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Title: Don't Advertise Your Business- Market It!
Author: Greg Chapman
Article:
Copyright 2005 Empower Business Solutions
Too many business owners believe that marketing their business
means just paying for a few ads. What few understand is that
Advertising is not the same as Marketing. Too many clients have
come to us only after they have wasted large sums of money by
copying their competitors with ¡§me too¡¨ advertising. And the
media and advertising agencies love it. When you approach an
advertising agency, their mission will be to convince you to
spend your entire marketing budget with them, not to help you
devise a marketing strategy for your business which will look at
all available marketing options, not just advertising.
When developing a marketing strategy for your business, you must
consider a number of aspects of your marketplace, before even
thinking of your business. You need to answer the following
questions: =>Who are your competitors? =>Who are your customers?
=>Can you segment your marketplace? =>How do your customers make
a buying decision? =>Who else has customers who could be your
customers?
Once you understand your marketplace you should then consider
your business. At this point of the marketing process you would
ask the following questions: =>What is the ultimate benefit of
my products and services for my customers? =>Why should people
buy from me? =>What is my offer? (Product / Service / Price /
Support / Guarantee etc.) =>How do I define My Marketplace? (Who
/ What / Where / When and How)
And only once you have answered these questions, ask the one
that most businesses ask first rather than last: =>How will I
promote my business?
When answering this question, consider all the promotional
options, not just advertising. Some of the marketing options
available to you are: Networking, newsletters, cold calls,
special offers, public relations, referrals, joint ventures,
trade shows, seminars, workshops, website, sponsorship, media
advertising, yellow pages, direct mail and brochures.
All of these methods are, in one form or another, lead
generation strategies. You are buying customers, and the bottom
line for everyone of them is the cost per qualified lead. And
that¡¦s how you decide how to spend your promotional dollar.
When you approach an advertising agency, you must already know
how much want to spend on that marketing channel. While they may
give you good advice on how to spend your money in their
channel, they will not consider alternatives which may be better
for your business. It is also essential to consider whether the
selected channel is capable of generating qualified leads at a
reasonable price. For example, if your product is upmarket,
generating leads from the budget market is of no value to you.
And there is also false economy in choosing low rating media
which often generate no leads at all!
Whichever marketing channel you choose, it is absolutely
essential you measure the results from each promotion. Over a
period of time, you will learn which ones work best for you.
However, this can be a lengthy experience. Using a marketing
consultant can greatly reduce the painful and often costly
learning curve, and can save you many thousands of dollars in
your marketing costs, and even more importantly, in the
opportunity cost of lost time.
About the author:
Dr Greg Chapman assists small to medium sized businesses with
business planning, business systems and marketing strategy. To
find out how you can Multiply Your Profits & Make Your Business
Run without You, and to find out How Good Your Business Really
Is with a Free Online Business Medical, go to Empower Business
Solutions website at: http://www.empowersolutions.com.au
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