Market Your Way

If the economic downturn has hit big businesses hard then it has hit small businesses harder. In these challenging times it is critical to market according to your unique business requirements. In other words do what works for you – market your way.

Too many of the strategies and trends asserted and supported in marketing media are effective and relevant only for large enterprises. As an example the Forbes 2009 Ad Effectiveness Survey found that Forty-eight percent of marketers said that search engine optimization (SEO) was the best method for generating conversions online. E-mail and e-newsletters was next with forty-six percent. For smaller marketers the leaders get flipped with e-mail being most effective. Published information and recommendations are generally skewed to favor strategy for large enterprises because they pay for most of the research and publications.

The bottom line is marketing is essentially a highly customized function. Customization is expensive, and a key factor that explains the difficulty small and medium-sized businesses (SMB’s) have implementing effective marketing initiatives that deliver measurable ROI.

Seventy-nine percent of marketers confirmed “the need to measure, analyze, and report marketing effectiveness” was greater in 2009 than in previous years according to a study by Lenskold Group and MarketSphere. SMB’s are wanting more than read and click rates to measure their marketing effectiveness by. Like any business, they want to know:
⁃    How successfully and efficiently am I reaching my customers?
⁃    Is my marketing converting sales?
⁃    Who are my Most Valuable Customers (MVC’s)?

There are a few basic tactics SMB’s can use to measure marketing ROI:
⁃    Use some form of database driven CRM system to track customer communications activity.
⁃    Consistently use email and web conversion pages.
⁃    Integrate and consistently implement conversion tracking processes into sales and service processes.

The careful integration and consistent implementation of online marketing with offline sales, service and support processes is what leads to happy customers. This must also include a healthy dose of “personalization” to be most effective. I’m not referring to some tactic here when I use the term personalization. I’m referring to a deeper more value based approach that begins by viewing each customer as a thoughtful, caring, and concerned real person. Don’t think of customers as simply consumers or markets. Thinking of people as consumers implies they have needs that you satisfy with your products and services, and that exchange represents the sum total of any satisfying experience they will have patronizing your business.

What I’m referring to when I use the term personalization is a focus on the qualitative and emotive qualities of your customers. I’m talking about things like sending a personalized “Thank You” note when someone visits or buys from you. Starting each customer interaction with a warm smile and a sincere greeting. These are the often overlooked things that make all the difference. And some of them can be automated with e-marketing systems to help you deliver that uber personal experience every time.

It’s good to pay attention to the trends and keep abreast of what’s happening in the marketing world. But it’s most important to focus on and invest in the solutions and services that can help you do what you do better. chances are those will be different from the tactics you read about – and that’s just fine.

Popularity: 24% [?]