Print Advertising Still Rules

posted in Blog, Marketing, Uncategorized

According to a new poll by Harris Interactive reported my www.marketingcharts.com, print advertising is still king when it comes to adults 45 and over looking for bargains.  Not surprisingly, online marketing is the place to reach the biggest audience 18-44. Among all adults, print (newspaper/magazine) edged out online by 23% to 18% followed by direct mail and catalogs. Radio barely earned any tick marks, practically rendering radio advertising useless.

Right now, I would tell my more “mature” clients who target older adults and want to grow their business to look at their client demographics.  If this is your case and you don’t have data available,  ask them to fill out a brief questionnaire or survey them informally and write down the results on a score card.  You don’t necessarily have to ask them their actual age, just break it down into ranges like 18-34, 35-44, 45-54 or 55+.

Use print and direct mail as needed.  But, begin throwing some online marketing and new media (Facebook, Twitter, LinkedIn) into the mix.  Avoid radio.  With MP3 players, iPhones, Pandora, and Sirius/XM satellite radio which are all pretty much commercial-free, nobody is really tuning in to radio anymore.

At 47, I am conditioned to look to print for bargains. My 19 year-old-daughter, however, never reads the newspaper for ads.  She finds bargains online.  So I would tend to agree with the study.  What will be interesting to see is if these statistics shift over time.  When today’s 18-34 year olds reach 45, will they still stay with online or will they shift to print (if it’s still around).

To read the article, click here http://bit.ly/4uDCo4

Branding Your Business

posted in Blog, Marketing

I’m about to take the American Marketing Association head on when it comes to defining “branding”.  No, they aren’t necessarily wrong. But they aren’t necessarily right, either.

According to About.com, “The American Marketing Association (AMA) defines a brand as a “name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers.”

The AMA definition makes it sound as though branding is mostly about your “look and feel”.  That, in my opinion, is “visual identity” or “visual branding”.  Your logo, look, feel, tag line, etc… are how people recognize you when they are making a purchasing decision.  For example, you are driving on vacation and your kids need a bathroom break or your stomach is rumbling, what do you do?  You look in the distance for what?  McDonald’s “Golden Arches”.  Right?  Those arches are part of McDonald’s visual brand.

About.com also goes on to say, “Therefore it makes sense to understand that branding is not about getting your target market to choose you over the competition, but it is about getting your prospects to see you as the only one that provides a solution to their problem.”  While I agree it’s important to get your prospects and clients to see you as the “only one that provides a solution to their problem”, I would add to that… ” at a price they can afford and a value they perceive”.

For instance, I need to eat to live.  There are several restaurants, grocery stores, and fast food joints that I can choose from.  They all provide a solution to my hunger problem.  But what and who I choose depends on several factors.   Am I taking my wife out on a date?  Do I have my 7-year-old son with me?  How much time do I have to eat?  Am I dieting?  Is it a special occasion?  It’s about what I perceive to be the best choice, at the best price with the best value at that very moment my brain says, “Aha! That’s the one!”

Branding is a whole lot more than your look and feel.  It’s about perception. It’s about your prospects’ and customers’ perceptions of your business and of you as a business owner.  Therefore, you don’t own your brand – your customers do.  And brands can fluctuate depending on the needs and wants of your target audience.  Mention Walmart or Target to ten different people and ask them what their initial reaction is and you’ll get varying answers as to what those brands mean to them.  The same goes with PC or Mac or any other product.  Your brand extends to your products, services, customer service, problem-solving, dispute resolution, location, and more.  You don’t really control your brand as much as you control what you would “like” your brand to exude.

Your brand can change on a dime.  You might remember a few years ago when a customer reported they found a finger in their chili at Wendy’s or when it was discovered that someone was tampering with bottles of Tylenol on store shelves.  More recently, look at how many of the large banks and financial institutions are now perceived by the public.  The public opinion of those businesses all shifted and their brands were tainted, at least temporarily.  Any negative customer experiences or bad press can turn your brand on its ear in an instant.  Likewise, a company can improve its brand when it does something good  like offereing an innovative new product, creating new jobs or helping out in the community.

If your company is considering “rebranding” or you are thinking about starting a business and developing a “brand”, you need a “brand strategy”.  Building a brand strategy is like mapping out a vacation.  You know where you want to end up but you have to think about how to get there.  Do you drive, fly, or take a ship?  What do you wear?  Where will you stay?  What will you eat?  You don’t simply plan a trip and just go… unless you are seeking adventure.  

