February 27, 2011

Five Marketing Tips Every Business Owner Should Know

So you are thinking about starting a new company, or maybe you own a business already. No doubt you are smart, passionate, and driven (or perhaps just insane but who’s judging) to compete as an entrepreneur in today’s market. However, no matter how wonderful your product or service, if you can’t communicate it effectively to your target audience you will not succeed. That's where your marketing strategy comes into play.

 1)  BE COMPELLING! Offering a free cookie for a $100 purchase is not going to inspire many customers over the age of three. Understand the lifetime value of your customers so you can make the best judgment on what would be the most compelling level of marketing investment. Don’t be too short-sighted and keep your objectives in focus.

2)  TARGET YOUR PROSPECTS! Don't waste time or budget on reaching people who are not likely to buy your product or services. Narrowing your impact will help to increase your return on marketing investment. Be strategic and hit your target. (Hint: Don’t really hit them or they won’t buy from you for sure.)


3)  NETWORKING TO SUCCESS! Networking is one of the best ways to create awareness for your business and connect with those who can help you succeed. There are many ways to network including joining the local Chamber of Commerce, a professional association group, or even the local gym.

4) LEARN WHAT ROI MEANS! A small business cannot afford to spend advertising dollars on brand awareness and future sales. (A smart one can’t anyway.) Design your advertising and marketing efforts to produce an immediate or short-term return on investment (ROI) by including a special time-limited offer and a strong call to action.

5)  KNOW YOUR BRAND! A logo is simply an image that reflects your brand but it is not a brand in itself. Your brand is your value proposition, your customer experience, your company's "story." It is a culture and a mindset that drives all that you do. It is what you stand for, how you speak, and where you are going. Make sure that every point of contact with a prospect or customer is consistent with your brand.