Entrepreneur Strategies

Bagged with Entrepreneur Magazine Not for sale separatelyIssue 18 February 2011 www.entrepreneurmag.co.za

smarttipsseries

top tips on: choosing low-cost tools; integrating sales + marketing activities; action plans & more

Marketingsmart strategies for

The How-to Handbook

beginners guide to

PUBLISHING CREDITS publisher Andrew Honey managing editor Nicole Lombard copy editor Lesley Lambert art director Dineo Mokgoasi Entrepreneur South Africa is published by Smart Business Solutions (Pty) Ltd.

Plan and action a marketing Programme that emPloys the tools to suit your business. remember: iF you haVe eFFectiVe marketing imPlementation and your comPetitor doesnt, you haVe a comPetitiVe adVantage.

01Choose the Marketing tools that Will Work for your Business The same tactics wont work for every

entrepreneur, so how do you pick

whats right for your company? pg 2

02 see the Big piCture Three all-important questions that impact positively on

your sales. pg 4

03 top-Class tools for sMall Biz Power up your sales and marketing

programmes with these key steps. pg 7

04 put your Marketing into praCtiCe Formulating a marketing plan without

proper implementation is like trying to score goals without taking the shots. pg 9

05 hit the sWeet spot If youre marketing to other business owners, you need to offer the

seven things they want most and

learn how you can deliver them. pg 11

06 finding allies Five ways to increase sales by forging competitive alliances. pg 13

07the Marketers survival guide Changes in the marketplace and

economy are changing the ways

consumers spend. Here are four ways

to cope. pg 16

i Smart Marketing Moves

Effective Marketing Strategies

The How-to Guidefor Starting & Improving a Business

www.entrepreneurmag.co.za

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smart tips: marketing strategies

Marketing encompasses everything you do or say that customers and prospects see or hear. that includes the way your proposals look and how theyre presented, your signs, your voice-mail messages and any traditional marketing that you use. marketing is made up of many things all working together and supporting each other.

the key to your marketing is to choose the weapons that work

for you, that are applicable to your markets and customers, and that you can afford mentally and financially.

you cant do it all; you cant launch and implement every single marketing weapon there is. in some cases, there will be financial considerations that may not be affordable. in other cases, there will be time considerations. if your list of weapons is intimidating to you, shorten it and prioritise.

low-cost or no-cost initiativesdifferent combinations of marketing weapons work for different businesses and different people. Jay conrad levinson, the father of guerrilla marketing, states that his top 10 marketing weapons are:1. marketing plan2. benefits list3. Passion4. community involvement5. Fusion marketing through

strategic alliances6. Follow-up7. customer research8. online marketing9. a designated guerrilla

marketer10. customer satisfaction

explore other optionsother successful marketers use different combinations: Successful marketer A may use

direct mail, a recorded message, classified ads, testimonials and display ads.

Successful marketer B might use Pr, networking referral strategies, direct mail and fusion marketing.

Successful marketer C might use telemarketing, e-mail auto-responders, special offers and phone call follow-up.

notice that high-cost marketing vehicles (like magazine advertising, radio and tV) are nowhere in these lists. they may be included later, but guerrilla marketing substitutes time, energy, imagination, knowledge and information for large expenditures.

Determine benefitsthe key to identifying your marketing weapons list is to determine what your target markets react to and what benefits they respond to. here are the key action steps you need to take:1. brainstorm weapons that might

apply to your markets and business

2. cost them3. Prioritise4. determine what you can afford

emotionally and financially5. launch what you can properly

implement & revisePlan your marketing arsenal, put everything in a marketing calendar, evaluate what works and what doesnt, and adjust accordingly. repeat what works, fix what doesnt and eliminate when necessary. make your marketing continuous, dynamic and always driven by what your prospects and customers want.

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Choose the Marketing Tools That Will Work for your Business

The key To your markeTing is To choose The weapons ThaT work for you, ThaT are applicable To your markeTs and cusTomers, and ThaT you can afford menTally and financially.

01

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Need more advice on identifying your niche?Go to www.askentrepreneur.co.za to get expert advice on demand.

