One thing I have found in my years of entrepreneurship is that smart marketing is the key to success. I have worked with many different types of small business owners, entrepreneurs, coaches and consultants from all kinds of industries. No matter what their business is I have found that if the person does not know how to market it, and they do not get help to do so, the business will not survive.
The following 10 items are what I consider a good small business start up checklist. If you are in business or thinking about getting into business, you will want to ensure you have or are working on all of these things constantly. The right mix of these items works well to maximize your exposure, credibility, expert status as well as to build your database and help you make informed marketing decisions.
1. Realistically Defined Target Market - Most small business owners actually have too large of a target market to be realistic and to be able market to them all with their limited time and budget. Most likely, you will want to narrow your market or define your niche even further with specific demographics and psychographics. In doing so, you will begin to see unique opportunities surface in that market. Do not forget about all your referral sources. Remember, they are your target market too!
2. Marketing Plan - This plan should outline everything you could possibly do in your marketing, based upon who your target market (ideal client) is and the best ways to reach them, including various guerilla marketing techniques, ideas, promotions, and co-promotions. You will need to stick to your well-researched plan and not be tempted to steer away by random advertising opportunities. This should also include a Publicity Plan. The Publicity Plan should include pertinent media contacts, press releases, article submissions and event listings for ongoing exposure. If you are not submitting press releases regularly to the local media and/or local organizations you belong to, you are missing FREE opportunities to get additional exposure for your business.
3. Database - Input all clients, prospective clients, referral sources, and contacts you will need in one place. Be sure to include everyone you have ever known or done business with so that it is easily mail merged for one. In addition, format the database so that you can sort them by hot, warm or cold prospect or referral source. Next, stay in regular contact with your database through effective Database Marketing and Follow Up. This will allow you to be on the top of their minds when the topic of your service and/or product arises in conversation. This process can include letter and email templates, a system for following up with 'hot', 'warm' or 'cold' prospects and ongoing database marketing. Remember, if you do not do a quick follow up after you meet someone, you are missing opportunities and they might forget about you. You want to follow up with everyone you meet within 48 hours of your meeting. In addition, you will want to ensure you continuously follow up. You need to make this system automatic, systematic and practical so that it will get done. Delegate the process it if you have to.
4. Company Web site - Including domain name(s), hosting, reciprocal links, and Internet submission. You are missing sales if you do not have a Web site. However, a professional Web site is a must, not a home-made, amateur site as it will harm your credibility. It does not have to cost a fortune to be professional. The goal is to design it so it will inform, entice and capture your audience.
5. Email Marketing - Distribution lists, program for email marketing, newsletters, promotions - email marketing is the cheapest form of marketing that anyone can do. However, these days there are spam laws that a business must follow as well as email etiquette that you should strive to follow so that you are portrayed as a professional business. There are programs that you can use to truly make your emails pop, but remember you must send people information that your audience wants to read, not just what you want them to read.
6. Effective Ads & Advertising Plan - Including Timeline & Budget - More than likely you are not spending enough money on advertising. If it you advertise in the right places, places that reach your target market, with a good message or headline and for a reasonable length of time you should see good results. If you only try it once, go too small, or have no idea how to design your ad effectively, you will not get results. Learn about all the advertising mediums in your target area, who they reach, their demographics, what kind of circulation they have based on their cost, etc.
7. Professional Marketing Materials - Business Cards, letterhead, envelopes, brochure, sales packet, flyer, and postcard - whatever is necessary to reach your target market. The materials must be professionally designed, printed and presented.
8. Branding - Includes signage like nametags, shirts with logo, vehicle signs, banner, promotional products and giveaways - the more your name is in front of people, the better. You will want people to recognize your brand on everything you do.
9. Networking Plan - Includes any pertinent organizations, associations, chambers or other professional group that brings in referrals or is an effective venue for prospecting or business development. Pick some organizations (between 2 - 5) you believe are the best at either promoting or building your business. Join them and become as active as you possibly can so you become the well-known expert in your field. Volunteer your time generously and most of all put their events on your calendar before any other client meeting or job because these are advertising dollars that you are not spending.
10. Good, Reliable Vendors - Includes industry vendors as well as those for your business development such as printers, mailing houses, delivery services, rental companies. You would be surprised to know that you are probably spending too much money in one or more of these areas right now. Find reliable, inexpensive sources.
