marketing tips

Why Stop-and-Start Marketing does not work

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We’re just over halfway through the summer – how has business been? If summer is a slow time for your business or industry, you might be looking for ways to shave some costs before the boom September hits. Take my advice from this previously posted piece, and ensure that you don’t compromise branding in the name of saving a couple of bucks.

All businesses see fluctuations in their revenues. And it is understandable that when faced with “cash flow” issues, many businesses owners look to cut what they deem to be “unnecessary expenditures”. However, I can tell you from my many years of marketing experience that marketing is an integral part of your business, and stopping marketing activities can have a dramatic impact on your business.

A good example of this in practice is the 2008 financial crisis. Many businesses were faced with huge revenue challenges, and although some decided to stop their marketing and withdraw from their consumers’ radars, there were those that looked at it as an opportunity to “market smarter”. They continued to invest in their marketing, and not only survived the crisis – they actually thrived. Fueled by a strong marketing presence, these companies pushed forward with bolder strategies, and thereby gained a competitive advantage.

The reason that marketing is so important to businesses is that marketing is your main lifeline to customers and sales. Without it, you can’t be sure that customers know who you are, and what you are selling.

I’d like to share with you a few tips to consider, if you are ever in a situation where you are contemplating stopping or “pausing” your marketing activities:

  • Sync your business operations to be in line with your marketing strategy, so that if you have a “weak” month, you can pick up sales leads and revenues via another avenue.   For example, if you know that August is traditionally a bad “cash flow” month for your business, plan to combat that with a campaign running in July and August. Your marketing strategy plays a key role in your success.
  • Stop the marketing activities that are using non-measurable tactics, and replace them with other more measurable marketing practices.
  • Focus your advertising campaigns on lead generation instead of simply brand recognition.
  • Leverage social media strategies to increase engagement, audience and potential leads.
  • Find more ways to connect with your customers, so that you will be “top of mind” when they are making a buying decision.

I understand why, when faced with a crisis or dip in revenues, companies look to cut marketing budgets. But, simply stated, as “marketing” encompasses everything you do to place your product or service in the hands of potential customers, your marketing really needs to be continuous.

With markets becoming more competitive, it is more important that you get ahead of your competitors – by any means necessary.  That should start with a great marketing strategy, and continue with “smart”, measurable tactics that attract customers to your business.

Have you ever contemplated stopping your marketing?  What impact did this have on your business?  Please share your experiences on the importance of continuous marketing in the comments below.

The Advertising Essentials for SMBs

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More so than with a larger enterprise,  when you are a small-to-medium sized business, every customer counts. Business-owners often hear about the next “cool” thing in advertising and marketing, and immediately want to try it to see if it will bring customers through their door, with little thought to cost and overall fit within their marketing strategy.

I decided to highlight a previous blog post, compiling a list of best practices when it comes to choosing the advertising that best fits with your budget and your business’ overall goals.

As a SMB owner, once you’ve decided you want to advertise the challenge is making a choice about which type of advertising is best for your business. From online adverting to print ads, flyers, banner ads, radio and TV spots, the amount of selection seems endless.

We all know that to gain customers for your product or service you’ll have to invest in some advertising. One of the most important things for a product/company is to be seen and recognized by its target audience.  Advertising is the main avenue marketers use to attract customers to your specific brand, but it can also be the most expensive, so choosing the right type of advertising will be key to your success.

Here are a few tips to I’d like you to consider before investing in your advertising this year.

  1. As advertising can be costly, consult your marketing strategy to align your advertising goals with your overall marketing strategy.
  2. Consider your audience before choosing the type of advertising. E.g. if you are a tattoo service targeting a younger audience, then an ad in the newspaper (which older people are more likely to read) would not be a good investment of your advertising dollars.
  3. Keep the goal in mind.  In consultation with your strategy, be clear on what you want to achieve with this advertising.  Some may advertise to increase brand recognition or to actually drive sales.  Be as specific as possible about what you hope to achieve through advertising. E.g. increase sales by 10% in product “x”.
  4. Timing. Decide the frequency and duration.  Advertising is won and lost based on how many times it is seen or heard by your audience, so think about how often you will run an ad and, if it’s a radio ad, how long will the spot be.
  5. Use a mix of different methods.  Unless you know your audience is using a certain type of media 100% of the time, versification is also important. Think of a radio ad you may have heard and then read that ad in the newspaper or trade publication, and then possibly seen the exact same ad in a local bus shelter.  Increasing your audience’s exposure to your brand directly correlates to their buying decisions.
  6. Make sure you have measurement in place to track your advertising. You’ll need to track it so you can determine what the ROI is and if it met your goals.

If you want to grow your customer base you have to advertise, but before you spend one dime, be sure you choose advertising that helps you to effectively reach your target market and attract new customers.

Have you considered advertising your company? Have you included advertising in your marketing strategy?  What kind of success have you had with your advertising? I look forward to hearing from you in the comments below.