THE saME TaCTICs woNT work For EvEry ENTrEPrENEur, so How do you PICk wHaTs rIgHT For your CoMPaNy? By al lauTENslagEr



products uniquely tailored to niche markets? canon, for instance, may offer a line of inkjet printers for small to medium-sized busi-nesses as well as tiny portable printers that can work on the front seat of a salespersons car two very different products created specifically to appeal to select tar-get audiences.

is there something uniquely distinct about your products and services (or even the way you offer them) that makes them particularly appealing to a specific group or market niche? create a profile of your best prospects and

tailor your offering accordingly. if you cant increase your share of your current market, perhaps you can modify your product to go after a new one. consider how, with a simple change of packaging, for example, mainstream food products, are sold to ethnic markets. how can your company apply this type of strategy to attract a more targeted customer?

3Why will the customers you target want to buy from you? lets face it, consum-ers have endless options when it comes to buying almost any kind

Whenever i tell new coaching clients that i want to start off by having a look at their big picture, they always seem relieved. Perhaps thats because, like many small business owners, they tend to get caught up in the details. in the case of marketing, that may mean anything from interviewing copywriters for an upcoming online campaign to negotiating the best price from local printers for a new brochure.

no matter whether your small business has been around for years or youre trying to set your start-up in motion, its vital to periodically step away from the daily details and look at the larger canvas. generally, its not the single tactics that will make or break you; its the broad-based thinking that will have a profound impact on your ability to increase sales.

adopting this larger point-of-view will help you to position your busi-ness more effectively, to pinpoint and motivate your best prospects, and to develop your own unique value proposition. and its as easy as answering these three questions:

1 What are you really market-ing? you may be tempted to answer this question by naming the product or service you offer shoes, software, commercial landscaping, image consulting, tax preparation or whatever it is you provide. but when it comes to motivating customers or clients, what you really should be marketing are the benefits theyll enjoy by using your product or ser-vice. For example, while your actual product may be software, to be suc-cessful, you must market what that software helps users do.

customers who read your ads and brochures or take your cold calls have only one question in mind: Whats in it for me?no marketing message can succeed unless it leads with the benefits that your customers can expect. the key to effectively positioning your business or its products and services is to define a unique set of benefits and then build a communi-cations message around them.

2Who wants to buy what you market? have you ever noticed how major manufacturers offer

See the Big Picture02 THrEE all-IMPorTaNT quEsTIoNs THaT IMPaCT PosITIvEly oN your salEs.By kIM gordoN

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direct marketing tipsVisit www. entrepreneur-mag.co.za to view articles on how to build quality, segmented customer databases and execute on powerful, targeted emails.

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cusTomers who read your ads and brochures or Take your cold calls have only one quesTion in mind: whaTs in iT for me? no markeTing message can succeed unless iT leads wiTh The benefiTs ThaT your cusTomers can expecT.

Are you a consultant or business owner looking for the best way to build your practice? you need to create a programme that combines sales and marketing to get the bottom-line results you need.

business consultants thrive in all fields. Whether youre a computer, wedding, nursing or agricultural consultant, it takes a lot more than a business card and an accompanying brochure or website to move your prospects through the sales cycle. here are three steps to grow your practice:

1Create sales support tools. interpersonal relationships are at the heart of a successful company, and sales tactics and techniques play as strong a role in building your business practice as marketing. its essential to create a unified group of collateral materials that support the sales process and establish your companys image and marketing themes.

think through your typical contact sequence and list the types

of tools necessary to support your efforts. For example, a first meeting with a prospect may require a business card, a company brochure or an information package. For your second meeting, you may need a presentation and a summary to leave behind. if you dont already have all the collateral materials you need, fill in the gaps.

make sure your tools have a unified design theme, colours and copy points. this will ensure your marketing materials reinforce your image and core message every step of the way.

2Commit to an annual campaign. many consultants fall short when it comes to establishing a well-rounded marketing programme, leaving the entire weight of the companys success resting squarely on their sales abilities. Well-targeted and planned marketing efforts can reduce the need for constant sales activity by producing leads and moving prospects further along in the sales cycle.



of product or service. in fact, if you think you have no competition, its likely that while youre educating the market on the benefits of your product, there are others just a few steps behind you. you may own the category for now, but we all know that its often easier, and less expen-sive, to be second to bring some-thing truly innovative to market.

