Five years ago, did you see this economic recession coming? Perhaps, you did to a lesser extent, but you didn't really think it was going to be this bad, right? With that said, companies have to gain leverage and position themselves to their markets by becoming the number one choice to consumers through cost effective marketing.
However, with traditional advertising costs through the roof, companies need to find more effective ways to target their markets, specifically through online media outlets - public relations, banner advertising, SEO, blogging, and branding.
Here some low cost ways of effective advertising:
1. Research and understand the goals, values, and behaviors of your market. Once you have a thorough understanding of your market, you will know how to deliver messages effectively.
2. If you decide to hire an agency to manage your advertising, make sure you are the only account they are managing in your market. If the company manages any competitors, look elsewhere.
3. Tell your market what your USP is and why you are better than all the rest of your competition. A USP is the Unique Selling Proposition, the one element that makes your business better than everyone else's business (superior customer service, late hours, 24 hour customer service, best prices, or highest quality).
4. Use the right places to advertise online. There is nothing worse then placing an advertisement in a food e-magazine (that has little or no relevance to your market) when you are trying to sell cosmetics, which should be placed in a fashion e-magazine or some other complementary publication.
5. Create an irresistible offer. You want to attract prospects and make them contact you immediately. Offer a discount for first time buyers; offer an introductory period, or a gift that has a high perceived value.
6. Diversify your marketing efforts. Use online advertising, blogging, social media marketing with branding and public relations to get the best results. You should also determine where your marketing dollars are generating the best ROI to prevent careless spending.
Tuesday, November 10, 2009
9 Highly Effective Marketing Tips
Here are nine low-cost but highly effective marketing tips to help you boost your sales and profits fast.
Tip 1: Look for some low-cost ways you can enhance the perceived value of your product or service. Then test raising your price. Don't be surprised if both your sales and your profit margin go up.
Tip 2: Try to limit your customer's decision making to either "Yes. I'll buy." or "No. I won't buy". Don't risk losing them by including "which one" decisions. The more options you offer, the more likely some customers will procrastinate and never make the decision ...causing you to lose a sale needlessly.
Tip 3: You can demonstrate a low cost for your product or service by breaking down the price to its lowest time increment. For example, "Enjoy all of this for less than 90 cents a day" (for something priced at $325 a year).
Tip 4: Add an unexpected bonus to every sales transaction just before completing the sale. It prevents customers from developing any last minute hesitation ..and changing their minds about buying.
Tip 5: Print your best small ad on a postcard and mail it to prospects in your targeted market. Postcards are inexpensive and easy to use. Most recipients who ignore other types of advertising will read a brief ad when it's delivered to them on a postcard.
Tip 6: Prospects who ask questions are usually close to buying. Take advantage of this. Don't just answer their question. Include a reason for them to buy as part of your answer. Then ask for the sale ...or tell them exactly what to do to place their order.
Tip 7: Collect testimonials from your customers and use them in all your advertising. Testimonials provide evidence that your product or service delivers the results you promise. For maximum impact, use only testimonials that describe specific results the customer enjoyed.
Tip 8: Include "benefit rich" headlines on all your web pages. Many visitors arrive at a web page then immediately click away ...unless something instantly catches their attention.
Tip 9: Continually test and evaluate everything you use or do to promote your business. Allocate 80 percent of your advertising budget to proven promotions. Use the other 20 percent for testing new variations. Most businesses using this system continue growing - even in highly competitive markets.
Bonus Tip: Handle customer complaints quickly and with a positive attitude. Strive to preserve your relationship with them instead of your immediate profit from the transaction.
They will reward you with repeat sales and referrals ..instead of punishing you by telling everybody they know about their unhappy experience and causing you to lose future customers.
Each of these marketing tips provides a simple, low-cost way for you to boost your sales and profits quickly. All you have to do is to put them into action.
