Marketing your Business

Marketing Comes of Age
There was a time when self-promotion was prohibited for some professionals, for example in the legal, accounting, and medical professions. Times have changed. In 1977, the Supreme Court ruled that professional service providers, like manufacturers and other entrepreneurs, are entitled to actively market themselves. Today, small business professionals cannot afford to ignore the benefits of marketing.

The Challenge of Competition
Now that the legal restrictions on self-promotion have been lifted, small business professionals must seize the opportunities marketing presents to tackle the stiffening competition among service providers. Professionals from various fields are increasingly offering the same services. More players in the arena mean more competition for client dollars. Marketing can give your business the competitive edge to stand above the rest.

Opportunity for Smaller Firms
In today's business environment, marketing is for everyone, especially smaller companies. Even if you're self-employed, you can compete effectively with larger businesses through marketing. How? Keep in mind that size and business volumes are not necessarily prerequisites for success. Small businesses have the advantage of understanding the local market and are in a better position to carve out a lucrative niche for themselves. In marketing, creativity is what counts, regardless of business volume. It is the individual who sells, not multi-million dollar advertising campaigns.

Strategies for Success
Before deciding on the specific components of your marketing program, consider some general strategies. You should develop your program with these key elements in mind.
Team Effort: Involvement is Key
Your business doesn't need a marketing specialist to implement a successful marketing program. What you do need is staff involvement. This means establishing specific marketing goals that everyone understands and outlining steps for achieving those goals. All staff should be trained in effective communication techniques and in building and maintaining client relationships. Having a well-trained and informed staff is one of the best marketing strategies you can adopt.

Focus Your Efforts
All of your marketing efforts should be well thought out and competently executed. When developing a marketing plan, focus on your company's objectives. Is your program going to accomplish your goals? Are you selling what clients want to buy? Consider your marketing tools. Is your newsletter being read? It may be time to shift gears and explore different marketing techniques. Take a second look at your market. Maybe there are potential clients you've overlooked.

Develop a Plan
Your company's marketing goals are best communicated to staff through a marketing plan. This is a written description of your marketing objectives and the steps that you will take to achieve them. Don't burden yourself with the entire responsibility. Ask others for their input. And make sure that everyone understands and agrees upon the final product. Don't be afraid to alter your marketing plan later on. It is likely that it will need to be updated frequently. As your field changes, your marketing strategies will have to change with it.

Increase Productivity
In short, get more for less. Providing more service with a smaller investment means greater profit. For example, in a direct marketing campaign, by updating your mailing list you may get 25 responses from a 100-letter campaign rather than 10. That's an increase in productivity of 150%. And it translates into business growth for you. Be sure to continually monitor the results of all your marketing efforts. After all, you can't increase productivity with ineffective tools.

Stay Well-Informed
The more you know, the more successful you will be. This means keeping yourself well-informed about changes and trends in your field. There is no shortage of available information for staying current. Get in the habit of regularly reading trade journals, newspapers, magazines, and relevant books. Marketing organizations usually have a wealth of information on timely issues. You can also attend trade shows to find out what's new on the horizon. The knowledge you acquire will benefit your marketing program and your business in general.

Marketing Tools
Whether your marketing program seeks to increase volume with existing clients or to attract new ones, there are many techniques to achieve your goals. The tools of effective marketing may be utilized by businesses of any size, from national companies to the one-man operation. And they may be used in any combination. You don't have to use all of the suggested techniques. Start small and experiment to find out what works best for you. Your success is limited only by your creativity.

Expanding Services
In almost any market, untapped opportunities abound for selling new services. The key to success is in knowing your market. Make sure that the services you offer are the services that are needed, but don't be afraid to try something new. For example, in the accounting profession there may be an unmet demand for computer consulting or personal financial planning. A CPA could design cost-accounting systems or get involved in retirement planning. They could consider offering tax advice or planning educational seminars. In general, your only constraints in developing new services or products are your market and imagination.
While you are expanding your services or product line to include untapped opportunities, eliminate low-margin services. For example, outsourcing routine business procedures, such as payroll processing or employee benefit administration, can free you to devote your time to more profitable work.

Advertising
In planning your marketing program, you will want to select advertising media that will target your client base. Beyond the obvious sources of local newspapers, radio, and television, don't ignore the yellow pages. This is the first place many clients look when seeking business services. Regional business magazines can also be a lucrative advertising medium. Don't overlook the free advertising offered by an opportunity to appear on a local radio or television talk show. Consider direct mail or the Internet as a cost-effective advertising tool as well. Be prepared to do some research first to locate the market that matches your services. Once you have developed a prospect profile and have selected a quality mailing list, the chance of your mailer being read is 75%.

Company Brochures
Whether simple or elaborate, a company brochure should be informative and clearly written. Unless you have some expertise, consider hiring a PR firm or agency for the project to ensure that you will have a professional-looking product. Potential clients will be forming perceptions based on your brochure. You can't afford to have your image created by amateurs. Make sure that your brochure is imprinted with your professional logo which should appear on all of your stationery, business cards, and promotional pieces as well.

Newsletters
Regardless of whether you choose to have a newsletter produced in-house or by an outside source, it should be relevant to its readers and written from the client's point of view. The newsletter should contain analysis of timely issues with additional space devoted to tips, product news, and industry analysis. Using a department format with sections devoted to specific areas such as "what's new" will make the information more digestible. Managers in your company may want to contribute a regular column on current trends. You will also want to include information on new staff members, upcoming seminars, and new services. Don't make the tone too stiff; humor is a plus. Most important, make certain that your mailing list is up-to-date.

Writing Articles
Writing an article for a local newspaper or journal demystifying a topic or element relevant to your business is a great way to promote what you do. Producing an educational booklet on a topic of interest to clients also lends itself well to any marketing program. Seize any available opportunity to get your name or the name of your business in print. For the reluctant writer, a reprint of a timely article from a journal makes an excellent mailing piece.

Speeches and Seminars
Civic organizations often feature experts in a business field as speakers for their meetings. In addition to targeting potential clients in the club's membership, frequently these appearances receive local press coverage. You can increase the likelihood of press attention by asking individual reporters to attend. But don't limit yourself to the Kiwanis and Rotary clubs. Volunteer to give a presentation on opportunities in your field at a high school careers day or offer to speak in business classes. Sponsoring a public education seminar is also an effective public relations technique.

Networking
Get to know other professionals in both your business and in other fields. These individuals can be a rich referral source and can play a key role in expanding your client base. You should also cultivate relationships with media professionals such as writers, editors, and broadcasters through press releases and personal contact. Also, get involved in community activities such as local fund-raising projects and join civic organizations. Who you know can be just as important as what you know.

Professional Trade Associations
Many trade associations have marketing aids and information available for their members' use. These range from the traditional brochures and consumer guides that can be stocked in your reception area to prepared speeches and complete slide presentations.

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