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LOW COST WAYS TO
BUILD MARKETING MUSCLE
by Elliott Black, President
EMBA, Inc.
- Market through employers: An ad in a company newsletter can be inexpensive and go far.
- Sell ancillary products: Determine what products your customers use and arrange to become a reseller of them. This increases your value to your customers.
- Barter with businesses that might not otherwise buy your products or services: This can be an effective way to get in the door. Barter has become a big business both direct and through Barter associations (e.g. Illinois Trade Association has over 3,500 member companies and Chicago-based Barter Corporation has approximately 2,500).
- Publish a fact-filled "how-to" booklet: The booklet should offer basic information about your industry and/or field. It can be offered as a "freebie" or for a moderate cost. If done right, it tends to have a long life with the recipient and keeps your name in front of them as an expert.
- Develop your presentation skills: Prepare a short (20 to 30 minute) speech about your industry/field for delivery to various groups and organizations. Groups to be targeted include: local special interest organizations, civic groups, trade associations, service clubs, corporate employee clubs, etc. Even though most of this will be pro-bono, the exposure will prove invaluable.
- Get to know the sales reps who call on your prospects: Find out who some of the more significant ones are and prepare a clever flyer/brochure for them to leave behind when they make sales calls. Help them look good and you will benefit by the exposure.
- Prod the referral process: Send a letter to each of your customers along with two copies of your brochure. Let them know how much you appreciate their business and would appreciate their passing the second flier along to a friend.
- Consider an offbeat promotion: Become promotional partners with an existing business who services your target customers. Offer to pay for part or, if necessary, all of the prizes of a special promotion. For example, offer a $100 gift certificate at the local industrial distributor to the 100th customer in February.
- Remind existing customers of the full breadth of your capabilities: It has been shown repeatedly that the easiest source for increased business is with your present customers. Too often, many customers tend to pigeon-hole their suppliers - thinking of them as only offering the one service/product they currently are buying. Let everyone know of your full range of products/services.
- Reposition your products/services as value-based and raise prices: Don't be afraid to not be the cheapest. As a quality supplier, you are projecting the image of being the best...and having the best doesn't mean "cheap". An old valued line to keep in mind is "Price is not the final cost". There is always a lower price but it doesn't necessarily equate to lowest overall cost once the full range of particulars are taken into account.
- Develop a benefit list: Prepare a list of the benefits your company provides to a potential customer highlighting those that your competition doesn't. Hand the list to your prospect and zero in on some of the unexpected ones.
- Ask your prospects how to sell them: Don't be shy. Ask the prospect "What could I say to you today, or show you today that would convince you to say 'yes'?" If they say 'nothing', you know not to waste any more time. If they raise some specific issues, you know how exactly to approach their concerns.
- Sell your timesaving benefits: Time is a big issue today. People want to be taken care of without hassles. In your presentation, make this message clearly understood.
- Offer explicit guarantees: If timely shipping is a concern with the prospect, promise on-time delivery or you will give them 20% off. This "puts your money where your mouth is" and will get the prospect's attention.
- Sell packages: Instead of selling one or two, create a package of several at a special discount.
- Scale down your offerings: Review your activities over the past few years and determine what you do best, which are the most and least profitable, and what is extraneous. Cut those at the bottom of the list, or save them for only your most profitable customers.
Other Articles to read...
Advertising Tips
The 10 Commandments for a Successful Business
Accessing the U.S. Marketplace
Business to Business Advertising
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