Marketing Got You Stumped

It's not unusual for entrepreneurs to find the whole idea of marketing intimidating. Even seasoned business owners often feel their marketing efforts aren't working.

Don't let marketing intimidate you. At its core, it's really not much more than common sense - the key elements that form your plan. Add some creativity. This is what you'll use to implement your plan and make it work. That's the basis of marketing. Pretty simple once you break it down.

Let's do a quick overview. There are a few key questions you need to answer upfront.

1. Is there a market for your product/service

If the answer is no, go back to the drawing board. Start over. Because no matter how great you think your product is, if no one needs it/wants it/ buys it, you don't have a business.

2. Can you make a profit

Have you done the number crunching to ensure profitability If not, go back and work your numbers. Figure out what you need to charge to make your profit on each item or service you sell. See what the competition is charging. Be in line but don't necessarily be the cheapest. Your products may command higher fees (better ingredients, exciting packaging, snob appeal). Or you may choose to be the low price leader - but you'll need more volume than you would at the high end. In any event, do your homework.

3. Can you survive

Do you have the resources to see you through until your business starts to show a profit If not, you may need to keep your day job and do this on a part-time basis initially.

Once you've answered these questions, you're ready to proceed.

The Plan

You've determined that you've got a product or service that is marketable. Now you need a plan.

Depending on your budget and/or level of expertise, it can be as simple as a Guerilla Marketing Plan - or a more detailed plan prepared by someone who specializes in this area.

Basically, your plan will cover the following:

- Stating your goal or objectives

- Defining your target market

- An overview of the competition

- Defining your niche or what differentiates you from the competition

- Developing a strategy to achieve your objectives

- Evaluating the various marketing tools and deciding what you will use/ when

- Preparing a time line with goals written in

- Reviewing your budget

A detailed list, elaborating on the above items, can be found at the end of this article. You'll see that most of these questions are really based on common sense, nothing more.

Action

I was going to call this section "The Execution" but decided it had a negative ring to it.

Actually, here's where creativity comes into play. And this is where you may want to call upon an outside resource (or two) to help.

You can't start a business without business cards and stationery (well you can, but don't). If your marketing plan calls for a logo and identity development - and you're not a creative - find yourself a designer. Interview some freelance designers to see if their style fits what you want for your identity - and also if their rates fit your budget. Or you may want to find a design or marketing firm that specializes in working with smaller companies.

A marketing firm will be able to help you with all of your marketing, not just logo design and development, so that may make more sense. Whichever route you decide to take, make sure you're comfortable with the people who will be handling your business. If it doesn't feel right, it isn't. Keep looking. There are lots of firms and freelancers around. Don't settle.

Make sure your logo and business cards really reflect your company's unique identity. The goal is not to look like everyone else.

Promote, Promote, Promote

Networking is probably the entrepreneur's most important marketing tool. So get out there and network. Take your business cards (always!). Join a networking group - or two or three. Join chambers of commerce. Attend events. Look into associations relevant to your industry. Make a list of everywhere your target market might be - and go there.

Where's Your Web Site

Today, most businesses have web sites (mine is coming....). A web site can serve as an online brochure -- a sorry fact for printing companies - a plus for small businesses with limited budgets. It also gives you an unlimited geographic reach and the ability to update 24/7.

If you opt for a web site, make sure it presents the image you want for your company. Unless you're skilled at web design, get yourself a professional to handle this. Nothing will send potential customers running as quickly as a bad web site. Think about what you do when you're on the internet.

Your web site should be:

- Well designed

- Clean and uncluttered (ie. easy on the flash if you must include it)

- User friendly -- easy to navigate, fast to download (not everyone has a dsl line)

- Well written (written for the web, not for print -- and no typos)

- Informative and/or newsworthy

You want visitors to bookmark your site and come back often

- Optimized for search engines

Most of your visitors will come from either search engines or links - your pages need to be planned for search engines to find them.

It may help to put together a list of sites you've visited that you really like. Use these as a blueprint for your own web site, and don't get side- tracked by a lot of irrelevant glitz. In fact, you may want to also compile a list of sites you dislike. Show these to your web developer so she totally understands what you want.

What About Traditional Marketing Material

Brochures

Ideally, it's great to have both printed marketing material and a web site. Your printed brochure is used a "leave behind" or mailer. Take it when you make sales calls or attend events. Mail it out with cover letters to prospective clients. Ask colleagues to distribute them along with their marketing material.

But if you can only do one, opt for the web site. Whatever you do, make sure that everything with your company name on it is well designed and well written.

Direct Mail

Along with networking, direct mail is one of the most effective, affordable marketing tools in the small business marketing toolbox. Not only is it highly targeted, but it's affordable enough to allow for ongoing promotion.

Use direct mail for:

- Introducing new products or services
- Special offers
- Sale announcements
- Drawing traffic to your web site

In addition to traditional direct mail, look into direct e-mailing. Recent studies show that it's about to overtake direct for most U.S. businesses. Newsletters or sales letters, particularly created in html, can be an extremely effective way to keep in touch with existing and/or potential customers. Just be sure to include that "opt out" on the bottom for people who do not want to be on your e-mailing list.

Other Marketing Tools

For reasons of time and brevity, let's just list some other marketing tools you may want to consider as you plan your assault:

- advertising
- public relations
- speaking engagements
- trade shows
- newsletters
- flyers
- premiums
- door hangers

Depending on your product or service, the list is pretty extensive. Fortunately, it's just a buffet from which you can pick and choose.

Evaluate everything and decide what will work best within your budget. Test and test some more. If one tool doesn't work, try something else. And don't expect to get a hit the very first time. You may - you may not.

Like all good things, building (or growing) a business is a process. The dotcom bust should have taught all of us that overnight successes aren't necessarily lasting ones. The goal is to reach your key audience as efficiently and effectively as possible. And to grow a successful (ie. profitable) business.

Copyright © 2002 Rickey Gold and Associates

Rickey Gold and Associates is a small, hands-on marketing communication firm that works closely with clients to identify, reach, entice and sell to their target markets.
https://www.rickeygold.com
rg@rickeygold.com
773.348.4973