It’s the same with branding.  Think about what you want to be perceived as.  Then gather friends, family, customers, prospects, vendors and other people who know you and your business or industry.  Get their feedback.  Ask them how they perceive you.  You’ll learn a lot about yourself and your business.

If you are thinking about branding or rebranding, I can help.  I have worked with a number of companies from sole proprietorships and venture start-ups to family businesses and divisions within larger companies to develop or refine all aspects of their brand.

Mixing Facebook with Business

posted in Blog, Marketing, New Media, Public Releations

What was once exclusive to college students a few years back, Facebook has become a way for the 35+ crowd to connect with friends and acquaintances from their past and link up with people they have just met or will soon meet.  But is that good for you and your business?
For me, Facebook is a sanctuary where I can and want to be able to be myself with a few hundred of my closest friends.  If I have a great day, I want to tell people about it.  If my kids excel at something, I want to brag a bit.  If I’m having a bad day, I want to lament in the hopes that one of my friends will say something brilliant to help turn my frown upside down.  But in doing so, I can put my own personal and business reputation at risk by being vulnerable and transparent.

Like everyone else, my “friends list” consists of former classmates, colleagues, family, neighbors, fellow church members, etc…   Recently I’ve become more lax about who I accept as friends.  I friended a talented young lady I met at a singing audition in Chicago.  We shared an interest/experience and seemed to click.  We converse every once in awhile and probably follow each others’ lives.  I just became friends with someone I sat next to at an Indianapolis Colts game.  I know nothing about her except for a brief glance at her profile and a few of her status updates.  And I’ve become “friends” with people who were recommended to me by people I trust because they believe it’s a good connection for me to make for my business or interests.  So far, that’s not been a problem.  And I have about 50 “friend requests” that I still haven’t accepted and probably won’t.

The problem comes when I let my guard down and post a comment about something personal.  I’m human.  I get angry, frustrated, and hurt.  I have religious views.  I take moral stances.  I have strong political opinions.  I am a sports fanatic.  I am a very outgoing, outspoken and social person.   I speak my mind and welcome debate.  That’s who I am.  That seems to rub some people the wrong way.

Lately I find myself censoring my comments.  What’s worse is that others are now censoring my comments.  For instance, I made a general comment the other day that “some actors are pigs” referring to my involvement in acting and the fact that actors are not the tidiest of people.  A “friend” took that comment out of context and took it as a personal attack on him and his group of actors.  He let me know that he didn’t appreciate the comment.  It wasn’t intentional, but I do see how he could have taken it personally.

Another “friend” was sending multiple comments to Facebook through Twitter.  I received about 50 status updates from him in a matter of a couple of hours.  I jokingly commented that “someone needs to give their thumbs a rest”.  Another “friend” thought I was referring to her and told me to block her if I didn’t like it.  It wasn’t her that I was talking about.  Again, my comment was taken out of context.

I belong to various groups, organizations and causes.  I make “general” comments about my frustration with certain behaviors, character flaws or situations.  I air my pet peeves.  And every single time I do, I get emails or private messages from “friends” who think I’ve targeted them or the organization they belong to.  They are paranoid.  Facebook seems to bring out the best in people and the worst in people.  Trust me, if I have a problem with someone, they’ll know it long before it becomes a comment on Facebook.

For this reason, I have shied away from accepting clients and prospects as friends – at least until I get to know them on a more personal level.  On the other hand, there are “friends” on Facebook that have become clients or referred me to others because they’ve gotten to know me and like me.  They trust me.

I see little Facebook skirmishes pop up all of the time, especially between a certain group of ladies that I went to school with. They get into these personal and public squabbles that lead to hurt feelings – the same thing that happened 30 years ago.

My advice? Only mix business with Facebook fun when you think it’s appropriate.  Set up a Facebook fan page or group for your business or organization and only use it for business purposes.  Use your personal profile for being you and don’t worry about what others think.  If they don’t agree with you and give you grief, that’s their problem.   Facebook has a built-in “unfriend” feature.  With the tap of a finger, you can banish someone from your Facebook kingdom forever.

