Trendwatch: Hot Marketing Techniques

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Marketing Tips RaleighIt’s almost May (can you believe it?!), and you might be wondering why your marketing campaign hasn’t really taken off yet in 2011 (unless you’ve been a faithful reader of this blog, in which case you’ve got all the know-how to implement amazingly effective marketing).

If you’re not seeing the type of return you’d like, review these big trends for the year. Maybe you’re just not focusing your energies in the right places?

Brand Advocates

  • We’re not about thousands of Twitter followers or Facebook fans anymore! You want to attract a loyal few.
  • Customers who interact often with your brand (post reviews on your Facebook page, tweet or blog about your products, etc.) are a much better “brand ambassadors” than those “one-and-done” people who subscribe to your news feed and never, ever comment.

Niches

  • Focus on the specific niche you occupy in your industry.
  • Don’t try to blanket your services to cover every possible scenario: customers will appreciate you more (and have a more positive experience) when you focus on a small area of products/services that you have expert experience with.

Quality Content

  • Your online interactions (website, social media, etc.) can be much more valuable when you add useful content.
  • Some ideas: post a video of how your product is made, call for video submissions from customers using your product (have an online contest to choose who gets to be on your website!), take photos at tradeshows and post to your Facebook account, etc.

Geotargeting

  • This is a fancy way of saying “sell to your neighborhood.” Don’t stretch yourself thin by trying to reach way beyond your physical boundaries – use the untapped resources in your local area!
  • Groupon, LivingSocial, and other coupon sites target specific neighborhoods and demographics. Yelp.com is a site where customers can post reviews and get suggestions for other local places to try.

Co-marketing

  • Probably my favorite of all the marketing trends this year, co-marketing encourages collaboration between small businesses.
  • Find another small business with complementary products/services to your own, share the costs of joint marketing pieces, and increase the exposure of both companies!

The best way to measure the effectiveness of any new marketing technique is to wait 6-8 weeks. If you aren’t seeing results in two months or less, change gears a little. Try to focus on one of these 5 trends – post a new video to your site, or investigate a Groupon plan – and see if you can get out of the mid-year slump.

Connection Overload!

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In this age of social media, it’s hard to know whether you have true connections with people.

Are your connections meaningful? Or do you suffer from Social Media Friending Overload?

It might sound harsh, but it’s okay to go through your Facebook profile and “purge” your friends list. Be picky! If you are getting updates in your news feed about the mother of your child’s best friend from 15 years ago, it might be time to quietly remove her. Keep useful people in your list: those you have a close in-person connection with, and people you’ve met who share a lot of common interests or are in your industry. If someone reaches out to you, weigh the pros and cons of including them in your network. Many people are afraid of the embarrassment if they’re asked, “Why aren’t we friends on Facebook?” – but consider this: do you really care to read all about their personal life in your news feed? Beware those who over-friend! Though you may have met them briefly at a party, it doesn’t mean you need access to each other’s personal information.*

Just focus on quality, not quantity! Constantly updating your status on Facebook or LinkedIn, using Twitter six times a day… if you don’t have a network that’s focused on people who will really absorb your message, you’re sending out your thoughts to dead air. Try to consolidate your statements and update only once or twice a day.

Building a “Harvard network” is your main goal here. Ivy League graduates often have the closest-knit alumni networks – referring business to one another, using each other as clients or business partners, etc. Think about your contact pool – do you have strong alumni relationships to draw from? If not alumni, then look to your industry – are there people in your line of work who you’ve known for a long time and have mutual respect for you?

Create a list of 20 potentially powerful connections. Use people you already know but haven’t used as a resource yet. Think about who you need to connect with to build your business success. After you’ve narrowed down your “Top 20,” focus on building connections with them. Invite someone to lunch, stop by their office to chat, or send them a note. And remember: you don’t have to friend them on Facebook.

 

[*Note: If you'd still like to keep your large network of "friends," be sure to beef up your privacy settings - you can tell Facebook which of your friends are allowed access to your full profile, and which people are only allowed to see basic stuff. Also consider setting up a Facebook page for your business - that way you can friend social connections through your personal profile, and keep business connections in your business network.]

Crush the Competition! Innovate Your Brand.

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Does your business have an “evil twin” competing with you? Maybe there’s a similar restaurant across the street, or another body shop one mile away – you find yourself constantly vying for customer attention, wasting valuable resources and energy.

But instead of focusing on beating the competition, focus on surpassing them! Innovative businesses can set themselves apart by creating a new, innovative product/service to attract more customers. Here’s how to do it:

1. Generate an Idea

  • Observe customers in your market (be a “secret shopper” in your own establishment or your competitior’s) and take notes.
  • Make a list of 5-10 customer needs that aren’t being met.
  • Divide the list into categories: Needs that are clear but difficult to address (the customer thinks your stickers aren’t sticky enough), and needs that are known but incorrectly identified as being too expensive or having a small demand (one-ply v. two-ply).
  • Pick something off your list that is a winning concept – one that identifies a need and shows an easy way to address it.

2. Evaluate Your Idea

  • Is there a market for it? Be sure this idea is strong enough to influence customers.
  • Can you compete with it and win? If it fits in with your company’s existing strategy, it can be a winner.
  • Can you lead the market? Analyze your competitors’ strategies – be sure they’re not offering the same thing. Then watch your timing! Offer your new product/service at a prime launch day.

