This is the final article in a 6 part series on Cost Effective Small
Business Marketing Strategies. In the previous article, I discussed
Marketing Tactics and Key Marketing Elements. In this article, I will
discuss Important Marketing Plan Elements and Successful Marketing
Attitudes.
Pulling it All Together: Important Marketing Plan Elements
My
article on Writing a Winning Marketing Plan provides you a successful
structure to work with toward achieving a well balanced plan. In this
section I will discuss the important concepts and elements of a
successful Marketing Plan.
-- Develop a Good Meme: A meme is a
simple way to communicate a main idea or theme or benefit of your
business. It is an instantly recognizable transmission of what a company
is all about. It is more than a Logo. A Meme is representation of the
Company Identity (i.e. Logo) and its Key Benefit or Advantage. It can be
a Symbol or Words. Something that not only helps brand a Company's
Identity but helps the audience translate it instantly into the
Company's Chief Benefit or Advantage. Memes are highly effective when
used on Websites, Company letterhead, the back of a Biz Card, brochures,
circulars - in other words, it needs to be in all Your Marketing
materials.
-- Theme: You need a good Theme to go with a Meme, such
as "ABC Biz Success Solutions". I use "Biz Success" as the main theme
for ABC Business Consulting because ultimately that is why clients hire
us. I use this theme in other areas of the business as well, such as:
"ABC Biz Success Guide" or "ABC Biz Success Articles". Both the Meme and
Theme working together effectively identify and brand your business.
They help you standout in a mass of competitors. Memes and Themes are
only effective when they are used prolifically.
Note: Another
reason we chose "ABC" Business Consulting as the company name is the
company will be listed close to first in alphabetical listings and
directories. Choose your Company Name carefully - think it through. It
should say what you do as a business and be easily remembered. We also
chose this name as it would be a good domain name for the website to
effectively compete in one of the most competitive keyword areas. Think
your Company Name, Domain Name, Meme and Theme through carefully - it
can be your most effective marketing element!
-- Branding: An
accepted Brand Name = Credibility. It builds confidence and word of
mouth sales. Credibility and confidence set you apart from the
competitive pack. A good Company Name, Theme and Meme are essential
components of successful Branding. Branding builds familiarity through
repetition. A Brand most importantly builds customer trust. It keeps the
customer and prospect thinking about your company; consistent and
constant awareness of the business and what you stand for. Consistent
Marketing creates and sustains a Brand, especially if done through many
layers and platforms of media.
-- Positioning: This is the goal of
every Marketing Plan, finding that Niche. To come up with your Niche,
you need a good Market Plan Process. As part of that process, you will
analyze your strengths, weaknesses, the competition and the different
Market Trends. The goal is to differentiate yourself enough so your
offering is unique to a niche market with little competition. Your
Market Positioning is the process of differentiating yourself through
location, price, quality, product offering, services, selection,
convenience, promotion and a host of other market positioning
(differentiation) factors. Can you achieve a Niche that has little or no
competition? Probably not but you sure can differentiate yourself. See
how important Positioning is?
All of your Marketing Materials
& Promotions should highlight your differentiation. Give your target
niche a reason to see you differently compared to the competition. Your
Market Positioning is the major key in your Company's success. By
success, I mean high profit margins. Differentiation = Profits.
Note:
Before putting a Marketing Plan into Action, it needs to go through the
Strategic Planning Process to determine what risks are associated with
the Marketing Plan and if those risks have been adequately minimized
through the Positioning Strategy. Strategic Analysis helps you determine
if your Marketing Plan can effectively compete in its Positioning
Strategy, as well as, the other components of a Marketing Plan.
Moreover, a Strategic Plan maps out the Marketing Plan and puts it into
Action with Milestones and checkpoints along the way. Please see my
Article on Strategic Planning for more information on developing a
successful Strategic & Sales Plan.
-- Quality: I have talked a
lot about Quality in this article. Remember, after Confidence, Quality
is the second most reason a prospect considers a particular business.
Quality is what the Customer gets out of the product or service
experience with your Company. Quality is what will separate you from
your competition; it will enhance your viral, word-of-mouth advertising;
and it helps define your positioning niche. Quality and service really
work hand in hand - it's the quality of service which keeps customers
coming back and prospects interested. Your Marketing should reflect
this! Fast service, Cheap Prices and a Wide Selection will not matter,
nor make up for, Poor Quality.
-- Location: Depending on the type
of business you have, Location can be a must and be well advertised and
marketed. Physical location is becoming less important with the reliance
of the internet. Either way, whether you have a location dependent
business or not, it is important to have a strong presence on the Web.
All your Marketing Materials and Programs should be built around a Web
Strategy, and prospects should be able to easily find your business
through the internet. Your website should further instill confidence in
the prospect to visit your business.
