Is Your Business Engaging In Poor Marketing Strategies?}

Submitted by: Salim Omar, CPA

It is so easy for a business owner to get caught up in the daily operations of their business. The inventory ordering, order processing, data input, putting out fires and more, can become all consuming. Then, one day you look up and wonder what happened to the business. If you fail to consistently market your businesss products and services, you will be out of business before you know it.

Even if you have a strong customer base that produces re-orders for your business regularly, there is a natural amount of attrition that occurs within a client base. So, if you are not replacing customers and growing with the addition of new ones, your business is at risk of sliding backwards in sales figures and overall revenue numbers.

Marketing is all about future sales. You plant the seed today to reap the benefits tomorrow. If you want a long-term successful business you can hand off to your children, dont neglect marketing. Every month, set aside at least twenty percent of your time to dedicate toward marketing activities.

Marketing activities include:

– studying and knowing the difference between good marketing vs. bad marketing

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– deciding to expand an existing product line

– dumping unprofitable products or adding new products

– determining where your advertising can generate the biggest return for the investment

– planning your marketing materials and activities for the year ahead

– nurturing your existing customer relationships via a touch plan to regularly stay in contact with your customers (I teach my client that an ideal touch plan should have at least 24 touches in the course of the year, other than the touches when you are servicing them.)

All the activities listed above are crucial functions for your success.

Every year I come across small business owners who throw thousands of dollars into bad, ineffective advertising methods. For example, I will meet a business owner who advertises in the Yellow Pages and after getting little or no business from it, concludes that the Yellow Pages does not work for his business. Or, I talk to a business owner that just printed 2,500 of their nice, 4 colored brochures and mailed them out to businesses in their area. After not getting much response they conclude that this method does not work. That is simply not true and you will see why in a second.

One of my marketing mentors is John Carlton, one of the leading and highest paid marketers in the world. He says that America sorts their incoming mail over their trash can. Anything that looks like junk will end up in the trash. What this means is that the small business has to invest the time to understand the difference between good marketing and bad marketing, in order to gain the attention of the prospects they are targeting.

What is bad marketing? (also known as Institutional ads) Institutional ads represent the most common form of advertising. These ads talk specifically about you, the business owner. Yellow Page ads are good examples of this form. But institutional ads dont direct the potential buyer to a buying decision. Thus, they can be a waste of money.

What is good marketing (also known as direct response ad) Direct response advertising, on the other hand, makes a complete case for the company, product or service. It overcomes sales objections. It answers all major questions. It promises results, backing up the promise with a risk-free warranty or money-back guarantee. Direct response advertising is all about your customer and his or her needs. Its purpose is to stimulate a phone call, letter or a visit. Best of all, unlike an institutional ad, it is trackable so you can make every dollar you spend on it accountable. This then helps to measure the effectiveness of each ad.

So, spend time with professionals who can give you financial insight into which marketing strategies will produce the best possible results for your business. Dedicate at least twenty percent of your week to marketing your businesss products and services. Track your results and make adjustments accordingly on an ongoing basis to ensure that your business is experiencing the levels of success needed to meet your needs.

About the Author: Salim Omar, author of

“Straight Talk About Small Business Success In New Jersey”

specializes in providing accounting and tax services to small business owners and professional practices in NJ. Salim’s articles are featured in various national magazines including Accounting Today, The CPA Journal, Chiropractic Economics, Wealth Manager and The Two River Times. You may request a free copy of Salim’s new special report titled

“How To Drastically Reduce Your Taxes By As Much As 62% This Year Alone And Put Thousands Back In Your Pocket”

Source:

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