Whether we are actually in a recession or not, it's a fact that the U.S. economy is in an economic drought. But this doesn't mean that you need to let your business' marketing budget dry up.
I'm one of those homeowners that's proud of his lawn. I'm fortunate enough to live in a neighborhood where most people have well-manicured lawns. After all, we've had plenty of rain in Indianapolis, Indiana this year, so everyone should have a green lawn. Mowing, weeding, pruning, edging, and trimming are activities that, when I'm done, give me satisfaction and instant gratification. I can step out into the street, look back at my yard and think, "Wow! Now that's a nice looking lawn."
But, like the current economy, the weather isn't always ideal. Last year we had drought conditions. Keeping my lawn from looking like the dusty main street in a Spaghetti Western, complete with tumbling tumble weeds, took time and a moderate financial investment. I had to water my lawn a little more. I had to spend more money on fertilizer and weed control. I cut my grass a little longer to retain moisture. I educated myself on how to keep my lawn looking nice in a drought and made the necessary investments and adjustments to keep my grass green and growing.
Many of my neighbors, on the other hand, took the easy route. They simply gave up. Some saw it as an opportunity to not have to mow as frequently. Others apparently said, "My neighbors aren't keeping their lawns nice, so why should I?" Still, others reallocated or eliminated their lawn maintenance budgets.
We are in an economic drought and most businesses are going to react in much the same way as many of my neighbors did with their lawns. They may view marketing, like mowing, as a necessary evil and welcome a break from executing their marketing plan. There are those that will look around and say, "Hey, our competitors aren't marketing so why should we?" Then, there are those businesses that decide to cut marketing expenses in an effort to show investors a bigger profit margin.
I can't tell you how many times my neighbors and visitors to my home commented how nice my lawn looked last summer. The grass was green and the flowers were colorful. And guess what I discovered this Spring? My lawn was the first one to turn green. My neighbors, on the other hand, were aerating, de-thatching, re-seeding and trying to get their dandelions under control. While I had minimal lawn maintenance costs, I know they probably out spent me four to one just trying to get their lawns back into shape.
Learn from my neighbors. Don't cut back or skimp on your marketing budgets during an economic down swing. Don't be a lemming. Sure, it's easy to follow your competitor and cut your budgets and staff. And, if you are cutting your marketing budgets now just so you can show a bigger profit, I've got news for you. You may be the hero now, but one day it will catch up with you and...BAM! You'll have to explain to your investors why you don't have any growth and are losing market share.
Businesses that grow and prosper are the ones that stay the course and may even increase their marketing activities. It will be your businesses that consumers will notice when it's time to make a purchase. And when the economy does turn around, you won't have to spend as much time, energy and money to position yourself in the market place.
To learn how BTK & Associates can help you maximize your marketing budget and maintain top of mind awareness in today's economic conditions, visit www.btkmarketing.com or email me at brian@btkmarketing.com.
Monday, June 30, 2008
Wednesday, June 25, 2008
Chicken vs Egg, Branding vs Positioning
The debate continues. Which came first, branding or positioning. Which one do you control and which one is owned by your customers?
So, I sit down at my computer this morning all excited to write about branding, a topic that I'm very passionate about when it comes to marketing and sales. Before I mosey on over to my blog's control panel, I decide to check my email. And what d'ya know? I receive a great article from iMedia titled Brand vs. product: what really drives reputation? It was written by Marian Salzman, partner and CMO, Porter Novelli Worldwide.
Do great minds think alike, or what? Or, maybe it was just coincidence.
If you don't read any further, read, re-read and digest what Ms. Salzman writes in this one tiny paragraph.
Brilliant!
Marketing people who hold the title "Brand Manager" should be stripped of their titles (yes, you know who I'm talking about) and be appropriately dubbed, "Delivery Manager". I worked for a company for two years where the "Brand Manager" couldn't land on a brand. It's like giving birth to a baby and not being able to name it and leaving it up to people to guess.
This brings me to my initial chicken vs. egg question. Which came first, positioning or branding? I'll answer the question and say, "positioning". Why? Because branding isn't something we control. Our customers, employees, suppliers, competitors are all part of the group that decides what our brand is. Not us.
Go back to the beginning of any business, matter how big or small, and you'll find one person who had an idea. In the 1870's, Joseph Campbell didn't just one day say, "Hey, let's design a red and white can and put some broth and vegetables in it and sell it in grocery stores and call it Cambell Soup." Campbell, whose company originally canned vegetables, jellies and minced meats, learned that soup, which was very popular in Europe and not the U.S., was gaining popularity in the states. He already had most of the ingredients in the tomatoes, vegetables and meats. So, he decided to come up with a product that was convenient and affordable for consumers. Campbell Soup was unveiled at the 1900 Paris Exposition and earned a gold medal.
