Remember, prospects are everywhere

Whenever you travel, attend a sporting event, go to a parents’ night at your local school or even wait in line at a bank, it’s possible there is a potential customer among the group. So always be willing to talk to people. You never know who you might be talking to. Naturally not everyone is going to be a potential customer but even if somebody isn’t a prospect for your business they may well know of another person who is.

This doesn’t mean pushing yourself onto anybody and everybody with a business card in your hand, but it does mean keeping a business ear tuned in to the conversations you are having. It’s really a matter of your mindset.

Develop your elevator speech

It pays to prepare a little story about you and your business that’s interesting and only takes a minute or less to go through. Most conversations eventually get into a “What sort of work do you do?” phase and that’s your chance to tell others about yourself. “I solve people’s mobility problems by working out the most cost effective way to maintain their cars” is a lot more interesting opening line than “I’m a mechanic”! You could discuss the way your workshop assesses how clients use their cars, who uses which vehicles for what purpose, and how you use that information to suggest a maintenance schedule that provides best value for money. The car that just does the weekly shopping doesn’t need the same level of expenditure as one that is used for constant long trips. People will be impressed and intrigued – they’ll certainly remember you.

Show a real interest in the people you talk with and take the time to hear their story. Listen carefully and you’ll always learn something. Ask additional questions if you think there’s more to learn since some people only tell part of their story and wait until they’re encouraged before they say anything else.

Help whenever you can

The old maxim, “those who help others, help themselves”, definitely holds true in business. If you realize during a conversation that you can be of some assistance to the person you’re talking with, it’s an opportunity to get to know them better. This extends to those you’re already doing business with. You might have a solution to their biggest business problem and can make a friend for life!

Share your expertise

Whatever your line of business, you’re an expert in it. Before you disclaim this, just think about it. You know more about what you do in that business than anybody else who isn’t in the same business. If you can make up an interesting presentation about what you do, others will gladly listen.

Contact local organizations and offer your services as a guest speaker. Begin with any that you’re already a member of and go from there. Join twitter and start posting short comments – you’re limited to 140 characters so it doesn’t require a long essay on the subject!

When it clicks, personal marketing places you in a one-on-one situation with a prospective customer who shares many of the same concerns about running a business that you have. If you can be informative, interested and helpful you’ll find your business growing and possibly make new friends at the same time.

Our industries, our society and even our planet are in a state of flux as we struggle to come to terms with turbulent economies, dwindling resources and a changing climate. In The Sixth Wave, a book on business and innovation, authors Moody and Nogrady predict that we are on the cusp of the next great wave of change for the future. They also demonstrate that periods of change in history have always been the time when the greatest opportunities exist for the introduction of new technologies, new products and services, and for inspired ideas about whole new ways of doing things. 

If you see change as a threat, you’re taking a “glass-half empty” perspective. You probably say, “I can’t keep up with this constant technological innovation. There’s something new to learn every week. It’s like I never left high school!” You’ll be annoyed whenever there’s a new trend in management. You’ll wince whenever you hear of competitors introducing new business processes. You’ll see change as the slings and arrows of business misfortune.

On the other hand, if you see change as an opportunity, you’re taking a “glass-half full” perspective. You are likely to think, “Every time there’s a change, new niches open up for me.” You know that some of your competitors will be slow to adapt and you’ll be the first to step in and relieve them of a few customers. You’ll say to yourself, “I’m a small business. I have a small, flexible and effective team. Adaptability is my middle name. We’re the can-do people!”

While your larger competitors need to look ahead a year or more, you’ll change focus much more quickly. If you’re a manufacturer, you have smaller production runs, so you can customize to suit the needs of particular customers. Customers can reach you much more easily than they can a CEO of a large corporation – you’re responsive.

You look ahead with anticipation, not with anxiety. You think, “Well, some of my products are nearing the end of their life cycle. What’s the next big thing? How can I surprise and delight my loyal customers with something that they don’t even realize they want?”

