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Notes from 'Big Impact Marketing for Small Business'
These are the notes from our marketing workshop, sponsored by the Fairlawn Area Chamber, which took place on May 24th 2005. They are posted here as a resource at the request of those in attendance.
Helpful Links: Marketing Workshop Press Release Notes from Marketing Workshop The Fairlawn Area Chamber of Commerce
What is marketing?
Marketing is one of the most important activities you can do in your business - it drives sales & sales = money. It is the #1 goal of every for-profit business to make money.
In life, there are many things more important than money: Our families, love, our own personal integrity, and so on. If we said money was the #1 priority in life, we would be living a shallow existence.
But in business, money is the thing.
But there is ONE thing that is right up there with money..PEOPLE. Unfortunately we can lose sight of that sometimes. People like our customers, our employees, our suppliers, dealers, & sales reps.
You might be asking yourself, what does all of this have to do with marketing?
That's my first point:
#1 - Marketing is about people, because business is about people.
Businesses are just groups of people.
Whether you make widgets or provide a service.
Therefore a business transaction can have all the interpersonal dynamics that any encounter between two individual people can have. Including all the various subtleties of positioning, evaluating and judging, trust, loyalty, having a 'connection', things in common, a sense of enjoyment, - even emotional baggage.
Your business has it's own persona - which it constantly radiates - through more channels than you might even be aware of. Some of which you may be paying too little attention to.
That persona is how your prospects and clients see your business, it is your businesses 'identity' in their eyes, and radically effects the way they will do business with you. It determines how they see you, if they are 'put-off' by you or if your business is a 'good-fit', if they think you understand their needs, and will be able to meet their needs, if they can trust you.
Marketing is Your whole business from the customer's point of view
Imagine a lump of clay - that is the customer's mental image of your business. It starts out formless, but they slowly shape it based on the evidence they receive: Your communications materials (ads, stationery website), the way you look and act personally, what they hear about you (or why haven't they ever heard of you), what they read about you, how your people treat them, the quality of your final product, your support before and after sale, etc... Some of these things you have more control over right now than others. Some of them are 'just happening' in your business right now.
What people see, they believe, which is why it is so important to control as many of these things and have them working in your favor as you can.
What is the Goal of marketing?
Goal of business = to make money
Goal of marketing = to make the most money possible by increasing sales
How can you get more sales?
Get new customers
Sell more to existing customers (bigger, additional or more frequent sales).
Takes approx 1/6th the effort/expense.
The task of marketing is like standing on the corner of Market and Main trying to get someone on their way to work to lend you $100.
People are trained to ignore marketing
Did you watch TV last night? Name 5 commercials and their product, name 2.
Who sent you credit card applications in the mail yesterday?
People aren't interested in your marketing or your business
BUT - people pay attention to what they are interested in, and some people are interested in your product.
You have to have a GREAT product.
#2 The Seven 'YOU's
1 You don't really know what you're doing - no one else does either.
- But you CAN find out what works.
- That's why the next items on this list are so important.
- If you realize that you don't know what you're doing, you won't get disappointed fast and quit trying.
2 You must research.
- Talk to your customers and find out why they buy, what they read, what internet sites they visit.
- Talk to lost sales and find out why they didn't buy.
- Ask them how to advertise to them, how to convince them
- Free marketing ideas book Idea 8 - pg 22
3 You must test.
- Since you don't know what you're doing you need to test
- Try different ads
- Try different markets
- Try different colors, layouts, sizes
- Try different offers & approaches
- YOU NEED TO TRACK RESULTS FOR ANY OF THIS TO MATTER.
4 You must be persistent and consistent.
- Doesn't happen overnight
- Requires constant diligence
- Consistency = familiarity
- Familiarity builds trust
5 You don't have to be the cheapest or the best.
- Show of hands for cheapest clothes or best possible clothes.
- We have all bought neither the cheapest nor the best, buying is a more complicated decision than that.
6 It's up to YOU - the team moves at the speed of the leader.
- If it isn't important to you, it isn't important to anyone
- You don't have time, assign a point person
- You also need some professional help
7 What's in it for ME
- Notice: It's not about YOU!
- It has to be customer focused - from the customer's point of view
- They just don't care about your business - why should they?
#3 'Target' your marketing efforts
Where do you start first with your marketing?
The general idea is that you are trying to spend your marketing money and time where it will have the best return.
Start from the inside out
Contacts you already have, people you know, businesses in your building
People in the chamber with you, in the same city.
Start where the money is and work outward
Spend where you will get the greatest return
Existing customers? Even in-store customers?
Well qualified vs less qualified, 'A' customers vs 'B' customers.
#4 Use the internet in your marketing
How can the internet benefit your marketing?
Website tied to offers and ads.
Email contacts / newsletter.
Ability to respond online
Get their email addresses somehow
Client example of switching to internet marketing & saving money.
Q and A about the above material.
Interactive portion
Thoughts for discussion.
I don't have any marketing plan, where do I start?
-
- Reality Check: Where you are, what you're doing, where your competition is, who they are, what your numbers are.
Goals: Where you want to be.
Benefits - competitive advantage(s), your unique benefit
Positioning: 7up vs coke, how will you present yourself? Do you have to compete, or should you differentiate?
Who is your target market(s)
Methods used to reach the target market - strategy.
Budget - how much should I spend?
How can I get more hits on my website?
-
- Promote your site on everything
Tie it to your advertising
Provide real content: information, articles, links, etc...
Search engine optimization
Pay-per-click
Link Building
Email marketing
Use your site: Provide value with a customer center, etc...
I have a referral business, what can I do?
-
- Referral partnerships
ASK for referrals
Reward referrals
Train for referrals
Equip for referrals
How much should I spend on marketing?
-
- How much is a customer worth?
4-5% of gross revenue
Lifetime value of customer
Yearly profit
Acquiring at break even/ loss
Word of mouth gain/loss
What are market channels/segments?
What's important in an ad?
-
- Headline, ad for the ad
Stopping power, get their attention, they're conditioned to ignore
Pulling power, get them to respond
Make product obvious
Make response obvious
Make an offer
WIIFM
