Effective Use of Traditional Promotion Tools Success Strategies for Business Owners About SCORE 2 • Successful and experienced business owners and executives acting as volunteers • Free ongoing mentoring: One-on-one E-mail Signup on our website – Mentoring Tab Douglas S. Cavanaugh • Seminars, workshops and Meetup Group • Resources for small business: manasota.score.org Success Strategies for Business Owners 2 Introductions . . . Your Expectations? • • • • 3 Introduce yourself What business are you in? What are your expectations for the meeting today? Record . . . Expectation End of the meeting feedback: Outcome Gaps Success Strategies for Business Owners 3 Traditional Marketing Methods & Tools • Advertising: radio, TV, newspaper, magazine, direct mail, yellow pages • Public Relations: print, radio, TV • Collateral: business cards, tri-folds, stationery, flyers • Product samples, special offers • Customer surveys • Presentation material, signage www.score.org Success Strategies for Business Owners 44 Marketing Materials 5 Do your marketing materials need a makeover? Do they still reflect your brand? They all need to be consistent! • Logo • Signage • Business cards • Brochures • Promotion merchandise • Website(s) and other electronic media presence Success Strategies for Business Owners 5 Customer Retention Matters ! 6 • As your business grows, retaining existing customers is key to success • It costs 5 times more to find a new customer than it does to keep one* • Loyal customers can refer other customers to your business *Source: Gallup Success Strategies for Business Owners 6 Customer Service 7 Customer service is key to repeat business and is an important part of your Marketing plan. Are the following aspects of your business meeting customers’ expectations? Katrina Markoff • • • • • • Physical location Phone Your staff Questions, problems, answers Customer feedback Post-sale follow up Customer Service is a key “face” of your business Success Strategies for Business Owners 7 Advertising 8 What are the desired outcomes of advertising? • • • • • Builds awareness Product / Service information Helps customers find you Builds credibility Drives sales Success Strategies for Business Owners 8 Understanding Public Relations 9 Public relations is a means of generating attention from the media or another third party that can be as effective as advertising in building awareness of your business Jennifer Behar Customers trust what they read in publications or online far more than they trust your ads Success Strategies for Business Owners 9 Writing a Press Release Standard Format • • • • • • Headline Date Summary Body About/Boilerplate Contact Target to Each News/Media Outlet • Relevant Topics • Timely • Interesting 10 Resource • Newswire’s PR Toolkit toolkit.prnewswire.com Success Strategies for Business Owners 10 Press Release Distribution 11 Target publications, reporters and bloggers: • E-mail release • Link to your website • Follow up Free press release distribution services: • FreePressRelease.com • PR.com • PRLog.org • Chambers of Commerce (for members) Success Strategies for Business Owners 11 Customer Loyalty Programs 12 Keep customers coming back with loyalty programs that can include: Atul Patel • • • • • Loyalty cards Geolocation websites Discounts and special offers Events Giveaways What has worked for you? (5 minutes) Success Strategies for Business Owners 12 Event Marketing 13 Sponsoring an Event • Keep your target customer(s) in mind • Good promotional tool for businesses with local customers • Find of events that match with your business’s offerings and your goals. • Options include sports teams, charity events, schools, races, fairs • Investigate event organizer To consider: • What will you give - how much will it cost? • What will you get – make a $$ estimate of future sales Success Strategies for Business Owners 13 Cause Marketing 14 Cause Marketing (or Relationship Marketing) • Using positive publicity, enhancing your brand by affiliating your business with a “cause.” • Many customers are conscious of social responsibility • Products associated with a good cause see up to a 74 percent boost in sales compared to non-causeassociated products* • Women and millennials are especially cause-conscious • Key causes: Green, education, disaster relief, disease research Success Strategies for Business Owners 14 Return on Investment 15 Always assess your ROI (Return on Investment) for your marketing budget • Set measurable goals • Measure results Marketing effort that generated the sale Survey customers • Adjust marketing plan accordingly Success Strategies for Business Owners 15 Exercise 1 Appropriate promotions for your business? 16 16 Using the Worksheet in your folder, fill in your Appropriate Promotions for your business . Think about what new promotion strategies may be able to help grow your business? Fill-in your thoughts about the reasons for your selections. Think about: How will this help achieve my goals? How will this reach my target customer/s? Does this fit my budget? Do I have the necessary staff? 10 minutes to work and 10 minutes to discuss Success Strategies for Business Owners 16 Exercise 1 Appropriate promotions for your business? 17 Yes Possible No Why? Direct Personal Contacts and Networking Internet Website Handbills and Flyers Ads in Newspapers & Periodicals Handout Brochures and Business Cards Direct Mailing Telephone Solicitation Social Media - Internet Others . . . . Success Strategies for Business Owners 17 Assessing Your Business The SCORE Business Needs Assessment, it is in your packet. Download at: http://tinyurl.com/8j7fkgw It will help you assess the current state of your business in 5 key areas: 1. Management 2. Marketing 3. Sales 4. Finance 5. Operations Decide what additional sessions to attend Develop a customized business improvement plan Success Strategies for Business Owners 18 Business Needs Assessment - Marketing Success Strategies for Business Owners 19 Help Us, Help You Please fill out the session evaluation form Your feedback is important to help us improve our programs! Success Strategies for Business Owners 20 Success Strategies for Business Owners 21 Marketing Material Resources 22 Low-Cost Resources: • • • • • • • • • 99Designs.com CrowdSPRING.com Elance.com Freelancer.com Guru.com Inkzoo.com Logoworks.com Marketsplash.com VistaPrint.com Success Strategies for Business Owners 22 Marketing Resources • • • • • • • • • • • • • 23 American Advertising Federation (www.aaf.org) American Express OPEN Forum (www.openforum.com) American Marketing Association (www.ama.org) Direct Marketing Association (www.the-dma.org) Larry Chase’s Web Digest for Marketers (www.wdfm.com) Marketing Hub (www.marketinghub.com) Marketing Plan Pro (www.paloalto.com) Marketing Profs (www.marketingprofs.com) Marketing Research Association (www.mra-net.org) Marketing Sherpa (www.marketingsherpa.com) Mobile Marketing Association (http://mmaglobal.com) Radio Advertising Bureau (www.rab.com) SCORE (www.score.org) Success Strategies for Business Owners 23