Marketing can be an incredible asset to your business’s profit; but, it can also be detrimental. Marketing done wrong can make you feel like you are just throwing your hard earned cash into a fire. As a small business owner, you have to be whatever your business needs… all the time. And let’s be honest, it can be a challenge to master all of the strategies and constant changes that go into marketing. And if you don’t know the first thing about marketing, it can be even more difficult.
But don’t worry, TEPSBEST has narrowed down our top 4 tips for small businesses that help you market better and waste less cash.
1. Sell the benefit, not a comparison
What makes you different from the next businesses? Do you offer something unique to your brand? Or how do you do it differently? Three major topics you should focus on are:
- Cost – you’re cost savvy
- Quality – you’re better, obviously
- Combination of Cost and Quality – you offer the better value
You can tell someone that you provide a product or service that is cheaper or more effective than that of another business, but that doesn’t say how much better you are going to make the customer’s life. Selling is about the benefit. A comparison may highlight the features you offer differently than the next, but you are always selling the benefit.
2. Market your product before it’s ready
Some businesses wait until their product is perfect before they begin looking into any marketing campaigning. That alone can be a costly mistake. Sorry to break it to you, but you are not going to sell your product as soon as it’s ready to be sold. You have to build up to it. Make people so excited for its’ release that they are counting down the days until it’s released. Because if you don’t focus on getting the word out, how will your customers even know you’re offering it?
It is always better to do a pre-launch campaign, even if it is a small one, to let your potential buyers know your awesome product is coming soon. Heck, you can begin selling the benefit (hey #1) before your product even arrives. This way, when you have the gold in your hand, your customers are eager to buy.
3. Test fast, fail fast
You’re failing at marketing if it is not measurable. Yes, you will spend money to do a few advertisements, and you may even see an increase in sales around the timeframe you are running it. But, how can you be sure what you spent on those ads is actually relating back to your sales? What if it was something else altogether? Maybe there was just a seasonal trend.
Listen. If you’re going to commit your time and hard earned money to a marketing campaign, you want to make sure that you can actually measure the results. It is all about the return on investment, or ROI. Set up ways to track conversions that come from each campaign you are putting out. And heck, run multiple types of campaigns in specific small batches. This will help you to compare your marketing channels and see which performs the best. Test fast, fail fast. Pick up the best and ditch the ones that don’t hold up to their value.
4. Use multiple angles
As we already pointed out, it’s good to test multiple marketing channels and ideas to see what works best. It’s quite often never any one strategy that works, but a combination of all of the above. When your customer hears you on the radio, sees you on Google, and then finds you mentioned in a Facebook or Instagram post they are following (hey social media!), they start to accept your brand as a solid and dependable known entity. They may not have the need for your product or service immediately, but when they do, it will be your name that comes to mind instead of a competitor’s. Hey, just think of Nike.
The Bottom Line
Marketing can be the most valuable asset to your small business. If you put in the investment early, you will reap the rewards and grow into the recognizable brand you deserve to be. Your brand is the best, so why shouldn’t your marketing be the best?
Stop panicking. You don’t have to do all of this marketing jumbo alone. Save your expertise on what you know best and trust in a marketing agency that specializes in a full suite of comprehensive media solutions. Enter TEPSBEST. With a team of media and marketing pros, TEPSBEST is equipped to illuminate your marketing to levels you didn’t know were possible. While you focus on expanding your businesses, let us focus on getting it recognizable.
Call us at 570-476-4000 and dial 7 to speak with one of our media professionals today!