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The Marketing Edge
Here is my reply to the question, "What do you suggest I do as my first step to market my business."
You've got to have a plan!
In a day when dollars must be invested cautiously, it is essential for companies - especially small businesses - to get the most for their marketing dollar. Before even beginning to think about how to market your business effectively and cost efficiently, you must fully understand the concept of marketing.
These are the Five P's of Marketing:
Product — what you are selling, who needs it, who knows they need it, who wants it?
Place — where is it, how does the customer get it, how can it be seen?
Price — is it a tangible item or an intangible service, how will you price it?
Packaging — does the package sell the item, does the package have value of its own,
Promotion — who knows about your product or service, how do they know, do they know in the best light, where and for how much will you advertise?
A marketing plan is an integral way to lay everything out and help you answer the Five P's which leads to successful marketing. It is also important to continually re-evaluate your plan.
At Gallagher & Gallagher, we just went through our own re-evaluation. Yes, we do practice what we preach. Your company — large or small can do the same. We suggest a professional create your plan, if you choose to try to do it yourself you need to ask yourself some basic, but vital questions. What are your long-range goals and objectives? How many clients do you currently have? Do you want to grow? How fast? What do you need to have in place for the growth? You should also ask yourself your short-term goals. Be realistic, but strive for something. Analyze your market and decide who needs to know about you and if you are currently reaching those people. Study what you're doing now to reach your audience and what else you can do to improve and accomplish your goals. A clear mission statement will be essential in helping you target potential clients.
You must also consider your budget. Recently, in an article for the "Dayton Business Journal," Eric Yaverbaum, president of Jericho Communications Inc. (with offices in Seattle and New York), and author of numerous marketing articles and a book on public relations, detailed how on average, smaller businesses tend to pull money and resources out of areas such as marketing and public relations when money is tight. He stressed how cutting your marketing budget can be deadly. Yaverbaum believes that by cutting your marketing budget, you're taking a gamble that the market will still be there as much as when you were spending those dollars. I agree with Yaverbaum's observations, a properly developed marketing plan can save you time and money and assist you in spreading your advertising dollar while providing you with a structured method for the maintenance and growth of your business.
You may discover that it would be more cost effective for you to outsource your marketing communications. If you feel that this may be the best option for your firm, consider the following tips in determining which agency is best for you.
Keep in mind that your budget, along with your needs, may vary from month to month. The agency you choose should be willing to work with a flexible budget. The agency should also have a good understanding of your company, its needs, and its marketplace. Study their portfolio very carefully. Look at the work that they have done for companies with your size and budget. Observe the interaction at your first meeting. Are you comfortable with the people? Do they seem to care about your company or are they just trying to sell themselves? You want them to want your company to be just as successful as you do. Most importantly, check their references and ask about their industry affiliations. You need to choose your marketing professionals the same as you would your doctor, your lawyer or your CPA. Marketing communication firms also have to meet a code of ethics and standards. The key factor is that your company needs to work to achieve visibility. If you aren't visible, people will forget about you. This visibility can be achieved through a strategic marketing campaign that doesn't have to cost a fortune.
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