Posts Tagged ‘cash flow’

5 Low Cost Marketing Strategies!

Small businesses do not have a lot of cash.  This is why they typically avoid marketing.  That’s a HUGE MISTAKE!  Managing marketing expenses is the SMART WAY to go.

 

START WITH STRATEGY.  The way to save money is to plan to save money.  What do I mean?  If you are going on a road trip and you understand how to take the most efficient route, then you will save time and money.  Efficiency in marketing saves you time and money.  Developing a strategy keeps on the right course to connect with the right customer who will buy the right product or service.

 

DEVELOP AD/Flier TEMPLATES.  I always inform my clients to create several ad/flier templates for various occasions.  Why?  You will constantly receive requests to place ads in publications, on websites and in souvenir booklets.  If you create the ad template in advance, then you will save money by not having to rush later.  Your ad template will instantly become a Return On Investment!

 

Use Social Media WISELY!  Social media is the wild card for most small businesses.  But, they struggle with how to utilize it effectively.    First, you should determine which platform works best for your company.  Then, you should put together a social media strategy that makes sense and connects with your target audience.  Finally, you can use a small ad budget to increase exposure to a global audience on social media.  On some platforms you can be more targeted for a special interest audience.

 

DIRECT MAIL is still a good option based on how you position your database.   For example, a child care should consider utilizing direct mail to send parents Easter postcards, summer safety tips, birthday cards and holiday gifts.  This would create loyalty throughout the year to its customer base.  It’s very strategic.  And it won’t cost a lot of money.

 

Internet Marketing, including e-blasts, newsletters and videos are very affordable to create.  However, once again, it goes back to a strategy and schedule.  If you use the marketing strategy to create a schedule, then you will save time by doing tasks in advance.  This will also save your company money.  E-blasts can be used for prospective and current customers.  Newsletters are great for establishing relationships within the community through stories and pertinent information.  Videos allow the company to ad personality to its brand visually.

 

The bottom line is the bottom line.  Keeping costs low is a mindset.  Marketing dollars are saved by creating efficiencies, working a strategy and utilizing tools effectively.

 

5 Signs your Marketing is failing!

There are many signs that your marketing is failing.  But let’s have a little fun with this one.

 

When CASH FLOW has come to a screeching halt you know that your marketing is not working.  Marketing is like fuel to the gas tank of your business.  If you don’t fill up your marketing tank you will get stuck on the side of the road.  Invest in your marketing fuel to get the right results.

 

 

If you start thinking more about TRYING TO SELL your products and services instead of providing value to the customer, then you know that your marketing is failing.  Convincing customers that they need your service is being too pushy.  You need to keep talking about the benefits to the customer.  Let them make the decision.

 

When you are FISHING for ideas and solutions then it’s a direct sign that your marketing is not working properly.  The customer will always tell you if you are putting your bait in the right pond.  If they are not biting you either have the wrong bait or you are in the wrong region for the fish that you are trying to catch.

 

CONFUSED CUSTOMERS are a good sign that your marketing message is not on point.  If you keep sending messages that are not clear to your customer, then they will show you in the numbers.  If customers come to you understanding your brand, then you will send them down the right street.   They will keep coming back and making more purchases.  Point them in one direction; The right one!

 

 

When customers ARE NOT coming into your store or buying your service then your marketing is not working.  You may be telling customers to not come into your shop, website or company because you have not made them feel welcome.  You have to show your customers the love from the beginning.

Driving on Fumes!

Most small businesses fail because they run on fumes!  

What happens when you are driving your car and the gas needle is near empty?  Your nerves are shot. You hope and pray that you make it to your destination. Frustrated?  Absolutely!  This is how most failing small businesses operate every day. They don’t have enough gas (marketing investment) to fuel the vision of their company.

You need to learn how to not only put gas in the tank but also how to build and maintain the best car (business) that creates its own gas (cash flow).

Marketing investment + your business = CASH FLOW!

What are the odds?

Although the exact odds depend upon many factors, let’s look at a couple of examples. In a lottery in which you pick 6 numbers from a possible pool of 49 numbers, your chances of winning the jackpot (correctly choosing all 6 numbers drawn) are 1 in 13,983,816. That’s 1 shot in almost 14 million.

Over half of the small businesses fail within its first three to five years.  Most of the business owners surveyed said that they fail because they could not connect with the customer or potential customers.  Would you rather be lucky or great?

 The odds of you getting lucky in business are probably similar to the odds of winning the lottery.  The difference is that as a small business owner you are risking a lot more than a few dollars.  You are investing time and money into your dream.  It’s very emotional!  In most cases, you are risking relationships, a steady job as well as the finances required to get the ball rolling.  So, you want to get it right.

 Connecting with customers and potential customers (prospects) is more of a science than a lucky guess.  The Twelve Steps of Marketing give the business owner a guide to developing customer relationships that create constant cash flow for your business.  The odds dramatically shift in your favor.

 

YOUR Marketing Mentor,

Shaundell Newsome