Think you can't afford to implement any effective marketing
tactics? Think again. Here are five ways to make a splash on
a shoestring budget.
Eager to expand your client base and spread the word about
your products and services? Wondering if you should even bother
with marketing programs if you don't have thousands of dollars
to spend?
The answer, of course, is yes. It's financially riskier for
a business not to market. And there are literally hundreds
of cost-effective ideas you can use to increase your revenue.
Here are five high-impact marketing approaches that don't cost
a bundle and that can work for virtually every business.
1.
Talk to your clients
It's amazing
how much money businesses spend to gather market information
and attract new clients when they have a wealth of opportunity
and information in their existing client base. One of
the
best ways to increase revenue is to talk to existing
customers. Ideally, this should be done by someone outside
your company
so clients are willing to be honest and open.
When you assess perceptions, you don't need
to talk to hundreds of individuals; simply choose 5 to ten
clients and contact them to ask if they'd participate in a
phone interview. Here's how it works:
- Send a letter asking permission
to have someone contact them about your company.
- Have the interviewer call and
ask value-based questions such as:
- What problems were you trying to solve or what
challenges were you facing when you considered the
services of Company
ABC?
- How important were Company ABC's services in solving
your problems or addressing your challenges?
- What did you value most about this company's work?
- What other products or services do you wish they
offered that could help you with other business challenges?
- After all the interviews have
been conducted, compile the information to discover trends
and themes.
- Send a thank-you letter to every
client who participated. Include key lessons from the
interviews and explain the specific changes you plan
to make to your business based on this information.
The important part here is to use what you
learn. If you don't make changes to your business, then you've
wasted everyone's
time. One company that recently did this tripled its business
in one year—the owners learned what people wanted,
how their solution made a difference, how to present it,
and how to price it, and then proceeded to make changes
that improved those areas.
*Keys
to success: The
conversation with your customers is just that, a conversation.
Don't fire questions at them; instead, have the interviewer
engage in a conversation and gather as much valuable
data as you can. Remember, it's not about how satisfied
they
are—it's about how much they valued your product
or service.
2.
Creatively package your marketing campaigns
A postcard is one way to market your
business. But how about putting a small box together
with a fork, knife, spoon and a custom printed napkin that
invites
your prospect to "have lunch on us?" Think
outside the box, and your marketing campaigns will have
more impact.
And don't be afraid to see what other people
in other industries are doing and adapt that to your business.
Think about the little details that will get attention. I
once did a marketing program to the food industry that had
a brochure vacuum-sealed in the same plastic used to wrap
bacon. The same piece sent to technology companies used static
shield envelopes. This campaign earned 96% recognition when
follow-up calls were placed.
*Keys
to success: Set a clear objective for
your marketing campaign, and identify how you'll measure
its success. Then follow up to measure the results and
adjust the program if necessary.
3.
Get the word out with publicity
Think you can't do PR or publicity without employing the services
of a high-priced firm? You can! Although a good firm brings
tremendous contacts and experience, most small companies can
do enough PR on their own to spark the public's interest. One
great resource for the media unsavvy comes from Shock PR, a
Holliston, Massachusetts-based public relations firm. Their
product, PR in a Box, delivers templates, tips and step-by-step
instructions on how to prepare releases and pitch stories that
will intrigue the media.
Keys to success: In one word, leverage. Though it does happen,
don't expect one story placement to generate thousands in revenue.
Your success depends on leveraging each press release, each
article and each published mention. Put it all on your Web
site: Create a news page and add a What's New area on your
home page. Add it to your marketing kit and send the piece
to clients, colleagues and professional organizations. Include
a note in your newsletter that says 'Recently Seen In...' And
remember: PR is more cost-effective and more credible than
advertising.
4.
Leverage existing relationships
Most people know at least 200 people.
Do the math: If you know 200 people and they each know 200
people, that's 40,000
potential contacts! Spend time developing relationships with
the people you already know—clients, colleagues, people
you meet through professional networking organizations, friends
and even family.
Start by making a list of all the people
you know. Next, prioritize your list into A's, B's and C's.
As are your advocates. These
are the people who feel strongly about you. They're the "cheerleaders" who
would refer business to you right now. Bs could become advocates
if they knew more about you, so you need to spend time with
these people to educate them. Cs are those people you don't
communicate with often enough. You may keep them in the loop,
but they need more time and nurturing before they'd refer any
business your way. If there are any names that remain, delete
them.
Keys to success: Educate, don't sell. The key here is to build
relationships. These develop over time as you create credibility
and trust. To be truly effective, you must always be on the
lookout for ways you can help your network. Start from the
perspective of giving more than you ask, and your network will
become your most valuable marketing tool.
5.
Commit to e-mail marketing
Marketing through e-mail is flexible, cost-effective, easy
to measure (assuming you put the right tracking in place),
and high impact. It allows you to easily drive traffic to your
Web site, reach a broad geographic audience and stay in frequent
contact with your customers and prospects. E-mail marketing
allows you to market your services and establish your expertise
with your audience.
Use it for newsletters, new product
announcements or to share your publicity success—the
ideas are endless. But know that this flexibility and ease-of-use
can cause problems. Remember, this is a marketing campaign.
So be sure to think it through,
develop an appropriate message, create a piece that reflects
your brand, know your objectives, and make sure the information
is valuable for your market, or people will quickly unsubscribe.
*Keys
to success: Don't be seen as a "spammer"!
Send e-mail only to those people who have given permission.
When someone asks to be removed, respond immediately.
Susan LaPlante-Dube is president of
Precision Marketing Group in Upton, Massachusetts, where
she focuses on creating customized marketing solutions
that deliver solid business results for organizations ranging
from solo practitioners to Fortune 500 companies. To sign
up for Susan's "Matters of Marketing " newsletter,
or to learn more, visit www.precisionmarketinggroup.com
