| The art of marketing can present some
confounding and abstract concepts. Wrapping your arms around the idea can be difficult
because everything that touches the customer is marketing. But there's one concept about
marketing that's easy to understand. Produce a quality product and you have won half the
battle. It's the other half of the battle that's the challenge.
As former Chrysler Chairman Lee Iacocca once said,
"You can have brilliant ideas, but if you can not get them across, your ideas will
not get you anywhere."
When starting a small business, it's important to
understand the basics of Marketing 101.
Growing the business is your first priority and, for
obvious reasons, acquiring more customers is the nucleus of that idea. Once you've gained
customers, the next step is to bring them back to buy more products. Products that are
more expensive and increase your business' profit margin.
Every good marketing plan starts with organization.
Whether you're selling wine or widgets on the web, map out
a strategic plan and research what matters to your customer base. Staying competitive is
fundamental to success or failure, so price your services or products at a fair rate. But
it's critical to understand that anyone can cut their rates, which makes service the
single most important concept for any company.
For example, a company like JetBlue Airways flew into a
struggling industry and has became one of the biggest business success stories in decades.
The airline has hammered the debt-ridden major carriers by combining discounted rates,
excellent customer service and a business model that isn't hamstrung with sky-high
operating costs.
The airline has grown rapidly through word of mouth. When
the flying public faced deteriorating conditions that included older planes, uncomfortable
seats, high prices and boring in-flight movies, Jet Blue CEO David Neelman started a
company that featured lower prices, new planes, wider seats, seat-mounted TVs with 36
channels and friendly service. But as Neelman often points out, great prices may get
customers in the door, but it's great service that brings them back.
JetBlue is a prime example of a company that developed and
delivered a first-rate marketing plan. They targeted the right customers, kept costs low,
provided a quality service that others neglected, and offered competitive rates. It seems
like a simple strategy to follow, but not all businesses are able to grasp these concepts.
The JetBlue model is fine form to follow, but if you're
starting a small business instead of a large one, there are major differences in marketing
strategy. Marketing 101 means basics, and basics for a small business usually translates
into a small budget. But there are plenty of ways to incorporate sound marketing
strategies for any web-based or brick-and-mortar small business.
With a small budget, mustering all of your creative
thinking becomes much more important. A professional-looking website is a must in today's
business world, and can be created without breaking the bank. Also try garnering some free
publicity through the media with an event or announcement. Reward current customers with
incentives for bringing in new business. Set up a booth at a local event, offer giveaways
and get customers talking about your product or service.
Did you ever wonder why companies always have that box on
forms that says, "How did you hear about us?" That's marketing. When
implementing a marketing plan, companies want to know whether it's reaching the right
segment of the population - their customer base. As a small business owner, you can do the
same thing by using systems that track marketing efforts, liked coded ads, multiple
toll-free numbers and asking customers how they heard about you. |
