Down Economy = Marketing Scrutiny

Deeper understanding of customers is essential in a down economy. Ideally, marketers have been building this knowledge and segmenting customers along the way. Starting during the downturn can be a challenge when budgets are tight. Businesses with a strong balance sheet are likely to have more marketing flexibility during tough times. The impact of decreased spending and tanking consumer confidence is being felt by companies across the board. Often, none feel it more strongly than the marketers within those small businesses. Now is the time for marketers to prove their value by demonstrating the revenue-generating potential of their job. The knee-jerk response to shrinking sales is to focus on growth through customer acquisition. But you must concentrate on understanding and keeping your current customers.

Understand your customers
Marketers must look at their customers in a new light as they begin to tighten their belts. That means understanding what customers expect and what is important to them in a slowdown. Don't assume your previous customer insights hold true, as economic challenges can change consumer views dramatically. Focus research investments more on customer behavior and tracking tools and less on branding. Create and disseminate engaging and relevant messages based on a solid understanding of customers' preferences, needs and behaviors.

Concentrate on current customers
During a slowdown, it is smart to generate more value from current customers than to pursue new ones. In tough economic conditions, customers also feel vulnerable and are more likely to stay with a company than make a switch. Capitalize on the trust and goodwill that you've created with existing customers and find ways to help them navigate the slowdown. That's a strategy that will build both business and loyalty.

Analyze and segment
Customer profiling, clustering and value models are essential to identifying which customers spend the most, learning how to lift sales and detecting high-value customers showing signs of diminishing value. New behaviors are sure to emerge during a slowdown. Proactively assess and respond to them.

Knowing who to market to is often overlooked when marketers are forced to focus on just scrapping up enough resources to market to anyone. By focusing on these steps for gaining better customer understanding marketers can demonstrate their value as an asset with the potential to help any business ride out even the lowest of economic tides.

5 Tips on Getting to Know Your Customers

1. Determine what you need to know. For example, what do they like or dislike about your product or service? How do they feel about the way your company handles complaints? Are they repeat customers? Why or why not?
2. Use one or more survey methods to measure customer satisfaction, such as direct mail, telephone calls, or focus groups (groups of 6-10 people who share their ideas about your product or service).
3. Hire an outside market research firm to develop questions and interpret findings, unless you have an experienced person in-house.
4. Have employees keep ongoing written records of customer compliments and complaints. Review these at staff meetings.
5. Once you know what your customers want, make the adjustments and improvements necessary to keep them coming back.

Extracted from SCORE "Counselors to America's Small Business."

Making your trade show experience green

As a small business you must do everything you can to stand out among the best. Showing that you care about the environment give you a competitive advantage. One way to do this is to make sure you show you are committed when planning your trade show presence. Consumer and industry trade shows are now “greening” themselves. The shows make it known that they are environmentally friendly through marketing, promotions, publicity and often advertising. It only makes sense that you make your customers aware of your eco-friendly practices, too.

Booth

Remember bigger is not necessarily better, especially when you consider the environment— your natural strategic partner. Your booth is your calling card. It either draws people in or repels them. When you consider how you want to best represent your brand (your company, products and services), you need to keep it simple. Since consumers are not as familiar as you think about what constitutes a green product, it’s better to keep things as straightforward as possible. Just show them what your green features are, then tell them why they are important—the story behind it and what’s in it for them. This same strategy can be applied to most any part of your show experience.

Marketing

How you market is equally as important as what you say in your marketing pieces. You can say all you want, but your actions always speak louder than your words. To successfully market green, you need to consider:

• How will you make your brand known without too much waste?·
• How will you make consumers aware that you are keeping the environment in mind when marketing?·
• How will you package your information?·
• How will you drive potential customers to your booth in the most environmentally friendly fashion while being true to your brand?

Take the time know to really green your trade show practices and rise above those just claiming to be green. Consumers know the difference. You can’t fool them.

By Russell Irby, Tradeshow Director and Consultant

Five Ways to Blow Your Trade Show Budget

Trade shows are a great way to connect with current and potential clients, but unless you know what you are doing, it can be an budget disaster. Here are five simple and correctable problems:


1. Always read the Exhibitor Manual

Never ever pass it along to someone else to fill in and send out, because you will never know what is in the package. Do you know the drayage rate, the electrician rules, the shipping time frame? If you don’t know, you are wasting your money because you do not know when you are paying fair value or being overcharged, when to complain legitimately, and when to just walk away.

2. Never wait until you are there

Floor prices are your penalties for not thinking ahead. If it costs you $200 to contract before the show when you fill out the forms in the Exhibitor Manual, it may cost you $300-$400 when you walk onto the floor and decide... now I want carpet cleaning, extra electrical or another service.

3. Know the Show Rules

Think you can just build your exhibit yourself? Sorry the Fire Marshal says take it down. Fire codes are local to the exhibit city. Grab fabric, load the exhibit space with literature, etc.? See the Fire Marshal. Hang your own sign or lights? See the local unions or labor force. It will cost you floor prices – or taking down your whole exhibit if you do not know the rules of the show.