Copyright Bob Leduc All Rights Reserved
Bob Leduc spent 20 years helping businesses like yours find new customers and increase sales. He just released a New Edition of his manual, How To Build Your Small Business Fast With Simple Postcards and launched *BizTips from Bob*, a newsletter to help small businesses grow and prosper. Visit his web site at http://BobLeduc.com or call: 702-658-1707 after 10 AM Pacific Time/Las Vegas, NV.
Tip 1: Look for some low-cost ways you can enhance the perceived value of your product or service. Then test raising your price. Don't be surprised if both your sales and your profit margin go up.
Tip 2: Try to limit your customer's decision making to either "Yes. I'll buy." or "No. I won't buy". Don't risk losing them by including "which one" decisions. The more options you offer, the more likely some customers will procrastinate and never make the decision ...causing you to lose a sale needlessly.
Tip 3: You can demonstrate a low cost for your product or service by breaking down the price to its lowest time increment. For example, "Enjoy all of this for less than 90 cents a day" (for something priced at $325 a year).
Tip 4: Add an unexpected bonus to every sales transaction just before completing the sale. It prevents customers from developing any last minute hesitation ..and changing their minds about buying.
Tip 5: Print your best small ad on a postcard and mail it to prospects in your targeted market. Postcards are inexpensive and easy to use. Most recipients who ignore other types of advertising will read a brief ad when it's delivered to them on a postcard.
Tip 6: Prospects who ask questions are usually close to buying. Take advantage of this. Don't just answer their question. Include a reason for them to buy as part of your answer. Then ask for the sale ...or tell them exactly what to do to place their order.
Tip 7: Collect testimonials from your customers and use them in all your advertising. Testimonials provide evidence that your product or service delivers the results you promise. For maximum impact, use only testimonials that describe specific results the customer enjoyed.
Tip 8: Include "benefit rich" headlines on all your web pages. Many visitors arrive at a web page then immediately click away ...unless something instantly catches their attention.
Tip 9: Continually test and evaluate everything you use or do to promote your business. Allocate 80 percent of your advertising budget to proven promotions. Use the other 20 percent for testing new variations. Most businesses using this system continue growing - even in highly competitive markets.
Bonus Tip: Handle customer complaints quickly and with a positive attitude. Strive to preserve your relationship with them instead of your immediate profit from the transaction.
They will reward you with repeat sales and referrals ..instead of punishing you by telling everybody they know about their unhappy experience and causing you to lose future customers.
Each of these marketing tips provides a simple, low-cost way for you to boost your sales and profits quickly. All you have to do is to put them into action.
Copyright Bob Leduc All Rights Reserved
Bob Leduc spent 20 years helping businesses like yours find new customers and increase sales. He just released a New Edition of his manual, How To Build Your Small Business Fast With Simple Postcards and launched *BizTips from Bob*, a newsletter to help small businesses grow and prosper. Visit his web site at http://BobLeduc.com or call: 702-658-1707 after 10 AM Pacific Time/Las Vegas, NV.
Build a Cost-Effective Marketing Budget for Your Small Business
Too many small business owners look at their marketing budgets as just conglomerations of expenses. Marketing isn’t an expense for a small business. Not really. It’s an investment because your small business will fail unless you get the word out to your customers. However, you want to do that in the most cost-effective way as possible.
You don’t want to use a shotgun approach and hope something hits the target. Small businesses often do this and spend a lot of money on marketing with very little return. Instead, you want to target your marketing, utilize smart marketing campaigns and strategies that are low or no cost, stretch every marketing dollar as far as possible.
Use Free Publicity
Publicity costs nothing and it builds awareness of your business. If you use publicity correctly, it can also build points for you within your community. Sponsor a community activity that is somehow tied in with your business.
When something new crops up within your business such as the release of a new product or service or a different use for an existing one, issue a press release. Your local newspaper will likely be glad to run it. Include it on your website. Sponsor a customer appreciation day. Do a customer survey. Newspapers love surveys and will likely publish your results.
