The Fundamental MUST DO’s of a Small Business Marketing Strategy

The ultimate small business marketing strategy is really no secret if you stick to the fundamentals. As a small business owner, you are constantly being barraged with what someone is telling you is the latest and greatest marketing strategy. Before you waste your time and money on something new, you really need to ask yourself if you are doing the basics well.

Take a moment and remove yourself from your business and think of your business as your athletic team. It’s the beginning of the season and you are psyched about the year ahead. What is the first thing that you are going to do to prepare for the year? Do you start by practicing trick plays? Of course not! You practice the fundamentals.

  • If you’re a baseball team, you practice hitting and fielding.
  • If you’re a football team, you practice blocking, tackling, throwing and running.
  • If you’re a soccer team, you practice kicking and passing.
  • You don’t start running plays until your team is in shape!

Okay, now that practice is over and you have showered and cleaned up, it’s time to get back to your small business marketing strateg!

7 Critical Small Business Marketing Strategy Fundamentals

Is your team (staff) in shape? Do they know the fundamentals? Do you have them practice and rehearse the right way to do serve your customers or do you let them wing it and hope they’ll such a great job that your clients will be magnetically drawn back to your business?

Guess what? If you leave it to chance and assume clients will return, you risk taking your business into the world of mediocre results where you will join the legions of small business owners who are wondering where there next customer is coming from. Don’t leave your success to chance and then grasp for the magic bullet that will save your business. A powerful small business marketing strategy begins with the fundamentals. Here are 7 critical steps to your business success:

  1. Critical Fundamental #1: You must have a Unique Selling Proposition, which answers the question “Why should I do business with you?” Your USP is much more than we give good service or do a good job. Your competitors are saying the same thing. Your USP should have the prospect saying “Oh really? Tell me more!” It helps get your prospect interested in buying from you. Give them a powerful reason to do so.
  2. Critical Fundamental #2: Your business must be living your USP. If you make the claim, play the game by making sure everyone in your company lives the USP. If you claim great customer service but you let your phone ring 10 times before anybody answers it, your are not living a USP founded on customer service. FedEx doesn’t claim packages will usually get there overnight, they get them there overnight. If you make your clients go through 5 phone prompts to place an order, you are failing on a service claim. If your delivery driver doesn’t thank your customer, your competition’s will.
  3. Critical Fundamental #3: You must know the fundamentals of selling. It usually costs a huge amount of money to get a prospect to come to or call your business. Once they are there, doesn’t it make sense that you should have the skills to sell to them and maximize the value of the transaction? You do so by cross-selling and up-selling. Don’t expect the customer to ask for more , you must help them along. Sales training is one of the best investments that you can make in your company. Everybody who comes into contact with a prospect or client should know the basics of selling.
  4. Critical Fundamental #4: This fundamental is one of the most critical and obvious but most overlooked element of a successful small business marketing strategy! You must have a system to capture client and prospect information such as name, address, phone number, email address, buying history, preferences and other information relative to your business. Today’s technology makes that very inexpensive to do. When you have this information, you can develop a close relationship with your clients based on what THEY like.
    1. Here is a real world example: My wife and I eat out at a nice restaurant at least once a week and we like to go to different places. There is only one restaurant in the Cincinnati region that has ever even asked for my name and address. They send us coupons regularly so we eat there regularly. All of the rest are wondering how to get new clients in the door and spend a lot on advertising to get them there. Now that doesn’t make a lot of sense, does it? Why don’t the others ask about me and what I like? It is real easy and inexpensive but most business owners are out of touch when it comes to knowing their clients.
  5. Critical Fundamental #5: You must have a system in place to regularly communicate with your prospects and clients. You should be frequently hitting them with unique offers, birthday cards, newsletters and special customer only specials. Your customers DO WANT TO HEAR FROM YOU!!! The research proves it. If you don’t talk to them, you are communicating an attitude of indifference towards clients and opening the door for your competition to take them away from you.
  6. Critical Fundamental #6: You must leverage your marketing efforts by establishing joint ventures and alliances with other companies who have similar client profiles in a non-competing business.
    1. Look at this scenario: You own a restaurant and have 1,000 clients who know and trust you and like your food and service. The florist down the street also has a 1,000 clients who know and trust her. You approach her with an idea. You will pay for amailing to her list in which she endorses your restaurant and offer a special coupon for a free appetizer to her clients. You mail a similar endorsement for her shop to your list. You will both get a huge infusion of new business. Now doesn’t that make more sense than running an ad on the radio or in the paper?
  7. Critical Fundamental #7: First of all, notice all the above fundamentals don’t ask you to risk money on media advertising and any one of them can easily increase your sales 20% or more. However, if you choose to advertise in the media, TRACK YOUR RESULTS! Don’t fall in the trap of building a brand or getting your name out there. If you are investing in something, know your return on your investment. If you put $5,000 dollars into an investment portfolio, you expect a minimum return and you closely track your results. Do the same thing when you invest in marketing.