Cambells positioning was convenience and price. And, yes, it was, "Mmmmm good!" Thus, the Cambell Soup brand was born. It's red and white can, inspired by the colors of the Cornell University football team, is still one of the most recognized products. When I'm looking for soup in the grocery store, I can the aisle for the red and white cans. I know I'm not getting a home made quality soup, but I purchase the Campbell Soup brand because of the delivery of a product that's affordable and convenient.
So many companies today have lost track of their brands due to poor positioning. Take banking, for example, an industry where I've worked. "Community Bank", "Business Bank", "Friendly Bank", "Hometown Bank", "Sit Down Bank", "Internet Bank". . . the list goes on. One of the largest banks, JPMorgan Chase & Co., founded in New York in 1799, is positioned as a "global investment and commercial bank with both wholesale and retail operations in more than 50 countries."
Banks can do all of the positioning they want, but I, as a consumer, am in sole possession of their brand. When I see Chase bank, I see a bank that has my mortgage but will probably never have my checking account unless it buys my current bank. Why? Because for me, they made promises but their delivery fell short, just like Salzman warns. When I look at my bank, Old National Bank (www.oldnational.com), I see a bank that, for the most part, delivers. It's a comfortable and convenient place for me to deposit my money and receive quality financial advice. They offer great customer service and their banking centers are first-class. As long as they keep delivering on their promises, the Old National Bank brand has equity with me.
So, as marketers, what are we to do? We focus on our products and stop the brand-speak. In her article, Salzman writes:
If your products and services fall short in the minds of consumers, your brand can't save you. Consumers are smarter and do their homework before they buy.
If you want to effectively position your products so that you can build brand equity with your customers, BTK & Associates can help. Visit www.btkmarketing.com or email brian@btkmarketing.com.
So, I sit down at my computer this morning all excited to write about branding, a topic that I'm very passionate about when it comes to marketing and sales. Before I mosey on over to my blog's control panel, I decide to check my email. And what d'ya know? I receive a great article from iMedia titled Brand vs. product: what really drives reputation? It was written by Marian Salzman, partner and CMO, Porter Novelli Worldwide.
Do great minds think alike, or what? Or, maybe it was just coincidence.
If you don't read any further, read, re-read and digest what Ms. Salzman writes in this one tiny paragraph.
What makes the difference now is delivery, not promises -- it's not what a
brand says, but what it does. A brand's products earn a brand permission to ask
for a slice of consumers' time, attention or money.
Brilliant!
Marketing people who hold the title "Brand Manager" should be stripped of their titles (yes, you know who I'm talking about) and be appropriately dubbed, "Delivery Manager". I worked for a company for two years where the "Brand Manager" couldn't land on a brand. It's like giving birth to a baby and not being able to name it and leaving it up to people to guess.
This brings me to my initial chicken vs. egg question. Which came first, positioning or branding? I'll answer the question and say, "positioning". Why? Because branding isn't something we control. Our customers, employees, suppliers, competitors are all part of the group that decides what our brand is. Not us.
Go back to the beginning of any business, matter how big or small, and you'll find one person who had an idea. In the 1870's, Joseph Campbell didn't just one day say, "Hey, let's design a red and white can and put some broth and vegetables in it and sell it in grocery stores and call it Cambell Soup." Campbell, whose company originally canned vegetables, jellies and minced meats, learned that soup, which was very popular in Europe and not the U.S., was gaining popularity in the states. He already had most of the ingredients in the tomatoes, vegetables and meats. So, he decided to come up with a product that was convenient and affordable for consumers. Campbell Soup was unveiled at the 1900 Paris Exposition and earned a gold medal.
Cambells positioning was convenience and price. And, yes, it was, "Mmmmm good!" Thus, the Cambell Soup brand was born. It's red and white can, inspired by the colors of the Cornell University football team, is still one of the most recognized products. When I'm looking for soup in the grocery store, I can the aisle for the red and white cans. I know I'm not getting a home made quality soup, but I purchase the Campbell Soup brand because of the delivery of a product that's affordable and convenient.
So many companies today have lost track of their brands due to poor positioning. Take banking, for example, an industry where I've worked. "Community Bank", "Business Bank", "Friendly Bank", "Hometown Bank", "Sit Down Bank", "Internet Bank". . . the list goes on. One of the largest banks, JPMorgan Chase & Co., founded in New York in 1799, is positioned as a "global investment and commercial bank with both wholesale and retail operations in more than 50 countries."
Banks can do all of the positioning they want, but I, as a consumer, am in sole possession of their brand. When I see Chase bank, I see a bank that has my mortgage but will probably never have my checking account unless it buys my current bank. Why? Because for me, they made promises but their delivery fell short, just like Salzman warns. When I look at my bank, Old National Bank (www.oldnational.com), I see a bank that, for the most part, delivers. It's a comfortable and convenient place for me to deposit my money and receive quality financial advice. They offer great customer service and their banking centers are first-class. As long as they keep delivering on their promises, the Old National Bank brand has equity with me.