Create Partnerships With Other Organizations
Small businesses with low or non-existent marketing budgets can organize a partnership and pool their marketing budgets to make good things happen. Perhaps a small business would like to hold a conference to increase the visibility of their firm and draw advertisers. But, one small business would probably not have the marketing budget necessary to finance such a conference.
If several complementary small businesses got together, then they might be able to manage the costs of the conference and draw advertisers to the conference. It would be a win-win situation for everyone.
Outsource it When you Can’t do it Yourself
If you have a small staff and you’re only experienced at certain things, then outsource those things with which you need help. Aren’t good with numbers? Hire an accountant. Can’t set up a computer network? Hire a computer expert? Can’t write? Hire a writer to write your press pieces and do your blogging.
This may sound expensive on the face of it but think of the alternative. If you staff up to employ people with these skills, not only will you be paying professional full-time salaries, you’ll be paying benefits. It’s much cheaper to outsource and pay on a freelance basis.
Join Local Clubs and Organizations
As a business person in a community, it is important to be visible, particularly if your business has a storefront in the community and is not entirely online. Join the local Kiwanis Club and the local Rotary Club and any other service clubs that exist in your community.
A must-join is the local Chamber of Commerce. Such service clubs are always looking for speakers for their meetings and you are going to be an expert in whatever product or service you sell. Not only will this be a great networking opportunity, but you may be called on to speak which will really increase the visibility of your business.
Build a Website for Your Business
Every business must have a website. A website domain can be bought for cheap and, if you can’t build it and maintain it yourself, outsource it. A presence on the web is a very cost-effective way of letting people know about your business even if your business is mostly a storefront operation. You can publish a newsletter about your business on the web virtually for free and create articles about your business to publish there.
Engage in Frequent Communication With Your Customers
The importance of communication with your customers is at an all-time high. Your customers are in a belt-tightening mind-set. Items that were once considered necessities may now be considered luxuries. You cannot effectively market your product or service unless you know how your customers think about what you have to offer.
For example, what about the business of a small spa that offers whirlpool baths and massages? Usually, such services are looking on as luxuries and, on the face of it, one would think that would certainly be true if customers are cutting back on their spending. But, think about it again. Maybe customers need those services more than ever for stress relief. Doctors even prescribe such services for stress management.
You need to do a survey to find out what your customers think so you can plan for the future financially. Perhaps writing a letter to each customer asking what they need would be a good strategy.
Network and Network Some More
The fact of the matter is that people like to do business with people they know. That’s even true in the online world where everyone uses Facebook and Twitter. Use your organizational contacts and partnerships to network. However, there is one thing about networking. It takes time. It takes considerable time. But, it’s worth it. Figure out where to spend your time networking. Don’t network where it isn’t paying off.
Follow some of these tips and you will build a cost-effective marketing budget in no time.
Tips for Affordable Marketing
By Rosemary Peavler, About.com
You don’t want to use a shotgun approach and hope something hits the target. Small businesses often do this and spend a lot of money on marketing with very little return. Instead, you want to target your marketing, utilize smart marketing campaigns and strategies that are low or no cost, stretch every marketing dollar as far as possible.
Use Free Publicity
Publicity costs nothing and it builds awareness of your business. If you use publicity correctly, it can also build points for you within your community. Sponsor a community activity that is somehow tied in with your business.
When something new crops up within your business such as the release of a new product or service or a different use for an existing one, issue a press release. Your local newspaper will likely be glad to run it. Include it on your website. Sponsor a customer appreciation day. Do a customer survey. Newspapers love surveys and will likely publish your results.
Create Partnerships With Other Organizations
Small businesses with low or non-existent marketing budgets can organize a partnership and pool their marketing budgets to make good things happen. Perhaps a small business would like to hold a conference to increase the visibility of their firm and draw advertisers. But, one small business would probably not have the marketing budget necessary to finance such a conference.