For me, Facebook has been a great way to socialize, rekindle past relationships and build new ones.  Not to mention it helps me blow off a little steam when needed.   It has also helped my business grow.  So, I’m putting my Facebook Friends on notice… I plan to keep on being me.

The Power of Press Releases

posted in Marketing, Public Releations

If press releases aren’t part of your marketing mix, you’re probably waisting money on ineffective advertising.

“Why do I need a press release?”  We are all bombarded with tens of thousands of advertising messages each day.  We learn to tune out the commercials, billboards, print ads and pop ups.  This is especially the case when we are in our own environment.

For example, when I was very young my grandmother lived less than 30 yards away from a railroad track.  The train would barrel through or neighborhood at least four times each day and a couple of times in the middle of the night.  The house would begin to shake as the train got closer. Dishes would rattle, wood floors would creak, windows would shake, and the lights would even flicker a bit.  And to make things worse, there were two railroad crossings nearby which added noise of the crossing bell and the train whistle blowing non-stop for about five minutes.

For someone just visiting, it was pretty disruptive and annoying.  And it could make sleeping through the night nearly impossible.  But for those of us who stayed in the house, we became oblivious to the noise. We tuned out the train as it became a part of our everyday routine.  It was like it didn’t even exist.

The same is true for advertisements.  We become conditioned to ignore them.  Unless you have a well-placed, eye-catching advertisement in a newspaper or magazine or an attention grabbing radio or television spot, you’ll probably be very disappointed in the results.  Even well-placed ads aren’t affective if they don’t have visual appeal, a solid headline, informative copy, a call-to-action and contact information.  The majority of ads I see and hear from small businesses are simply terrible – not to mention that it can be very expensive to advertise and nearly impossible to track results.  But, that’s fodder for another blog post.

A well-written press release, on the other hand, can be very effective …and affordable.  Press releases tell a story about you and your business or organization.  The media relies on press releases to find news and stories that will appeal to their audience.  An entertainment editor is looking for information on a local theatrical production.  The business editor wants to know about a company that developed a new product or is hiring 25 new employees.  Financial publications need to provide news about changes that will affect a company’s stock price.  There are hundreds of reasons for a company to generate and distribute press releases on a regular basis.

When your press release gets picked up for publication or broadcast, you’ve increased your chances of being seen or heard.  Why? People pay attention to stories.  We read the newspaper and, for the most part, skip the ads.  We watch news and information programs and tune out during the commercials.   And we visit websites that have content to offer on the topics we are seeking.

I’m not saying that all advertising is ineffective.  There are some excellent and affordable opportunities and bargains out there, especially in the emerging mobile advertising arena.  But if you are on a tight marketing budget, press releases can be a very affordable way to get word out about your company, products and services.  A quarter-page advertisement in a newspaper can cost a few thousand dollars each time it is run.  Television and radio commercials are also expensive to run as well as produce.  Remember, advertising is about reach and frequency. You need to reach your target audience as many at seven to ten times before they even think about doing business with you.  And that’s only if they are in the market for your product or service.

Press releases, however, can generate news stories that don’t cost you anything – unless it’s an “advertorial” publication where you pay to get your “story” published.  A story on your company, product, service, employees, etc…, will be read and are proven to have greater recall by the reader. And as an added bonus, online content is often picked up through RSS feeds and manage to become viral, making their way through cyberspace and landing in other similar blogs, online newsletters, social networking sites, new media and search engine databases.

So, if you are looking ways to better manage your marketing budget while still generating top-of-mind awareness for your business, consider adding press releases to your marketing mix.

Marketing in 2010

posted in Marketing

What Are You Going to Do to Turbo-Charge Your Marketing?
It’s a new year and I just rolled myself out of bed at 8:45 a.m. after spending a great evening eating, drinking, and playing games with friends.  It was a pretty tame evening compared to past New Years Eve celebrations go.  The good thing about waking up on Friday, January 1, 2010 is that I now have three more days to get my business resolutions in order.  I like having that extension; it reminds me of the reprieves I used to talk my college professors into giving me when I came up with another great excuse as to why I couldn’t turn my paper in on time.  Three extra days; I’d better produce a good list.

A Few Tips

For me, it’s fairly easy to create a marketing plan.  I live and breathe marketing and public relations.  I know what things I need to do to turbo-charge my efforts this next year.  But what about you?  What are you going to do to give your business a swift kick in the behind when it comes to getting the word out about your products and services?  Here is a list of things to help jump-start your strategy session.