So, as marketers, what are we to do? We focus on our products and stop the brand-speak. In her article, Salzman writes:
Consumers want compelling demonstrations and credible recommendations --
and with today's rapidly proliferating social networks and specialist blogs, they have no trouble finding them. To get onto consumers' radars, a brand needs striking products that get people talking. This means enormous opportunity for
the smartest marketing and public relations agencies -- agencies that recognize that the savviest consumers pay more attention to the tangibles (products) than to the intangibles (brands).
If your products and services fall short in the minds of consumers, your brand can't save you. Consumers are smarter and do their homework before they buy.
If you want to effectively position your products so that you can build brand equity with your customers, BTK & Associates can help. Visit www.btkmarketing.com or email brian@btkmarketing.com.
Sunday, June 22, 2008
Bridging the Marketing and Sales Gap
If you feel like your marketing and sales teams aren't working in tandem, you're not alone. Collaboration across sales networks is rife with inefficiency and missed business opportunity.
The Blame Game
"Marketing didn't provide us with quality materials or advertising support."
"Sales doesn't use the materials we created and they aren't following up on their leads."
So who's to blame? They both are. Often times, sales reps don't really have a place to go where they can find the most current product and marketing materials or they don't like the materials they have available. On the sales side, leads aren't followed up on and valuable data gathered in the field is either not captured or is not reported back to the marketing department.
According to a 2007 Socratic Technologies survey, collaboration between sales, marketing and the field needs an overhaul:
Working In a Vacuum
I couldn't agree more with the SocialText assessment. As a former marketing manager for a regional bank, I was often amazed and frustrated by the fact that the majority of our marketing materials were created in a vacuum. The primary emphasis of the creative director was to stay on brand and work within the parameters of a brand template. Marketing managers were presented with layouts and copy that the creative team had developed without any input or feedback from the sales team. This "take it or leave it" mentality from our creative manager made it difficult when we, as strategic marketing managers, had to present the materials to our internal clients. The marketing managers as a whole rarely bought into the creative, so how were we suppose to sell it down the line?
The Sales Silo
In this same banking environment, sales primarily operated in it's own silo. In one particular instance, I arranged for the bank to participate in a professional seminar as a primary sponsor. During the day, we collected more than 200 banking sales leads which I passed on to our sales team. Those leads disappeared into a black hole with no reporting or feedback from sales. There was no accountability.
Together In Harmony
Companies can bridge the gap if they would simply agree to communicate and collaborate. As the marketing manager for a Swiss-based manufacturing company, I saw first hand how it "should" work. We held quarterly sales meetings with a segment of the meeting dedicated to discussing sales and marketing. Sales would present feedback from their experiences with customers that often included direct feedback from customers -both good and bad. From that feedback, we developed marketing materials that we presented to the sales team, distributors and client focus groups before we even considered sending the materials to print. Once we were comfortable with the buy-in from our sales team and our customers, we produced the materials for distribution. Finger pointing between sales and marketing was non-existent.
Getting Your Sales & Marketing Teams On Track
Here is a suggestions for bringing your marketing and sales teams together:
For other ways to get your marketing and sales effort aligned, visit http://www.btkmarketing.com/ or email me at brian@btkmarketing.com.
The Blame Game
"Marketing didn't provide us with quality materials or advertising support."
"Sales doesn't use the materials we created and they aren't following up on their leads."
So who's to blame? They both are. Often times, sales reps don't really have a place to go where they can find the most current product and marketing materials or they don't like the materials they have available. On the sales side, leads aren't followed up on and valuable data gathered in the field is either not captured or is not reported back to the marketing department.
According to a 2007 Socratic Technologies survey, collaboration between sales, marketing and the field needs an overhaul:
- 58% of info that sales gathers is not passed back to marketing
- 57% of the time, marketing cannot track what sales/marketing materials were used
- 51% of sales reps often use outdated documentation
- 43% found it difficult for sales reps to find the documents they need
Knowledge and content creation is largely done in a vacuum. Without
feedback loops between marketing, sales and the field -- communication is less
effective and there is a lack of quality in prepared materials. Insight from the
trenches stays isolated and what little feedback occurs goes unrecognized.
Content generated is often duplicated, dated, lacks effective version control
and the right content is hard to find. Isolated data sources not only result in
tactical error, but they are viewed sequentially, which is less efficient. The
lack of confidence in materials and lack of feedback loops not leads to
uninformed sales people pushing presentations, collateral and demos -- but it
also erodes trust between departments while customers are left with vendors
selling in ways they don't want to buy.
