Marketing Idea #9: Match Competitors’ Prices

marketing ideas match competitor prices

Offer to match your competition’s prices. Bargain shoppers thrive on being able to bring in your competition’s ads to have you beat the prices. There are a few things that work to your advantage here:

  • Your regular patrons will be less likely to be swayed away from you because of price.
  • The hunt for the lowest price is a process that engages the public and draws attention.
  • You never have to worry about keeping a tab on the competition’s price strategy (but you do have to worry about being able to maintain the same price strategy).

Caution: Make sure your margins allow for price wars. There is something to be said for positioning yourself as the premium product or service in the marketplace. For instance, Ruler or Sage brand archetypes may not want to battle at the low end of the pricing scale since those brands lend more to a moderate to high pricing strategy. In contrast, the Jester or Regular Guy/Girl brand archetypes would be better suited for this tactic, due to their broader mass appeal.

Marketing Idea #25: Always Carry Business Cards

marketing ideas business cards

Always have enough business cards with you. While this seems like it should be obvious, people are still caught off-guard without their business cards. You’ll never know when or where opportunities will arise. Also, whenever you know you’re on your way to a trade show, mixer, or other networking event, make sure you take a lot of business cards. It’s better to have too many than not enough!

Tip: Keep a number of “card caches” around you at all times. Keeping business cards in your car, at your desk, at your home office, and in your briefcase or purse can keep you from looking ill-prepared if you forget to replenish the cards in your wallet.

What NOT to do: I’ve seen people leave their business cards randomly at restaurants, in rest rooms, and on bar counters by registers. Maybe this works, but I’m doubtful. In my mind, this would be even less effective than placing your business card on a bulletin board! Do you really think the wait staff are going to keep you business cards after you leave? Nah. I think they’re going to clean the table and those expensive die-cut, embossed business cards you had to have are going to end up wearing your table scraps in the trash.

Hint: Save your cards for the people who care.

Marketing Idea #2: What is Your Marketing Budget?

Marketing Ideas Marketing Budget

Set aside money for marketing efforts each year. Don’t use it for anything else. Often, we have a tendency to pull our marketing funds from the same pool of money as our operating funds. This habit can reduce an organization’s ability to market itself when the time is right. Be especially protective of your marketing budget; this is the investment that pays the bills.

Below, I’ve reposted a brief article by the Wall Street Journal which discusses the success of companies who remain steady in their marketing efforts, even in the face of a recession. Folks, if this can’t convince you to invest in your own marketing efforts, I don’t know what will.

In support of your efforts,

Matt

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The Basic Argument for Advertising in a Recession

from The Wall Street Journal (publication information unknown)
View the original article

When times turn bad, they’re made worse by hesitation, halfway measures, and panicky decisions. Such as the decision to reduce or eliminate advertising. The fact is, companies that maintain or increase their advertising spending during recessions get ahead. A less crowded field allows messages to be seen more clearly, and that increased visibility results in higher sales both during and after a recession.

Recessionary Advertising Works

Studies by the American Business Press examined the relationship between advertising and sales in 143 companies during the severe 1974/75 downturn. They found that companies that did not cut advertising either year had the highest growth in sales and the net income during the two study years and the following two years. The studies also proved that companies that cut advertising during both years had the lowest sales and net-income increases during the two study years and the following two years.

And not surprisingly, companies that cut advertising during only one of the recession years had sales and net-income increases that fell in between.

Long-Term Benefits

A study by McGraw-Hill of both the 1974/75 and 1981/82 recessions confirmed the long-range advantage of keeping a strong advertising presence. It found that companies that cut advertising in 1981/82 increased sales by only 19% between 1980 and 1985, while companies that continued to advertise in 1981/82 enjoyed a 275% sales increase.

An industry-specific study published by the Harvard Business Review found that airlines that increased their advertising expenditure during 1974/75 increased sales and market share in both years, while airlines that cut advertising in both years lost sales and share both years.

The results of all three studies are consistent, clear and unequivocal: Those companies that advertise during a recession have better sales than those companies that don’t.

The way to minimize a downturn and take maximum advantage of the upturn is to maintain a strong communications link with your buying public.

Marketing Idea #4: Note Those Hot Ideas

Marketing Ideas Hot Ideas

You probably already have ideas and future plans for your company in your head. Put these ideas down in print somewhere. Include a section for collecting marketing ideas and opportunity information. You’ll be amazed at the great ideas you lose track of as you get caught up in your day-to-day efforts. Make it a point to review this file quarterly and delegate the best ideas if you can’t tackle them yourself.

How to Market a New Business


Marketing Ideas for Small Business

As a small business owner or entrepreneur, by now you’ve hopefully come to the conclusion you don’t want to compete with folks selling their services for $5. So then, how to market a new business and build a brand? Here are a few ideas:

First, I would consider your story. Why do you do what you do? Why are you personally invested in your clients’ success? Why have you chosen to make this your personal mission and what can you tell us about your personal mission? What is your ‘why’?

Further, what sets you apart from the other guy or gal? Why would people pick you? What makes you so special? Something does, so what is it? By answering these questions, you are beginning to develop your value proposition.

Testimonials are another useful tool. Go to past clients and ask them why they chose to work with you, what problem they were seeking to solve and how you provided the solution. There is a template here that helps with that:

Marketing Idea #89: Collect Testimonials

 
Don’t have any past clients yet? You may want to do some free work to build up your client porfolio. Once people can see others have trusted you in the past, it becomes easier for them to trust you. Think of this as building social proof.

Case studies are very similar to well-constructed testimonials in that they offer a description of the problem and then tell how you provided the solution and finally communicate the happy result.

Best recommendation: Share before-and-after stories. If you’re a writer, show the ad copy in its prior miserable state and then show the revised ad copy after you’ve finished with it. (“Feel the difference?  Here is how we saw conversion rates improve…” P.S. If you’re not tracking this yet, you need to start!) Another example could be for an orthodontist; here is the patient’s mouth before we fixed their snaggle-teeth, and here is the patient’s sparkling smile after the procedures were completed.

Finally, since we’re on the topic of building a brand, you may want to work through this short brand archetype quiz:

Branding 101: Discover Your Brand Archetype (Quiz)

 
The quiz results will provide you with three archetypes, listed in order of relevance. This will definitely help you determine the “flavor” you want your brand to exude. For instance, if you are a rough and tumble pioneer type, the Explorer archetype may be the archetype you identify with most. Once you know your archetype, you can ensure your ad copy, imagery and brand all align with that archetype, which strengthens your position in the mind of the consumer.

Okay, this should keep you busy for a while. If you have more ideas to share or have questions about applying any of these marketing tactics, leave a comment below!

In support of your efforts,

Matt