Firstly, recognize the difference
between "Advertising" and "Marketing"; they're often used as
interchangeable terms, but they're actually quite different from
each other. Marketing is the systematic planning,
implementation and control of a mix of business activities
intended to bring together buyers and sellers for the mutually
advantageous exchange or transfer of products. Advertising
is only one component of a well designed marketing plan.
Starting a marketing plan means asking yourself some basic
questions about your organization:
- What industry is your business/organization in?
- Who does your organization serve? What types of
businesses or individuals make up your current customer
base?
- Who does your target market represent? Are you
looking to attract the same type of leads as your current
customer base, or are you targeting new market segments?
- What it is that your target market needs?
- Does your organization have your competitors? Who are
they?
- What makes your business or organization different from
your competitors?
- Make a list of the benefits that derive from your
product or services. What items are unique to your
industry or set you apart from your competitors?
- What overall message or impressions about your
organization do you want your audience to take away from
your marketing?
One of the most important steps is to set an advertising budget.
While a general guideline is 5% to 10% of sales, these numbers
will vary depending on your industry and what you're selling.
Doing a bit of research within your own marketplace can assist
you in determining an appropriate amount. If you are like
the majority of small business owners your marketing budget is
limited. The most effective way is to create a well rounded
program that combines sales activities with your marketing
tactics. Your sales activities will not only decrease your
out-of-pocket marketing expense but it also adds the value of
interacting with your prospective customers and clients. This
interaction will provide you with a quality source of market
research.
With a budget set, the outline of your message and a firm
commitment to keep advertising regularly for at least a year,
your next steps should be to determine what medium will serve
your needs best. This will be decided in large part by
your budget and where your marketing audience is. Examples
include newspapers and magazines, radio and television, direct
mail, e-marketing and even outdoor advertising.
For example, direct mail advertising can be a very powerful
means if you can target your audience creatively and
effectively. To get the results you're looking for, you'll need
to reach them with a high level of frequency and focus, not only
on the customer base you already have but also potential
customers in markets you may not have considered. Whatever
means you choose, fun and creativity is the key to any
successful marketing campaign; to grab people's attention you
need to be memorable.
Just because you're on a limited budget doesn't mean you
can't compete with the big dogs! There are many creative
and non-traditional ways to advertise your service or business:
- Call your vendors or associates and ask them to
participate with you in co-op advertising, where your vendor
pays for a portion of the advertising costs inconsideration
for having their products featured.
- What about co-marketing with a kindred business?
If you're selling cheeses and gourmet items, maybe you can
contact a local wine merchant and exchange marketing
materials or product samples?
- What about the local media? Free publicity has the
potential to boost your business. By doing this you position
yourself as an expert in your field.
- Is there a special event coming to town? If you
are willing to sell those tickets or offer promotional
assistance, it could mean free radio or TV publicity.
- How about a charity or fund drive that may be taking
place in your area, why not be provide a public service
outreach and distribute their material?
- Don't forget to mine your existing customer base!
Take some time to send your existing customers' referrals
and buying incentives.
Finally, no matter how much you do spend on marketing and
advertising, do not forget to create a way to track your
efforts. Some do this by coding ads or coupons, or using
multiple toll-free telephone numbers or web landing pages.
Most important and oft overlooked is simply asking prospects
where they heard about you. This enables you to notice when a
marketing tactic isn't working and allows you to quickly replace
it with a better choice or method.