Working In a Vacuum
I couldn't agree more with the SocialText assessment. As a former marketing manager for a regional bank, I was often amazed and frustrated by the fact that the majority of our marketing materials were created in a vacuum. The primary emphasis of the creative director was to stay on brand and work within the parameters of a brand template. Marketing managers were presented with layouts and copy that the creative team had developed without any input or feedback from the sales team. This "take it or leave it" mentality from our creative manager made it difficult when we, as strategic marketing managers, had to present the materials to our internal clients. The marketing managers as a whole rarely bought into the creative, so how were we suppose to sell it down the line?
The Sales Silo
In this same banking environment, sales primarily operated in it's own silo. In one particular instance, I arranged for the bank to participate in a professional seminar as a primary sponsor. During the day, we collected more than 200 banking sales leads which I passed on to our sales team. Those leads disappeared into a black hole with no reporting or feedback from sales. There was no accountability.
Together In Harmony
Companies can bridge the gap if they would simply agree to communicate and collaborate. As the marketing manager for a Swiss-based manufacturing company, I saw first hand how it "should" work. We held quarterly sales meetings with a segment of the meeting dedicated to discussing sales and marketing. Sales would present feedback from their experiences with customers that often included direct feedback from customers -both good and bad. From that feedback, we developed marketing materials that we presented to the sales team, distributors and client focus groups before we even considered sending the materials to print. Once we were comfortable with the buy-in from our sales team and our customers, we produced the materials for distribution. Finger pointing between sales and marketing was non-existent.
Getting Your Sales & Marketing Teams On Track
Here is a suggestions for bringing your marketing and sales teams together:
- Open Forum Meeting - hold an open forum meeting between the marketing and sales teams with no set agenda except to ask everyone to write down and share their answers to one questions, "How can marketing and sales work together more efficiently." The responses will facilitate a discussion that could go on for hours.
- Prioritize the Responses - Determine what the "hot buttons" are. Pair up one member of your sales team and one member of your marketing team to propose solutions to one or two of the issues.
- Follow-Up Meeting - Set a deadline a couple of weeks out for your marketing and sales teams to present their solutions to the entire group. Give each issue the same amount of time, 5-10 minutes and allow up to 10-15 minutes for the group to weigh in on the suggestions. Make each pairing responsible for monitoring the progress of their issues going forward.
- Temperature Checks - Hold regular (monthly, bi-monthly or quarterly) meetings and set the expectation that each duo will report on their issue(s). Have them report on one specific example of what is working and what could be improved. Most importantly, keep the discussion moving in a positive direction.
For other ways to get your marketing and sales effort aligned, visit http://www.btkmarketing.com/ or email me at brian@btkmarketing.com.
Friday, June 20, 2008
Marketing Budgets On the Rise?
Results of a marketing survey by MarketingProfs and Forrester Research on budget and spending may surprise you as much as it did me.
I recently left a marketing environment where the COO put her marketing team and budget on the back burner (with the flame turned to the "Off" position). Her reasoning behind the drawback was to "make salespeople more responsible and accountable". As a marketing professional, working under this directive was frustrating because it's my experience and belief that marketing is an investment and its role is to help fill the sales pipeline with prospects.
Our marketing team had been working in a suppressed environment for nearly a year. Add to that what's reported in the news about the impact that a struggling economy and looming recession is having on businesses and I would have assumed that most companies were following suit by slashing their marketing budgets.
Not so.
According to the report, B-to-B Marketing in 2008: Trends in Strategies and Spending, only six percent of the companies reported lowering their marketing budgets from 2007 at an average decrease of 18 percent. That's compared to an average budget increase of 26 percent for nearly half (49%) of the companies that responded. That leaves 46 percent who expected no change in their budget from 2007 to 2008.
Proportioning the Budget
So, how are most companies allocating their budgets? According to the survey, the biggest portion (50%) of the budget is going toward Product Marketing (18%), Branding/Advertising (17%), Field Marketing (15%). Marketing research (7%) and Inside Sales (7%) each received the smallest proportions. Other areas receiving financial support included Corporate Communications ( 12%) and Channel/Partner Marketing (9%).
Tactics
It comes as no surprise to me that the majority of companies are focusing their attention on emerging technology. Online Video, Podcasts (or Rich Media), Search Marketing, Other Web 2.0 Media, and Webinars each received high marks with a greater than 50 percent increase. Print, Direct Mail and Radio received the lowest marks with either "decrease" or "no change" greater than 75 percent.
Making Sense of the Numbers
What do these numbers confirm? Besides validating my belief that my former company was going down the wrong marketing path, it tells me that:
In his book, Your Marketing Sucks, author and popular blogger, Mark Stevens drives home the point that your marketing efforts have one purpose - to grow your business and generate a return on investment. If your marketing returns just one more dollar than you've spent, then you've been successful.
