May 09
Develop a solid marketing plan
If you’re going on a vacation what do you do first? Well, the first thing you do is determine where to go. Then you figure the best way to get there. Maybe even out how to pay for it, but that’s no fun. That pretty much describes how to put a marketing plan together. Think of a marketing plan as a road map. It lays out the direction that your company should go when communicating with customers and prospects. It points you towards success. Your marketing plan should include a list of media - print, radio, TV and online - that you need to reach the target market effectively. Your marketing plan should also include measurable goals and the means to accomplish those goals. Gotta go. Time to plan for a family vacation to the beach!
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May 08
Survey existing customers
How do your customers feel about your product or service? A survey is an excellent way to take the pulse of your customers. Stay in touch through informal lunches or a create a professional campaign. Sample questions should include: Why do you buy our product? Are you happy with our service? What can we do better? Are you buying the same product from another company? Try to find out why (how and where) customers buy from your company. Encourage them to be honest because you will learn more from your weaknesses then from your strengths. What do you think of our blog?
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Tags: business, marketing
May 07
Be positive in your outlook
It’s important that you feel great about yourself and what you do for a living. If you have a positive attitude about your job, you will succeed by transferring that enthusiasm to customers and prospects. When you wake up in the morning, are you excited about getting to work? Even though marketing and sales are tough and there’s a lot of competition in almost every industry, a positive attitude will get you through any obstacle. Being positive opens the door to creative thinking. And creative thinking shows you new paths to success.
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Tags: business, marketing
May 06
Make a list of your strengths
Every business has weaknesses. Sometimes we are painfully aware of them on a regular basis. But your business may also be strong in many areas. Possibly even a leader in your industry. To find how your business is different list all of the strengths you can think of. For example: Are you the low price leader? Is your business the most experienced? Do you have the highest quality product or service? Try to list 50 different and measurable strengths. Use this information to brand your business as the leader in a specific category. This is a great way to develop new ideas for a marketing campaign. You’ll feel better about your business after a little exercise.
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Tags: business, marketing
May 05
Extend your product or service
Consider how you could add new life (meaning new sales) to your existing product or service. For example, people who buy your product might be interested in a warranty. Or there might be a whole new market for a used version of your product. Find other companies that produce similar products who do not sell in your territory, form a partnership and sell each others products respectively. If you provide a service, think of ways to be invaluable to your customers and prospects. Use your website to provide solutions and offer up-to-date information about your industry. Get out there and make it happen!
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Tags: business, marketing
Apr 30
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As far as super-hero movies go, Marvel Entertainment is the top dog. Marvel has created the Fantastic Four, the Hulk, Daredevil and of course the Amazing Spider-Man. Iron Man is the latest action movie produced by Marvel that opens this week. And in the future Marvel has thousands of characters in their arsenal that could be brought to the big screen.
The real hero here is 3D special effects. With studios such as George Lucas’s Industrial Light & Magic, there is no limit to what can be achieved on screen. Effects such as characters flying are now so realistic, that it’s hard to believe it was actually created on a computer.
Other heroes are storytelling and marketing. Stan Lee, the original publisher of Marvel Comics in the 60s and 70s, sold millions of comics because of his ability to tell great stories about real people. Well, if you consider people being bitten by a radioactive spider and attaining super powers real that is. And he also knew his target market. If only I had kept my original Iron Man comic books #1 through 10.
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Tags: Brand, marketing
Apr 30
Develop a new brand identity
Your brand identity is how customers and prospects view your business. And if you haven’t thought about your brand for awhile, then it might be time to take a look it. Start with printed marketing materials. When was the last time your business cards, brochures and sales sheets were created? For example, if your brochures have dust on them, it might be time to get a marketing firm to help re-design your image. There are also many new and exciting ways to promote your business online. Keep a consistent brand identity on your website as well.
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Tags: business, marketing
Apr 29
The customer is always right… always
Don’t take this phrase for granted. We all have heard of customer-service horror stories (and maybe experienced a few). It’s easy to take care of customers when things are going well. But the rubber meets the road when a serious problem arises. It doesn’t matter who’s at fault. That’s when your business can shine. Make a point to solve any problems that a customer might have immediately. The bigger the problem, the bigger the solution. Satisfied customers turn into repeat, long-term customers. Remember who pays the bills.
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Tags: business, marketing
Apr 28
Establish an annual marketing budget
You plan a budget for vacations, right? So it’s a good idea to establish an annual marketing budget for your business (and increase your budget for gas this year). Include a breakdown of all costs including website marketing and advertising placement. Include the budget as a part of your overall marketing plan and measure the results of your company’s spending during the year. This enables you to determine what works and what doesn’t. A good rule of thumb for your marketing budget is 3% to 5% of projected annual sales. Retail businesses typically budget 7% to 10% of annual sales for their marketing budgets.
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Apr 22
When you’re thinking about where your marketing dollars should go, consider that most people are getting their information online instead of reading the newspaper or even magazines. Why? Well, it’s a lot like when cable TV first came out. CNN was the first 24-hour news program. Major events happen 24/7 and CNN was the first to report the news when it happened. The public loved it. The Internet has assumed that role now. In fact, most newspapers and magazines are posting articles in blogs online to reach that market. Content is still king however. And the best writers and editors remain in the print world.
Print isn’t the only victim. TV is being abandoned as well. ‘Online is the New Prime Time’ by Marv Pollack describes the seismic shift away from TV to the Internet. He states: “One striking finding presented in our session was that during most waking hours, more people (age 15+) are using the Internet than are watching television. It is only for the last two hours of primetime and into late night, when most people seem to wind down their Internet usage, that TV consistently surpasses Internet usage.” Truth be told, I still love to read newspapers and magazines. But when I develop marketing plans, I keep in mind exactly who the target audience is and I usually recommend a substantial amount of the budget to be allocated to online marketing.
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Tags: Advertising, marketing