Dont Detract from your competitive aDvantagebe sure to eliminate any elements that reduce your competitive edge. recently, for example, i was shopping online for lamp finials and came across a beautiful pair made out of carved jade. i went straight to the shopping cart but stopped the transaction when i saw that the seller tacked on an additional, high-priced handling fee plus shipping.

this e-commerce site had a unique and desirable product, yet

it lost the sale because of its non-competitive pricing structure. so all the business got from me was an e-mail with some terse marketing advice.

craft your value propositiononce youve answered the first two questions, youre ready to take the final step and formulate a compelling value proposition that trumps the offers made by your competitors. What do your customers really want? how can you provide it? sometimes the answer can be as simple as offering something that seals the deal, such as free shipping.

For marketing success, its a smart idea to make a habit of looking at the big picture. there couldnt be a better prescription for your business and its long-term growth.

S M a R T T I P S S E R I E S 7

PowEr uP your salEs aNd MarkETINg PrograMMEs wITH THEsE kEy sTEPs.By kIM gordoN

Top-Class Tools for Small Biz03

well-TargeTed and planned markeTing efforTs can reduce The need for consTanT sales acTiviTy by producing leads and moving prospecTs furTher along in The sales cycle.

consider how, wiTh a simple change of packaging, for example, mainsTream food producTs, are sold To eThnic markeTs. how can your company apply This Type of sTraTegy To aTTracT a more TargeTed cusTomer?

you have cold, warm and hot prospects at any time. cold prospects are best reached through search media, including print directories and online paid search. Print advertising in targeted publications will reach both cold and warm prospects.

other tools for motivating warm prospects include direct mail (particularly mail to business-to-business prospects) and e-mail to permission-based, in-house lists that send click-throughs to a professional website. When it comes to hot prospects, one-on-one interaction is usually required to close sales.

3 Ask for business. if referrals play an important role in building your practice, you need a total marketing campaign targeting influencers or influentials. For business-to-business marketers, influencers are professionals who work with your best prospects and recommend consultants in your field. (tax preparers often recommend financial consultants, for example.)

if youre targeting influencers for

referral business, first identify them through networking or gathering basic intelligence, and set up one-on-one meetings to learn about their needs. then its essential to build relationships over time using a combination of phone calls, e-mail, direct-mail newsletters or postcards, meetings and more.

For consumer marketers, influentials may be your prospects friends, neighbours or family members since these people are most likely to generate word of mouth. advertising, Pr and direct-mail campaigns can be effective

ways to reach and motivate influentials.

so can making referral requests. For example, an

energy consultant who has just completed a successful

evaluation of a clients home could leave behind a satisfaction

survey asking for referrals.

ActivAte your mArketiNg progrAmme to boost your busiNessto build your practice, design an integrated sales and marketing programme, including sales support materials via marketing campaigns. reach out to your best prospects, and watch your business take a successful leap forward.


S M a R T T I P S S E R I E S 9

Wayne gretzky, the great hockey superstar, once said: you cant score a goal if you dont take a shot. marketing without implementation is like trying to score profits without taking the necessary shots. and implementation is one of the largest challenges businesses face today.

you can know all about networking, Pr, direct mail, selling, advertising, positioning and online marketing, but unless a small business owner actually puts these suggestions to the test, nothing will happen. i usually suggest that people do three to five things related to marketing daily. and studies have shown that if you do something every day for three weeks, it becomes a habit. so doing something related to marketing every day for three weeks will become a marketing habit, and a good marketing habit will solve the implementation challenge most businesses face.

effective marketing implementation starts with managing your marketing activities. measuring and control are part of

good management. using a simple chart to monitor your initiatives will increase your implementation effectiveness. (if you dont have a chart, you can use your marketing plan itself as a review mechanism or develop a marketing management accountability checklist.)

set up A systema simple accountability system can consist of a spreadsheet with the following column headers: date, action, details, cost, person responsible, target completion date, date completed and resources required.

the heart of the implementation of a marketing plan is the execution, the actual doing of the planned marketing activities. initiatives dont get completed by stating them on paper they require action, management and follow up.

accountability is a good marketing habit. Plans fail because those responsible for getting things done arent held accountable for their assigned tasks. this includes one-person, entrepreneurial businesses. the leader or leaders of

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Put Your Marketing into PracticeForMulaTINg a MarkETINg PlaN wITHouT ProPEr IMPlEMENTaTIoN Is lIkE TryINg To sCorE goals wITHouT TakINg THE sHoTs. By al lauTENslagEr

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markeTing wiThouT implemenTa-Tion is like Trying To score profiTs wiThouT Taking The necessary shoTs. and implemenTa-Tion is one of The largesT challenges businesses face Today.

