How to Save Thousands on Your Marketing
Marketing can be expensive. It doesn't have to be, but sometimes you will spend more than you should. Usually you'll realise this after you've done it. But here are two tips that can save you thousands of dollars. 1- Make sure you really understand your market and your distribution channels. Sounds simple, doesn't it! For example, one client had developed an information product for small businesses. They had some assistance from another agency to check the market and confirm how they should present the product. Based on that information they printed marketing materials and ramped up to distribute through professional advisors such as accountants. Nine months later they came to me. Nothing was happening. Not one sale. Even worse, their distribution channel was not discussing the product with clients. Why the lack of activity? After a few sessions with my client, and some inexpensive (but very effective) research, we came to understand two things: 1) The target audience of owners of small-medium sized businesses were not interested in using this type of product, even though they needed it. 2) The chosen distribution channel was not well placed to encourage their small business clients to be proactive and use my clients product. Unfortunately, the 'research' conducted by the original agency was flawed. My client was not entirely happy with it at the time, and for good reason. However, based on our fresh insights we developed more suitable approaches for my client to distribute their product. In summary... * Before you spend lots of money (and time) pursuing a particular market segment, developing new products, or simply producing new marketing material, do some homework to ensure you are on the right track. * Get reliable advice from a professional who can explain things without confusing you with jargon. Take a bit of time to really check it out. It's cheaper to do this at the start, rather than after you have invested heavily in it. 2 - Know where to find your customers, and promote your business there. This is another so-obvious factor that is often overlooked. Most businesses want more customers or clients. Sometimes it's tempting to advertise very broadly to improve awareness of your firm. But beware! Who are you really promoting your business to? If you have a close look at whom your customers (or prospects) are, you should be able to narrow down the most suitable ways to promote your business to them. If your customers are other businesses, maybe direct mail would be best, or advertising in a relevant trade publication, or using personal sales visits, or simply by participating in industry events and getting known. If in doubt, ask your clients and prospects where they usually go for information on new vendors. If your customers are from the general public, then it's a bit harder to identify them individually. Print media can often provide great potential to reach prospects, but before you pay big money to advertise in a publication with broad distribution think about how you can narrow down the field. Firstly, are you better considering a media option that is focussed on your target audience? It might cost more in terms of dollars per centimetre of space, but the results may be far higher than with a general-purpose publication. Look for publications that address your audience, and look for suitable sections or features in larger publications. When you do this, be selective, and don't be seduced by claims of large readership or "cheap" advertising offers. Ask for a current reader profile from the publisher. Distinguish 'circulation' from 'readership'. Know who your prospects are and make sure you are reaching them with an appropriate message. Don't forget to look at all your options. For example, have you got your web site functioning properly? Maybe that's a better tool to sharpen than simply reprinting last years brochures. Be open to different ideas. I haven't yet seen a marketing budget that is "big enough", no matter what the actual size. So plan your expenditure carefully. Remember to measure the results of your marketing activities, and over time you can improve your marketing choices. In summary... * Try to be rational in your choice of marketing activities. Your decision to spend money should be based on a sound assessment of your opportunities to get your message to your desired audience. Take time to make the best decision. Sometimes you may want to get an experienced 'external opinion' to help you decide on the most appropriate options. # # # Copyright 2004 Marketing Nous Pty Ltd # # # Stuart Ayling runs Marketing Nous, an Australasian marketing consultancy that specialises in marketing for service businesses. He helps clients to improve their marketing tactics, attract more clients, and increase revenue. For additional marketing resources, including Stuart's popular monthly newsletter, visit his web site at http://www.marketingnous.com.au
Related News
|
 |
|
|
RELATED ARTICLES
Service Marketing - A Relationship Building Approach
Can we imagine a place in the world today without a marketing activity. It looks remote. When we all move from one place to the other, we need an interactive or a Communicative Response System (CRS) to facilitate a marketing activity and enable the market to respond. When this Communicative Response System (CRS) eventually reaches a market, there are buyers and sellers waiting to respond.
Knock, knock. Whos There? Your Target Market, Are You Listening?
Have you ever had a conversation with a person who wasn't listening to anything you said?
To All Internet Marketers - How To Get My Business?
More and more people are realizing that the Internet offers great potential to set up a healthy business for pennies on the dollar. This is good news for internet marketers - but it also means that they need to lift their game.
