Section 3The marketing tools

Now that you have started to think about defining your objectives and segmenting your audience, you are almost ready to create your marketing plan. The plan will incorporate a number of activities and a mixture of marketing tools and you have to decide how many you can afford or need at any one time, always keeping in mind your business objectives and the services you are trying to promote.

The marketing tools

Don’t forget, our local BDMs are available to support you through the formation of your marketing strategy and planned activity.

Marketing toolsBefore you complete your plan you need to consider a variety of tools. It is most likely that you will need a combination of activity over the course of 6 – 12 months and so planning at this point is critical in terms of deciding what to do first.

The basic tenets or tools to consider utilising as part of your marketing plan are as follows:

Press releasesThis is a way of communicating a specific piece of information and usually takes the form of announcing news about your business.

Perhaps you’ve taken on someone new with different skills, or are beginning a new service, or have won a major client or have picked up a prestigious industry award… you will find that you have quite a bit of news and that should be told.

A repeated message has more chance of being remembered.

Use your local newspaper, post it on your website and contact your local radio station.

Think about using social media like Facebook, LinkedIn and Twitter but BEWARE; social media is an instant forum and it is not always suitable for businesses that deal with a lot of confidential information. Once you have put information online in the public domain, it is difficult to remove.

Specific consideration needs to be given to how your customers use these media themselves and how they might react to seeing you in that space.

Remember that your press release, as well as conveying news, should also include messages that link back to your business objectives.

All communications should include these messages in the interests of being consistent but also because a repeated message has more chance of being remembered.

Give consideration to including a photograph along with your press release. The picture should tell/convey the story you are communicating in the release. Be sure to both physically post and email your press release and picture and ensure there is a caption alongside the picture with names spelt correctly.

Follow our ‘Press release template’ within ‘Templates and working examples’

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The marketing tools

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should consider being associated with an event, an organisation or a sports team that has some resonance with your own business.

Would it make sense to sponsor a local football team or would it be better to sponsor a business dinner for your local chamber of commerce? Perhaps it makes sense to do both.

The point is that you undertake to identify sponsorship opportunities and weigh their worth against your business objectives, your integrity, your commercial values etc. Not everything will be a ‘fit’.

EventsDevise small events which make sense for your business.

Alternatively you may need to have a presence at events like corporate dinners or industry conferences. Look at calendars of local and national business events and decide what you can afford to go to.

For example – you might wish to hold a monthly or quarterly ‘Surgery’ for clients or a supper club, something that your contacts will remember you for and look forward to.

Corporate entertainmentThe range of corporate hospitality is vast and takes many forms; a golf four-ball, taking clients or potential clients to a concert or sporting event, hosting a dinner with an engaging speaker or a simple lunch or dinner.

Whatever you do, provide a setting where you can engage with those you are entertaining, and add value by bringing people along who can also help each other. Make the event as much about networking as it is about getting your message across because in that way the client or potential client can see that you are someone interested in supporting their business growth.

Whatever you do, provide a setting where you can engage with those you are entertaining.

Give considerable thought to whom you invite. This is important for the very simple reason that you need people in the room that will be able to engage with other people and ideally, you want people who can generate business from each other, with you seen as the facilitator.

Make sure you set a budget for your corporate hospitality as it’s one of the easiest costs to run out of control.

SponsorshipBegin by looking at the community around you or the city or town where you live. Sponsorship is about brand-awareness with the right audience and you

If you are attending a conference then there is often an opportunity to exhibit and have your own stand, be part of a conference brochure, and present at break out meetings.

Look at what is possible but remember that a decision to do something must relate to the business objectives you have established at the outset. Are you likely to generate any enquiries from an event? If so, how many do you need in order for a piece of business to go live and to cover the cost of the event? Everything you do in marketing must be in line with your commercial strategy.

An email newsletter You should have the email addresses of all your clients and maybe many who are only prospective customers at this stage.

Why not send them a news bulletin on a monthly or quarterly basis that gives them an insight into your business and your views on the relevant news of the day?

You can also do one-off emails that express your considered views on particular topics like the Chancellor’s autumn statement, or the budget, or banks or approaches to lending etc.

There are many useful and often ‘free’ online email marketing packages that you can utilise. Just run a search on the internet and you will see an abundance of choices, such as MailChimp or Constant Contact.

These services will have ready-made templates to get you started and you can personalise them with your own logos and imagery, and upload your email contacts.

They will also explain the legal responsibilities associated with email marketing such as giving the option for your contacts to ‘unsubscribe’ in the event that they no longer wish to receive your emails.

See our ‘Newsletter ideas guide’ within ‘Templates and working examples’

Look at what is possible but remember that a decision to do something must relate to the business objectives you have established at the outset.

Direct mailA specific mail-shot to clients or prospects is often very effective but again it must carry your main messages in line with your objectives.

The direct mail might be a letter that you send out or it may be a corporate gift such as a branded calculator along with a flyer. You may be informing people of:

• A new service

• A new deal

• A new finance provider

• A business win that resonates with a particular part of your market segment

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You might also wish to think about using direct mail as a way of communicating success through a case study, where one or more of your clients expresses their satisfaction with what you have done for them.

Don’t forget to ensure you have written permission from your client before externalising the story to the wider public.

Remember all communications should include what is termed a ‘call to action’ – in other words what is it you want the receiver of your marketing material to do? Is it:

• Visit your website?

• Phone you?

• Look for more information?

• Send you an email?

• Simply be informed? Remember to follow up with those to whom you send communications otherwise you may miss out on an opportunity. This could be a simple phone call to ask if they received it and to open up dialogue.

See our letter template within ‘Templates and working examples’

Ideally the case study should detail the following:

• Name of company

• Challenge faced (what was the money for?)

• Type of financial solution provided

• Level of finance (if permissible)

• Outcome

• Next steps

AdvertisingKeep it simple and don’t try to be too clever. The best advertising is instantly understood. Take care where you advertise; it’s important that you choose publications or websites that speak to your target audiences and include your key messages.

The best advertising is instantly understood.

Often the grandest publication isn’t the most appropriate. Ask about circulation figures and frequency of publication. Look for deals where you can advertise in more than one title in the same group and always seek a discount. You may need to hire an agency to compose the advert depending on the strength of the campaign.

Look at online publications and other websites where it may be appropriate to advertise depending on your business objectives.

Take care where you advertise; it’s important that you choose publications or websites that speak to your target audiences and include your key messages.

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Remember to set an advertising budget because it’s easy to get carried away and commit to adverts when it simply doesn’t make sense to do so and where it is not part of your business objectives.

Marketing activity calendar Now that you have read about a variety of marketing tools, take some time to think about which ones you might want to try first and which ones you would have the budget and capacity to fulfil.

As part of your marketing plan, you should decide what your marketing activity looks like for the next 12 months. Create a simple calendar of activity so that you know what is coming up and what has already been done and add this to your marketing plan.

See our ‘Activity calendar template’ within ‘Templates and working examples’

Remember to follow up with those to whom you send communications otherwise you may miss out on an opportunity. This could be a simple phone call to ask if they received it and to open up dialogue.

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You are now ready for Section 4 – The creation of your marketing plan.

Close Brothers Business Finance is a trading style of Close Brothers Limited. Close Brothers Limited is registered in England and Wales (Company Number 00195626) and its registered office is 10 Crown Place, London, EC2A 4FT.

To find out more about how Close Brothers Business Finance can help you please call 0808 250 1374 or visit www.closebusinessfinance.co.uk