If you'd like to learn how you can get a copy of the MarketingProfs/Forrester report
B-to-B Marketing in 2008: Trends in Strategies and Spending, send me an email at brian@btkmarketing.com with "MarketingProfs Report" in the subject line. Visit my website at www.btkmarketing.com to learn how BTK & Associates can help energize your marketing and sales efforts.
I recently left a marketing environment where the COO put her marketing team and budget on the back burner (with the flame turned to the "Off" position). Her reasoning behind the drawback was to "make salespeople more responsible and accountable". As a marketing professional, working under this directive was frustrating because it's my experience and belief that marketing is an investment and its role is to help fill the sales pipeline with prospects.
Our marketing team had been working in a suppressed environment for nearly a year. Add to that what's reported in the news about the impact that a struggling economy and looming recession is having on businesses and I would have assumed that most companies were following suit by slashing their marketing budgets.
Not so.
According to the report, B-to-B Marketing in 2008: Trends in Strategies and Spending, only six percent of the companies reported lowering their marketing budgets from 2007 at an average decrease of 18 percent. That's compared to an average budget increase of 26 percent for nearly half (49%) of the companies that responded. That leaves 46 percent who expected no change in their budget from 2007 to 2008.
Proportioning the Budget
So, how are most companies allocating their budgets? According to the survey, the biggest portion (50%) of the budget is going toward Product Marketing (18%), Branding/Advertising (17%), Field Marketing (15%). Marketing research (7%) and Inside Sales (7%) each received the smallest proportions. Other areas receiving financial support included Corporate Communications ( 12%) and Channel/Partner Marketing (9%).
Tactics
It comes as no surprise to me that the majority of companies are focusing their attention on emerging technology. Online Video, Podcasts (or Rich Media), Search Marketing, Other Web 2.0 Media, and Webinars each received high marks with a greater than 50 percent increase. Print, Direct Mail and Radio received the lowest marks with either "decrease" or "no change" greater than 75 percent.
Making Sense of the Numbers
What do these numbers confirm? Besides validating my belief that my former company was going down the wrong marketing path, it tells me that:
- Companies are embracing new tactics and trying to stay ahead of the technology curve. By integrating and implementing new Web 2.0 tactics in place of traditional print and media, they are reaching a bigger, more targeted audience at a lower investment.
- Most companies understand that product marketing and branding are the foundation of a solid sales initiative by creating top-of-mind awareness, making it easier for the sales people succeed when clients and prospects have a higher level of familiarity with the company or product.
- Customers want to be educated and informed. Webinars, Executive Breakfasts/Luncheons and Trade shows allow companies to interact, sample and evaluate products, services and even the company personnel.
- Most importantly, as the report points out, the respondents view marketing as an "investment" and not an "expense". Marketing should be intended to generate a return on investment and not looked upon as throwing money to the wind.
In his book, Your Marketing Sucks, author and popular blogger, Mark Stevens drives home the point that your marketing efforts have one purpose - to grow your business and generate a return on investment. If your marketing returns just one more dollar than you've spent, then you've been successful.
If you'd like to learn how you can get a copy of the MarketingProfs/Forrester report
B-to-B Marketing in 2008: Trends in Strategies and Spending, send me an email at brian@btkmarketing.com with "MarketingProfs Report" in the subject line. Visit my website at www.btkmarketing.com to learn how BTK & Associates can help energize your marketing and sales efforts.
Wednesday, June 18, 2008
Marketing Your New Location
Establishing your business in a new location can be an exhilarating, yet daunting task.
Maybe your business has been forced to move due to a road expansion or a civic construction project. Or you might be looking to expand your business by opening a branch in a new geographic location. Whatever the case, you need a solid marketing strategy to announce your new location.
Recently, the city of Speedway, Indiana (near Indianapolis), announced a city "beautification" project that would add new retail, restaurants and hotels near the Indianapolis Motor Speedway, home of the Indianapolis 500 and Allstate Brickyard 400. A few businesses in the shadows of the IMS, some of which have been in their same location for more than 25 years, will fall victim to progress and need to either close shop - or relocate. If they choose to relocate, they'll need a strategy to tell customers about their new location.
Banks and restaurants are two businesses that often choose to expand into new geographic markets. As residential developers continue to build homes in the suburbs, commercial developers aren't far behind with plans to build retail shopping complexes. This attracts a variety of eateries and financial institutions. These businesses will also need to step up their marketing efforts.
Your marketing strategy may include the following elements:
Construction Signage
If you are building a new location, a "Coming Soon" sign will alert curious onlookers that your business will soon be opening in that location.
Point-of-Sale
If you have existing locations, post signage in your lobby or place brochures to let customers know you are expanding. Your customers may be a good source of referrals to others who may live near your new location. They also be happy to know that you have a convenient new location if they find themselves traveling in that area.