If several complementary small businesses got together, then they might be able to manage the costs of the conference and draw advertisers to the conference. It would be a win-win situation for everyone.
Outsource it When you Can’t do it Yourself
If you have a small staff and you’re only experienced at certain things, then outsource those things with which you need help. Aren’t good with numbers? Hire an accountant. Can’t set up a computer network? Hire a computer expert? Can’t write? Hire a writer to write your press pieces and do your blogging.
This may sound expensive on the face of it but think of the alternative. If you staff up to employ people with these skills, not only will you be paying professional full-time salaries, you’ll be paying benefits. It’s much cheaper to outsource and pay on a freelance basis.
Join Local Clubs and Organizations
As a business person in a community, it is important to be visible, particularly if your business has a storefront in the community and is not entirely online. Join the local Kiwanis Club and the local Rotary Club and any other service clubs that exist in your community.
A must-join is the local Chamber of Commerce. Such service clubs are always looking for speakers for their meetings and you are going to be an expert in whatever product or service you sell. Not only will this be a great networking opportunity, but you may be called on to speak which will really increase the visibility of your business.
Build a Website for Your Business
Every business must have a website. A website domain can be bought for cheap and, if you can’t build it and maintain it yourself, outsource it. A presence on the web is a very cost-effective way of letting people know about your business even if your business is mostly a storefront operation. You can publish a newsletter about your business on the web virtually for free and create articles about your business to publish there.
Engage in Frequent Communication With Your Customers
The importance of communication with your customers is at an all-time high. Your customers are in a belt-tightening mind-set. Items that were once considered necessities may now be considered luxuries. You cannot effectively market your product or service unless you know how your customers think about what you have to offer.
For example, what about the business of a small spa that offers whirlpool baths and massages? Usually, such services are looking on as luxuries and, on the face of it, one would think that would certainly be true if customers are cutting back on their spending. But, think about it again. Maybe customers need those services more than ever for stress relief. Doctors even prescribe such services for stress management.
You need to do a survey to find out what your customers think so you can plan for the future financially. Perhaps writing a letter to each customer asking what they need would be a good strategy.
Network and Network Some More
The fact of the matter is that people like to do business with people they know. That’s even true in the online world where everyone uses Facebook and Twitter. Use your organizational contacts and partnerships to network. However, there is one thing about networking. It takes time. It takes considerable time. But, it’s worth it. Figure out where to spend your time networking. Don’t network where it isn’t paying off.
Follow some of these tips and you will build a cost-effective marketing budget in no time.
Tips for Affordable Marketing
By Rosemary Peavler, About.com
Tuesday, June 23, 2009
Using websites to Maximise Business Profit
Are you a business owner interested in growing your business?
Greg Smith, CEO of Lifestyle Money (www.lifestylemoney.com.au) was recently asked for ways in which to grow small businesses, particularly how small businesses can use their website to maximise business profits.
Greg advised "While a presence on the web is pretty much a necessity for any business these days, it may not need to be your major focus.
"First of all, you need to determine who your major customers are and how they prefer to buy your product. How you set up and use your website will be determined by whether you're going to deal directly with the public."
Greg stated "One of the temptations of the Net is to spend a lot of time and money building an elaborate website. Forget it! You can set up a nice site for less than $1000. "I hate to disappoint, but the chances of someone seeing your site without you promoting it heavily (and spending a lot of money on search engines and online advertising) is extremely low, especially from overseas, because your site is just one of 4.2 billion web pages. The web's a powerful marketing and sales tool, but if your business is primarily for Australians then forget the extra bells and whistles.
"Make your website simple to navigate, keep it updated and highlight the people who matter. This way you won't waste time and money trying to maintain a website few people will see.
"The web is just another tool you need to use wisely."
You should ensure your website is simple to navigate, updated and relevant to the people who matter. Contact your accountant if you require any clarification or advice.
By Justine
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