Don't Forget the Marketing

When Kathy Donoghue opened her time management seminar business, she quickly found out that she needed to spend much more time on marketing than she originally envisioned. 'We all think we have the best thing to offer and everyone will realize it,' she says, 'but especially with a new business you have to learn how to sell yourself and your business from scratch.'

A well-prepared marketing plan helps by specifying what is unique about your business and identifying the size and specifics of the expected target market. The plan should also list the names of competitors, why customers buy from them, sales and growth rates, and market share. Research into the types of media the target market pays attention to, as well as the types of promotion and advertising that can reach them is another necessity. And no marketing plan is complete without a timetable, a budget,and a means for measuring results.

This information helps prevent the entrepreneur from wasting time and money pursuing uninterested consumers and/or advertising in mediums potential customers don't use.

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Homemade Marketing (What Determination and Elbow Grease can Produce)

The Confidante Keys secretarial and administrative services firm began with a mere $1,000 investment. The owner, Pearl White, was so strapped for cash she didn't have any money for advertising -although she knew she needed it. She therefore had to use time, effort, and hard work to make up the difference.

Pearl began by printing her own flyers (describing her services, qualifications, and location) and hand-delivering them to a nearby industrial park. That brought in a few clients. Next, she joined the local Chamber of Commerce. That brought in a few more clients. At some point she agreed to help coordinate a local project, which put her in touch with more people and showcased her abilities to a wider clientel. Public speaking and seminars, particularly at social or club gatherings, provide another option. 'Every litle bit helps,' Pearl says.

With most small businesses discovering that a lack of marketing slows down sales within two months, every business must maintain a thriving marketing campaign to remain alive. Yet even financially-strapped businesses can find productive ways to promote and advertise without spending much money. Asking friends and contacts for names of potential clients is one old trick. Handing out business cards at local events is another. And discount coupons and calendars with the business's name on them usually attract attention.

Just remember that a business's selling point (its benefit) must be conveyed in ten seconds or less. Anything more and people tend to lose interest. For example, a tax preparer or accountant may decribe his or her business by saying. 'I help people keep more of what they make.' A loan officer might advise, 'Think of me as your money.' An insurance salesperson can say. 'I'm in the protection racket.'
Creating a great one-line introduction is time consuming so work at it.

Once a few customers have been found, it's up to the entrepreneur to find out more about their wants and needs. Referrals are usually considered the best way to conjur up more business, so get to know your customers and ask if they are in contact with anyone else who might need your products or service.

These days, a website is also essential (make certain that the website address is printed on all business cards, posters, flyers, and merchandise). Keep in mind, however, that a website alone is not advertising (indeed, the website itself will have to be advertised in order to get potential customers to visit it).

Every bit adds up.
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These stories have been adapted from: What No One Ever Tells You About Starting Your Own Business, by Jan Norman, Upstart Publishing Company (a division of the Dearborn Publishing Group), Chicago, Illinois, 1999.