Direct Mail
If you have an established business, you should have a customer mailing list. A simple postcard or letter announcing your new location can be effective. If you are establishing a new business or expanding into a new market where you don't have customer addresses, you can purchase mailing lists of consumers and businesses from a variety of sources. You can target geographic areas near your new location, say within a three mile radius.
Email
There are a variety of affordable email marketing solutions available that will allow you to announce your new endeavor to clients and prospects via email. Just make sure you follow proper email protocol and allow people on your email list to unsubscribe.
Open House
Any new business should host an open house. Inviting area businesses, government officials, dignitaries and residents can build rapport. Your open house should showcase our facility and staff. Offer appetizers and drinks. Most importantly, you want to start building your contact list by offering give-aways or door prizes. Make sure to collect important data on your entry forms including name, address, phone and email address. Always follow up with a "Thank You" and a maybe a special discount offering to attendees.
Press Releases
Once you have your opening date locked down, send a press release announcing your opening to the media.
Advertising
The impact of advertising in newspapers, radio and television has been diminished with the popularity of the Internet. More people are getting their news and entertainment online. If you are compelled to advertise in these mediums, ask to see audited demographic data on their readers, viewers or listeners. Target those publications, features or programs that are more closely aligned with your targeted customers. Always make sure you inquire about any Internet-related marketing opportunities they may have to supplement your media buy.
Networking
One of the best ways to spread the word is through networking. Get involved in your new community by joining the local Chamber of Commerce, Rotary Club, Kiwanis, or business networking group. Volunteering or supporting local charities - not just financially but by actually donating your time, will allow you to meet other individuals who will appreciate your efforts. Support your community and your community will support you.
These are just a few of the basic marketing strategies that will help your business take hold in a new location. For more information about how BTK & Associates can help you business stand out in a crowd, visit http://www.btkmarketing.com/.
Maybe your business has been forced to move due to a road expansion or a civic construction project. Or you might be looking to expand your business by opening a branch in a new geographic location. Whatever the case, you need a solid marketing strategy to announce your new location.
Recently, the city of Speedway, Indiana (near Indianapolis), announced a city "beautification" project that would add new retail, restaurants and hotels near the Indianapolis Motor Speedway, home of the Indianapolis 500 and Allstate Brickyard 400. A few businesses in the shadows of the IMS, some of which have been in their same location for more than 25 years, will fall victim to progress and need to either close shop - or relocate. If they choose to relocate, they'll need a strategy to tell customers about their new location.
Banks and restaurants are two businesses that often choose to expand into new geographic markets. As residential developers continue to build homes in the suburbs, commercial developers aren't far behind with plans to build retail shopping complexes. This attracts a variety of eateries and financial institutions. These businesses will also need to step up their marketing efforts.
Your marketing strategy may include the following elements:
Construction Signage
If you are building a new location, a "Coming Soon" sign will alert curious onlookers that your business will soon be opening in that location.
Point-of-Sale
If you have existing locations, post signage in your lobby or place brochures to let customers know you are expanding. Your customers may be a good source of referrals to others who may live near your new location. They also be happy to know that you have a convenient new location if they find themselves traveling in that area.
Direct Mail
If you have an established business, you should have a customer mailing list. A simple postcard or letter announcing your new location can be effective. If you are establishing a new business or expanding into a new market where you don't have customer addresses, you can purchase mailing lists of consumers and businesses from a variety of sources. You can target geographic areas near your new location, say within a three mile radius.
There are a variety of affordable email marketing solutions available that will allow you to announce your new endeavor to clients and prospects via email. Just make sure you follow proper email protocol and allow people on your email list to unsubscribe.
Open House
Any new business should host an open house. Inviting area businesses, government officials, dignitaries and residents can build rapport. Your open house should showcase our facility and staff. Offer appetizers and drinks. Most importantly, you want to start building your contact list by offering give-aways or door prizes. Make sure to collect important data on your entry forms including name, address, phone and email address. Always follow up with a "Thank You" and a maybe a special discount offering to attendees.
Press Releases
Once you have your opening date locked down, send a press release announcing your opening to the media.
Advertising
The impact of advertising in newspapers, radio and television has been diminished with the popularity of the Internet. More people are getting their news and entertainment online. If you are compelled to advertise in these mediums, ask to see audited demographic data on their readers, viewers or listeners. Target those publications, features or programs that are more closely aligned with your targeted customers. Always make sure you inquire about any Internet-related marketing opportunities they may have to supplement your media buy.
Networking
One of the best ways to spread the word is through networking. Get involved in your new community by joining the local Chamber of Commerce, Rotary Club, Kiwanis, or business networking group. Volunteering or supporting local charities - not just financially but by actually donating your time, will allow you to meet other individuals who will appreciate your efforts. Support your community and your community will support you.
These are just a few of the basic marketing strategies that will help your business take hold in a new location. For more information about how BTK & Associates can help you business stand out in a crowd, visit http://www.btkmarketing.com/.
