Low Cost Marketing Strategies


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10 Cost Effective Marketing Tactics for Small Businesses

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Low Cost Marketing Strategies

  1. 1. 10 Low Cost Marketing Strategies by: Felena Hanson
  2. 2. Preview <ul><li>The Three Rules of Marketing </li></ul><ul><li>Low Cost Tactics </li></ul><ul><li>Plan, Execute, Measure </li></ul><ul><li>Resources </li></ul>
  3. 3. &quot;Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals.” American Marketing Association “ Marketing is the core business philosophy which directs the processes of identifying and fulfilling the needs of individuals and organizations through exchanges which create superior value for all parties.” World Marketing Association “ Marketing is the management process for identifying, anticipating and satisfying customer requirements profitably.” Chartered Institute of Marketing What is Marketing? Solving customers' problems profitably Anything you do to get your product/service in the hands of the right customer or
  4. 4. The Ground Rules of Marketing
  5. 5. <ul><li>Small biz has the advantage - </li></ul><ul><li>talk directly to your customer </li></ul><ul><ul><li>What is your customers’ pain? </li></ul></ul><ul><ul><li>How can you solve it? </li></ul></ul><ul><li>Invite best customers out to a nice </li></ul><ul><li>lunch and ask them for an informal </li></ul><ul><li>appraisal </li></ul><ul><ul><li>Why do they give you their business? </li></ul></ul><ul><ul><li>What can you do better? </li></ul></ul>Rule # 1 of Marketing... You MUST find out what your customers value before you plan your marketing strategy Know Your Customer
  6. 6. If you try to be known for EVERYTHING you’ll be remembered for NOTHING
  7. 7. <ul><li>Positioning is imperative! </li></ul><ul><li>Too much clutter! </li></ul><ul><li>We only remember a few brands for every category </li></ul>Rule # 2 of Marketing... Focus, Focus, Focus! We Can Do Everything! What are you known for? CARS Safe Economical Luxurious Tough Fun Durable Runs Forever Holds Value Good 4 Environment Low Maintenance Fast Mid-Life Crisis
  8. 8. It costs 7 times more to EARN a new customer than to KEEP an existing customer Rule # 3 of Marketing... Place the majority of your focus on growing and gaining referrals from EXISTING customers Cultivate What You Have
  9. 9. What is your Strategy? Rule #2 - Focus Turn to the person next to you to discuss and note: What position do you want to occupy in the market?
  10. 10. After you have a complete grasp on the 3 rules of marketing... Plan Tactics Set Goals
  11. 11. Traditional Tactics We Don’t Make Time For
  12. 12. What people say about you is 10x more impactful than what you say about yourself 1. Get Your Customers Talking <ul><li>Encourage customers to talk behind your back </li></ul><ul><ul><li>http://www.yelp.com/sandiego - local businesses </li></ul></ul><ul><ul><li>http://sandiego.citysearch.com - local businesses </li></ul></ul><ul><ul><li>http://sandiego.kudzu.com - local businesses </li></ul></ul><ul><ul><li>www.epinions.com - products </li></ul></ul><ul><li>Ask for a written testimonial from </li></ul><ul><li>every client </li></ul><ul><ul><li>Use in your marketing communications </li></ul></ul>
  13. 13. <ul><li>Whenever a customer compliments you... </li></ul><ul><ul><li>&quot;I'm so pleased you're happy with my work. Do you know anyone else who can benefit from my services?” </li></ul></ul><ul><li>Make referrals part of your initial agreement </li></ul><ul><ul><li>&quot;If I do a great job for you--and I will-- will you agree to give me X number of referrals?” </li></ul></ul>2. Ask & You Shall Receive Follow-up is a must! <ul><li>Offer Incentives </li></ul><ul><ul><li>discounts on future business </li></ul></ul><ul><ul><li>free samples </li></ul></ul><ul><ul><li>cash </li></ul></ul><ul><li>Create a referral form and send with your invoice </li></ul>
  14. 14. <ul><li>Get to know the writers </li></ul><ul><ul><li>Read their columns </li></ul></ul><ul><ul><li>Play off recent news </li></ul></ul><ul><li>Story Ideas </li></ul><ul><ul><li>New Product, Service, Store </li></ul></ul><ul><ul><li>Land big contract/client </li></ul></ul><ul><ul><li>Local girl makes big </li></ul></ul><ul><ul><li>Survey results </li></ul></ul><ul><ul><li>Tips/How to </li></ul></ul><ul><ul><li>Charity </li></ul></ul><ul><li>Be Specific </li></ul><ul><ul><li>Website Designer - 8 Ways to Generate Buzz Like Apple </li></ul></ul><ul><ul><li>Realtor - Secret Tips to Sell your Home in Less than 30 Days </li></ul></ul>3. Tell Your Story TARGET - What do your customers read, watch, listen to? Track it for FREE: www.google.com/alerts See appendix for more info
  15. 15. <ul><li>Many Ezines are hungry for content </li></ul><ul><li>&quot;syndicator&quot; sites - publishers can select these articles for their own websites and newsletters, provided they include your bio - most are free! </li></ul><ul><ul><li>www.ezinearticles.com </li></ul></ul><ul><ul><li>www.ideamarketers.com </li></ul></ul><ul><ul><li>www.goarticles.com </li></ul></ul>PR Rules <ul><li>Inform, DON’T sell </li></ul><ul><li>Be available </li></ul><ul><li>Plan ahead </li></ul><ul><li>Make the writers job easy </li></ul>Submit Direct or Syndicate Takes time and persistence, but can pay off big time!
