts of any marketing plan is to determine your company’s competitive advantage. Many small business owners simply take the approach of running an ad in the newspaper, radio, or television that merely tells of an upcoming sale or what they have to offer. This is one of the main reasons that most marketing campaigns simply are a waste of your money with very little results.

If you are going to advertise you really need to know where you stand in relation to your competitors. If one of your competitors is selling cars much cheaper than you are, you are not going to be very successful advertising that you are the cheapest in town! Your customers will discover that you are not the cheapest and will probably become more loyal to your competition.

On the other hand, if your competitor sells the same product (cars) cheaper, but makes people “special order” to get the car they want, you now have a competitive advantage. Your dealership has a much larger selection and you carry the various colors that someone can actually drive one home that day without having to wait a week to get the car in. Your people are much better trained and are much more professional than the other guy.

So the real question is, “Why would you advertise price when your competitive advantages revolve around the knowledgeable staff and your wide variety of inventory?”

The business should be advertising their strengths in relation to their competitor. Consumers are not dumb. In fact, consumers are now using much more information to make purchasing decisions than ever before. They may know more about the car that they want than the salesperson!

Another reason to advertise what you are good at is that consumers today are making reviews on everything. For example, if your dealership advertises that they are the lowest price anywhere but your competitor is always $50/month cheaper on the same vehicles, you are probably going to have some reviews that state customers’ dissatisfaction with your promise to them. On the other hand, if you advertise that you have the most professional, knowledgeable helpers with the best selection of vehicles (and it’s true), you will probably receive some good reviews from satisfied customers.

With the explosion of Facebook, more and more people are making comments on everything. You simply must know where you stand in the marketplace and advertise your strengths. If you advertise your competitive advantage, you may actually start getting some help from all the Facebook users who will be telling their friends how happy they are!

So to summarize – do some digging. Ask some people what comes to mind when they think of your business. Ask some current customers and also ask your employees. You may be surprised what you find out. Once you find your competitive advantage, make sure you key your advertising/marketing message around it – you will certainly be more successful!

If you want a free guide to help you with this process, simply click here.

Categories : marketing fundamentals
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Local Internet Marketing For Your Small Business

June 27th, 2010 by bstoller

Local internet marketing for your small business can be a challenge. There are so many different methods today versus just a couple of years ago. Whether you are using radio, television, billboards, newspaper, internet, etc., you still need to abide by marketing fundamentals.

Business owners often hear that they should be “unique” in their marketing. It’s pretty good advice – you need to be able to “stand out” in an often crowded marketplace if you are to grab attention. Being unique can help you craft a marketing message that will gain the notice of more potential customers.

No one questions this theory – I think everyone understands the principle of “being different”. This differentiation between you and your competitors is a marketing fundamental. But how different should you really be???

While being different is good, sometimes business owners will attempt to be a little “too bold” when it comes to differentiation. If you decide to forge a completely different trail, you may be attempting an experiment that your competitors may have already tried and have failed. There must be a balance of “differentiation” rather than just plain taking risks. Your differentiation must be something that can be communicated to your potential customers. If you can’t explain how the differentiation can be of a benefit to your targeted market group, it is probably destined to fail.

For example – let’s say your business has a “unique process” for helping people lose weight. Your potential customers are probably interested in hearing how it works. If it is so unique that it sounds “fishy”, you probably lose them forever. Your differentiation must make sense and it must be able to be communicated easily so that people can understand. If they can picture themselves being helped by your solution vs. your competitors, you have successfully differentiated and will probably gain that customer.
Being noticeably different from the competition can help you attract customers and close sales. But claiming that you have no competition is naive. Comparisons to a known quantity can help prospective customers understand where your product or service fits in the range of solutions they are considering. If they can’t compare it to anything, it’s doubtful that they will be able to see how your offering could work.
Creating the perception that your product or service is one of a kind can help you capture people’s attention and make them remember you. But you have to be able to identify the people you want to reach and communicate how you can be of service in words they can understand.

Categories : marketing fundamentals
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