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5 Cheap Ways to Market Your Business 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: 1. Send a letter asking
permission to have someone contact them about your company. 2. 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? 3. After all the
interviews have been conducted, compile the information to discover trends
and themes. 4. 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 As, Bs and Cs. 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.
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