  16. 16. Marketing 2.0 Tactics with Big Bang & Little Cost
  17. 17. <ul><li>Every customer contact is a branding opportunity! </li></ul><ul><li>Email Address - [email_address] </li></ul><ul><li>Signature Line </li></ul><ul><li>Outbound Marketing Campaigns </li></ul><ul><ul><li>Quarterly newsletters </li></ul></ul><ul><ul><li>Advertise specials </li></ul></ul><ul><ul><li>Provide useful information </li></ul></ul><ul><ul><li>Get permission - don’t SPAM! </li></ul></ul><ul><ul><ul><li>Can get fined and black-listed </li></ul></ul></ul>4. No More Snail Mail <ul><li>Use a Email Management System Example: www.ConstantContact.com </li></ul><ul><ul><li>Landing Page </li></ul></ul><ul><ul><li>Tracking </li></ul></ul><ul><ul><li>Timing is Key </li></ul></ul><ul><ul><li>Test your Subject Line </li></ul></ul>
  18. 18. <ul><li>Organic Search vs. Pay Per Click </li></ul><ul><li>Keywords </li></ul><ul><ul><li>Find out what are people looking for? https:// www.wordtracker.com/trial Shows </li></ul></ul><ul><ul><ul><li>Related searches that include your term </li></ul></ul></ul><ul><ul><ul><li>Estimated number of times that term was searched on last month </li></ul></ul></ul><ul><ul><li>Use in page content, titles and meta tags </li></ul></ul><ul><li>Links </li></ul><ul><ul><li>Outgoing </li></ul></ul><ul><ul><li>Incoming </li></ul></ul><ul><li>Submit </li></ul><ul><ul><li>Target top search engines </li></ul></ul>5. The Search is ON
  19. 19. Optimize for Google <ul><li>Submit your site - www.google.com/addurl/?continue=/addurl </li></ul><ul><li>More free tools - http://bizsolutions.google.com/services/ </li></ul>See appendix for more info Google currently has 60% of market. Some say they will have 90% in the near future.
  20. 20. <ul><li>Local Web Search is the new buzz... </li></ul><ul><li>Virtual reputation will be a major contributor to marketing success - ties into tactic #1 </li></ul><ul><li>Provide great service to your customers and this will in turn get you more customers </li></ul>6. The Yellow Pages are Dead Need help? www.localpull.com <ul><li>http://local.google.com </li></ul><ul><li>http://local.yahoo.com </li></ul><ul><li>http://local.live.com </li></ul><ul><li>www.local.com </li></ul><ul><li>www.insiderpages.com </li></ul><ul><li>www.switchboard.com/ </li></ul><ul><li>http://sandiego.citysearch.com </li></ul><ul><li>http://sandiego.kudzu.com </li></ul>
  21. 21. <ul><li>Start your own blog - host on your website </li></ul><ul><li>Gives customers a reason to come back </li></ul><ul><li>Keep it updated </li></ul><ul><li>Invite others </li></ul><ul><li>Join other blogs that have the eye of your customer </li></ul><ul><li>Like going to a dinner party - find a way into the conversation </li></ul><ul><li>Resources </li></ul><ul><li>typepad.com </li></ul><ul><li>blogger.com </li></ul><ul><li>wordpress.com </li></ul>7. Blogging All the Way to the Bank <ul><li>Podcast - Turn text into streaming audio </li></ul><ul><li>readspeaker.com </li></ul><ul><li>audiodizer.com </li></ul><ul><li>http://new.talkr.com </li></ul><ul><li>feed2podcast.com </li></ul>Not sure where to begin... blog search - www.blogsearch.google.com / www.technorati.com
  22. 22. 8. U - G - C <ul><li>Invite customers to broadcast their love </li></ul><ul><ul><li>Create a contest </li></ul></ul>UGC is also Google-Juice! <ul><li>Host customer reviews on your site </li></ul><ul><ul><li>www.powerreviews.com </li></ul></ul><ul><li>Customer forums - like a directed blog </li></ul><ul><ul><li>Example: www.woot.com/forums </li></ul></ul><ul><ul><li>Can use: www.setbb.com </li></ul></ul>Only 6% believe you... Forrester Research