• Create an actual marketing plan
• Set a manageable budget
• Look at marketing as an “investment” and not an “expense”
• Create a new or updated brochure (pdf)
• Design new business cards
• Create or update your website
• Set up a blog
• Blog at least 300 words ones or twice a week (this post is about 700 words)
• Embrace New Media (social networking)
• Use New Media for business
• Use SMS text (mobile marketing) tools
• Issue Press Releases – at least monthly
• Plan events for prospects and clients
• Create an email newsletter and use it at least monthly
• Network
• Volunteer in your community
• Research your industry & competitors online
• Turn all of your employees into referral sources and reward them for referrals
• Build a referral network with friends, family, neighbors, Facebook friends, Twitter followers, LinkedIn friends, and more.  Reward them for referrals.
• Create a crisis communication plan

These are just a few of the tips I serve up when someone seeks my advice for some inexpensive things they can personally do to market their business more effectively and efficiently.  I’ve seen recent reports that many businesses are shifting their marketing focus.  They are trimming budgets and allocating more resources to marketing online and through mobile phones and PDAs. 

I Need It Now!

Just as I predicted and wrote about two years ago, we are all changing the way we get our information.  We are a need-to-know-now society. We can’t wait for information to reach our mailbox or newspaper box.  Printed newspapers seem archaic and many newspapers are closing down or shifting to 100% online content.  And by the time a breaking story makes it to the evening news, it’s stale.  The same is becoming true for marketing – we need to market in the moment when people are ready to purchase.  We check for sales specials, movie times, dinner reservations and directions to entertainment venues on the Internet, if not our iPhone and Blackberry.  Just this past week I went bowling with my family and discovered how expensive it was for eight of us to bowl.  So, I texted ChaCha and asked if there was a coupon available and they sent a 50% off coupon to my Blackberry right there on the spot.

Are You Insane?

You are probably familiar with Einstein’s definition of insanity, “Doing the same thing over and over and expecting different results.”   If you are still marketing the way you were two or three years ago and you aren’t satisfied with your FINANCIAL growth, you need to change up the way you market. Notice I said “financial” growth; getting 5,000 new Twitter followers is an awesome accomplishment that doesn’t mean squat if it’s not generating revenue and profit for your business. There’s a BIG difference.  You need to bring your marketing to 2010 and keep your eye on converting emerging technology to producing revenue.

In 2010, commit to learning more about the new media tools available. Reallocate your marketing budget and efforts. And most of all… if you don’t understand something…ask for help.  Email me or give me a call and I’ll be happy to help.

Here’s to a Happy and Prosperous New Year!

Colts Lose More Than Game

posted in Blog, Marketing

I am… I was… I still sort of am… an Indianapolis Colts fan.  So, separating my emotions for just a few minutes to write this marketing and public relations perspective on the Indianapolis Colts organization’s decision to bench their starters against the New York Jets this past Sunday is not going to be easy. But I’ll try my best.

For those of you don’t follow the Indianapolis Colts or dislike football or sports altogether… here’s what happened in a nutshell.  The Indianapolis Colts were undefeated (14-0) and poised to achieve sports immortality by running the table and finishing the 2009-10 season without a loss.  But, someone in the Colts organization decided to bench the starters in the second half of play to 1) avoid injuries to starting players and 2) to give second string players a chance to get some actual playing experience just in case one of the starters does get injured in the Playoffs or Super Bowl.  The Colts lost the game 29-15 after serving up 19 straight points in the second half.  But they lost more than the game.  They lost respect and fan support.

A poll on WTHR.com shows that more than 70% of people who responded disagree with that decision.  In fact, if you read many of the online sports forums, listen to sports talk radio or mingle with co-workers in the break room, you’ll probably soon realize that people didn’t just “disagree” – they are pretty pissed  off.  The Colts organization is standing united behind that decision…for now.

Why are people so passionately angry?  In today’s society we want and need to be part of a winning team.  We like feel good stories.  We like to have bragging rights over our friends in New England, Pittsburgh, Dallas and other rival NFL cities.  We want to be able to tell our grandchildren and great grandchildren that we witnessed perfection.

The Indianapolis Colts organization cheated its fans and fans of all sports out of that opportunity.

