by Eddie Reeves on May 16, 2010
For most major law firms, CPAs, financial services firms, management consultants and other professional services providers, this is a time of great challenge. Revenues are down, competition is up, clients are demanding higher service at a lower price and strong new talent is hard to find and harder to keep.
Of course, times of great challenge are by definition also times of great opportunity – but only for those perceptive enough to see it, bold enough to seize it and adept enough to exploit it.
At root, all these problems can be mitigated, if not eliminated outright, by a strong and vibrant stream of new business. But if that stream is to materialize, it will only do so because firms finally get serious about systematically, and persistently marketing themselves – something which precious few firms have done. [click to continue…]
by Eddie Reeves on March 15, 2010
This post concludes our two-part series on developing an effective, efficient and affordable small business marketing strategy. Last time, we discussed the overall importance of having a cogent, consistent strategy. This time, we hone in on the components of the action plan to execute that strategy.
Once you have honestly and earnestly addressed the strategic elements outlined last time, you can then turn to the specific actions that will spur the business growth that you seek. A strong marketing plan must have specific actions, target dates and task assignments, along with a regular review process to ensure that you are achieving the intended benefits.
Be pragmatic. Do the things that give the biggest “bang for the buck” first, but also do some things that position you for the longer term. For instance, while it may be way-cool to spend a few hours per day growing your Twitter followers and Facebook friends, if your business is a local caterer, the majority of that time might be better spent becoming a leader in your local chamber of commerce or joining a few small business networking groups.
There are some basic marketing building blocks that any entity needs to have in place in order to attract customers. These will vary in detail according to the type of business, but the basics that just about any small concern need are as follows:
- - a cleanly-designed and compelling website and a system for making sure it stays up-to-date
- - a system to constantly gauge the wants and needs of your overall target market
- - a system for gaining regular feedback from your existing customers
- - a system for constantly monitoring and driving down the cost of your product or service wile simultaneously driving up the quality
- - a system for “replicating” yourself so that your business can grow beyond your personal efforts
Notice anything about these points? Yep, it’s all about having systems — simple, regular, repeatable steps that you take over and over. It’s the devotion to these systems that not only make your business grow, but that actually make it a business and not a hobby.
So, why don’t all small-to-medium-sized businesses do these things?
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