4. Staff the booth properly

The wrong staff will send the wrong message. Trade shows are unique and unless there is a clear definition of your purpose at the show, and you have matched the staff to your expectations and the expectations of attendees, it can be a big waste of money.

5. Do not ignore pre-show promos

YOU will be at the show but have you told anyone else? How about your clients, prospects, folks you met at last year’s show, folks you want to do business with? It is so much easier to attract attention before the event than after the show... so let them know you will be there and what you can do for them at the show, as well as after the show.

Take it from me...correcting just one of these can save money. Correcting all five can provide substantial savings.

By Russell Irby, Tradeshow Director and Consultant

E-mail me for more information

Promoting Your Business on YouTube

No matter what kind of business you have, its success depends on two things: It must serve a need, and you must find customers. Most new businesses fail simply because the right people never heard about them. And this is the paradox for entrepreneurs: People aren't paying attention to traditional marketing and advertising anymore. But free advertising is alive and well. Whatever you want to call it --- buzz, word of mouth, peer-to-peer or viral marketing -- you can't just manufacture it. You must earn it -- by engaging your target market.

YouTube is nothing less than an online video phenomenon and if you aren't already using it as a tool to promote yourself or your online content, you should really give it some thought. YouTube is a video sharing community website owned by Google that offers a unique way to promote your business on the web. You should be tapping into the huge and ever-growing YouTube community, which can virally spread the word about your products and services, ultimately driving traffic back to your website. Here are some tips to using YouTube to promote your business:

1. The first thing you need to do, if you haven't already, is to create your own YouTube Channel. This is your first step towards becoming a video creator.
2. Video Contests. At its core, YouTube is a huge video contest to see who can garner the most video views. Thus, a logical and proven campaign strategy is to channel the YouTube community’s natural posting and viewing behaviors by sponsoring a contest. To maximize your investment, use the contest by seeking media coverage. And don’t forget to promote the contest on your Web site or micro-site.
3. YouTube and Events. Make your company the most talked-about exhibitor at events by using YouTube.
   

Internet social networks allow entrepreneurs to build their business one customer at a time. It's the same as having a "street team" pounding the pavement for you. When you're successful, your loyal customers begin spreading the word for you, generating true word of mouth.

Marketing the Easy Way in 10 Minutes a Day

Marketing a small business is one of the most difficult activities any entrepreneur will face. It's full of challenges and obstacles that demand preparation, dedication and determination to win the game. It's just like playing football - success will ultimately be determined by your commitment to win and your desire to compete. Are you eager to find a simple way to add new clients but already busy and struggle to find blocks of free time to "do marketing." The key is to keep your intention of wanting to do marketing in the top of your mind. Look for opportunities during the day to follow a few of these marketing tips.

1. Talk to new clients. Ask the clients how they found you. Perhaps a friend referred them. Then underscore that you build your business on referrals. Send the referrer a note thanking him or her for the referral.
   
2. Have a standard note that you write for this therefore it can be done in less than 5 minutes. The note is another way to stay top of mind with the referrer.
3. Make it a game to see how many times a day you can seamlessly add a request for a referral to your conversation! Whether it is another professional or a current client, look for an appropriate time in the conversation to make this request. You want the request to be natural not pushy.
4. Slip in a success story or respond to a compliment with, "If you ever come across someone with a similar issue, I would value a referral from you.
5. Use email or LinkedIn to connect to a former client, a school classmate or professor or a business acquaintance. A short email lets them know you were thinking of them and is a great way to get them to think about you!

Over the years that you have been in business I am sure you have done some or all of these. The point is to do them consistently week after week. By staying connected to your network and asking for referrals your practice will grow effortlessly!

Michelle Clark, PMP
Amici Communications

Using Social Networking Sites to Boost Business

You are probably well aware that social media marketing is a fast-growing phenomena , tapping into the rising influence of communities such as blogs, wikis, and networking sites. I highly recommend small business owners to take advantage of this medium to create low-cost buzz about you and your business. If you join these active communities, you can build relationships and promote your products and expertise. Social networking online community sites bring millions of people of various origins and interests together. It can be considered an alternate community especially for people who spend most of their times in front of their PCs, either for recreation, business, or whatever purpose they have.

How?

1. Join a professional networking site. You must be committed to market and you work the community or you will get nothing in return. Some examples are LinkedIn, ZoomInfo, and Facebook.

2. Become a commentator on a well-trafficked blog in your industry or field. Get familiar with a few blogs compatible with your business. Visit your industry or professional associations and trade journals to see what they offer. Get up-to-speed on the blog's tone, issues, and attitudes before you engage and don't be surprised when you start generating reactions.

3. Contribute to a community whose members could be your potential customers. Check the comments, forums, and profiles of a community, you can determine member interests, locations, and a rough sense of demographics. Once you've identified a community that matches your preferred customer, there are a number of ways to get noticed.