  23. 27. <ul><li>Approximately 100 social networking sites </li></ul><ul><ul><li>Business sites include: </li></ul></ul><ul><ul><ul><li>www.linkedin.com - 12.5 million users </li></ul></ul></ul><ul><ul><ul><li>www.APsense.com - targeted home-based biz </li></ul></ul></ul><ul><ul><ul><li>www.ryze.com </li></ul></ul></ul><ul><ul><ul><li>www.ecademy.com </li></ul></ul></ul><ul><ul><ul><li>www.ojeez.com </li></ul></ul></ul><ul><li>Can’t just sign up and forget about it </li></ul><ul><li>Don’t disregard www.myspace.com & www.facebook.com </li></ul><ul><ul><li>If targeting anyone under 35 </li></ul></ul><ul><ul><li>Get your 15 year old niece to do it for you! </li></ul></ul>9. Get Social Also try www.boomj.com for BB generation
  24. 28. <ul><li>Offer free or low-cost courses to educate your customers on issues that matter to them (See Marketing Rule #1) </li></ul><ul><li>Where? </li></ul><ul><ul><li>Onsite </li></ul></ul><ul><ul><li>Through SCORE, SBA, WBCC </li></ul></ul><ul><li>Go Digital Low Cost Webinars </li></ul><ul><ul><li>http://planetteleclass.com </li></ul></ul><ul><ul><li>www.cculearning.com </li></ul></ul><ul><li>Post a calendar of classes on your website - Free tools - Google - www.google.com/intl/en/googlecalendar/overview.html </li></ul><ul><li>- RSS Calendar - www.rsscalendar.com/rss/ </li></ul>10. Knowledge is Power
  25. 29. Marketing Killers <ul><li>Saying too much </li></ul><ul><ul><li>One or two key messages </li></ul></ul><ul><li>2. Being inconsistent </li></ul><ul><ul><li>Communicate often and predictably </li></ul></ul><ul><li>3. Changing your message </li></ul><ul><ul><li>IMC </li></ul></ul><ul><li>4. Not tracking and measuring tactics </li></ul><ul><ul><li>What will you spend your marketing budget on next year? </li></ul></ul>Be patient - just like relationships... Marketing takes persistence and dedication
  26. 30. Apply Your Knowledge Partner with a person at your table with whom you’ve not spoken Use the chart on the following page to begin sketching out your action plan for tactics 5 - 10
  27. 31. Plan, Execute, Measure Tactic How When Results 1. Testimonials      2. Referrals     3. Public Relations     4.Community Relations     5. Email Management     6. Search Engine Optimization      7. Local Search     8. Blogging       9. Social Networking     10.  Education     
  28. 32. Questions? I welcome feedback! [email_address] 619-889-7852
  29. 33. <ul><li>Websites </li></ul><ul><li>www.knowthis.com </li></ul><ul><li>www.inc.com/resources/marketing </li></ul><ul><li>http://startup.wsj.com/howto/marketingsales </li></ul><ul><li>www.quickmba.com/marketing </li></ul><ul><li>www.wilsonweb.com </li></ul><ul><li>Books </li></ul><ul><li>Marketing That Works: How Entrepreneurial Marketing Can Add Sustainable Value to Any Sized Company - by Leonard M. Lodish, Howard L. Morgan, and Shellye Archambeau </li></ul><ul><li>Word of Mouth Marketing: How Smart Companies Get People Talking - by Andy Sernovitz and Guy Kawasaki </li></ul><ul><li>The Ultimate Marketing Plan: Find Your Hook. Communicate Your Message. Make Your Mark - by Dan S. Kennedy </li></ul><ul><li>401 Killer Marketing Tactics to Maximize Profits, Increase Sales and Stomp Your Competition - by Tom Feltenstein </li></ul><ul><li>Purple Cow: Transform Your Business by Being Remarkable by Seth Godin </li></ul><ul><li>The 22 Immutable Laws of Marketing: Violate Them at Your Own Risk! - Al Ries </li></ul><ul><li>Guerrilla Marketing: Secrets for Making Big Profits from Your Small Business - Jay Conrad Levinson </li></ul>Resources
