Tasty Marketing Tips and Tricks for Small Businesses

There’s a lot of information out there on marketing strategy. In fact, if you type marketing strategy into Google, you’ll get around 23,600,00 results.

But most of those entries on the first page or two aren’t exactly small-business-friendly, even though some of them claim to be.

Here’s a defintion of marketing strategy from www.businessdictionary.com.

A marketing strategy is a: Written plan (usually a part of the overall corporate plan) which combines product development, promotion, distribution, and pricing approach, identifies the firm’s marketing goals, and explains how they will be achieved within a stated timeframe. Marketing strategy determines the choice of target market segment, positioning, marketing mix, and allocation of resources.

Yeah, right. Now honestly, how useful is that definition to you? Don’t you just want to run right out and get your own marketing strategy? Nah, didn’t think so.

Here’s the jargon free version of what a marketing strategy is and isn’t and how to start thinking strategically in your business.

Continue reading →

I teach marketing on a course for people who aspire to start their own small business. Invariably I begin with one of those frightening statistics about how many small businesses will fail in their first year of operation, and how many of those who do survive the initial struggles will still be around five years later.

Depending of the source of the statistics, up to 95% of small businesses crash to the ground before they’ve been airborne for long.

I usually ask my students to help me brainstorm a list of reasons that might cause small businesses to get into difficulties. Below are some typical answers.

• lack of knowledge
• bad management
• poor location
• not enough funds
• no budget
• inconsistent cash flow
• not enough staff
• deficient planning
• inferior service
• substandard product or service
• shoddy marketing
• flawed expectations
• low sales
• unresponsive to market changes
• talented competition

Then, as we look down the list, I ask my students to tell me how many of these reasons for business failure are in any way connected to marketing.

Answer: All of them.

It’s simple really. If you’re a small business, you’d better get your marketing in shape if you plan to be around to confound the statistics.

Time and time again, my clients ask me whether they should drop the price of their product or service to match their competitors’ prices.

I’m biting my tongue.

Think about it. When you reduce your price, what do you actually achieve? At best you might make a few more sales. At worst you’ll cause yourself a lot of business headaches, not to mention financial damage.

Here’s what happens if you drop your prices: You enter a price war in which there are no winners. You drop your price. Your competitor drops hers.

Now what?

You drop your price again.

And she drops her price in response.

And on it goes.

It’s a downward spiral with no end in sight.

And at the end of it, when you’re regained your senses and want to reinstate your original pricing structure you’ll find that your customers are quite happy with the lower price, thank-you-very much.

Getting back to your pre-price-war price won’t necessarily be easy.

Limit Orders at Lower Prices

If you want to encourage a rush of orders in the short term, you can offer a special discount price - but make sure your customers know it’s for a limited time only.

Even better, instead of lowering your price, offer a bonus or a 2 for 1 deal. And let your customers know that there’s a reason for the lower pricing e.g. new stock coming in, or a new program for which you want testimonials etc.

The only time you should consider slashing your prices is if you need cash fast - and if that’s the case, you’re on shaky ground to begin with, so be careful.

If that’s not your situation, figure out another way to get your name out there.

If you want to become a marketing expert, one of the best things you can do is read a marketing book or two a week.

Honestly, marketing isn’t rocket science. It’s largely common sense and practice.

But there’s a lot to learn if you want to avoid getting a roasting. For starters, you’ll benefit from learning about sales techniques, presentations, overcoming objections, cold calling, marketing plans, advertising, publicity, public relations, copywriting and more.

Continue reading →

No time for marketing? So what’s your excuse? Busy with paperwork? Troubleshooting complaints? Chasing after suppliers? If you don’t put the day-to-day stuff on the back burner and get some marketing done, you’ll be digging your business an early grave.

And it’ll be your fault.

Here are my top three ways to carve out some time for marketing in your work day.

Continue reading →