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As you search for the best ways to get your new business off toa successful start, you're likely to hear a lot of advice fromfolks who are happy to pass on less-than-sage counsel. These aretypically people who say they never market their businesses and getalong fine. (Of course, they're really living from month tomonth, with no idea what the future will bring and no written plansto get them where they want to be.) So as you listen to advice fromother entrepreneurs, watch out for what I call "infamous lastwords." Here are three primo examples of dangerous myths thatcan doom your new business and the truths that will save you fromthem.
Myth #1: Advertising doesn't work. Americanbusinesses spend billions of dollars on advertising every year, andwith the mountains of research on every facet of advertisingexecution, there's no doubt about its effectiveness. The truthis, bad advertising doesn't work, and creative execution shouldbe put in the hands of experts. But while the nuts-and-boltsprocess of manufacturing ads is not a do-it-yourself job, there areseveral aspects of the advertising development and placementprocess that you can easily undertake on your own.
Your first step is to focus on a narrow target audience andlearn as much about these prospects as possible. Discover whythey'll want to buy your type of product or service; how, what,and why they buy from your competitors; and what you can offer thatwill encourage prospects to buy from you. Next, look at the waysimilar products or services are marketed for insight into thekinds of media you should use. Once armed with this information,bring in experts to create your advertising. Be sure the agency orcopy and design team you hire has experience communicating withyour target audience. Not all forms of advertising developmentrequire the same training and expertise.
Depending on the scope of your advertising campaign, you may beable to place your own media. You can also call in experts to helpyou, including advertising agencies, media buying services or listbrokers for direct mail. Print and broadcasting advertising ratesare based on the number of people who will see or hear your printad or spot. The key isn't to find the cheapest advertisingopportunity; it's to find the one that reaches the largestpercentage of your target audience with the least amount of waste(overflow into other audiences). Plan to run your advertising withenough frequency for your message to be remembered by yourprospects. Examine media kits (the sales tools used by mediaoutlets) and meet with or talk to media reps to place a campaignthat will reach your objectives.
Myth #2: Only salespeople call prospects. Countlessbusinesses have fallen quietly by the wayside because their ownerssat back waiting for the telephone to ring. Unless you'reactively pursuing your best prospects, it's unrealistic toexpect them to come and beat down your door. Sure, your businessmay survive if you simply pass out business cards, put out feelersand win the occasional project or account. Fast growth and plumaccounts will go to those who actively pursue their top prospects.To be a successful entrepreneur, you must wake up every morningprepared to sell.
If you're marketing to other businesses, create your ownin-house prospect list of your most desirable business accounts.Then follow the traditional contact sequence forbusiness-to-business sales: Call, mail, call. If you'remarketing to consumers, marketing communications (includingadvertising, public relations and direct mail) will be necessary togenerate leads. Then, like business-to-business marketers,you'll contact your prospects by telephone to complete the nextstep in the selling process.
Your initial call will lay the groundwork for a positiverelationship with your prospective client and enable you toascertain if they meet the criteria for being a good client.Telephone contact will give you an opportunity to learn about yourprospects' needs and to communicate the ways in which yourcompany will meet them. In all, telephone contact is a vital toolfor moving many prospects closer to a buying decision.
Myth #3: You only have to market when business is slow.Marketing only during the slow times puts your business on aneconomic roller coaster, because it's always feast or famine.Some entrepreneurs convince themselves they're too busy tomarket. They concentrate on the projects or clients they havein-house and work hard on them, fulfilling contracts and completingprojects until they, in effect, work themselves out of business.They look around one day and there's simply no more work to bedone, or they realize there isn't enough new work to sustainthem. It's a vicious cycle that results in economic highs andlows. Unfortunately, sometimes these protracted slow periods putotherwise effective entrepreneurs right out of business.
Don't let this happen to you. Set up a proactive, ongoingmarketing program that you can manage year-round along with theday-to-day operations of your new business. Create a writtenmarketing plan that incorporates tactics that reach out to yourprospects throughout the sales cycle. When you create your plan,anticipate at which times of the year your business will experienceits busiest periods and plan activities during those times thatrequire the least amount of hands-on effort. For example, if youcommunicate with your database every four to six weeks via abroadcast fax newsletter, you can prepare three or four issues wellin advance so they are completely ready to be faxed during yourbusiest times of the year.
What's the biggest marketing mistake of all? The number-onemistake is to do nothing. If a tactic you've been using stopsproducing results, change it, adapt it or throw it out and trysomething new. Remember, when you do nothing, nothing works.