11 Rock Solid Techniques For Generating Product Ideas Anytime Anywhere!
Whatever business you are in, either online or offline,
you've got to constantly generate business/product ideas.
How to Promote your business website using free online resources.
There are many ways to promote your website for free online. Here are 10 highly effective strategies you can use right now.
Marketing Strategies to Put Yourself Out of Business
Want to learn how to lose a billion dollars?
Direct Mail Marketing Generates Sales Leads: Heres How
1. Personal
Unlike an advertisement in a trade publication, which can be read by anyone, your sales letter arrives at your prospect's place of business as a piece of personal communication from your mind to his. Also, unlike any other medium, direct mail can be personalized (Dear Mr. Smith) and customized to each reader ("As an IT manager, you know that . . ."), showing your prospect that you know about him by name and understand his business in particular.
Database Marketing: Secrets To Skyrocket Your Online Profits Using Database Marketing
What is database marketing?
Down To The Wire
When you want to win and woo new clients with national publicity -- and don't have an enormous budget to distribute your message -- turn to the news wires. But first, be sure you're telling a story that's worth printing.
How to Market and Protect Your New Ideas
The intellectual property transfer market is now estimated to be worth over $100 billion. If you have a new idea, a patent or an invention, you may be able to license it or sell it for millions of dollars. Many Fortune 500 companies are now making their intellectual property available for sale or licensing at new online intellectual-property exchanges. These companies are trying to maximize their return on research and development investment and generate a new source of revenue by licensing their unused and underutilized inventions to others.
How to Take Your Law Firm to the Next Level
How to Take Your Law Firm to the Next Level
Third in a series of three articles
Census Data Mapping for Small Business
When studying the demographics of an area for a business venture or expansion you need to not only understand all the data, but what it means to your individual business model. Census data and Census projection charting for MSDA's has become very accurate over the years. One company that uses ESRI's ARC Info has data, which it sells called Tiger Files (Census Blocks). This is data by 650 household areas. Tiger files are the estimated growth of regression of an area based on the previous trends and generally is fairly accurate out about five years. This is extremely beneficial for business planning. Many things can in fact happen in five years such as BRAC military base closing, large factory closing, natural disaster or new trend impeding the projected trends. Generally however the data is very accurate at 2 to 3 years and pretty accurate at 4 to 5 years out. Since all other government and easy to get demographic data can be pin pointed in an area on a map with boundaries such as:
Contrarian Marketing at Benettons
Perhaps, with apologies to Dale Carnegie, we should call this article: "How to make enemies AND influence people."
Trade Show Promotional Products ? Boosting Booth Traffic
I was about seven or eight years old when I learned the value of promotional items at trade shows. I just didn't know it yet. I was at a home show with my parents. As we walked through the hall it was held in, I noticed people walking around with yardsticks. I really had no need for a yardstick, but seeing them made me want one. So, to make me happy, my parents kept an eye out for the booth passing out the yardsticks. I got my yardstick, and my dad got a deck from the contractor who was passing them out. I use that example to paint a picture that promotional items can and do work at trade shows- although the target audience usually isn't a third-grader with a $10/week allowance!
Top Ten Blunders Exhibitors Make in Expos/Tradeshows
Triple your response from expos by avoiding the top ten blunders at expos.
Turn disappointment into sales success!
The Importance of Interpersonal Communcation Skills
Interpersonal Communications is the transmission of information from one person to another and their understanding of it through the use of common language or symbols. It is a way of interacting and happens always at all times whether you want it to happen or not.
Non-Aggressive Marketing Ideas for Enterpreneurs
Do you cringe at the thought of trying to promote your business ? Does it feel like "selling yourself" or
egotism? Many individuals are not comfortable with marketing dimension of running a business.
Flesh Eating Spiders And Other Marketing Horrors
After a friend was bitten by a spider, I decided to do
some research to find out more about the spider.
T.E.A.M Profit
As you network and meet other business owners,
keep this philosophy in mind:
"Together Everyone Achieves More Profit"
Lead Generation: What Is It worth?
Our business environment has changed dramatically. Companies must now be disciplined and market-driven if they want to stay alive. They must do more - much more - than create a buzz, or have a well-known brand. Just read the papers: the stock and balance sheets of brand names have plummeted faster, in some cases, than the unknown companies.
|