4. Launch a blog. The first impression is everything. Connect with your readers through an about page and welcome message. One of the best ways to make a lasting impact is to connect on a personal level with your readers. That means letting them know who you are.

5. Create a viral video campaign. Online videos are cheaper and easy to create and upload. Try producing a two or three minute video that dramatizes or explains your online site or your market niche and yourself. Then upload the video to MSN, YouTube, or other video communities to drive traffic to your Web site.If you link the videos to community pages on social bookmarking sites, you create a little network that search engines will find. Soon you will get more referred traffic and, potentially, more customers.

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Join in groups and forum discussions. Share your knowledge and pick some business information along the way. You can smoothly introduce your products or services to your fellow members during discussions by citing an anecdote relating to your products or the advantages that people can get from them. Upload tutorial videos, if you have any, and provide a link to your website.

Michelle Clark, PMP

Chief Marketing Officer

Amici Communications

Making the Most of Trade Shows

Tradeshows... Most small business owners either love them or avoid them altogether. Even if your firm is not exhibiting, attending tradeshows is a great marketing opportunity for your firm. Under the right circumstances, a tradeshow could be the most important event you attend all year.

One of the biggest misconceptions about tradeshows is that you have to be an exhibitor to make them worthwhile. In fact, tradeshows present unique opportunities for business owners to interact with industry insiders including vendors, other owners, and even potential clients. If you want to host an exhibit, a tradeshow is the perfect place to do it. But if you don't, you can still get benefits from your tradeshow experience.

How…

Set Goals: The best way to fall short of your tradeshow goals is to not set goals in the first place. Before you get your heart set on a specific tradeshow, take a few minutes to consider what you hope to accomplish. If you want to introduce a new line of products into the marketplace, then a tradeshow catering to consumers is the way to go. However, if you want to get current on current technology, a tradeshow catering to industry insiders is probably a better option.

Be Selective: Depending on the size of the tradeshow, you might not have time to visit all of the exhibitions. If that's the case, you need to prioritize your time to make sure you see the booths that are most important to you. At the top of your list should be booths hosted by companies that are similar to yours. It might be the best opportunity you have to check out your competition.

Get Educated: Many tradeshows offer seminars, training sessions, and addresses by industry insiders. Take advantage of these opportunities to educate yourself about current events in the field and marketplace trends. Since some tradeshows offer training on new equipment and processes, you may even want to consider bringing a few key employees along for the ride.

Create Networks: Networking alone is a good enough reason to attend at least one tradeshow a year. Where else are going to find so many people interested in your type of business under one roof? Although passing out business cards is okay, you'll achieve better results by targeting and reaching out to individuals who are actually capable of helping your company meet its goals.

Build Relationships: One of the reasons people attend tradeshows is that they provide opportunities for travel and fun. But while you are having a good time, you can also be giving your company a leg up by building new relationships and strengthening old ones. So instead of feeling guilty about enjoying a little downtime, relax, kick back, and solidify your industry connections.

By Russell Irby, Tradeshow Director and Consultant

E-mail me for more information

Extraordinary Business Success Comes From Within

If you are a growing small business looking to obtain and retain top talent read the tip below to develop a high performing organization.

1. Create the best. To achieve the extraordinary, you need extraordinary people. Creating them involves three stages: locate and recruit volunteers, screen and select the cream of candidates, train and motivate for excellence.
2. Dare the impossible. Give your employees demanding, high-impact jobs and the results will blow you away. Give them anything less and not only will your resources be wasted, but your employees will soon be off seeking challenges somewhere else.
3. Throw the rule book away. High impact performers thrive on innovation. As the chief innovator, you need to stay alert to opportunities and threats in your environment, encourage a shared vision with clear goals, develop a tolerance for the unusual and bizarre and reward bold ideas that work.
4. Be where the action is. A true leader leads from the front. As a leader you must share the risks, the hardships and the defeats as well as the victories.
5. Commit and require total commitment. If you are totally committed to a project or purpose, your employees will follow you, regardless of the sacrifices. Communicate face-to-face, make commitments public and don’t stop when the going gets rough.
6. Demand tough discipline. If you want your organization to succeed, you have to help your employees develop self-discipline. Set the example by obeying rules from above.
7. Inspire others to follow your vision. As a leader, you must first have a clear vision of where you want your organization to go and what you want it to be, and then make it compelling and meaningful to others. Promote your vision with a motto and other tools.
8. Accept full blame; give full credit. You can delegate authority, but not responsibility. Hold your employees accountable for their failures, but don't leave them holding the bag. When your employees prevail, give them credit for the victory—completely, unselfishly and publicly.
9. Take charge! To be the kind of leader that employees will respect and follow, you must dominate the situations right from the outset, establish your objectives early in the game, communicate with their team, act boldly and decisively, lead by example and follow your instincts.

Adapted from Secrets of Special OPs Leadership: Dare the Impossible—Achieve the Extraordinary by William A. Cohen.