3. Make Barriers

Other companies can copy your idea, but there are four ways you can be sure they never imitate your brand.

  • Investment: make it economically impossible for others to compete with you.
  • Benefits: attract customers with persuasive incentives.
  • Relationships: focus on your customers’ needs by addressing their personalities, common interests, or passions.
  • Link Up: establish a connection between your brand and the category it sits in (Curves = women’s fitness; TCBY = frozen yogurt)

4. Define & Manage Yourself

  • Your bright idea might not be the first of its kind, but it can be the best! Position your brand as the most authentic.
  • Monitor changes in the market and in customer interest. You might have to re-evaluate your strategy.
  • Be dynamic! Market changes mean idea changes – don’t get stuck pounding your head against a wall, be ready to switch things up!

If you’d like to look at brand competition in-depth, check out this great book!

 

What’s Your Story? Send a Press Release!

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For your business to be more visible, you need the press to come calling. But how do you maximize your exposure?

To gain great PR attention from the media, start small: be consistent, and attempt to get some sort of mention every month. Don’t overlook community newsletters or local papers – these can be a great starting point, since they reach a targeted group of people who can become a supportive following. It’s easy to find contact information online for local publications – or check their masthead (that’s the section in the paper/magazine that lists all the editors, story writers, etc.) for extra names and numbers.

Press Releases RaleighSend out a press release monthly (or twice a month, if you have enough news!). Choose a topic that is interesting to other businesses in your industry, educates potential customers, or focuses on community involvement. Here are some useful topics:

  • Announce a personnel change – you’ve added a new employee/partner, someone was promoted.
  • Your business is expanding because of a significant new project or big partnership with a customer.
  • Your company is offering an educational seminar open to the community.
  • You (or one of your employees) will be speaking at a professional organization’s meeting.
  • A trade association has recognized you/your company for excellence in your industry.
  • Your business is sponsoring a charitable fundraiser.
  • There are a high number of women or minorities in management positions within your company.
  • Through innovation, your business has solved a problem in your industry (new product/strategy).
  • You have a strong opinion on a community problem that you feel your company could help address.
  • Celebrate the 5th, 10th, 15th, 25th, or 50th year of being in business!

Also look for the “story-within-a-story,” announcements that can lead to continued media coverage. For example: you send out a press release to announce that your company is sponsoring all its employees to clean up a community park – repaint the fences, seed new grass, spread new mulch, plant some trees, etc. Within that announcement, you invite others in the community to join you. Right after the event, send out another press release announcing the “reopening” of the park. You could get a small article about the clean-up day, then a follow-up story highlighting the work you’ve done in the park!

Press releases for print (magazines, newsletters, papers, etc.) should be sent to: a reporter, a features editor, or the managing editor (or all three!).

For radio/television: news director, program manager, feature editor (sports, food, lifestyle) or individual reporter. Call the station to find out who would be the appropriate person and how you can reach them.

You can use the same content and send your press release to many different people every time – shoot for at least 5 media people each time you send out a story.

If you need help formatting your press release, click here to view a template from Microsoft Office.

And for more information on press releases and other marketing techniques for your small business, check out our favorite read.

Finding Your Niche: Define a Target Market

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Small businesses can compete with “the big guns” by making wise choices about their marketing: who to market to, and where to market to them.

The keyword here is “niche.” Focus your marketing dollars on specific groups of people that are more likely to buy from you. You’ll get an affordable, efficient, and effective return-on-investment.

How do you determine who’s in your target market? Think about the following:

Target Market Advertising RaleighWhat is your current customer base?

  • Who are they?
  • Why do they buy from you?
  • Do they share some common characteristics?

What’s going on with your competition?

  • Who are their current customers?
  • Who are they targeting? Is there a group they have missed?

What are the benefits of your product/service?

  • List all the features of your product/service and the benefits those features provide.
  • Then list the benefits of those benefits! For example: Redwood Productions offers high-quality design services; this benefits a small business by building a more professional image; the professional image attracts customers; more customers means more profit!

What are the demographics of your target?

  • Consider age, education, gender, income, location, marital status, and occupation
  • For example: A beauty salon might want to target college-educated single women, aged 25-35, who make around $45,000 and live within 25 miles. That’s the kind of market that would use their disposable income and treat themselves (and/or their friends) to a full-service salon day.

What are the characteristics of your target?

  • Consider attitude, behavior, interests, lifestyle, personality, and values.
  • How does your product/service fit into the life of your target market? How/when will they seek your business?
  • Where do they go for information – newspaper, radio, online news?

Once you’ve addressed all these factors, evaluate your target market as a whole. You don’t want to be too general (“homeowners” or “stay-at-home moms” are really broad categories) but you don’t want to get too specific either (55 year old men who play golf on Tuesdays and wear the color purple at least once a week – way too niched!). Make sure you understand what drives your target to your product/service, why they need it, who can afford it, and how it benefits them. Your niche market should be accessible to you.

And don’t get caught up in defining one group of people – you can have more than one target market!

If you can find your niche(s), you’ll open up your business to the right customer. They need you, but don’t know about you! Target them!