Effective Marketing Gives Your Business an Edge

... From Biz2Niz NWA April 2009

By Steve Ferguson / Chapter Chair / NWA SCORE

Marketing consists of more than making some phone calls or taking out an ad. Your marketing effort is the sum total of the sales, pricing, promotional and advertising efforts designed to promote the flow of goods or services from your business to the consumer. Marketing also includes your activities to identify the right merchandise or service, select the right store location, enact effective sales programs, and promote your company to the buying public. In short, marketing is everything you do to get and keep customers.

It is easy for small business owners to find excuses to neglect marketing, particularly in the difficult current economic conditions. Operating on a no-frills budget, many owners begrudge the money. Without marketing, however, it’s practically impossible to get the attention of buying customers. If you do not effectively market your company, brand, image and products or services, you compromise your sales potential every day.

A useful device to assist you in your marketing efforts is known as the four Ps: product, promotion, price and place. Have the right product or service—something people want or, preferably, need to buy. Employ the right promotional elements with the marketing tools available to you. Try your best to set the right price to be both competitive and profitable. Make sure that you’re in “the right place” with your business efforts, which means understanding location issues, availability and ease of access for customers, and so on. These elements need to work in synch to generate consumer interest and trigger the buying response from your audience.

Develop an annual marketing plan within your overall business plan. Understand your primary marketing tools—advertising, sales promotions, personal or direct contact selling, public relations, and then employ them to execute your marketing plans. Analyze when you are likely to need a special price promotion, a new product launch or an advertising awareness campaign. Other aspects of your promotion may be in-store signage, outdoor signs, direct mail pieces, joint promotions and product brochures (which, by the way, your suppliers may very well supply at no charge). Be prepared to define the tools that are most helpful in bringing you business.

Invest in marketing as part of your monthly operating expenses. Don’t spend needlessly, but don’t try to undercut expenses in a way that directly affects your communication with potential customers and those all-important repeat customers.

If you would like to discuss how to develop a marketing plan and budget, contact SCORE “Counselors to America’s Small Business.” SCORE is a nonprofit organization of more than 10,500 volunteers who offer free and confidential advice to veteran entrepreneurs and those just starting out. You may reach us at info@nwascore.org, www.nwascore.org or 479-725-1809.