Tuesday, January 24, 2012

What do people want, anyway? Ask.


An article in the Wall Street Journal documented the unorthodox way a new CEO of a major company was using to market products – he actually asked customers what they wanted, and gave it to them.  It seems like such a simple, and obvious, technique that one wonders why others haven’t thought of it.  Well, actually, many others have.  The trouble is that too few businesses put it into practice.

Marketing is the product!  The other aspects – sales, price, promotion, location – are all driven by the product.  The most successful businesses strive to identify what’s missing, or what can solve an issue, or something that’s an improvement on the competition’s offering.  Then they develop products that will meet those needs.  The other aspects of marketing are then employed to sell the product.  The best advertising in the world won’t sell a dud of a product for very long.

Do you offer a service?  What kind of service – within the context of your experience and skills – do your prospects need?  Once identified, make that aspect of service the centerpiece of your business.  You can still do the other things if the opportunity presents itself.  But use your centerpiece to prioritize your sales and promotion activities. 

How do you find out what your customers want or need?  Ask.  Do primary research if you can afford it.  Conduct secondary research by reading the results of other surveys, using Internet searches, and keeping abreast of demographics, trends, etc. in your targeted market.  And, last but not least, use guerrilla market research.  Ask people at random.  Ask your current customers.  Seek feedback.  Strike up conversations with likely looking strangers. 

There are many ways to conduct research – some scientifically valid and some not – that can help you make sure your product or service is the one you need for success.  The important thing, however, is to ask, and to keep asking.

Saturday, January 21, 2012

Low-cost Marketing Ideas for a New Business


If you have little or no money for marketing, consider using a mixture of old-fashioned, low-cost resources.  Comprehensive marketing strategy means a marketing strategy that employs more than one means to reach a prospective customer base.  The application of a variety of low-cost strategies can spell success for any business – especially if you are just starting out. 

When beginning a new business from scratch, one thing you have plenty of is time.  After all, you are not busy taking care of client business.  So, finding clients IS your business.  The following low-tech, low cost methods have proven successful for others, and can work for you.  Here they are: 

1.    Telephone
Get lists or directories of clubs or organizations whose members are your best prospects and start dialing!  What do you want?  A few minutes to meet with them, learn about their needs in your area of expertise, and perhaps tell them about you and your business.  And don’t stop until you have reached a pre-determined quota of calls.  This is hard, I know.  But it’s the most effective way to get in those doors.
2.    Mail
Print up a bunch of announcement postcards and send them to all the prospects on your list.  Postcards are cheap and easy to read.  If you do have a few bucks, have them professionally designed.  If not, work with your printer to create a simple message and a clean design.  Be sure to include your address, phone number, e-mail and, if you have one, web site addresses.  Don’t forget to mention what you do.
3.    Drop-in visits
Take your extra postcards, pick a neighborhood, office building, etc., where prospective clients do business, and just drop in.  If no one has time to talk with you, leave the postcard.  Pick a time of day when your prospects are less likely to be swamped, and don’t stay long if he/she seems disinclined to have a conversation. 
4.    Volunteer to give talks on your areas of expertise
“No audience too small” should be your motto, as long as it is within your target market. 

Even with little or no resources, it’s still possible to market effectively and build a successful business.  Good marketing takes time and persistence – as well as a variety of techniques.  

Wednesday, January 18, 2012

Effective Networking

You attend all the local Chamber of Commerce meetings and events.  You attend local charity events.  You spend company money to pay for membership in your local country club. In short, you wear yourself out making yourself personally visible in the interest of expanding your business.  So, how much business are you getting as a result of all this activity – and money?

Well, it probably depends on how well you network.  Do you spend time at these events visiting with the people you already know?  If they are your customers and you are solidifying the relationship, fine.  But if you are simply socializing, you probably should not consider this a business activity.

How can you maximize your business results at social occasions?  How can you maximize the investment in local clubs and organizations?  Here are a few ideas:

·         Go beyond your comfort level.  Seek out people you don’t know and introduce yourself.
·         If you belong to a country club, attend special club events and – again – introduce yourself to people you don’t know.
·         Set goals for an event – such as meeting at least two new people and exchanging business cards.
·         Follow up.  Once you’re back at the office with those new contacts and/or business cards, call the ones who seem like good prospects and schedule a “get better acquainted” meeting.  Or send a note with a little information about what you do.  Don’t forget to follow-up on that note with a phone call. 
·         Add likely prospects to your mailing list.  Create an e-mail distribution list and send occasional up-dates on your area of expertise.  Keep the up-dates short and simple, and don’t forget to include an “opt-out” paragraph for those who do not wish to hear from you.
·         If you have employees who attend events on your behalf, discuss strategy and set goals for the event beforehand.  Who might they meet?  Then debrief the following day. 
·         If you buy tables at special events, invite clients and/or prospective clients to be your guests at those tables.  Don’t fill them with staff members who are likely to talk among themselves and leave the event without having met anyone new.

Don’t let those networking opportunities go to waste.  Your time is valuable.  Consider attendance at public functions an integral part of your overall marketing strategy and use it to your advantage.