-- Referrals: Ask for them
before, during and after the sale, as well as, bi-annually thereafter.
Referrals are your best prospects and are exponential in numbers when a
Referral System is effectively merged with your Marketing Strategy. Have
a Referral Program throughout your company so your Employees will be
incentivized to provide them.
-- Testimonials: One Word, Powerful!
Your Marketing Materials should include testimonials with a picture if
possible. Your website should have video and audio testimonials.
Testimonials will close sales for you. Use them!
-- Credibility:
This should come across all your Marketing Materials. The reason a
prospect buys is because a bond of trust has been built, and credibility
goes a long way toward building that trust. So what makes you credible?
Publicity, Articles, Newsletters, Testimonials, Referrals, Magazine
Ads. Quality, good Service and Consistency go a long way too! Word of
mouth or viral advertising builds bukoo Credibility as well. Being
involved in your Community is an excellent means of building a solid,
credible reputation. The biggest one? Honesty. Be honest with your
customers and your credibility (and sales) will soar!
--
Reputation: Very closely linked to Credibility. A good reputation comes
over time through consistent credibility. One bad experience can
increase twenty fold or more so be sure to have a good Customer Service
Program in place to support your reputation building Marketing Plan. You
earn a good reputation by doing the right things over a long period of
time. A good reputation instills Confidence in the prospect - the number
one reason a prospect turns into a customer. Doing everything right
earns you a good reputation. Not that you have to be perfect - mistakes
will always happen. It is what you do after a mistake happens that
really determines your reputation. The nice thing about Reputation is it
doesn't cost you a dime - just Effort! Effort which needs to be built
company wide, from the Company President down through all the employees.
--
Payment Plans: Payment Plans should be built into your Marketing
Strategy as it removes risk, adds credibility and builds confidence. Use
it and advertise it!
-- Understanding your Competitors: This is a
really crucial component of a Good Marketing Strategy. Knowing what
your Competitors offer; who they target; what their customer experience
is like; and how they operate are really important in segmenting Your
Niche. Learn what they are doing right and differentiate yourself on
where they are failing or lacking. Marketing Segmentation cannot be well
established without knowing your Competitors. The end result of good
Competitive Analysis is establishing Competitive Advantage and carving
out a Market Niche through that advantage. Your profitability hinges on
how well you know your Competitors.
-- Be a Green Company: Being
an environmentally friendly company can buy you earth conscious
customers and support a great cause at the same time. Customers will pay
nearly 40% more to patronize an environment friendly company. However,
it is important to practice what you preach - don't support a cause if
you aren't 100% sold or committed to it.
Successful Marketing Attitudes
Marketing
is the transposition of an attitude which you hope customers want to
jump on and join. Some successful attitude elements to include in your
Marketing efforts:
-- Passion: Passion and belief in yourself,
your business and your products attracts customers. It should be
reflected in all your Marketing materials.
-- Give it Away: Be generous with your knowledge by giving prospects
free information and expert advice. It will come back to you threefold
in publicity and referrals.
-- Be Fast: We are a highly competitive, instantaneous society. You
better be fast in responding to prospects and customers alike because
your competitors sure will be!
-- Clean Company Image: Keep your company looking good; have an
updated website and run a Professional, orderly organization. Attract
instead of detract!
-- Telephone Skills: You and your employees should be happy to hear
from prospects and customers. Be friendly, happy and engaged. They
should feel important.
-- Value Keys:
-- Value is more important than Price.
-- Enhance your perceived value. It is the value that your customer thinks he or she is getting.
-- Offset a prospect's anticipated price with your value offering:
i.e. benefits, quality, presentation, reputation, experience,
credibility, the green factor, etc.
-- Be in Tune with your Customers: Be engaged and sensitive to your
customer's needs as they change over time. Listen to your customers!
They are telling you what your Marketing Strategy should be moving
toward. Be proactive and fix issues before they become major. Be easy to
conduct business with.
-- Be Flexible: Work with your customers and the changing trends.
Meet your customers more than halfway. Understand that flexibility
relates directly to Service, Quality, Price, Value, Selection, Payment
Plans, and Location - all those important Marketing components. Be
flexible to your customers' needs.
And Finally, Understand that Marketing is Psychology
Understand
some customers are Logical and other Emotional. Based on their
psychology, you tailor your presentation and communications. Make it
easy for a prospect to unconsciously buy into your offering. Some like
images, a painted picture. Others like numbers and proof. Some like a
little of both. I like to sell positive benefits that make a prospect
feel good, no matter if he or she is left or right brain dominate.
Remember, passion and belief sells - fill your prospects with
confidence. The confident unconscious state sells the conscious mind way
before the sale occurs. You master this psychological transference in
your Marketing and Sales Program, you will be profitable. Bone up on
your Psychology skills!
