Marketing 101

Marketing 101 - What is Marketing? How To Get Started Marketing Your Small Business.

Marketing is often the difference-maker and game changer between companies that thrive and companies that do not. You could be excellent at what you do and even superior to others in the same marketing segment, but if your strategy (to let people know that you exist and to let people know what you do and what your are about) is inferior you will likely struggle. Imagine for example, Company A sells a revolutionary new product and develops on-target web content and a great web design. The owner complains that no one is coming to this fantastic website. The marketing firm points out to the owner, "you must sustain five to ten different activities to get people to come to the website, they will not come just because you've built it." Your company is the same, you must let people know you are there and what you are about and be prepared for a competitive game.

There are numerous books on marketing, but given that our goal here is to get your head in the game rather than give you an MBA with a minor in marketing, let's look at four helpful things to know about marketing.

Tip: Stay flexible, don't over-commit to any one strategy and remember, it will be the combination of marketing applications that will give you the best chance at success.

Tip: Don't just think in terms of "this is who we are" or "this is what we need to do." Instead, think about how you are going to teach your market about your business. When you start thinking that way, you are thinking like a professional marketing firm and your strategy will be focused and more successful.

 

Getting Your Head In the Game

One. USP (Unique Selling Proposition). Define your practice. Decide what kind of an image you want your practice to portray to your patients and/or referring physicians.

Having a well defined USP can really help make your marketing efforts easier.
A good USP should:

• Differentiate you from your competition and define your uniqueness
• Emphasize the benefit to the customer
• Be short, specific, and easy to understand

The USP should answer the basic question: why should your target audience choose your company over the competition?

Examples of Good USPs
+ M&M’s - “Melts in your mouth, not in your hands.”
+ Domino’s Pizza - "We deliver hot, fresh pizza in 30 minutes or less or it’s free."

Two. Marketing A,B,C's.

A) Your goal (other than increasing profits) is to create separation and brand distinction between yourself and the competition. If you offer something that no one else does or if you are first-to-market with a product service–exploit the gap between yourself and the pack. Make sure your designs are built around this marketing message. Think hard about your business, "we offer great customer service" is not a brand distinction.

B) The more people see your business, the more likely they are to use your services. This is why it's the combination of several marketing methods that yields the best results. Don't put all your eggs in one basket.

C) Ask your customers/clients what they think of your services, if they even know all the services that you provide, and (be humble) ask them what they think of your company.

Three. Marketing Budget. There is no simple formula for calculating a marketing budget. However, it is imperative
that small businesses consider their objectives first before thinking dollars. Make sure your objectives are realistic. Highly targeted objectives are easier to achieve. Remember, marketing and advertising are an investment, not an expense.

You should consider:

• The one-time start-up expenses and if they are to be paid out monthly or lump sum
• The amount needed to successfully market the product throughout a specific time period
• The fixed costs that will be incurred while achieving the objectives
• The time it will take to see measurable results

Four. Marketing Psychology. When things are going well, it is important to keep marketing aggressively and not
to be overconfident. Conversely, when things aren’t going as anticipated, avoid panic, reevaluate your marketing strategy to see what adjustments are in order, and keep in mind that patience is a necessary component of your marketing efforts.