New business start up marketing advice.
O.k. so you’re thinking of starting your own business or you are in the process of starting. Today I am going to cover some fundamentals of marketing your new business. I have seen time and time again many start ups spend their budget on developing their product and building themselves a flashy website, then have no or little money left for marketing. Sure you might have the best product in the world and an amazing website but if no one knows about it you are not going to make any money. So the first tip is set aside a proportion of your budget for marketing. The amount you need to set aside will very from business to business but you need to set aside enough to TEST some of the main marketing approaches. These include;
Send 500 visitors to your website via pay per click advertising
Pay per click is an instant way to get onto the first page of yahoo, google etc.. While you are waiting for your new site to get indexed, it is too big a subject to go into detail here but I will be writing a full article on pay per click soon. A big mistake that new and established businesses make is that they think that because they have built their website they will start to show in the search engines, not true, it take around 6 months for you get indexed with google and even then you really need to be in the top ten to get decent traffic, which will cost at least £1500 to have your site optimized for the search engines (more on this soon)
Mail maybe 2000 of your target list a compelling offer
I have found through testing for our business that a simple personalised letter to the decision maker works a lot better than brochures etc… we used to send out CD roms with flashy presentations on, and which used to cost a fortune to create and post and we had a 1% response rate, the same applied to A5 mailshots we sent out, but when we switched to a (well written!) sales letter personalised to the potential customer we had a 6% response rate so an increase of 600% in enquiries.
Call 300 potential customers with an offer
Preferably the people you sent the letter to so they know who you are when you call, there are many do’s and don’ts when cold calling which I will cover in a different post. But for now if the prospect of doing it sends shivers down your spine then get someone else to do it that actually enjoys it.
Send out press releases
When I say press releases I don’t mean write one that tells about “xyz company has just opened” if it to be successful then it needs to benefit the reader, i.e. “top 5 tips for xyz” think of your product and how some advice about something in your field can benefit people who read it, for example a car dealer might write a release on “top tips to prepare your car for winter” then at the bottom of the tips then write something about the company itself, it gets a much better response from readers and editors.
If applicable to your business then set up some appointments to sell your product face to face
One major tip I will give you on this is make sure you are seeing the decision maker, you need to establish this from the start, in my early sales days the amount of times I have had my time wasted sitting in front of the wrong person is astounding and a complete waste of time, because after a 30 minute presentation on my product the idiot who I had just seen would then condense it into 30 seconds to the decision maker who would have no where near enough information to make an informed decision.
Test a couple of adverts in relevant publications
Advertising can be a very expensive mistake to make but it can also work, a lot of marketing experts reckon that 95% of all advertising does not work and I agree with them, but you won’t know until you TEST it will you. Now when buying advertising space you never advertise on the left hand page, always on the right. It is a well known fact the right hand page works significantly better than the left. Also the price you get quoted is usually double or treble what you end up paying if you haggle with them, a good way is to wait until a day before their deadline then call them and see what they offer you.
Testing testing testing
Whichever of the marketing techniques you choose I can’t stress the importance of testing. This way you can measure your response find out if it is profitable then either drop that approach or expand it. At the end of each campaign for each of the techniques you use you should work out how much profit you made from it and how much the campaign cost, hopefully you should be in profit, if not then either change the wording/approach or drop it completely and concentrate on something you know works. I will always test a new marketing approach and allocate maybe £500 to it to test it, if doesn’t work then I don’t think of it as a failure, I think of it that I am one step closer to another approach that works.
I will be going into all the above methods in great detail over the next couple of weeks so keep an eye out or subscribe to our feeds at www.imageaudio.biz/blogs/
Andrew Stanley