5 Marketing Tips for Small Businesses |
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As a business owner or company executive it's important to make smart business decisions, and in a tough economy deciding on how to best advertise and market your company products and services can be crucial. For instances, a company could simply decide to rely on lowering prices to increase sales. Of course, this technique may work initially, but to be truly competitive (and keep the sales rolling in) a company needs to show clients that their products or services has added value. After all, your competition can lower prices as well, and lowering your prices too drastically will not keep you in business for very long.
So, what can you do in addition to reducing prices if you want to stay afloat during difficult economical times? Well here are 5 marketing tips to help you paddle your business through a sea of uncertainty.
- Be the Brand - So, what's in a brand? Your brand is more than a name or a slogan, it is what makes you unique or different. It's not only what you say about yourself but what others are saying about you and your company. Take a proactive approach to branding. Know your business strengths and pluses, and be keenly ready to sell from that position. Help people (employees and clients) to understand what your brand means to you and how you stand behind it. And, be consistent with your brand message because Your Brand is Your Image.
- Internet Marketing is Smart Marketing - Internet Marketing is one of the most effective yet inexpensive ways to market your company. While this form of marketing can become increasingly pricey as the stakes get higher, there are a number of low to no cost techniques that a person can engage in that only requires time, effort and a little know-how. A blog for example can get search engines looking with smiles of approval at your site. Social Media sites like MySpace, LinkedIn and business networking sites can add real value to your overall internet marketing campaign. Bottom line is, for most types of businesses, you need to do some form of Internet Marketing to stay competitive.
- Networking and Networking Events - If you're like me then networking is not one of your strongest attributes and it's not the easiest task on your list of promoting your company. Yet, it is necessary, especially now! So, if you're not good at networking then perhaps partner with someone who can do it better. Even if you're a networking extraordinaire everyone can always improve on how they market their brand at events and one-on-one.
- People Want Reliable Products & Services - Ok, now that people have finally purchased your product or service, the "hype" stops and the real value of your product or service is put to the test. Sure, people want lower prices but they also want a product that works. People want what they paid for and in most cases they want to get more for their money. So, stick to telling what you can realistically offer and deliver and don't mislead people in believing otherwise.
- Focus on Better Customer Relations - This is a biggie. What's the point of spending all of your time and resources to gain a customer only to lose them from a bad customer experience. While mishaps do happen (late shipments, faulty equipment, etc.) how you and your employees handle the situation will help determine if a customer will continue to do business with you. So, if you have been slacking in this area make it a point to correct your manner of during business. Also, inform your existing or former customers of your renewed or ongoing commitment to providing a higher level of customer service.
Finally, even in a faltering economy the corporate brand still beats price in the fight for consumer dollars. More and more consumers have reduced income, but making the decision to buy your products or services is NOT just based on price alone. It's also based on perceived value. That is why differentiating your brand from your competitors is so important. Smart marketing, good products and services, and great customer support is really the key in making your brand stand out and ensuring the longevity of your company's future!
© 2009 Milton R. White of Open Face Marketing, LLC 
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