MARKETING in 2011

Posted by Jim Van on January 26, 2011 under entrepreneur, small business | 2 Comments to Read

When you’re a small business, every cent counts when it comes to overhead, and marketing is certainly a significant part of that overhead. Or should it be?

The answer is:

Yes – in your efforts to attract new business, establish and maintain credibility, and brand your product of service, there is no substitute for a solid marketing strategy.
No – Things have changed. Your marketing effectiveness is no longer gauged on the amount of money you throw at it.

The second point is important. Unless you’re a major corporation, such as Coca Cola, you’re not going to be effective simply spending money on conventional advertising vehicles, such as radio, TV, cable, newspaper or magazines. Direct mail, telemarketing and other ‘invasive’ methods are also pretty ineffective these days. So, why, and what DOES work?

Let’s start with the why:

If you’re like most of us, you probably listen to less radio, watch less network television, read fewer newspapers and magazines, as you get your information entertainment over the computer, iPod or other MP3 player, and watch movie channels, or subscribe to services such as Netflix. In this way, you’re exposed to fewer ads than if you still used traditional media. Chances are, your client base works the same way. That’s why traditional media advertising doesn’t work so well, except in a few, very expensive situations.

If you’re like most of us, a significant part of your ‘snail’ mail, aside from bills, is ‘junk’ mail, advertising soliciting your purchase of products or services. Chances are, most hits the garbage unopened, with the exception of some highly-targeted solicitations that are, again, very expensive.

And, if you’re like most of us, you screen your calls, whether to your business, home or cell phone. None of us really likes receiving a cold call from a telemarketer. Many of us have joined the national ‘Do Not Call’ registry to avoid getting these annoying calls altogether, and have either instructed the receptionist at work, or had the automated receptionist programmed, to not let these calls through. This method just doesn’t work.

Do you have a spam filter on your email account? According to a 2008 study by the Computer Security Institute, over 80% of all e-mail accounts are protected by a spam filter of some sort. Junk mails are blocked.

It is illegal to send an unsolicited email or fax. The sender can be fined up to $10,000 PER INCIDENT. Now THAT’s an expensive touchpoint!

So, now that we’ve established that we’re all practically living in a sensory deprivation tank where advertising is concerned, on to the second part of the question, HOW?

In 2008, Brian Halligan and Darmesh Shah, two MIT students, began a collaboration that continues to this day. Hubspot Marketing teaches a concept developed by Halligan and Shah known as ‘Inbound Marketing’, which is also the title of a book the two wrote that discusses much of the conundrum and discusses the NEW marketing model: Inbound Marketing.

Their arguement: the ‘old’ ways of marketing are intrusive, and have been so overused, that they just don’t work anymore. That, and with the advent of the internet, social networking, and other changes brought about, such as Google’s search engine, the consumer is empowered as never before to make decisions about products and services.

Amongst their solutions, is the creation of your website as a marketinng ‘hub’, or a place where people who are interested in your product or service, would come for information. Brochureware, as many sites are called by those of us in the business, are definitely out in this model, as are blatant sales pitches. They’ll just result in someone clicking away from your site.

The subject is too lengthy to really get into in this post, but you can read more about Inbound Marketing and Hubspot, and use their free website, twitter and blog granders by going to http://www.hubspot.com. The book, Inbound Marketing is available for purchase at http://www.amazon.com for $21.95 for the print version, and $10.95 for the eBook/Kindle version, and $9.50 for the audiobook version.

Some other thoughts about marketing in this new decade:

If you’re on twitter, make sure you put a link in your email signature. This will help you gain followers, and assuming that you have a twitter account for your company, and you’re actively using twitter, you’ll promote your company each time you hit ‘send’.

Don’t spend money revamping your website. Get the Inbound Marketing book and follow their advice. Make sure that your blog (you DO have a blog, don’t you?) is part of that website (blog.yourcompany.com). Search engines react to changes to your site, and there’s generally nothing that changes more than a blog….also include social networking, such as a company page on Facebook, how-to videos on You Tube, your account on LinkedIn, etc. Follow the advice of the folks at Hubspot. They really do know what they’re talking about. Rarely does a redesign give a particularly good return on investment, unless your website is, well, ineffective…

Speaking of your website, be sure to either create, or have created, a site that works on smartphones and portable devices. Ektron (http://www.ektron.com), a NH-based company, produces an economically-priced website content management system (CMS) that includes a website module for smartphones. Mofuse, which has some roots in Providence (http://www.mofuse.com) also offers a hosted solution that works for many existing website owners.

Become known as a SME (subject matter expert). Nothing will promote your business like dispensing free, useful advice. This is one of the premises of Inbound Marketing, but also of just good business sense. Having a relevant blog, creating useful how-to videos on You Tube, participating in online groups on Meetup.com, Facebook, and LinkedIn are all excellent ways of establishing yourself, and your business. Just don’t give too much away…just enough to position yourself as an expert. Having established credibility, people will come to you and pay for your advice, product or service.

Make sure you’re getting email addresses of visitors. This isn’t always easy, as many people shy away from sharing information about themselves in fear of getting pummeled with junk mail and other marketing efforts. Make sure you give them something worthwhile in exchange for their information, and make sure that you verify their address by emailing them a link to the information or tool you’re letting them have in exchange for their information. That way, you’re getting a real address, and not some made up address.

What are your competitors doing, and NOT doing? I spend an hour a week Googling other companies in my field, and looking at competitors’ sites. I make quick notes on what I like, and what I don’t, and, every month, I site and critique my site’s content. Look at things from your clients’ point of view.

Test your marketing strategy. Then test it again. And again. Even if you find something that works, don’t bet the farm on one particular strategy. Try other things. Read blogs and marketing newsletters. You’ll get some great ideas, and will be inspired to come up with a few of your own.

You don’t need to spend a lot of money to make an impression. Your intellectual capital will make a larger impression in today’s marketplace than throwing money at the issue.