Hi and welcome to my first article for Financial Poise! Let’s jump right in.
Supposedly, the days of “I know half of my marketing budget is wasted, but I just don’t know which half” are long gone. But many businesses, especially those with less than 500 employees, don’t have the expertise they need to plan, deliver and measure their targeted sales and marketing activities.
In this column, we’ll cover how to optimize your sales and marketing activities and resources through branding, budgeting, targeting and sales. Let’s try a simple example: almost everyone reading this has probably hired an attorney, accountant or contractor, right? Or, maybe you are an attorney or accountant. Anyway, most people won’t hire just any attorney, accountant, or contractor. Instead, they’ll hire one that has the expertise and experience they need.
That’s where targeted sales and marketing activities come in. Companies use branding, positioning, targeting and their expertise to drive sales and growth.
Legal expertise for bankruptcy is very different from expertise you’ll want for an intellectual property need. Likewise, accounting requirements can vary for different business categories. Targeted sales and marketing activities, focused on your areas of specialization, are the drivers for business growth. They are built upon a company’s expertise and time spent pursuing competitive niches. To identify the growth areas most viable for your business, start by simply listening to your customers. They will show you where gaps in the market, and your product, exist.
Targeted sales and marketing activities, focused on your areas of specialization, are the drivers for business growth.
Once identified, choose the best strategies and targets with which to address your customer’s needs. Metrics such as past experience, expertise, sales volume, margin, growth potential and more can help to build your strategy. And remember, your company’s strengths are the foundation of it all.
Think of a small accounting firm specializing in taxes. Maybe bookkeeping isn’t a profitable offering for that business, and that’s okay, as long as they know it. Their specialization is taxes.
Here’s another example based on personal experience. As a marketing consultant, I know that trying to build websites, for under $1,000, in a week, is not a good idea for me. Digital expert or not, I’d lose my shirt!
However, I recently met another digital marketing company who uses that as their base level offering. After all, people want turnkey websites at that price point, and this company found a way to deliver them. The last time I checked in with them, their small team in the U.S. was leading a larger production team in the Philippines, building about 15 websites each week.
You might also like “Ramp Up Your Client Base in 3 Simple Steps with Lead Generation Strategy.”
It’s all part of being customer centric. I believe in this concept because I have seen it work magic, and I have practiced it in one way or another for over 25 years. To me, it’s like a religion.
Now, in the digital age, with all the data available, a customer centric strategy makes understanding your customer, their needs for specialization, and employing targeted sales and marketing activities easier than ever.
Attorneys, accountants, consultants, contractors (or any business for that matter) cannot be all things to all people. Every company needs to specialize, focus and position itself to be the best at something.
The problem with trying to be all things to all people is that no one will ever understand what you are really good at. Being a “jack of all trades, but a master of none” when you’re trying to focus on sales and marketing activities to drive business growth is counterproductive to your goals.
The problem with trying to be all things to all people is that no one will ever understand what you are really good at.
I hope you found value in my first article at FinancialPoise.com! I’m looking forward to helping you overcome your marketing challenges. In service to my customer-centric beliefs, if you have topics or questions you’d like to see covered, I’d love to hear your suggestions!
Then sign up to receive our weekly Financial Poise newsletter, our take on the most relevant and topical business, financial and legal issues affecting investors and small business owners.
Always Plain English. Always Objective. Always FREE.
Scott Steer is a Marketing Strategy, Branding, Advertising, Promotion & Business Development Consultant with 25+ years working on iconic brands like Coca-Cola, Kraft, Anheuser-Busch, Gillette, and Texaco, as well as dozens of smaller niche brands. Scott helps small and medium sized companies use data and the resources available to them to optimize their sales and…
Developing a Branding Strategy for Your Startup or Small Business
Creating a Risk Management System
CHAPTER 2: Alternative Assets and the “Average” Accredited Investor
An Experienced Executive May Make an Effective Board Member
CHAPTER 1: Alternative Assets and the “Average” Accredited Investor
The Cost of Clutter: Physical, Emotional and Digital
Please log in again. The login page will open in a new window. After logging in you can close it and return to this page.