If your marketing budget is limited, there may be ways to make that money go further. Smart strategies abound for small to midsize businesses. Let’s look at a few ideas for stretching your marketing dollars a bit further.
Check out the big guys
Look to larger companies for ideas on how to improve and amp up your marketing tactics. Big businesses use many different types of campaigns and sometimes their big-budget approaches can be distilled down to lower-cost alternatives. Think of it as a “competitive intelligence” effort with the emphasis more on “intelligence” than “competitive.”
Maybe you can’t develop an app with a robust rewards system like coffee giant Starbucks. But you could still come up with a loyalty reward campaign using punch cards or some other mechanism.
If your company is one that depends on local customers or clients, make sure you’re doing everything possible to target that audience. Get hyperlocal! This approach tends to be particularly well-suited to businesses that rely on foot traffic, but it can work for any company capable of leveraging the distinctive aspects of its local community.
Don’t neglect the value of location-driven advertising, such as signage on vehicles that travel locally. Increase your presence on social media apps or pages focused on local communities. You may not want to blatantly advertise there, but you could participate in discussions, answer questions, and respond quickly to complaints or misinformation.
This is perhaps the most creative way to engage in low-cost marketing efforts. In short, guerilla marketing is putting your company’s brand in the public eye in an unconventional way. It doesn’t always work but, when it does, people will recognize and remember you for quite a while.
One example is using vacant space, generally in urban areas, to put up marketing “graffiti.” (Obviously we’re talking about doing so legally.) You might engage a budding art student to create an eye-catching display featuring your logo and perhaps one of your products to draw attention. There are also ways to execute digital guerilla marketing, such as creating a viral video or humorous social media account. Just be careful: such campaigns can often misfire and result in embarrassing public relations incidents. Get plenty of outside advice, including legal counsel.
Try some variety
Many businesses get so focused on one marketing approach that they miss out on many other ways to attract the attention of new customers and maintain visibility among existing ones. Remember, variety is the spice of life — and it may not be as expensive as you think. We can assist you in assessing the potential costs and likely success of any marketing effort you’re considering.
© 2019 Covenant CPA
“Love and marriage,” goes the old song: “…You can’t have one without the other.” This also holds true for sales and marketing. Even the best of sales staffs will struggle if not supported by a well-researched and carefully executed marketing plan. Here are six ways to ensure your marketing plan is likely to drive strong sales:
1. Keep customers aware of all your products and services. Among the fundamental objectives of any marketing plan is to familiarize those who buy from you with everything you’re offering. But what often happens is that customers get overly focused on just a few products or services, which in turn limits sales. Make sure your marketing plan maintains the visibility of your total product or service line.
2. Distinguish your products and services from those of competitors. Your salespeople will stand a much greater chance of success if your customers believe you’re the only place to get precisely what they’re looking for. Your marketing plan should emphasize the distinctive value offered by your products or services and how they differ from those of competitors. A key part of this effort involves monitoring the competition’s marketing activities and responding in kind.
3. Benchmark your marketing/advertising budgets. Are competitors outspending you? If so, your sales staff is fighting an uphill battle. To find out, use competitive intelligence and publicly available industry data to determine the average marketing and advertising budgets for companies of similar size and specialty in your area.
4. Search for new markets. While your sales staff is out on the front lines, your marketing team needs to be spending time back at the office looking for additional buyers (or types of buyers). Undertake this research carefully and methodically. When you believe you’ve found a new market, adjust your marketing plan as necessary and train salespeople on how to best traverse this unfamiliar terrain.
5. Track new leads generated through marketing. A good marketing plan not only keeps existing customers engaged and informed, but also pulls in new prospects. Do you know how successful your company has been at doing so? Your sales team may be able to generate some leads themselves, but your marketing department must do its fair share. If it’s not, something needs to change.
6. Update your marketing plan regularly. Coming up with a comprehensive, viable marketing plan isn’t easy. Once they’ve got one, many businesses make the mistake of sticking with it too long, leaving their sales departments to struggle in a dynamic, ever-changing marketplace.
Review your marketing plan often, at least quarterly, and adjust it based on both hard numbers (metrics and sales results) and feedback from your sales staff. Our firm can help you identify, track and better understand the analytical data that aligns a good marketing plan with strong sales figures.
© 2019 Covenant CPA
A good marketing plan should be like a network of well-paved, clearly marked roads shooting out into the world and leading back to your company. But, all too easily, a business can get stuck in the mud while trying to build these thoroughfares, leaving its marketing message ineffective and, well, muddled. Here are a few indications that you might be spinning your wheels.
Still the same
If you’ve been using the same marketing materials for years, it’s probably time for an update. Customers’ demographics, perspectives and expectations change over time. If your materials appear old and outdated, your products or services may seem that way too.
Check out the marketing and advertising of competitors, as well as perhaps a few companies that you admire. What about their efforts grabs you? Discuss it with your team and come up with a strategy for refreshing your look. You might need to do something as drastic as a total rebranding, or a few relatively minor tweaks might be sufficient.
Overreliance on one approach
While a marketing plan should take many avenues, sometimes when a business finds success via a certain route, it gets overly reliant on that one approach. Think of a company that has advertised in its local phonebook for years and doesn’t notice when a competitor starts pulling in customers via social media.