Don't Assume They Understand
Can we be so immersed in our products or services that we actually turn off or disengage our clients or prospects?
Here's something that recently happened that I feel compelled to share so that you, too, don't make the same mistake in your sales presentations.
I was recently involved in a vendor presentation. This vendor (I'll call them XYZ Media) specializes in helping businesses leverage the Internet and some of the bells and whistles of Web 2.0. If you don't know what I mean by Web 2.0, don't fret. I didn't either until recently.
In a nutshell, Web 2.0 is not a new piece of computer software, but rather a term coined for the current trend or revolution in how people share information and collaborate using a collection of tools over the Internet. Web 2.0, comes with it's own unique terminology. "Widget", "wiki", "social networking", "blog", and "blidget" are just a few.
These are all relatively new terms that most people aren't familiar with and can't define unless they are really immersed in Internet marketing. For a more detail definition, click here http://en.wikipedia.org/wiki/Web_2.
During the sales presentation, both the account representative and president of XYZ Media started throwing around all of these new terms. As a marketing professional, I understood some of the terms. But the other people attending the meeting had absolutely no idea what the presenter was talking about. And, nobody bothered to interrupt to ask, "What is a widget?" or "What is a wiki and how can it help our company better market our products?"
Everyone had a lukewarm reaction to the sales presentation. It wasn't that we didn't like it. We just didn't understand it. And we were afraid to ask questions for fear of appearing ignorant.
In this case, the presenter was so close to the product that she didn't bring the presentation down to the novice level. She assumed that her audience members were better informed.
Prior to making a presentation or sales pitch, go on a fact finding mission to discover how much you audience may or may not no about your products. Do one of the following:
If you'd like to discuss how BTK & Associates can help your business stand out in a crowd, visit my website at http://www.btkmarketing.com/.
Here's something that recently happened that I feel compelled to share so that you, too, don't make the same mistake in your sales presentations.
I was recently involved in a vendor presentation. This vendor (I'll call them XYZ Media) specializes in helping businesses leverage the Internet and some of the bells and whistles of Web 2.0. If you don't know what I mean by Web 2.0, don't fret. I didn't either until recently.
In a nutshell, Web 2.0 is not a new piece of computer software, but rather a term coined for the current trend or revolution in how people share information and collaborate using a collection of tools over the Internet. Web 2.0, comes with it's own unique terminology. "Widget", "wiki", "social networking", "blog", and "blidget" are just a few.
These are all relatively new terms that most people aren't familiar with and can't define unless they are really immersed in Internet marketing. For a more detail definition, click here http://en.wikipedia.org/wiki/Web_2.
During the sales presentation, both the account representative and president of XYZ Media started throwing around all of these new terms. As a marketing professional, I understood some of the terms. But the other people attending the meeting had absolutely no idea what the presenter was talking about. And, nobody bothered to interrupt to ask, "What is a widget?" or "What is a wiki and how can it help our company better market our products?"
Everyone had a lukewarm reaction to the sales presentation. It wasn't that we didn't like it. We just didn't understand it. And we were afraid to ask questions for fear of appearing ignorant.
In this case, the presenter was so close to the product that she didn't bring the presentation down to the novice level. She assumed that her audience members were better informed.
Prior to making a presentation or sales pitch, go on a fact finding mission to discover how much you audience may or may not no about your products. Do one of the following:
- Ask your contact to provide feedback on the attendees. Ask probing questions and throw out some terms and concepts to make sure they understand what you are talking about.
Email a survey or questionnaire. - Ask participants to rank on a scale from 1-5 how familiar they are with terms and concepts. If most people understand, you're fine. If they are novices, you may need to educate them prior to the presentation.
- Create a glossary or interject definitions into your presentation. Attendees will appreciate your efforts to educate them and can review a printed glossary at their leisure. They will also feel more comfortable if you introduce a new term and ask, "Does everyone know what a "widget" is?"
If you'd like to discuss how BTK & Associates can help your business stand out in a crowd, visit my website at http://www.btkmarketing.com/.
Lessons from a Five Year Old
Welcome to my new blog!
This whole blogging thing is a bit awkward and uncomfortable right now. It reminds me of how my 5-year-old son must have felt last evening as I let go of the back of his brand new Spider Man bike (sans training wheels) and watched him wobble about 10 yards down the street before he realized that I was no longer holding on. I cheered. He started laughing and turned around to see where I was...and then he crashed! Thank goodness for elbow pads and helmets!
Like my son, I am a little wobbly, too. This blog is my new bike. The training wheels are off and I'm peddling hard, hoping to get my balance. If I crash, I simply get back up, dust myself off and do it again...just like I told him as we plucked tiny pebbles out of his knee.
I've learned a lot about blogs over the past couple of months. It's not the blogs that my teen daughters are creating on the social blogging sites that I'm referring to. The ones that especially interest me as a marketing and sales consultant are those focused on, well, marketing and sales topics.
