What is Your Small Business Marketing IQ?

If the word “marketing” sends shivers down your spine you are not alone. However, build and they will buy just doesn’t cut it in this economy. Marketing is necessary for your business to prosper and succeed. You can develop a simple, focused action plan that will help you increase your profits … or you could let your competition do it.

Ask yourself the following questions:

1. Do I view marketing purely as advertising?
2. Do I view marketing as needing a large budget?
3. Do I view marketing as something I try every now and then?
4. Do I view marketing as a project rather than a process?
5. Do I view marketing as something to reach the masses?

If you answered yes to any of these it’s time to change the way you look at marketing. Here are some quick tips to get moving in the right direction.

• Marketing is everything the outside world sees and hears about you and your business. This includes your business cards, customer service, follow –up, and attire, as well as what you put in print and online. Always be intentionally marketing in all you do.
• There are more than 100 low-cost and no-cost tools and techniques. Leverage your time, energy, and imagination instead of your dollars. (Hint: I named a few above.)
• Do you know it takes a consumer at least nine times to see your info before they will even consider buying from you? One of the biggest reasons why people stop marketing is their lack of patience. Marketing is not instant gratification! Test, tweak and try, try, again.
• Marketing to everyone will get you no one. Although you may have many different target markets it is best to pick one. If you don’t already know your market, start by listing who needs what you have to offer. For example, you may be a business consultant for financial planners or a web designer for law firms. Start by focusing on a niche market, tell them why you are the one they should buy from (benefits) and watch your profits start to grow.

Stay tuned for my next blog when I talk about how to calculate the lifetime value of your customers. It will change the way you look at building your business.