You Must Get the Fundamentals in Place
Or You Are Losing Business!

As we discussed earlier, a good small business marketing strategy starts like a sports team does in preseason, by getting back to fundamentals. If you are following these small business marketing strategy fundamentals, you should congratulate yourself because you are one of the few who are getting repeat business, referrals and new customers for a fraction of what the average small business spends to attract a customer.

If you are not doing so, get started. It is a lot easier and less expensive than you think and your returns will be huge and you will literally reap exponential increases in sales.

Tips on Setting Up Your Small Business Bank Account

One of the first things you will need to set up is a bank account. We recommend a large bank because:

They have locations everywhere

They have longer hours

They will probably buy out your local community bank anyway

If you are an owner/operator of a small business, you will appreciate having a Debit or ATM card for your business. They also have easy to read statements for merchant accounts, little or low fee checking accounts, locations in the grocery store, weekend banking, business credit cards (VISA or MC), small business loans, auto loans and leases, etc. If you run a lot of locations and are expanding your business you might even ask the local manager to fax you weekly confirmation of daily deposits made during the week.

When opening an account always ask about checking account fees, primarily deposits per check charges. Try to have these reduced or eliminated. If you wish to shop banks and fees, don’t forget to shop service. We recommend these ten tips when selecting a bank.

Make an honest list of the services you want and those services you really need and then interview banks to see which services they provide on your ‘shopping list’. Be careful at big banks. Ask for the branch manager and not the new accounts sales girl. Chances are she’s just out of college and doesn’t even understand real world banking relations or hand-shaking deals at the Rotary Club or golf course. She’ll be too ‘By-The-Book’ to answer any real questions.

Start seeking referrals from long standing community and business leaders. Perhaps a local CPA, home based business consultant or small business owner. Make sure you get advice from people you respect.

Geography is important, but it should not in all cases be the deciding factor. You should start with nearby banks.

Visit the bank. Are there long teller lines? Is the staff courteous? Do they smile, etc.?

Sit down with a bank officer and don’t be afraid to ask the tough questions: Do you really want our small company’s business? Are you interested in long-term relationships? Will I be able to work with a certain specific person on a continuing basis? Will you treat me like a number? What is your turn around time on loan applications? How many layers of management are there until I get to the president? What’s his or her name? Have you ever met them? May I?

Make clear exactly what you want and need from a banking relationship. Will you be looking for a loan soon? Like any other relationship, communication is the key to a good banking relationship.

Don’t fall for flashy ads that promise you stuff and they forget your name next week. You might even come back the next day and ask “Do you remember my name? If they don’t, smile and walk out.

Try not to be misled by free toasters or mouse pads if you open an account. These free items won’t help your car wash business thrive, but a good banking relationship can.

Remember, that a bank’s service is gauged by the service it provides, not it’s brochures, gimmicks, signage or billboard ads.

Evaluate the relationship when you have been with a new bank for six months. Honestly evaluate how things are going and share your conclusions with your banker. The best banking relationship is one where both parties are open and forthright and where issues can be discussed that will lead to a long-term mutually beneficial partnership for the expansion and betterment of your car wash franchise.

