Marketing your product is a critical part of getting new customers and holding on to existing ones.
The good news is you don’t need to break the bank to market your business successfully. No matter what the size of your budget, effective marketing tactics educate customers about a product’s most important features, persuade them to buy it, and enhance their satisfaction with the purchase.
Figure out what your customers want
Any good marketing strategy begins with determining your customers’ needs and desires.
While large corporations spend thousands of dollars trying to determine what their customers want from their business, small business owners should take advantage of their size and easier access to customers.
If your business is small enough, speak directly to your customers and prospects. Ask them why they give you their business. Who else do they get similar productsfrom? Finding out what your customers value will help you shape your marketing strategy and make important adjustments to your products and services.
Direct mail questionnaires, telemarketing surveys, focus groups, and other techniques are effective methods of understanding your customers and prospects, but they can be costly. You can save money while getting the information your business needs by running informal versions of these methods.
For example, instead of hiring a firm to run a focus group, invite a few of your best customers out to a nice dinner and ask them for an informal appraisal of your product or service. The results won’t be scientific, but you can get important, customer-driven input and ideas for a fraction of the cost.
Hold on to existing customers
Marketers estimate that acquiring a new customer costs five to eight times more than keeping an existing one, so limited marketing dollars should be focused on retaining existing business.
Any combination of the following programs can help companies retain customers not only by providing a useful service, but also by making customers feel appreciated and more likely to come again.
Get customers involved. You can motivate customers for very little money by getting them involved with your business on an emotional or experiential level.
Develop loyalty programs. Companies frequently develop loyalty programs that reward repeat customers with free products or services. Almost all airlines, for example, have some form of frequent flyer program that allows customers to trade miles for free travel or products.
“Personalise” your customers’ shopping experience. Keep track of your customers’ purchases so you can better direct them to other productsthat might interest them. Amazon.com tracks the books customers have ordered in the past and uses software to automatically recommend new books to them based on their past selections. One small wine shop utilises the same idea in “real life” by tracking every wine a customer buys so customers can quickly find (or avoid) the same vintage again and find others that would be equally pleasing.
Stay in touch with your customers. Postcards can be an effective way to stay connected to customers and keep them apprised of sales or special offers. If your productwarrants it, send all customers a post-purchase thank-you note. One small bookstore adds a personal touch to this strategy by sending its customers birthday postcards that give discounts on any purchase made the month of their birthday.
Encourage referrals. Existing customers may be the best way to attract new ones. Give your existing customers coupons for referring new people to your business.
Give new customers a taste of what you have to offer
Consumers see so much advertising that it has become more difficult to cut through the clutter to attract new customers for your business. Aside from referral programs and advertisements, sometimes all it takes to get a new customer is to offer them a taste of your product or service.
While other bakeries and grocers follow a similar practice, this technique is not just for food. Car dealerships offer prospective customers a test drive of the product they want to buy. Some now allow you to keep the car overnight. With a little creativity and imagination, you may be able to provide similar “trials” of your productto win over new customers.
Leverage your own expertise
If your productis more specialised, you can market your business by raising your profile as an industry expert. That way, when your future customers have a need for someone in your area of expertise, they will naturally turn to you.
Volunteer your time and expertise to community and industry events, workshops or associations. You also can check into becoming an adjunct professor at the local community college or university and teach a course for continuing education or graduate students.
However, don’t just try to sell your own business at these events – it could damage your credibility and make people feel they were cheated.
Adjust to market conditions
Product and pricing strategies are an important part of the marketing mix. Leverage your ability to make quick changes to your business that larger companies would not be able to do as easily.
Some businesses sell productsas part a package that includes several services bundled into one price. A printer, for example, could offer several packages for the printing and preparation of a direct mail piece:
Level 1 -- Printing
Level 2 -- Printing plus stuffing envelopes
Level 3 -- Printing, stuffing envelopes and mailing
If you notice your clients are showing more interest in a certain kind of service-package, be quick to promote that to other customers or adjust your current offerings to reflect that.
With creative thinking, your business can enjoy the benefits of well-planned marketing efforts without a huge price tag. Take the time to know what your customers want, and make sure to provide it to the customers you already have. With that goal accomplished, you can focus on winning new customers via targeted sampling efforts, or establishing yourself as the local source of expert advice
No comments:
Post a Comment