Posts Tagged ‘Jay Watkins’
Using Your Small Business Marketing Dollars Wisely
Friday, March 21st, 2008
Your business has to advertise in order to stay competitive, and every dollar spent must have a favorable return-on-investment (ROI). How do you ensure your marketing dollars are being spent wisely? Here a few tips to help you stay on track.
New customers are the lifeblood of every business, but your current customers are even more important. The old adage that it takes more money to get a new customer than to retain one still holds true. Be sure a portion of your ad dollars are being spent on your current customers. Something as simple as a monthly newsletter can help to generate goodwill for your company and ensure repeat business.
Be sure you are using the web effectively. A beautiful website that is not marketed properly is just a beautiful website and nothing more. It serves no purpose and does not bring in revenue. Make sure your web marketing program is geared toward reaching your target market. If you use pay-per-click advertising, make sure you have researched your keywords thoroughly. Do not get involved in a keyword war where you are trying to outbid other sites. It is a waste of money and time. Find lower priced keywords and optimize your site for those.
Know your customers. You should spend a portion of your marketing dollars conducting research. You need to get to know to whom you are selling and their preferences in order to meet their needs. A simple survey at checkout or a paper survey can provide valuable insight into their needs. Polls on your website are also an easy way to gather this information.
Your current customers are your best salespeople and should be treated as such. Spend a portion of your marketing dollars on creating referrals. Starting a referral program that encourages and rewards participation is the key to success. Offer incentives for referrals and watch your business increase.
Be wary of gimmicks. The balloon-animal clown was not such a good idea after all. Sure, you received a few glances and maybe even a few sales, but once the clown is gone, all that is left is you and your reputation. Consistency is the key to success in marketing. Instead of a clown, try a coupon.
Go co-op. Cooperative advertising is a great way to save money or reach more people for the same money. Try partnering with a complimentary business to send out postcards or mailers. For instance, if you own a landscaping company, partner with a local nursery.
Community involvement is an easy and often inexpensive way to market your business. Find ways to volunteer your time, money, products, or services and you will find something more rewarding than profit. It will pay great dividends for you and your company.
Know your market. By narrowing your focus to your target market, you are ensuring effectiveness and cost efficiency. Define your market and refine your marketing techniques to reach them. That is the key to effective, cost efficient marketing.
By following these tips, you will realize a greater return-on-investment in your time and money spent on marketing. Be creative and never be afraid to step out from your comfort zone. Clowns however are the exception.
Tags: Accounting, advice, Finance, Finance and Accounting, Jay Watkins, Marketing, Marketing Your Business, small business, tips
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