Recent glances at the BBC News website makes grim reading. In addition to the disasters in Burma and China, news closer to home provides little to smile about.
Having said that, there’s always a certain reassurance when you read that Marks & Spencer’s profits are once again heading in the right direction. Recent news revealed a 4.3% increase in profits reported by the famous store to £1 billion. As usual the M&S boss Stuart Rose was cautious and expressed his concerns that conditions will remain difficult for the foreseeable future.
It’s easy for him to say. Companies like M&S have big marketing budgets – the like of which most small businesses can only dream about. Whilst it’s likely that many smaller businesses will be directly affected by the ‘credit crunch’, they will be just as determined as bigger brands to compete for new business.
So what can small businesses do that will have a positive impact on cash flow, without having the luxury of a bottomless pit of marketing assets?
During potentially difficult times there are five key things to consider within your marketing plan. All five need to be combined for maximum impact.
Differentiation
A lot of businesses try to be ‘better’ than their competitors – but increasingly people realise they need to be ‘different’ to stand out from the crowd. So a lot of smaller businesses use online social networks to be different, to raise their profile, to attract attention and to enhance the perception of their expertise and professional credibility.
Whilst online social networks are very powerful tools, because of their attractiveness to Google and other search engines it makes it very easy for competitors to follow your activities and potentially copy products and services. (I think I read somewhere that if you promote a new and unique service on a popular social networking platform; you have just 10 minutes before a competitor using Google Alerts can pick it up.)
Differentiation is crucial, but for your business to be seen as truly the only choice by your prospects, you need to combine it with four other ingredients.
Multiple Prospects
When I’m looking to ‘up the pace’ on my marketing activities, it seems sensible to not just see one prospect at a time, but to see multiple prospects. It better use of time – but has many other advantages too.
Live Marketing
During potentially difficult times I want to make it as easy as possible for prospects to choose my services over those of my competitors. This is important, because with the Internet it’s all too easy for prospects to gather lots of information about their potential purchase all by themselves.
Undoubtedly people still buy people before they buy their products or services, and that’s why it’s vital that potential prospects are able to see and experience you and your service live at the earliest possible opportunity. Being able to put a toe in the water without having to make a purchase first is becoming increasingly important for consumers – more so I believe during difficult times.
Engage
As I mentioned above, despite the undoubted power of the Internet, humans crave interaction and engagement. They enjoy being part of groups where like-minded people can feed off each other’s knowledge, experience and expertise. Again, if I am looking to up the pace of my marketing I will be looking for ways to actively engage with groups of prospects, and to facilitate engagement within the group so as to help reinforce my marketing message.
Loyal Advocates and Followers
Finally, to ensure that my marketing spend goes as far as possible – I will be looking for help from my customers. Yes, I will be asking for referrals – but I’ll be working hard to ensure that my marketing activities don’t just promote my products and services but also seek to educate and entertain so that they naturally want to tell their friends, relatives, business associates and colleagues.
So what can I do that will help me to differentiate myself, see multiple prospects, enable prospects to see and sample me live, engage with prospects – whilst at the same time attract loyal advocates and followers?
It sounds like the Holy Grail of Marketing, but it is a specific strategy for when the business environment is perceived to be tougher. It’s called Seminar Selling and potentially fulfils all of the tests I have outlined above.
Seminar Selling differentiates you from the competition because so few of your competitors have the guts to get on their feet and showcase their expertise live. It also differentiates you because it is both creative and proactive – and is seen as novel and appealing by your target market.
Clearly, Seminar Selling enables you to see multiple prospects all at the same time – whether it is a small presentation to half a dozen people or indeed to several hundred. Typically you should see conversion rates well in excess of 50% and sometimes as high as 100%. Those that do not convert into hot leads or customers are at least being warmed up for another day and added to your database of prospects.
It should go without saying that putting on seminars and workshops enables your prospects to see and experience you live – though don’t make the mistake of many seminar hosts by asking professional presenters to speak on your behalf. Whilst on some occasions an expert speaker may attract people to attend, they can in fact water down the impact of your own message.
A good seminar is also the perfect opportunity for prospects to interact and engage with both you and each other. Whilst your seminar is essentially a marketing event for your own business, it is important to remember that it is a great networking opportunity for your guests. Make sure that you highlight this point as a key benefit of attending in your marketing materials. You will also find that the social warmth within the group aids listening and retention of your messages.
Assuming your seminar has gone to plan and that your presentation was given with passion and conviction, not only will you find multiple new prospects, but those who have attended will, on average, tell three other people about your event and your business. Make sure that you keep in regular contact with them through your blogs, articles and new technologies such as Twitter.
As business people we are faced with an incredible array of marketing tools. Some of us will feel comfortable using mail shots to promote our services – others will use email. Some will prefer to use the Internet to get their message out there whilst others will use radio advertising, PR and perhaps telesales. Whatever you use, it is important to remember that most people are subjected to approximately 40,000 marketing messages every day! Getting your message seen, remembered acted upon can clearly be a challenge – more so during recession or tougher times.
Make life easy for yourself and design a marketing strategy which is both proven and effective. Seminar Selling is one such approach – and when combined with traditional techniques and more modern approaches such as Social Media Marketing you are able to position your product and service proposition head and shoulders above those of your competition.
Need help building your Seminar strategy? Join us on 19th September 2008 at Successful Seminar Selling Live, where you’ll learn how to plan, promote and profit from your own seminar programme.
Philip