From a public relations and marketing perspective, this is not good for the Indianapolis Colts.   Maybe Colts president Bill Polian, coach Jim Caldwell and owner Jim Irsay don’t care what the fans think. But maybe just for a second they should remember that the City of Indianapolis, State of Indiana and local & state taxpayers are still paying for the Colts’ beautiful new Lucas Oil Stadium.  And to what, watch them throw in the towel? (See I told you it would be hard to separate my emotion).  From a public relations standpoint, the Colts have some serious schmoozing to do with its fans.  Anything short of winning the Super Bowl and they will have failed miserably.  And if they do win the Super Bowl, there will always be that nagging question that the sports media will never let go of… “What if?”

Not only did this decision affect the Colts organization, it has collateral financial damage.  The Colts loss had an immediate impact on stadium vendors and local restaurants as the fans that left the game early weren’t in a festive mood.  Logo wear manufacturers and retail stores were most likely affected as people who were thinking about buying Colts merchandise are either too mad or just not as interested in making that purchase.  I was one of those fans who decided not to buy a new Colts jersey.  Local hotels will have vacancies now that hundreds, if not thousands of media folks won’t be chasing stories of a possible undefeated season in Indianapolis over the next five weeks. And the list goes on.

Somewhere around 6:00 p.m. this past Sunday, the Indianapolis Colts stopped being the good guys, play-their-hearts-out, small market NFL team.  It became all about business.  It became more about themselves and greed and less about the fans and leaving it all on the field.

Put 100 average NFL fans in a room and ask them who won the Super Bowl in 1992 and I’ll bet less than 10 percent know the answer.  (It was the Washington Redskins – I had to look it up online)  But ask that same group who the only undefeated team in NFL history is and what year they won, and I know that nearly all of them can tell you it was the 1972 Miami Dolphins.

My point is this.  If (and it’s a BIG if) the Colts win the Super Bowl in February, I doubt that anyone twenty or thirty years from now will have that fact on the tip of their tongue. Nobody will really care except a few broken down former Colt’s players and a group of hard core fans.  But had the Colts taken the risk, most everyone would have forgotten the champagne-popping ’72 Dolphins.  They’d be talking about those 2010 Colts.  And somewhere Peyton Manning, Dallas Clark, Jeff Saturday, Dwight Freeney, Gary Brackett and the rest of the team would be toasting to another team who ended their undefeated season in the fourteenth game.

As a Colts fan, I was ready to accept that they would possibly have another key injury.  I was prepared and ready to accept that they might get beat by the Patriots or Chargers. And I was okay with the thought that they might get beat in the Super Bowl by a team like the Saints.  I was okay with all of that. What I’m not okay with is that somebody in the Colts organization made the call to quit on the players, the fans and anyone else that needed to hitch their wagon to a dream and a perfect season. 

And, yes… I am still a Colts fan.

Thriving In Tough Times

posted in Marketing

Why is it that some companies thrive during a recession and others fail? Perhaps it’s attitude or the ability of some businesses to monitor their industry and plan for tough times.

Historically, 70% of companies survive a recession, 25% of businesses fail, and 5% actually thrive. But what we’ve been experiencing since mid-2008 and will continue to experience for the foreseeable future is different. We’re seeing a higher percentage of businesses closing or fighting to survive.

As indicators continue to reveal problems in the economy, most of us expect the worst. We can no longer ignore it or expect someone to wave a magic wand and fix it today; especially when the media is reporting record stock market declines, corporate losses, massive layoffs, banks collapsing, and more.

The need for change, whether beneficial or not, looms large in the thoughts of many business owners facing uncertainty as the economic downturn continues. But the ability to respond to economic changes — separates the capable business owner from the rest.

While business cut their spending, marketing and product promotion are absolutely essential. I am often asked, “How can I effectively market my business on a smaller budget?”

One way is the Internet and Social Networking. It is an extremely powerful, yet cost-effective, communication tool that when use effectively can stimulate sales growth, even in a recession. Just look at the number of business using Facebook, Twitter, LinkedIn and more.

Another key element for thriving in a recession is to focus more on customer satisfaction. When you give more value than you receive in payment, you are putting the customer first. This helps reinforce their decision to buy from you and builds customer loyalty.

To survive and thrive, you must be willing to change and adapt to your customers. Their mindset and buying patterns have changed…perhaps permanently. But when it comes to dealing with change, small firms have advantages over larger corporations. They can be flexible, react quickly, and readily respond. When you make a change in a big company, it’s like turning a large ocean liner. Comparatively, small companies can turn on a dime.