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ensure your brand image deliversLearn from the branding experts at www.entrepreneurmag.co.za All the advice you need to launch a new, or re-brand your existing corporate image.

For many business owners, marketing to fellow entrepreneurs is job one. the challenge is that entrepreneurs are time-strapped multitaskers who are also relatively risk-averse, making them a difficult audience to reach and persuade. sound familiar?

if fellow entrepreneurs are your bread and butter, your marketing must meet their unique needs and re-quirements to motivate them to take action. here are the top seven things entrepreneurs want from marketers, and important tips on how your mar-keting programme can deliver them:

1 Increased sales. most business owners say their primary objective is to increase sales. Will buying your product or service help your prospects achieve that goal? if the answer is yes, make that benefit one of your most important marketing messages. When you help your customers grow, you become an indispensable part of their success.

2Safe choices. being a business owner requires

taking calculated risks, from buying inventory or acquiring office space to hiring employees. but when it comes to buying outside products and services, entrepreneurs as a group tend to be cautious. demonstrate that buying from you is a safe choice by providing a content-rich campaign. it should include customer feedback, in-depth product information and reviews where applicable, proof of your affiliations with national associations, and industry certifications.


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IF yourE MarkETINg To oTHEr BusINEss owNErs, you NEEd To oFFEr THE sEvEN THINgs THEy waNT MosT aNd lEarN How you CaN dElIvEr THEM. By kIM gordoN

Hit the Sweet Spot05the organisation must know whos responsible for what and must manage those who are responsible for getting things done. they must monitor the specific responsibilities for the specific tasks related to each and every marketing plan component.

For example, you need to determine whos in charge of writing press releases and when theyll be done and issued. Whos going to update the website, and when will it be done? Who will be researching your main competitor and when will each stage of the research be complete? Following up and checking completion and due dates on a regular basis will make sure youre practising the habit of marketing accountability.

the absence of this follow-up of asking these questions and holding people accountable to due dates will almost ensure a lack of implementation and lack of success. and if youre the chief implementer, you have to hold yourself account-able to ensure that implementation gets done. this is tough sometimes for one- and two-person businesses because of the distractions, delivery and daily business routines that have to be done. but it must be done if you want your marketing efforts to be effective.

implemeNtiNg your strAtegysuccessful marketing implementation requires:

Effective and efficient co-ordination of activities whos doing what and by when.

Deflection of distractions or objections by focusing on the tasks at hand and determining where your time is best spent.

attention to detail. guerrilla marketing requires detail and thoroughness.

Staying on top of whos doing what. never assume someone else is doing something; guerrillas never assume. its that simple.

Elimination of procrastination. no waiting allowed. if its good enough to do later, its good enough to do now. theres no time like now to further your marketing efforts.

Over delivery and under-promising. delighting your prospects and customers will turn your marketing efforts into sales rands.

Doing what you do best and outsourcing or delegating the rest. unless you have more than 24 hours in a day, you cant do it all and you certainly cant do it all well.

remember: if you have effecTive markeTing implemenTa-Tion and your compeTiTor doesnT, you have a compeTiTive advanTage.

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low-cost, high impact marketing tacticsLog onto www.entrepreneurmag.co.za for expert advice on how to plan and execute cost-effective marketing campaigns that deliver.

3Maximum convenience. have you ever met a successful busi-ness owner with extra time on his or her hands? running a growing busi-ness often requires long hours, mak-ing shopping convenience a major draw for entrepreneurs. multichannel marketing including, for example, a website, a brick-and-mortar store and a direct-mail campaign is essential to building sales from this target group. the key is to provide a consis-tent branding experience, merchan-dise and offers, as well as top-flight customer service across all channels.

