7 Popular Marketing Techniques For Small Businesses
Before your business starts marketing a product, it helps to create an ideal customer who you want to reach with your promotional materials. Once you have your ideal customer, you have a plethora of techniques to pick from. Most of these are low cost/no cost methods (sometimes called guerrilla marketing) and you may use different ones at different stages of your business cycle, or you may utilize them all at once from your business' inception. We'll look at seven of these techniques in more detail. (Do you have what it takes to work in this fast-paced field? This article will help you determine if marketing is for you.
Hooray for Free Advertising
When you build a business, the first thing you want to secure is a customer base. With a decent printer, an answering machine and an average computer, you can put together a fairly extensive advertising campaign without having to pay for space.
This is the carpet-bombing method of cheap advertising. You find an area that you would like to do business in and you distribute flyers to all the mailboxes within reach. Your flyer should be brief and to the point, highlighting the services you offer and providing contact information. Offering a free appraisal, coupon or discount never hurts.
Most supermarkets, public spaces and malls offer free bulletin board space for announcements and advertisements. This is a hit or miss method, but you should try to make your poster reasonably visible and have removable tabs that the customers can present for a discount. Make each location a different color so that you can get an idea from the tabs where the most leads are being generated. If there is one area that is producing the majority of your leads, you can better target your campaign (flyers, ads in papers catering to those areas, cold calling, etc.)
3. Value Additions
This is one of the most powerful selling points for any product or service. On the surface, value additions are very similar to coupons and free appraisals, but they are aimed at increasing customer satisfaction and widening the gap between you and competition.
Common value additions include guarantees, discounts for repeat customers, point cards and referrals rewards. Often the deciding factor for a person picking between one of two similar shops is whether he or she has a point card or preferred customer card. You don't have to promise the moon to add value; often you just have to state something that the customer may not realize about your product or service. When you are making your advertising materials, the value additions should be highlighted.
Referral networks are invaluable to a business. This does not only mean customer referrals, which are encouraged though discounts or other rewards per referral. This includes business-to-business referrals. If you have ever found yourself saying, "we don't do/sell that here, but X down the street does," you should make certain that you are getting a referral in return.
When dealing with white-collar professions, this network is even stronger. A lawyer refers people to an accountant, an accountant refers people a broker, a financial planner refers people to a real estate agent - in each of these situations, the person stakes his or her professional reputation on the referral. Regardless of your business, make sure you create a referral network that has the same outlook and commitment to quality that you do.
As a final note on referral networks, remember that your competition is not always your enemy. If you are too busy to take a job, throw it their way, most times you will find the favor returned. Besides, it can be bad for your reputation if a customer has to wait too long. (Are your shoulder's wide enough to carry a company's reputation? See The Marketing Director's Pitch.)
Advertising can help you get a job, but what you do after a job...
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