  30. 34. Resources: 101 Marketing Tactics <ul><li>800 Phone Number </li></ul><ul><li>Ad Words by Google </li></ul><ul><li>Ad Tracking </li></ul><ul><li>Affiliate Marketing </li></ul><ul><li>Articles </li></ul><ul><li>Auctions </li></ul><ul><li>Audio Marketing </li></ul><ul><li>Auto responders </li></ul><ul><li>Award Recognition </li></ul><ul><li>Banner Ads </li></ul><ul><li>Bartering </li></ul><ul><li>Birthday Reminders </li></ul><ul><li>Blogging </li></ul><ul><li>Bonus Offers </li></ul><ul><li>Bookmarks </li></ul><ul><li>Brochures </li></ul><ul><li>Business Cards </li></ul><ul><li>Case Studies </li></ul><ul><li>Cause Marketing </li></ul><ul><li>Community Events </li></ul><ul><li>Contests </li></ul><ul><li>Courses </li></ul><ul><li>Cross Promotion </li></ul><ul><li>Customer Loyalty Programs </li></ul><ul><li>Direct Mail </li></ul><ul><li>Discussion Groups </li></ul><ul><li>Domain Names </li></ul><ul><li>Ebay </li></ul><ul><li>Ebooks </li></ul><ul><li>Eclass </li></ul><ul><li>Email Marketing </li></ul><ul><li>Endorsements </li></ul><ul><li>Exclusives </li></ul><ul><li>Ezines </li></ul><ul><li>Feedback forms </li></ul><ul><li>Follow-up Marketing </li></ul><ul><li>Forums & Newsgroups </li></ul><ul><li>Freebies </li></ul><ul><li>Guarantees </li></ul><ul><li>Holidays </li></ul><ul><li>Interviews </li></ul><ul><li>Joint Ventures </li></ul><ul><li>Keywords </li></ul><ul><li>Link Strategies </li></ul><ul><li>List Building </li></ul><ul><li>Mailing Lists </li></ul><ul><li>Magazine Advertising </li></ul><ul><li>Mastermind Groups </li></ul><ul><li>Membership sites </li></ul><ul><li>Network Marketing </li></ul><ul><li>News feeds </li></ul><ul><li>Newsletters </li></ul><ul><li>Newspaper advertising </li></ul><ul><li>Niche Marketing </li></ul><ul><li>Phone consulting </li></ul><ul><li>Pop Ups </li></ul><ul><li>Postcards </li></ul><ul><li>Posters </li></ul><ul><li>Postscript (PS) </li></ul><ul><li>Presentations - PP, Flash </li></ul><ul><li>Private Label </li></ul><ul><li>Private Sites </li></ul><ul><li>Public Relations </li></ul><ul><li>Public Speaking </li></ul><ul><li>Publicity </li></ul><ul><li>Publishing </li></ul><ul><li>Radio Internet </li></ul><ul><li>Referral Marketing </li></ul><ul><li>Reports </li></ul><ul><li>Reviews </li></ul><ul><li>Rewards Programs </li></ul><ul><li>RSS </li></ul><ul><li>Sales letters </li></ul><ul><li>Search engine optimization </li></ul><ul><li>Seminars </li></ul><ul><li>Signature files </li></ul><ul><li>Signs </li></ul><ul><li>Speaking Engagements </li></ul><ul><li>Special Events </li></ul><ul><li>Surveys </li></ul><ul><li>Sweepstakes </li></ul><ul><li>Syndication </li></ul><ul><li>Talk Shows </li></ul><ul><li>Tele-Seminars </li></ul><ul><li>Testimonials </li></ul><ul><li>Thank You pages </li></ul><ul><li>Tips </li></ul><ul><li>Toolbars </li></ul><ul><li>Training </li></ul><ul><li>Translation </li></ul><ul><li>Troubleshooting </li></ul><ul><li>Tutorials </li></ul><ul><li>Unsubscribe message </li></ul><ul><li>Up-selling </li></ul><ul><li>Videos </li></ul><ul><li>Viral Marketing </li></ul><ul><li>Voicemail </li></ul><ul><li>Web Site Design </li></ul><ul><li>Welcome or confirmation message </li></ul><ul><li>Word of Mouth </li></ul><ul><li>Yellow Pages </li></ul>