If you are thinking that there is absolutely no way you can get all this done yourself, or you just do not know how to do something on this list then, I would suggest that you find an expert in that field to help you. Delegate that task to someone who knows best how to accomplish it and can do it much more efficiently than you can.
Remember, the cost of outsourcing such tasks far outweighs the valuable time you spent trying to figure it out. Your marketing is the most important thing you will ever do in running your own business. If you do not believe me, save this article in a safe place. When you go out of business in 2-5 years, find it and read it again.
You can't avoid branding, so make it work for you, not your competitors. Many business owners believe branding is only for the big guns, for major companies with large marketing budgets. People that run small and medium sized businesses often have a reluctance to invest in branding. But branding isn't about what you believe. It's what your customers and potential customers believe.
EWO Consulting can help you build and promote your brand to your strategic advantage. We have graphic designers in-house so we can start with a blank sheet of paper and support you throughout your branding journey.
Here's the secret:
"In the hearts and minds of your customers, you have a brand whether you strategically create it and nurture it, or not."
Therefore branding is relevant to any business no matter how large or small.
So what is a brand?
A brand is more than a name - it's a perception in the market about what your company or products represent. Since the early 70s branding and positioning have been inextricably linked.
"Positioning is not what you do to the product. Positioning is what you do to the mind of the prospect." Al Ries (1972; "Positioning: The Battle For Your Mind" by Jack Trout and Al Ries).
It's easier to understand branding and positioning if we work backwards. Every company or product has its position in the market. Your customers have their own perception of your position. For example, they might perceive you as:
oThe established leader a strong number two
oThe most experienced a new player with potential
oGood with small clients the biggest operator
oPremium quality cheap alternative
oMost reliable product best service support
oStable and proven most innovative
The list is endless and it varies depending on the market you are in. Your company or product might fit in to more than one, but there's usually one element (positive or negative) that resonates in their perception of your company or product. It 's a position that your brand occupies in the mind of your customer.
Is this perception rational or emotional?
Extensive studies in recent years have shown that most decisions we make are emotionally driven. We may be able to support them rationally, sometimes with amazing intellect and logic, but they're born in emotion.
University of Washington: "Brain scan imaging supports the idea that every time you have to make a choice in your personal life, you need to feel the projected outcome of each choice - subconsciously or intuitively. You then make that choice according to the projected feeling."
Michael Newman, Creative Director of ad agency DNA and author of "The 22 Irrefutable Laws of Advertising (and when to violate them)": "Human decision making is emotional, spiritual, political and, perhaps least of all, rational. The truth is, we aren't really rational beings. We are more human than that."
It's worth repeating:
In the hearts and minds of your customers, you have a brand whether you strategically create it and nurture it, or not.
If you have ignored branding, for whatever reasons, then the good news is there is an untapped marketing edge you can explore in your business. For a business with minimal marketing budget and tight market, branding can provide a cost-effective edge over your competitors.
So is a strong product or business name important to good targeted branding?
Yes, a relevant and memorable company or product name is important to a strong brand. But so is almost everything else you do in your business. Anything that may affect the perception of your customer affects the value of your brand.
A simple but important key is to know the values and image you want your brand (company or products) to represent. It's surprising how many small to medium businesses ignore this basic step in building their business.
Then it is important that your staff, bank, customers, suppliers, competitors and alliances all have the same perception. Like most business principles, establishing and maintaining a good branding isn't rocket science. It just requires some focus.
Every business, no matter how small, will be a stronger business with the right approach to branding. EWO can help you quickly analyze your brand and positioning and work with you through the process of creating, re-aligning or building your brand strategy.
Both Katrina Sawa & Kirrily Dear are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Katrina Sawa has sinced written about articles on various topics from Website Traffic, Internet Marketing and Start Online Business. (c) Copyright 2008 K.Sawa Marketing. Katrina Sawa is an Award-Winning Relationship Marketing Coach who's helped hundreds of small business owners take dramatic steps in their businesses to get them to the next level in business, revenues and life. She off. Katrina Sawa's top article generates over 18100 views. to your Favourites.
Kirrily Dear has sinced written about articles on various topics from Management, Start Online Business and Marketing. Kirrily Dear is the Founder and Development Director of Eyes Wide Open. Kirrily has worked in the field of strategy and research for the last 13 years. Her experience extends internationally to include North America, UK, Europe and New Zealand. She is a w. Kirrily Dear's top article generates over 5400 views. to your Favourites.