It seems that everyone blogging on the topics of marketing or selling has an opinion and "their" way of doing things. What one person offers up as gospel, another person may repute as pure bunk. That's the beauty of blogging. You get so many different views based on a person's personal experience, education and beliefs. Who's right? Who's wrong? Who's really an expert and who isn't?I sure don't have all of the answers. I do have a lot of experience. Am I an expert? I guess it depends on the topic. I've had a successful marketing and sales career up until now. I'd like to think others can learn from my experience and will value my advice.
One absolute belief that I have is that what I'm doing right now, "blogging", is only the tip of the iceberg when it comes to marketing in today's world. Web 2.0 (or Marketing 2.0 as the marketing community has designated it), the newest generation of the Internet gives businesses the tools to expand their reach and communicate beyond boundaries. No longer do I have to limit my business to a small geographic area, I can use the new tools available to me to take even my small business global.
There is a consensus among the marketing bloggers that a lot of businesses are destined for failure if their owners or executives don't understand, embrace and leverage new and emerging technology to grow their business. That's why I'm blogging and integrating new tools on my website. I need to integrate new technology into my business so that I am prepared to help my clients integrate that technology into their business marketing mix.
The days of pinning your business card to a bulletin board in the lobby of the local grocery store are over. It's all about online networking and keeping people engaged and returning to your website or blog. It's about providing information to help your clients solve a problem or learn something new that enhances the value of their personal life or business. I invite you to visit often and participate if you'd like. Hopefully, you'll find this blog interesting and informative...and maybe event a little thought-provoking... so that your business can grow and prosper.
Like my son, I'm certain that blogging will only get easier over time. No, I won't be jumping ramps, popping wheelies and riding with no hands. But, I hope to take some risks and open up topics that will elicit responses and open dialogues. I encourage you to join in any time you feel compelled.
If you'd like to discuss how BTK & Associates can help your business stand out in a crowd, visit my website at http://www.btkmarketing.com/.
This whole blogging thing is a bit awkward and uncomfortable right now. It reminds me of how my 5-year-old son must have felt last evening as I let go of the back of his brand new Spider Man bike (sans training wheels) and watched him wobble about 10 yards down the street before he realized that I was no longer holding on. I cheered. He started laughing and turned around to see where I was...and then he crashed! Thank goodness for elbow pads and helmets!
Like my son, I am a little wobbly, too. This blog is my new bike. The training wheels are off and I'm peddling hard, hoping to get my balance. If I crash, I simply get back up, dust myself off and do it again...just like I told him as we plucked tiny pebbles out of his knee.
I've learned a lot about blogs over the past couple of months. It's not the blogs that my teen daughters are creating on the social blogging sites that I'm referring to. The ones that especially interest me as a marketing and sales consultant are those focused on, well, marketing and sales topics.
It seems that everyone blogging on the topics of marketing or selling has an opinion and "their" way of doing things. What one person offers up as gospel, another person may repute as pure bunk. That's the beauty of blogging. You get so many different views based on a person's personal experience, education and beliefs. Who's right? Who's wrong? Who's really an expert and who isn't?I sure don't have all of the answers. I do have a lot of experience. Am I an expert? I guess it depends on the topic. I've had a successful marketing and sales career up until now. I'd like to think others can learn from my experience and will value my advice.
One absolute belief that I have is that what I'm doing right now, "blogging", is only the tip of the iceberg when it comes to marketing in today's world. Web 2.0 (or Marketing 2.0 as the marketing community has designated it), the newest generation of the Internet gives businesses the tools to expand their reach and communicate beyond boundaries. No longer do I have to limit my business to a small geographic area, I can use the new tools available to me to take even my small business global.
There is a consensus among the marketing bloggers that a lot of businesses are destined for failure if their owners or executives don't understand, embrace and leverage new and emerging technology to grow their business. That's why I'm blogging and integrating new tools on my website. I need to integrate new technology into my business so that I am prepared to help my clients integrate that technology into their business marketing mix.
The days of pinning your business card to a bulletin board in the lobby of the local grocery store are over. It's all about online networking and keeping people engaged and returning to your website or blog. It's about providing information to help your clients solve a problem or learn something new that enhances the value of their personal life or business. I invite you to visit often and participate if you'd like. Hopefully, you'll find this blog interesting and informative...and maybe event a little thought-provoking... so that your business can grow and prosper.
Like my son, I'm certain that blogging will only get easier over time. No, I won't be jumping ramps, popping wheelies and riding with no hands. But, I hope to take some risks and open up topics that will elicit responses and open dialogues. I encourage you to join in any time you feel compelled.
If you'd like to discuss how BTK & Associates can help your business stand out in a crowd, visit my website at http://www.btkmarketing.com/.
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