Here are just a few tips I adapted and revised from the Kenmarc Company on coping with change that require a special focus, proactive plan and reprioritizing:

Seven Words You Can’t Say

posted in Marketing

No, these aren’t the same seven swear words that the late comedian George Carlin spewed out back in the 1970s. But, if you utter these words, you’re probably on the verge of become another tick mark in the book of failed businesses.

So, what seven words could be the dagger of death to your business?

“We really don’t have a marketing budget.”

Count ‘em. Seven. These are seven words that I hear at least once every single working day. Oh, and they can be readily interchanged with these seven words…

“We cut our budget to save expenses.”

Channeling Cramer
Aaaaggggghhhhhhh! Don’t you get it, people! Marketing is not an “expense” – it’s an “investment”…a freakin’ investment. I am jumping up an down at my desk right now, sleeves rolled up, voice an octave higher and eyes bulging from my skull just like Jim Cramer in on of his CNBC Mad Money tirades. Where are my buttons, buzzers and horns?

It doesn’t matter who said it, it’s true.
Advertising pioneer David Ogilvy, 20th century Czech playwright Milan Kundera, and Peter Drucker, the father of modern management, are all credited with saying..

“Business has only two functions – marketing and innovation.”

If all three of them said it at some point in their accomplished lives, then they are all genius. If you have a business and you are not marketing it…why on earth would you even want to be in business.

The World’s Oldest Profession
Many people believe that prostitution is the world’s oldest profession. Others say that it’s sales. I say it’s marketing. It has to be. Here’s why…

For arguments sake, let’s examine the prostitution theory. Around the beginning of time, some young (or maybe old) lady said to herself, “Hey, I’ve got something to offer men.” But, she saw her reflection in the water and said, “Wow! My hair is a mess. My face is dirty. My clothes are torn. And I stink.” So, she ponders how to make herself more desirable. Maybe she goes to a girl friend or another man in her tribe and says, “So, I’m thinking about selling my “assets” in exchange for some dinosaur meet. What do you think I should do to become more desirable?” She actually does some marketing research. She takes their advice and cleans herself up, puts on a new animal cloth, and rubs some fragrant flowers on her skin. She adds some sizzle to the steak, so to speak. Then, she goes about prospecting and selling. Word quickly spreads throughout the land and she has more business than she knows what do with.

She certainly was innovative and she had a marketing strategy. Today, business owners still need to take a close look at their products and services and make them attractive to prospective clients.

Tough Choices Today
I’ve learned some very hard lessons as an entrepreneur. Each time I’ve started a business, I’ve gotten smarter and wiser. I know how easy it is to get caught up in the “business facade”. We want others to believe we are successful by how our businesses appear to them. We need a nice office. We need the best equipment. We need employees. Right? Wrong!

I’ve had to make some tough choices with my own business. Do I work from my home or do I rent an office? Do I hire an assistant or just work longer hours? Do I hire sales people or handle the marketing and sales myself? Right now, I stay

If you have an innovative product or service to offer, you need to focus your resources (both time and money) on marketing. Without a strategic marketing plan or marketing budget, your business can’t grow. I can use the gardening analogy about planting the seed, adding fertilizer, sunlight and water…but you don’t need to hear that same ol’ story again.

It’s time to stop being the nice employer. This is YOUR business. You may have to let people go. You may have to move to a smaller office. You may need to temporarily freeze wages or cut salaries. You owe it to yourself and your employees to take necessary measures today so that you will be in business tomorrow. I’ve been there. I know it’s not easy. But, it’s what we as business owners need to do if we are to survive.

Planning and Budgeting Time
As we head into October, it’s time to start planning and budgeting for 2009. It’s no secret that our economy sucks and the cost of doing business is on the rise. More and more businesses are going to start filling the pinch. If your want to separate your business from the competition and position itself for growth, you need to allocate money to marketing and advertising

You are going to ask, “How much should I budget?” My answer is “as much as it takes.” That could be a little or it could be a lot. If you budget a little, you’ll grow a little. If you budget a lot, you’ll grow a lot.

If you have $15,000 to market your business…you should be able to generate $15,001 in revenue. Would you be happy if your mutual fund returned five or ten percent? Of course you would. You need to view your investment in marketing with that same perspective. Yes, it does take money to make money.