4Ways to save money. mar-keters who have experience targeting major corporate buyers, as well as entrepreneurs, will tell you its often harder to convince entrepreneurs to part with relatively small sums. business owners are likely to be spending their own money and are correspondingly conservative. adding value to your offers will help overcome resis-tance. depending on what you mar-ket, you can add features, bundle products together, offer ViP services and longer warranties, and more. if you market primarily online, free shipping can help to close sales.

5Do-it-yourself solutions. time-strapped business owners

have just enough work hours to get their own jobs done and they dont want to learn yours. low-cost diy solutions are appreciated, provided theyre turnkey. successful marketers of diy products and services, from accounting software to email list management, must focus on ease-of-use as a principal benefit. bundle in free customer support for a winning combination.

6Reliability and perfor-mance. entrepreneurs carefully consider the post-sale customer experience when making a purchase. they want to know that your company will be there to sup-port what it sells. What guarantees or warranties does your company offer? to motivate business owners to complete sales, make reliability a central component of your mar-keting message; dont bury this information at the bottom of your marketing materials or website. and deliver top-quality customer service during the hours your business cus-tomers most frequently shop.

7 Suppliers they trust. entre-preneurs often prefer to work with other business owners they know and trust. special events and networking are great ways to foster interaction with prospects.

Some marketing pundits will tell you that your competitors are the enemy. but those who think you have to kill or be killed to excel in business are on the entirely wrong track. marketing never needs to be a blood sport. studies bear out what most of us already know: that entrepreneurs who focus on maximising profits or increasing sales are more success-ful in the long run than those who fixate on beating the competition.

the truth is, your competitors can be a great source of revenue, and forging competitive alliances can help you grow your business

more quickly and easily. need some ideas? here are five ways to trans-form your competitors from adver-saries to friends to increase sales:

1Form a national network. it can be a challenge to market a solitary, small business when facing down national chains. one solution is to forge alliances with businesses like yours in other cities or nearby towns that might otherwise compete with you in order to create a network with a bigger image and scope. say, for example, you owned a financial consulting firm in Johannesburg. you might join


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To moTivaTe business owners To compleTe sales, make reliabiliTy a cenTral componenT of your markeTing message; donT bury This informaTion aT The boTTom of your markeTing maTerials or websiTe.

sales advice galoreAdvice on sales strategy and techniques at www. entrepreneurmag.co.za to help you set and exceed your revenue targets.

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06FIvE ways To INCrEasE salEs By ForgINg CoMPETITIvE allIaNCEs. By kIM gordoN

Finding Strategic Partners

with other consultants in cape town, richards bay, durban and Pretoria, and create an umbrella marketing campaign.

youd benefit by agreeing not to encroach on each others territories, and gain a stronger, more marketable image by having a national network behind you.

2Create Events and Promotions. competitive alliances can give you access to a whole new set of customers. For instance, retailers within a network can promote events in their respective marketing newsletters in order to send new customers

through each others stores. if each shop has a strong point of differentiation, it will retain its regular customers while gaining new ones from the joint promotion.

3Build a Stronger Image. imagine you owned a small technology company in an area not typically thought of as a high-tech corridor. you could slug it out alone, trying to convince local prospects not to go outside the area to better known high-tech meccas for services and products, or you could form alliances with other tech companies in your geographic market and create a campaign to

transform the areas image. this would result in increased contracts for your company from businesses that might otherwise have looked to out-of-town companies for technology solutions.

Forming competitive alliances with other businesses like yours in your local area can give you the combined spending power you need to market jointly. by joining forces, you can fund larger multimedia campaigns either to change opinions close to home, or win business from outside the area by marketing regionally or nationally.

4Win More Referrals. Friends send you business; enemies dont. no matter what kind of company you own, chances are it differs in many ways from even its closest competitors. some clients or customers will be right for you; others will find a better fit by choosing to buy from or work with someone else. get to know your competitors through networking at business or association events and earn their trust and mutual respect. you can formalise your referral relationships by offering referral fees in industries where its appropriate to do so, or simply keep your arrangements informal and professional.

