As we climb back to a better economy, small businesses have become the pioneering majority. Many of these entities are small or one-person shops with limited resources for marketing campaigns. The large mailings, advertisements, and expensive marketing brochures of the past may not be an option. The savings traditionally used to start a business have other earmarks today. When an individual embarks on 'forced entrepreneurship' due to the bleak job market, there is usually a need to preserve savings for basic needs like food and rent.
Lack of a large marketing budget should not strike out a comprehensive marketing strategy. A valid argument shows that limited resources can be an advantage. When there is an ample budget, business owners often make advertising and marketing decisions impulsively. When the big budget is absent, an owner must use precision and a hands-on approach to grow revenues. If an effort doesn’t deliver immediately, it must be ruled out. There can be no 'trial-and-error'. In today’s market, business owners don’t have that luxury. They can't afford to throw away money. It’s necessary to be smart, lean, and mean. While old-world competitors are often invisible, hiding behind their marketing plans, the bootstrappers have no choice but to find creative, low-cost, high-impact ways to get visible and win business now.
So what do you do if you are starting out with a new business? What is your first step? To begin with firm footing, you must answer a few questions with a yes - or get to the yes before you begin your enterprise:
- You've Got The Goods. If you don't have the technical skills to take care of your clients, you won't last long in this economy. Get training before hanging your 'Open For Business' sign.
- You're Ready To Take Action... even if it means going outside your comfort zone. You don't have money for marketing, so you need to invest time. You also need to approach potential clients and referral sources, and give them a reason to talk to you. For some people, this may be extremely uncomfortable - but well worth the effort.
- You'll Put Marketing First. Many business owners think that their product or service is the top priority. That's not true -- there are lots of brilliant but broke business owners out there. A mediocre product or service based business with an excellent marketer will make more money than a technical genius who can't or won't market - think fast food chains! Ideally, you have both skill sets. But if you have to pick one priority, choose marketing.
- Your Aim Is Success. You need to be totally committed to doing whatever it will take to succeed. Starting your own business is not for dabblers. When the going gets tough, and it will - especially at the beginning - only your commitment to success will get you out of bed each day.
- You Have Some Reserves. It is hard to sell anything when you're desperate. Prospects sense the desperation and pull away. Also, there is a difference between having little or no money for marketing, and having little or no money to live. If you have no reserves to cover basic expenses for six months or more, consider getting a part-time job while rolling out your idea.
If you can honestly say yes to these five things, you are ready for some marketing! If not, tweak your situation or your mind-set and then begin.
In this Wild-West business climate, it is wise to keep your marketing plan simple and efficient. Stick with these five steps for a surefire strategy to build and develop your business:
- Identify a target market. Choose one - any one - and become THE go-to person for your service or product in that specific market. You might be able to service many markets, but if you focus the majority of your time and effort on one at a time, your visibility and reputation will grow in a more focused way. It will naturally morph in to other markets as you grow. Say you are a printer. Servicing the Real Estate market could be a way to start. Join the associations, get to know the players and be very present in their world. You'll soon develop a following that will then lead to a secondary market. This saves money and time.
- Develop a strong marketing message and hook. People remember stories. Give an example of how you have helped a client (make it entertaining). You have to have a message. Brainstorm about what problems you or your business solves. How do you get results? Why are you unique? Then, edit it down to a short story. Once you have your message, you need an opening line, hook or 'elevator speech'. One sentence or slogan that is memorable. Because of my past experience of starting businesses, in my consulting practice, I pitch myself as "An Entrepreneur for Entrepreneurs".
- Create one piece of marketing collateral that will attract prospects and set you apart. An online presence is assumed (Facebook or Website). Having a physical piece that gives advice, makes you stand out or is memorable gives you a little edge. Maybe you're a window-washer. Give a small piece of a 'sham-wow' towel to prospects for touch-ups with a card outlining time saving tips to clean glass. You will be remembered as the specialist.
- Get visible in your target market -- the manual way. Write down 100 people you know. Call them. Tell them your message and give them your 'hook'. Even if they are not in your target market, ask if they know two people who could be helped by your service. Keep up this practice regularly. These referrals lead to revenue very quickly. Don't do a hard sell. Ask for advice. Always remember to thank people for their time and referrals.
- Keep following up to build relationships and credibility. You will stand out from the crowd of competitors by maintaining continual contact through thank you cards, birthday shout-outs, new information of the industry, etc. Build your circle of influence. Remember, it usually takes 4 to 5 positive interactions before a prospect is willing to consider you for a project. You are one step closer to new business with every effort you make.
The above plan takes hard work and hustle, but by being creative and active, you build a very visible reputation. It just goes to show... money is no object when it comes to good marketing. So, pull on those boots and get crackin'. Go get ‘em, ‘Bootstrappers’!
The above information is excerpted from my Sarasota workshop series: "Bootstrapping Your Business". In the workshop, I challenge business owners to brainstorm and create their custom blueprint for a successful marketing plan... with a budget of $100 or less to spend on marketing. If you are interested in learning more about 'Bootstrapping' workshops, feel free to contact me at 1suzettejones@gmail.com