I had a discussion the other day with a client who was lamenting over the number of clients who were “flaking out” on him. I asked him what percentage of “no shows” he had for appointments and what his closure rate was. I explained to him that his numbers weren’t much different from mine…or from any other business. It’s a numbers game. If you get one new customer or client for every 100 touches and you need 20 clients to be at 100 percent capacity, then you need to market your message to 2,000 new prospects. It’s that simple. You know your numbers, figure it out! Or, better yet, let me help you figure it out.

Do Your Prospects Look Ahead for You?
The fact is, you need to be on the minds of your prospective customers at the exact moment they need to make a purchasing decision. It’s like when I’m driving down the highway on vacation and everyone in the car starts getting hungry. We start looking ahead for a billboard, highway sign or the “Golden Arches” themselves, appearing over the tree tops. It’s got to be like that for your business. You want people to start thinking about your products and services when they are on the road to making a decision.

That’s why you need to stop using those seven words, “I really don’t have a marketing budget.” Replace them with these 18 words…

“I am willing to invest marketing dollars to grow my business for the benefit of myself and employees.”

Once you make that commitment, you’ll soon realize what Ogilvy, Kundera and Drucker meant.

Marketing Your Own Business?

posted in Marketing

“The business owner that does his own marketing has a fool for a client.”

Okay, that’s not exactly how the saying goes. But this quote, often applied to people who serve as their own defense attorney in court, also applies to some business owners who try to save money by marketing their business without the help of a marketing professional.

I sat through a productivity seminar recently and we talked about how we often waste more time doing things on our own rather than paying someone to do it for us. My example was that I recently found myself up to my eyeballs in a new online email newsletter program that was very cumbersome to use. If I had just used the one I was familiar with, I could have done the newsletter faster and not spent two days trying to figure it out.

Among the other examples that people offered was a gentleman who hired a friend to do some basic drywall work in his home. His wife told him, “Watch closely how he does it so that you can do it next time and we don’t have to pay.” His response was classic. “Okay, the next time you go to your Ob/Gyn, I’d like to watch and learn so I can do it next time!”

Everyone wants to save money. But we are resigned to the fact that, in most cases, we just pay others to do certain tasks. Our car breaks down, we pay a mechanic. A pipe bursts, we pay a plumber. We have a toothache, a dentist performs a root canal. We pay a specialist because they have the necessary training, tools and techniques. They can do it faster, better and, more often than not, much cheaper in the long run. Just ask my wife how many times I started a “home repair project” and ended up paying more to have someone to repair my mistakes.

So, what makes some business owners believe they can market their business without help from a marketing professional? I recently had someone tell me, “Oh, it’s just marketing. I can write a brochure or send a postcard. And my brother can design my website.” And my favorite, “I’m not making any money so I can’t afford to hire someone to do it for me.”

It takes money to make money. Right? I attend numerous networking events and meetings. I watch the business owners interact. I see the business cards and/or brochures. I visit their websites. I hear the elevator pitches. And I can spot, without a doubt, which businesses do their own marketing…and are either really struggling or setting themselves up for failure.

When I meet with prospects and clients, I always ask what they’ve done in the past to market their business. They tell me what has worked and what hasn’t. If something hasn’t worked, it’s usually due to one of these reasons:

• It was the wrong medium
• They missed their target audience
• They expected higher-than-average response rates
• They didn’t have an attractive offer
• The execution was poor
• They didn’t maintain frequency
• They didn’t follow up the leads
• They didn’t focus on cross-selling and up-selling to current customers

I’ve seen companies waste tens of thousands of dollars on marketing tactics. A marketing professional would have helped by planning, budgeting and making sure reasonable expectations were in place. And like a car mechanic, a marketing professional can fine tune a campaign to make it run more efficiently and analyze the ROMI (return on marketing investment).

So, unless you have a solid background in marketing and are marketing savvy, consider using a marketing professional. Even if its to bounce ideas off of or to seek advice before spending money on something that is not going to deliver customers, you’ll be glad that you invested money up front rather than wasting a lot of money after it’s too late.

To learn more about how BTK & Associates can help your business wade through all of the marketing muck and provide you with a sound marketing plan, visit www.btkmarketing.com or call 317.493.8964.