Let's face it. if you're in business today then looking at getting the best return for every dollar is something we all have to do. Much of the marketing money that businesses spend has come under scrutiny and it's about time.
Mark Stevens, Author of one of my favourite marketing books Your Marketing Sucks says:
"Marketing is not about spending money on things such as advertising, direct mail, and PR. Those are just tools. Marketing is about growing your business - its revenue, its profit and valuation."
If you think of your marketing in terms of which 'tools' you spend your money on then think again. Marketing for most businesses is now about generating good quality leads or prospects that become wonderful clients.
The good news is many of the most effective marketing tools are virtually free and often go under the radar. They may not give you a nice warm feeling or put your name up in lights but they can be directly linked to sales, can save you money, and done well, will lead to great customers. They do however take some effort and commitment, and because of this you can safely assume most of your competitors won't bother!
The hottest tip first - How to spend less on marketing
Most marketers won't tell you this but often when you stop some of your marketing you will see no difference! Except the money you will save. The trick is to know what to stop, what to continue with and what new things to do. If you stop altogether then you are likely to get into trouble so choose carefully.
Start by reviewing how much you spend on marketing and the results you are getting.
Measure where your leads are coming from by listing all the marketing you are currently doing (free and at a cost) then track which ones are generating you the best leads. This is not necessarily the most leads - but those that convert to sales the easiest and are great customers to have. After a period of time you should have a clear indication of what is working and what is not. Stop all those that are not working. Of course you could always phone your customers and ask them where and how they heard about you. You can do this in conjunction with the next point too..
An easiest place to start for more sales - for free.
This one will cost you nothing. Start with a blank piece of paper or a simple word document. Make a list of all the people your business knows. These could be friends, family, customers, suppliers, prospects of yourself and your staff. If you have a database already then this job is so much easier!
Go through your list and highlight the people that are a good fit with your business and who you would like as customers;
- people who have bought from you in the past and should buy from you again.
- people who have talked about buying from you and have just never got around to it.
- people who said they knew others who would be interested in what you sell.
- people who you know but you have never offered your services to.
Note that you need to list the people, not the companies. All sales are done between people and even if you sell to very large corporates, it still comes back to the relationships and trust you can build with the key people. Also remember that the single best way to grow any business is by making it easier for your current customers to buy from you again. These people know you. Know your services, and hopefully value you and what you do. They will decide quicker.
Next you need to contact each one. For those who you know pick up the phone. It may be obvious but people just don't do it. It doesn't need to be a hard sales call. It can be as simple asa courtesy call or you can be completely up front and tell them that you are working out who are likely to be your customers over the next month or year, and you were just wondering where they were at in terms of your services and products. Being this up front can cut through a lot of guessing and wasted time and effort. People appreciate it too. If you are looking for another angle consider doing a quick survey on them and get some feedback on their experience of your services recently and ask some questions about their plans for the near future. Just by talking (and more importantly, listening) you will learn something and you may even get a good prospect or sale out of it. At worst you will have contacted a potential customer or even a friend.
Four shoestrings to new customers
1. Direct mail
Create a list of the people who you don't know and who should buy your products or services.
The telephone call works well if you have some cold calling skills but if not then look to another traditional and almost free tool - a snail mail posted personal letter. Follow this up with a polite telephone call. Once you have written your letter then it is only the cost of the stamp, envelope and piece of paper. You can't really get a much cheaper shoestring! You can find out more about how to write a great direct mail letter in The Nuts and Bolts of Direct Mail Lettersin mymarketingexpert or you can get our very popular handbook by the same name atwww.mymarketingexpert.co.nz
2. Database marketing
Marketing on a shoestring is all about reaching people directly. To make this easy, inexpensive and effective you will need to have a current, accurate and flexible customer database. This will cost you a little to set up but there are very low cost options available online or you can purchase something purpose built for less than $500. It is a no brainer when it comes to spending some of your marketing budget.
3. Networking
Meeting people through traditional and the more trendy online networking forums can be very cost effective. Many networking options are free and even if not the cost is nominal. If you select the right places, groups and even times of day you can meet many new people and get introduced to exactly the right potential people.
4. Publicity
Offering credible, news worthy stories about your business or industry can get you a huge amount of exposure with your potential customers at no cost. The trick with getting free articles and editorials about your business is to have a strong news angle that will be of value to the editor of the publications and of interest to their readers. Don't just think about traditional printed newspapers and magazines but look wider at online publications, newsletters, websites.
Article Source: My Marketing Expert
Business Development Consultant
Franchise Network Specialist
greg@salesmarket.co.nz
+64 9.307.7860
