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The excitement of starting a new business and the grand expectations most new business owners have are often dampened by the reality that starting a new business requires a lot of marketing effort. The results-sales-are often slow to come in, and on many days, the new business owner might be reconsidering the whole business idea.
Marketing a new business takes time, focus, energy and perseverance. Luck, though desired, is seldom a reason for a new business to succeed in the long-term. The following three tips are based on the experience of helping tens of businesses get started, grow and prosper.
Make a Reasonable Marketing Budget
Many small businesses spend all their time and energy developing products and services, finding suitable work spaces and hiring employees and then realize they have no money left over for marketing.
Restaurants, for example, will often spend thousands of dollars planning their menu and interior decorations without a sizeable amount of their start up funds focused on actually getting people into their restaurants. The "build it and people will come" approach to business just leaves too much to chance. It's clearly a recipe for failure.
A reasonable marketing budget will include expenditures for the following (at a minimum):
1. Effective Website: This should be the core of all businesses' marketing these days.
2. Online Marketing: Pay-per-click and search engine marketing are essential to help people find you.
3. Flyers/Brochures: These are needed as handouts or for mailers.
4. Postcard Campaign: These are especially effective for a business-to-business company.
5. Newspaper Ad Buy: A small ad for three months is more effective than a big one-time ad.
6. Radio Spot Buys: Other than a grand opening campaign, spread your ads over time.
Hit the Streets
While it is generally not a good idea to stop by businesses unannounced and expect to get an immediate meeting with a decision-maker, it is generally acceptable to stop by small and medium-size businesses and drop off a brochure, menu or a few imprinted pens. If you do stop by a business unannounced, keep it very brief, but do try to get the name or a business card of someone you can make a follow-up call with at a later time.
Cold calling can work, but it takes a certain type of person to experience such high levels of rejection. Try it if you are so inclined, but be prepared for a 99% rejection rate.
Also part of the "hit the streets" advice is to make your business as visible as possible on the streets.
Vehicle magnets, signage, a temporary banner outside your office space, sponsoring an event or sports team-whatever you can do to get the name of your company visible to people can be a way to create business.
Network in Organizations
Never underestimate the value of a contact made through a shared interest group. Joining a sports team is one option, but the focus of these is often on competition-hardly an easy way to make good business contacts.
Most cities have an active chamber of commerce that holds regular business and networking events. These can be a great way to meet other businessmen and women.
Another less obvious way to make business contacts is to join civic-minded groups like Rotary or a Lion's Cub. The focus of these groups is more about doing community good, but you will find the membership is mostly successful business people. Helping to build a park or run a fundraiser is a wonderful way to show other business owners that you are generous with your time and care about the community. Not surprisingly, people like to do business with those who share common interests.
The reality is that most new small businesses will failure within five years. Many of these failures are due to poor products or services, but a huge number of business failures can be attributed to poor marketing. Setting aside an adequate marketing budget, getting your message out and networking in organizations are all some of the elements that can help your new business become a success.
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