Many businesses think if they can just get their name out there, truckloads of new customers will start flooding in.
It makes sense. I mean, how can people buy your fabulouso products or services if they don’t know you exist?
Yet this idea is a dangerous myth for the small business.
It could send you broke if you’re not careful…
(I’m sure we can all think of a few businesses that had a lot of brand recognition and were quite well known, who recently went broke.)
“Get your name out there” is a good battle-cry for mass media sales reps selling advertising or maybe a large corporate with a huge budget they are keen to spend.
Maybe if you’re Coca-Cola.
But not so good for small businesses.
Here’s why:
In a small business, every dollar needs to count.
The dollars you spend on marketing have to stack up and pull their weight.
You should *know* your advertising is getting you a return.
Questions you should know the answers to:
• How much did you spend in the last year on marketing and advertising?
• How many dollars in sales and profits was generated from this?
I have seen advertising budgets of up to $100,000 in relatively small companies not knowing what results, if any, they were getting - very dangerous.
Before you spend any more of your cold hard cash on sales and marketing, here are some things to keep in mind to ensure your dollars are an investment, not an expense:
Targeting
Aim at your ideal most profitable customers and talk specifically to them. Your “ideal” customer will likely be buying your highest-margin product or service, will repeat buy, doesn’t complain, values your company, and will tell friends about you.
Profiling
Get as many details about your ideal customer as you can including who they are (age, gender, location etc), typical interests, typical concerns they have before buying, what they like about you, etc. This will help you craft irresistible marketing that attracts lots of new business.
Be Different
Be the purple cow; don't be the same as everyone else. Show how you are different from your competitors - the more specific you are, the more you will appeal to those certain customers you’re wanting.
Be Where Your Customers Are - Not Where They Are Not
All your promotions and advertising should be where your customers are. For example, don’t advertise in the local rag if your customers don't read it.
Give A Reason To Buy From You
In all your advertising, include a call to action. Most times you’ll also want to offer a reason to buy from you now eg. a special incentive or deal for a set time period.
Most Importantly - Measure
Be specific about measuring everything you can - dollars spent, number of people your offer was exposed to, how many leads you got, sales produced. The more you measure, the more you can control, the better the results.
And - Face Reality
If your marketing is not working, own it. Try a different approach and if it’s still not working drop it and try something else.
Start including these important principles in your advertising and marketing, and if you get them right month after month, year after year they will *make* you money.
And you won't have to gamble anymore with getting your name out there, wondering, hoping, praying that those dollars will come back to you “one day”… throwing darts in a blizzard.
If you’d like to know more about results-based marketing, contact me and let's catch up for a coffee to chat about how I might be able to help.
It makes sense. I mean, how can people buy your fabulouso products or services if they don’t know you exist?
Yet this idea is a dangerous myth for the small business.
It could send you broke if you’re not careful…
(I’m sure we can all think of a few businesses that had a lot of brand recognition and were quite well known, who recently went broke.)
“Get your name out there” is a good battle-cry for mass media sales reps selling advertising or maybe a large corporate with a huge budget they are keen to spend.
Maybe if you’re Coca-Cola.
But not so good for small businesses.
Here’s why:
In a small business, every dollar needs to count.
The dollars you spend on marketing have to stack up and pull their weight.
You should *know* your advertising is getting you a return.
Questions you should know the answers to:
• How much did you spend in the last year on marketing and advertising?
• How many dollars in sales and profits was generated from this?
I have seen advertising budgets of up to $100,000 in relatively small companies not knowing what results, if any, they were getting - very dangerous.
Before you spend any more of your cold hard cash on sales and marketing, here are some things to keep in mind to ensure your dollars are an investment, not an expense:
Targeting
Aim at your ideal most profitable customers and talk specifically to them. Your “ideal” customer will likely be buying your highest-margin product or service, will repeat buy, doesn’t complain, values your company, and will tell friends about you.
Profiling
Get as many details about your ideal customer as you can including who they are (age, gender, location etc), typical interests, typical concerns they have before buying, what they like about you, etc. This will help you craft irresistible marketing that attracts lots of new business.
Be Different
Be the purple cow; don't be the same as everyone else. Show how you are different from your competitors - the more specific you are, the more you will appeal to those certain customers you’re wanting.
Be Where Your Customers Are - Not Where They Are Not
All your promotions and advertising should be where your customers are. For example, don’t advertise in the local rag if your customers don't read it.
Give A Reason To Buy From You
In all your advertising, include a call to action. Most times you’ll also want to offer a reason to buy from you now eg. a special incentive or deal for a set time period.
Most Importantly - Measure
Be specific about measuring everything you can - dollars spent, number of people your offer was exposed to, how many leads you got, sales produced. The more you measure, the more you can control, the better the results.
And - Face Reality
If your marketing is not working, own it. Try a different approach and if it’s still not working drop it and try something else.
Start including these important principles in your advertising and marketing, and if you get them right month after month, year after year they will *make* you money.
And you won't have to gamble anymore with getting your name out there, wondering, hoping, praying that those dollars will come back to you “one day”… throwing darts in a blizzard.
If you’d like to know more about results-based marketing, contact me and let's catch up for a coffee to chat about how I might be able to help.
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