5Offer a Joint Product or Service. are you struggling to win contracts from large corporate clients, but losing out because you lack a big-company image or the right expertise? consider forming a marketing partnership with a competitor to pitch and win larger contracts by working together to provide a product or service.

streNgth iN Numbersin a competitive bid situation, mar-keting to a mid-level manager in a major corporation can be tough for a small business owner. Put yourself in the prospects position; he or she must make safe decisions in order to protect their job.

so even when a small and relatively unknown company appears to provide the best solutions, a corporate manager may shy away from it and make a safer choice by going with a larger or better-known company. if you face this challenge, forming an alliance with the right competitor can allow your small business to come on strong and market itself as a safe, more powerful solution.



forming compeTiTive alliances wiTh oTher businesses like yours can give you The combined spending power you need To markeT joinTly.

an alliance wiTh The righT compeTiTor can allow your small business To come on sTrong and markeT iTself as a safe, more powerful soluTion.

bulls-eye, with the best customers and hottest prospects closest to the centre and all others in concentric circles further and further out. if youre on a limited budget, focus the greatest percentage of your marketing budget on maintaining a strong campaign with those closest to the bulls-eye, and fewer rands on prospects and customers of lesser financial value to your business. your company will remain stronger during this recession and come through it in a better position if you can tough it out by staying top of mind with your best customers.

3Be Strategically Aggressive. the current marketing environment mandates a more aggressive stance. With consumers and b2b purchasers focused on price, you need a strategy that draws customers in and adds to your bottom line without giving too much away. you can increase couponing, special promotions or customer reward campaigns, depending on your type of business.

to beat your competition in this new environment, assess their pro-grammes. if you havent conducted a competitive analysis in a while, take time today to gather advertis-ing materials from your principal competitors. What are their key

selling messages and promotions? Which media do they use to reach their core audiences? resist the temptation to slash prices across the board and instead look for ways to offer additional value with competitive pricing. and undertake a more aggressive campaign in the media your principal competitors use to reach customers.

4 It Pays to Look Good.in nature, many male birds compete for mates with beautiful displays, dances and songs. like them, it doesnt hurt to do a song and dance to stand out from the crowd during these months when many buyers are cutting back on purchases. its never been more important to have polished, professional materials. business-to-business buyers and consumers alike want to feel theyre making safe purchases, particularly for bigger-ticket items. they also want to know that the companies from which they choose to buy will support them post-sale.

update and streamline your website to contain deep content and provide customer service. review all of your sales tools and marketing materials for outdated content and graphics, and bring them up-to-date. looking successful will help bring greater success your way.



What does it take to survive and prosper in a difficult, even hostile, marketing environment? take a clue from na-ture, where success comes down to survival of the fittest. the most pro-lific creatures on the planet must be adaptable, rugged, aggressive and attractive to conquer all. now, more than ever, these essential qualities are the prerequisites for staying ahead in a competitive, or de-pressed, marketplace. apply these four survival strategies to your own marketing programmes.

1Adapt to Change. the changes in the marketplace and economy are affecting consumer behaviour and attitudes nationwide. Products that were once considered everyday purchases may now be considered luxuries, even by affluent consumers. organic foods, for example, were always priced higher than regular fare, but now as prices on many other foods have risen and put the squeeze on consumer pocketbooks, some consumers say they are less willing to pay top dollar for the

healthier organics.how have marketplace changes

affected your customers attitudes toward what you sell? if youre unsure, use meetings, phone calls, surveys or informal roundtable discussions with customers to get inside their heads. your survival may depend on your ability to adapt your marketing messages immediately to fit customers newly minted mind-set.

2Win Marks for Toughness.companies with real staying power become entrenched in the minds of their customers. they use ongoing marketing programmes with consistent themes to strengthen relationships and become part of their customers lives. now is the time for rugged dependability, and that means sticking to a marketing course that involves clear and frequent communication. stop marketing in fits and starts, and declutter your campaign by focusing on a consistent core message.

imagine your customer and prospect database displayed over a

CHaNgEs IN THE MarkETPlaCE aNd ECoNoMy arE CHaNgINg THE ways CoNsuMErs sPENd. HErE arE Four ways To CoPE. By kIM gordoN

The Marketers Survival Guide07 more onlinedirect marketing tipsVisit www. entrepreneur-mag.co.za to view articles on how to build quality, segmented customer databases and execute on powerful, targeted emails.

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if youre on a limiTed budgeT, focus The greaTesT percenTage of your markeTing budgeT on mainTaining a sTrong campaign wiTh Those closesT To The bulls-eye, and fewer rands on prospecTs & cusTomers of lesser financial value To your business.

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