This is where data becomes key. Use metrics to track response rates to your various initiatives and regularly reassess the balance of your marketing approach. Unlike the business in our example, many companies today become too focused on social media and ignore other options. So, watch out for that.
Ask yourself whether your various marketing efforts complement — or conflict with — one another. For example, is it obvious that an online ad and a print brochure came from the same business? Are you communicating a consistent, easy-to-remember message to customers and prospects throughout your messaging?
In addition, be careful about tone and taking unnecessary risks — particularly when using social media. It’s a difficult challenge: You want to get noticed, and sometimes that means pushing the envelope, but you don’t want to end up being offensive. Generally, you shouldn’t run the risk of alienating customers with controversial material. If you do come up with an edgy idea that you believe will likely pay off, gather plenty of feedback from objective parties before launching.
A marketing plan going nowhere will likely leave your sales team lost and your bottom line suffering. Maybe it’s time to do some reconstruction work on yours. Contact us at 205-345-9898 for more information and further suggestions.
© 2019 Covenant CPA
A strong economy leads some company owners to cut back on marketing. Why spend the money if business is so good? Others see it differently — a robust economy means more sales opportunities, so pouring dollars into marketing is the way to go.
The right approach for your company depends on many factors, but one thing is for sure: Few businesses can afford to cut back drastically on marketing or stop altogether, no matter how well the economy is doing. Yet spending recklessly may be dangerous as well. Here are three ways to creatively get more from your marketing dollars so you can cut back or ramp up as prudent:
1. Do more digitally. There are good reasons to remind yourself of digital marketing’s potential value: the affordable cost, the ability to communicate with customers directly, faster results and better tracking capabilities. Consider or re-evaluate strategies such as:
- Regularly updating your search engine optimization approaches so your website ranks higher in online searches and more prospective customers can find you,
- Refining your use of email, text message and social media to communicate with customers (for instance, using more dynamic messages to introduce new products or announce special offers), and
- Offering “flash sales” and Internet-only deals to test and tweak offers before making them via more expansive (and expensive) media.
2. Search for media deals. During boom times, you may feel at the mercy of high advertising rates. The good news is that there are many more marketing/advertising channels than there used to be and, therefore, much more competition among them. Finding a better deal is often a matter of knowing where to look.
Track your marketing efforts carefully and dedicate time to exploring new options. For example, podcasts remain enormously popular. Could a marketing initiative that exploits their reach pay dividends? Another possibility is shifting to smaller, less expensive ads posted in a wider variety of outlets over one massive campaign.
3. Don’t forget public relations (PR). These days, business owners tend to fear the news. When a company makes headlines, it’s all too often because of an accident, scandal or oversight. But you can turn this scenario on its head by using PR to your advantage.
Specifically, ask your marketing department to craft clear, concise but exciting press releases regarding your newest products or services. Then distribute these press releases via both traditional and online channels to complement your marketing efforts. In this manner, you can make the news, get information out to more people and even improve your search engine rankings — all typically at only the cost of your marketing team’s time.
These are just a few ideas to help ensure your marketing dollars play a winning role in your company’s investment in itself. We can provide further assistance in evaluating your spending in this area, as well as in developing a feasible budget for next year. Call us for more information at 205-345-9898.
© 2018 Covenant CPA
Is your sales process getting off-balance? Sometimes it can be hard to tell. Fluctuations in the economy, changes in customer interest and dips in demand may cause slowdowns that are beyond your control. But if the numbers keep dropping and you’re not sure why, you may need to double-check the structural soundness of how you sell your company’s products or services. Here are four pillars of a solid sales process:
1. Synergy with marketing. The sales staff can’t go it alone. Your marketing department has a responsibility to provide some assistance and direction in generating leads. You may have a long-standing profile of the ideal candidates for your products or services, but is it outdated? Could it use some tweaks? Creating a broader universe of customers who are likely to benefit from your offerings will add focus and opportunity to your salespeople’s efforts.
2. Active responsiveness. A sense of urgency is crucial to the sales process. Whether a prospect responded to some form of advertisement or is being targeted for cold calling, making timely and appropriate contact will ease the way for the salesperson to get through to the decision maker. If selling your product or service requires a face-to-face presence, making and keeping of appointments is critical. Gather data on how quickly your salespeople are following up on leads and make improvements as necessary.
3. Clear documentation. There will always be some degree of recordkeeping associated with sales. Your salespeople will interact with many potential customers and must keep track of what was said or promised at each part of the sales cycle. Fortunately, today’s technology (typically in the form of a customer relationship system) can help streamline this activity. Make sure yours is up to date and properly used. Effective performers spend most of their time calling or meeting with customers. They carry out the administrative parts of their jobs either early or late in the day and don’t use paperwork as an excuse to avoid actively selling.
4. Consistency. A process is defined as a series of related steps that lead to a specific end. Lagging sales are often the result of deficiencies in steps of the sales process. If your business is struggling to maintain or increase its numbers, it may be time to audit your sales process to identify irregularities. You might also hold a sales staff retreat to get everyone back on the same page. Contact us at 205-345-9898 to discuss these and other ideas on reinforcing your sales process.
© 2018 Covenant CPA