Over the years, we've had the fun and privilege of working with a number of small and fast growing businesses helping them bring products to market on management consultancy projects. More recently, we've been involved in a larger project launching an enterprise product across Europe: the numbers involved in ‘going to market’ are mind boggling with the particular client spending well in excess of EUR 10m. The truth is that providing you’re agile, nimble and smart, your small business can thrive without an excessive budget. We like to call this guerilla marketing.
Know your customer
There are two types of customer. Those who buy from you and those who don’t yet realise they should be buying from you. At the heart of every marketing campaign should be who your target customer is and understanding the best channels to reach them. Traditionally this was through ‘old media’ like newspaper adverts, radio spots and leaflets. Today, you have social media, youtube, websites, blogs and online interest groups that you can utilise to reach out to customers through. Many of these outlets are free, provide almost unlimited reach and only require your time and dedication. Leverage these tools to build a relationship with your customers.
Assess your competition: the 3x3 rule
Identify your top 3 competitors and assess how they reach and service customers. How much information do they provide on their website? What are their offline channel capabilities – e.g. selling through telephone, direct mail or in-store? How good are their products, services and how does your product or offering compare? Really get underneath your competitors and pick the 3 best traits from each of the top 3 competitors in terms of how they sell their product to customers and then look to apply them to your business. The aim of the game is to have a compelling proposition.
Focus on value
The number rule of business is to sell profitably and that means having a real understanding of your costs and therefore what your minimum price can be to achieve a healthy margin. Once this is established the focus with customers should always be on value and how much value your proposition provides them as opposed to how ‘cheap’ it is. The roaring success of premium Apple hardware is a good example where even in a commoditised computer industry; customers are willing to pay a premium for value.
If you have questions on this piece or wish to discuss how it could work within your organisation, please do not hesitate to reach out and contact us for a free no-obligation chat. Similarly, feel free to share this article & link back to our site using the buttons below. We’re always happy to help.
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