If you take this attitude, business will become more of a game than a chore. You’ll feel freer to think creatively. And you’ll try to communicate this attitude to your team. You’ll do so with a frank and open management style, because honesty is the best way to help people manage change. Fear of the unknown is one of the greatest impediments to change in the workplace.

You can also get people to feel positive about change by empowering your workforce. Reward people who have good and innovative ideas and let them have a say in implementing them. Offer both praise and monetary rewards for innovation.

So, in this time of transformation, stay alert and keep well informed. Look out for the winds of change. Seek advice. A Business Diagnostic and Performance Review with your accountant might be a good way to help you scan the external environment for changes in the industry that could sooner or later have an impact on your business, as well as analyze the internal operational strengths and weaknesses of your business as part of the process. Yes, it may mean major change for your business, but the way to look at that change is to see it as the opportunity for growth and improvement.

1.  Your target customers need to hear your marketing messages at least 7 times to influence a buying decision.  Sounds a lot, and it is. People just don’t always take in all the information at any given time. Especially the first time they hear it, so you need to choose strategies that allow you to repeat them often enough to work for you.

2.  Expensive ads don’t guarantee sales – even when they are popular with the public. Companies have gone broke over big ticket ads. Every marketing dollar has to translate into sales.

3.  A sure fire way to improve sales is to use multiple marketing channels. Your underlying message should be consistent, but you need to get it out in a variety of mediums.

So, if you’re a small to mid-sized business on a limited budget your tactics should be to optimize your spending so that you get in front of the right customers regularly and in a variety of ways.  Here are four techniques you can use to achieve that.

Identify and target niche customers

Unless you are a major player with an unlimited amount of money to devote to scatter gun marketing – go narrow. Do your market research and focus on niches – those groups of customers you can clearly identify who would be interested in your offering.  Customers who are affordable for you to reach! Then get your message out into local clubs, trade shows, industry publications, niche newsletters, anywhere you can reach those specific prospects. 

Be newsworthy

Local media are always on the alert for new content.  Recently a local dress designer in a city suburb went to register her own personal name for her fledgling business. She discovered that an overseas singer used it as a stage name.  The local designer publicized the resulting legal negotiations over the right to use her own name in her local area.  Hey presto – plenty of ongoing press coverage in all the local papers lead to lots of sympathy and interest for the local girl and  promoted her new business better than any form of paid advertising could have done.

Seek out co-opetition and alliance opportunities

Co-opetition is forming friendly alliances with businesses that are competing in your market, but with a slightly different focus to yours. By forging an alliance with a group of small companies or a large corporation which is complementary to your business you can lower your costs and expand your public presence.  You might also be able to provide your customers with a more holistic product offering which will enable you to enter into new markets and create new distribution opportunities.  Here’s an example; a local business specialized in fresh, healthy, low fat pre-prepared meals for busy people.  They approached their local gym with an offer of special deals to gym subscribers and a free meal pack for clients on weight loss programs who achieved target goals.  The gym benefited from the free prizes they could offer while the business got lots of publicity through the gym’s enewsletter and promotional literature. The gym’s clients tended to be working people who wanted to maintain an active, healthy lifestyle and this supported their goals. Co-opetition provided a perfect win-win situation for these businesses.

Develop a structured referral program

The most cost effective method of reaching hot prospects is by referrals from satisfied current customers. A satisfied customer who tells their family, friends and acquaintances about your business is more effective than any fancy ad campaign. But are you spending time to get customer referrals on a regular basis? Make it part of your marketing plan and stick to it rigorously – you’ll see the results. One business we know provides their customers with a number of their business cards that they can then pass on to others. This makes referral easy and gives the prospect your contact details in a form they are likely to hang onto.

These are just a few of many tactics and strategies used by small businesses to create a high-impact marketing plan on a low budget. Marketing success comes from employing creative approaches that target the specific needs of your ideal niche customer; not from having the biggest budget.