Check Ordering For Business Account

Why does ordering checks and replacement checks cost so much?

Because banks make a profit on the checks you order. For a little less than one-half the cost you can order your own checks and eliminate the middleman – that’s the bank. Call:

Current Check 1-800-426-0822;

Checks In The Mail 1-800-733-4443;

Deluxe Checks 1-800-4DELUXE

All three firms guarantee that their checks meet industry standards. We’ve ordered from all three. Deluxe is faster if you’re out of checks, but still have money left. They do cost an average of $4.00 more per box.

Interest Bearing Accounts

If you choose an interest bearing checking account, be sure to take a close look at the other associated fees. It may say it’s a free account with no fees and that it’s interest bearing, but if you fall below a pre-determined balance you may pay exorbitant fees or if you have high activity such as lots of checks written or deposited, you may be charged a fee anyway. If it’s a per check fee it will undoubtedly be higher than a normal basic account.

You should not pay fees on a business savings account if fees are charged for your checking account you may seriously want to consider switching banks.

Choosing a good bank for your small business is very important, please take this initial step in your business seriously, you’ll be glad you did.

Small Business Marketing – The Power of a Market Review

Conducting a market review is one of the most important steps in the small business marketing process as it provides together with a business review the information you need to create a dynamic marketing plan. All big businesses conduct these reviews as they know it can save time and money for their business.

A market review does not have to be complicated and a lot will depend on what information you can source. The important factor regarding a market review is to understand the key elements of your market and how these elements can affect your business now and in the future.

The key elements you need to look at when conducting a market review for your small business include:

Size of Market
Your market is simply the overall industry in which you compete. For example if you sell juice then you compete in the Beverage Market. If you sell holidays as a travel agent then you compete in the Tourism Market. Analyzing the size of your market can tell you whether it is growing or declining, help you to identify growth opportunities and for a new small business can determine if the market is large enough to compete in and operate a profitable business. There are many sources you can use to gather information on the size of your market and these include trade magazines, industry associations, search engines and local government websites and resources.

Market Segment Analysis

Segmentation is a process that looks at the total market and then divides the products or services into broad groups that have similar characteristics. In the examples above, whilst the total market is beverages, the segment that is the most important to a juice manufacturer is the Juice Segment. Looking at the total beverage market today throughout the world the leading soft drink manufacturers have entered many of the market segments such as bottled water to expand their business. Market segment analysis also helps you to determine where your small business marketing efforts should be concentrated.

Distribution Channel Analysis
A distribution channel is the way in which your product or service is made available to your customers so they can purchase it. Examples are supermarkets, personal selling (face to face selling), distributors and the internet. Analyzing the sales of each distribution channel in your market enables you to identify which channels are the most important for you to compete in to grow your business.

Market Trends
A trend is any significant change to your market that your business may need to respond to. Examples of market trends include changes to the economy, changing customer demographics, social and global factors (to name a few). If you conduct business in the USA at the moment or are intending to compete in the USA then the concerns about a possible recession and how it could affect your small business needs to be identified so action plans can be put in place to minimize the impact.

Market Seasonality
If a product or service is seasonal it means that the majority of the sales occur at one or a few times a year. Tax accountants obviously have increased sales when the end of the financial year occurs and tax returns and other government reporting are required. Understanding market seasonality factors can lead to your small business maximizing sales through this period and also may highlight opportunities to spread your sales throughout the year.

Competitor Analysis
Your key competitors need to be analyzed in order for you to identify their key strengths and weaknesses and how they compare to your own small business. Reviewing this area means that you can be smarter with your marketing efforts and be proactive against their weaknesses and of course defend against their strengths. One tip that all big businesses do is to have a competitor file with examples of their marketing activities, products or services.

Big businesses know the value of reviewing the market in which they compete and you can to. Remember you can start slowly and just review one section at a time and then put in place activities or make business decisions based on the review to grow your small business.

© Marketing for Business Success Pty Ltd 2008

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