Eager
to expand your client base and spread the word about your products and
services? Wondering if you should even bother with marketing programs if you
don't have thousands of dollars to spend?
The
answer, of course, is yes. It's financially riskier for a business not to
market. And there are literally hundreds of cost-effective ideas you can use
to increase your revenue. Here are five high-impact marketing approaches
that don't cost a bundle and that can work for virtually every business.
1.
Talk to your clients. It's amazing how much money businesses spend to
gather market information and attract new clients when they have a wealth of
opportunity and information in their existing client base. One of the best
ways to increase revenue is to talk to existing customers. Ideally, this
should be done by someone outside your company so clients are willing to be
honest and open.
Here's
how it works:
1.
Send a letter asking permission to have someone contact them about your
company.
2.
Have the interviewer call and ask value-based questions such as: What
problems were you trying to solve or what challenges were you facing when
you considered the services of Company ABC? How important were Company ABC's
services in solving your problems or addressing your challenges? What did
you value most about this company's work? What other products or services do
you wish they offered that could help you with other business challenges?
3.
After all the interviews have been conducted, compile the information to
discover trends and themes.
4.
Send a thank-you letter to every client who participated. Include key
lessons from the interviews and explain the specific changes you plan to
make to your business based on this information.
The
important part here is to use what you learn. If you don't make changes to
your business, then you've wasted everyone's time. One company that recently
did this tripled its business in one year—the owners learned what people
wanted, how their solution made a difference, how to present it, and how to
price it, and then proceeded to make changes that improved those areas.
2.
Creatively package your marketing campaigns. A postcard is one way to
market your business. But how about putting a small box together with a
fork, knife, spoon and a custom printed napkin that invites your prospect to
"have lunch on us?" Think outside the box, and your marketing
campaigns will have more impact.
And
don't be afraid to see what other people in other industries are doing and
adapt that to your business. Think about the little details that will get
attention. I once did a marketing program to the food industry that had a
brochure vacuum-sealed in the same plastic used to wrap bacon. The same
piece sent to technology companies used static shield envelopes. This
campaign earned 96% recognition when follow-up calls were placed.
3.
Get the word out with publicity. Think you can't do PR or publicity
without employing the services of a high-priced firm? You can! Although a
good firm brings tremendous contacts and experience, most small companies
can do enough PR on their own to spark the public's interest.
4.
Leverage existing relationships. Most people know at least 200 people.
Do the math: If you know 200 people and they each know 200 people, that's
40,000 potential contacts! Spend time developing relationships with the
people you already know—clients, colleagues, people you meet through
professional networking organizations, friends and even family.
Start
by making a list of all the people you know. Next, prioritize your list into
As, Bs and Cs. As are your advocates. These are the people who feel strongly
about you. They're the "cheerleaders" who would refer business to
you right now. Bs could become advocates if they knew more about you, so you
need to spend time with these people to educate them. Cs are those people
you don't communicate with often enough. You may keep them in the loop, but
they need more time and nurturing before they'd refer any business your way.
If there are any names that remain, delete them.
5.
Commit to e-mail marketing. Marketing through e-mail is flexible,
cost-effective, easy to measure (assuming you put the right tracking in
place), and high impact. It allows you to easily drive traffic to your Web
site, reach a broad geographic audience and stay in frequent contact with
your customers and prospects. E-mail marketing allows you to market your
services and establish your expertise with your audience.
Use
it for newsletters, new product announcements or to share your publicity
success—the ideas are endless. But know that this flexibility and
ease-of-use can cause problems. Remember, this is a marketing campaign. So
be sure to think it through, develop an appropriate message, create a piece
that reflects your brand, know your objectives, and make sure the
information is valuable for your market, or people will quickly unsubscribe.