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Low Cost Marketing Strategies for Small Businesses

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Presentation for the Small Business Development Center of Marketing your business effectively for very little money by taking advantage of low cost advertising and making your advertising more effective. Contact http://hausmanmarketresearch.org for more insights.

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Low Cost Marketing Strategies for Small Businesses

  1. 1. Top 10 MARKETING MISTAKES that cost your business money or How to Save Money on your Marketing By Angela Hausman, PhD Howard University – School of Business Marketing Department
  2. 2. <ul><li>To make an omelet, you’ve got to break a few eggs – Russian proverb </li></ul><ul><ul><li>How many eggs do you need to break? </li></ul></ul><ul><ul><ul><li>Percentage of sales </li></ul></ul></ul><ul><ul><ul><li>Match competition </li></ul></ul></ul><ul><ul><ul><li>Objective task </li></ul></ul></ul><ul><ul><li>Measure return </li></ul></ul>
  3. 3. Marketing ≠ Advertising <ul><li>Insanity is doing the same thing over and over again and expecting different results – Einstein </li></ul><ul><ul><li>Do you understand the role of marketing in achieving results? </li></ul></ul><ul><ul><li>Do carefully plan your marketing efforts? </li></ul></ul><ul><ul><li>Do you document marketing efforts? </li></ul></ul><ul><ul><li>Do you assess outcomes? </li></ul></ul><ul><ul><li>Do you use these assessments to inform future plans? </li></ul></ul>
  4. 4. 1. Not knowing your situation <ul><li>Who are your most important competitors and what do they have that customers want? </li></ul><ul><li>Who are your customers and what do they need? What do they think of your company and its products? What do they think of competitors? </li></ul><ul><li>Who are you and what do you do well? Not so well? What are your most important assets? </li></ul>
  5. 5. 2. Not having a cohesive plan <ul><li>What are your long term goals? </li></ul><ul><li>How do you break these down into manageable objectives? </li></ul><ul><li>Do your actions lead you to meeting your objectives? </li></ul><ul><li>Do you track results? </li></ul>
  6. 6. 3. Not meeting customer expectations <ul><li>Do you understand the advantages small firms have? </li></ul><ul><ul><li>Easier relationship marketing </li></ul></ul><ul><ul><li>Faster response to changing conditions </li></ul></ul><ul><ul><li>Better customer information </li></ul></ul><ul><li>Do you understanding the roles of brand loyalty, satisfaction, dissatisfaction, and delight? </li></ul><ul><li>How do you handle service failures? Complaints? </li></ul><ul><li>Do you manage expectations? </li></ul>
  7. 7. 4. Not offering the right Product <ul><li>Does your offering create competitive advantage? </li></ul><ul><li>Does the product match your company’s competencies? </li></ul><ul><li>Does the product match your market? </li></ul><ul><li>What has the sales trend looked like over the past year? Two years? Ten years? </li></ul>
  8. 8. 5. Not using the internet effectively <ul><li>Do you have a customer friendly website? </li></ul><ul><li>Do you monitor and update your website frequently? </li></ul><ul><li>Are you talking at or to your customers online? </li></ul><ul><li>Do you have mechanisms for 2-way conversations with customers? Suppliers? </li></ul>
  9. 9. 6. Not spending $ wisely <ul><li>Do you think cheaper is better? </li></ul><ul><li>Do you market the right things? </li></ul><ul><li>How do you spend your marketing $ ? </li></ul><ul><li>Do you test the results of different options before making marketing decisions? </li></ul>
  10. 10. 7. Not satisfying internal customers <ul><li>How do your employees feel about working for you? </li></ul><ul><li>What do your employees expect from their jobs? </li></ul><ul><li>Are your employees empowered? </li></ul><ul><li>Do you provide employees rewards that encourage the types of behavior that will benefit your company? </li></ul><ul><li>Do your employees want to stay? </li></ul>
  11. 11. 7. continued <ul><li>Do you have good, two-way conversations with your employees? </li></ul><ul><li>Do you take the time to explain why you are doing things or do you give orders? </li></ul><ul><li>Do you trust your employees or do you believe its more important to monitor what they are doing? </li></ul>
  12. 12. 8. No good relationships with suppliers <ul><li>Do you know your suppliers? </li></ul><ul><li>Do you trust them? </li></ul><ul><li>If you needed extra service from your suppliers, would they be willing and able to help? </li></ul><ul><li>Can your suppliers be doing more to help you be successful? </li></ul>
  13. 13. 9. Not planning for the long term <ul><li>Where do you want to be in 5 years? 10? </li></ul><ul><li>Where do you think consumers will be then? </li></ul><ul><li>Where are your competitors going? </li></ul><ul><li>Are you planning new products and services to meet these changing expectations? </li></ul><ul><li>Do you have the right information systems in place to monitor performance and adjust your future plans? </li></ul>
  14. 14. 10. Not measuring the right things <ul><li>What gets measured gets attention and fixed? </li></ul><ul><li>Do you know what information will help you manage your business better? </li></ul><ul><li>Do you have a system that quickly draws attention to metrics that are out of bounds? </li></ul><ul><li>Do other people in your firm know how to get and interpret this information if you are unavailable? </li></ul>
  15. 15. Summary <ul><li>Marketing doesn’t have to cost a lot of money if you know what you’re doing </li></ul><ul><li>Marketing is not something you do once or even once a quarter and forget it. Its something you do every day in every action your business takes </li></ul><ul><li>The market is always changing – are you changing with it </li></ul><ul><li>Do you really care about the people around you? </li></ul>
  16. 16. Questions

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