Tools have changed, but selling basics are the same
Whether your business is a startup, perhaps a fledgling business that hasn't quite reached the startup stage or an existing business hungry to grow, the good news is that the basics of starting and growing a business haven't really changed.
The marketing and sales tools certainly are different - creative emails are quicker and less costly than traditional direct mail, for example - but the essentials remain unchanged:
Whatever product or service you sell - or hope to sell - someone must want to buy it. And you need to know who those someone's are, where they are and how best to reach them with a motivating message.
Those basics haven't changed since my first marketing class. In fact, how well you know and understand your market is the ultimate key to your success.
If yours is an existing business planning to grow, you likely have at least a partial answer to the who-will-buy question. But convincing existing customers to buy two widgets rather than one, or pay more for your sage advice, can be tricky.
Funding your growth may be a bit tricky, too. Potential financers want information before they will write a check.
I'm not a big believer in written business plans, but bankers and investors are: They will want to see your plans before making money available. They must be sold. Talk to potential backers early on; they often have some good ideas.
Once you have your financing, it's time to get serious about selling and marketing. You need to know how to reach a greater number of prospects. That need hasn't changed over the years, but the tools available have.
Bring your advisory board into the process. Talk to your accounting people. Get advice from beyond your inside marketing team, though don't exclude them. Bring the local Small Business Development Center into the process.
Check out the growing number of business accelerators in the suburbs.
The trick is matching new technologies with customers:
• Most seniors, for example, are computer literate, yet many still prefer to hold paper in their hands - especially if they're being asked to spend money. Does that mean traditional direct mail rather than e-blasts? Maybe. Newspaper and local magazine ads rather than text messages? Maybe.
• Depending on your targets, face to face selling may work best - especially with existing customers who already know your business.
• The traditional follow-up - a phone call confirming your discussion; a gift card usable only at your store; a fancy gift certificate good for two free hours of your special advice - still can be effective because each keeps your name in front of the customers you want to reach.
There are optional tools, too. Look at those billboards along the local roads, often costly but also ideal if you want to establish your new business' name. Internet ads work. So can special promotions and programs that bring potential clients to your site.
• © 2018 Kendall Communications Inc. Follow Jim Kendall on LinkedIn and Twitter. Write him at Jim@kendallcom.com. Read Jim's Business Owners' Blog at www.kendallcom.com.