Marketing can get your business rolling, even in a tough economy
The good news is that you probably won't have to increase marketing expenditures to snare additional market share this spring, especially if your competitors have made a lemming-like, the-recession-is-here choice to run and hide.
The rest of the story is that you must commit resources -- time and money -- to make marketing work. Share may be there to take, but you have to take it.
Although you may assign marketing to someone else, you'll have to manage the process. The following ideas should help. Though I've added a few notions of my own, the thoughts come mostly from Rich Flansburg, principal and, so you know, my partner at 121 Marketing Resources in Wheaton.
Put your shoulder to the wheel: Your business is like a big, heavy wheel. It takes a lot of strength and power to get that wheel turning. Marketing is the lever that will help get movement started, but it will take continued effort to get your business up to goal speed.
Don't expect too much too soon. Marketing is a process, which means time is as important an investment as money.
Be flexible: The fact that you've been successful for 20 years doesn't mean you'll be successful tomorrow. Things change.
Do a SWOT analysis -- strengths, weaknesses, opportunities, threats. Be honest about where your business stands versus competitors.
Talk with your customers: Learn what they want. Talk with competitors' customers, too. In B2b settings, listen for clues about ways you can help your customers sell more -- so they will buy more from you. Talk with your bankers, suppliers, trade organizations to understand the business environment today -- and the potential going forward.
Plan: Take what you've learned and develop a plan to move forward by promoting your strengths and alleviating your weaknesses. Prepare a timetable. Assign responsibility for completing marketing projects. Make certain projects are completed and deadlines met.
Commit to your plan: Commitment includes allocating budget to marketing. Without a commitment backed by dollars, the chances that marketing will fulfill your needs and expectations are slim to none.
What's the benefit? Ask this question every time your marketing -- or advertising or graphics or PR -- people bring you an idea. What's the benefit to your customers? What's the benefit to your business?
If the ads or commercials or e-newsletters don't communicate a benefit -- a compelling reason for customers to buy -- tell your folks to start over.
Figure out why you just read that newspaper ad: Pay attention to how other businesses market, whether or not they're in your industry. If there are companies and brands that you admire, study their marketing techniques.
Determine why the company and its message caught your attention, then see whether their technique might apply to your business. The thinking process is often a good way to turn on your idea light.
© 2008, 121 Marketing Resources Inc.