November 21, 2004

Marketing a Small Business, continued

Last month, I began a discussion on how to create a successful marketing plan with suggestions for two lists: your services or products and the markets you want to enter. This month, we'll look at how to use those lists to market yourself and your company.

As I hinted last month, the next step is to match services to markets. The secret is to look carefully at your chosen markets and select the services that will be most attractive to that segment. For example, I don't market my web design services to other designers or to companies that have an in-house web team. Instead, I market my experience in writing for the web. I also tell them right up front that I'm happy to sign a no-compete agreement to protect their interests. This is how I secured writing projects from VDS, a company that specializes in designing, building and maintaining complex web sites.

Once you've matched services to markets, analyze your list in search of three things:

1. the largest potential markets,
2. the most profitable services,
3. the greatest chance of repeat work.

By choosing your largest potential market you make it easier to fill your schedule. Obviously, you have a greater chance of securing work by marketing to dozens of potential clients than to only a few. Likewise, you'll show a profit sooner if you are engaged in your highest margin work. Finally, repeat work, even lower-paying assignments, can help you keep income flowing between better paying, but less frequent, assignments. Let me offer some examples.

One of my largest potential markets is retail. One need only drive through town to see the truth of this. Everywhere you look there's another retail store. Furthermore, I have a wide variety of services to offer this market segment. For these reasons, I concentrate much of my marketing in this area.

Speaking engagements to pay well, whether I'm conducting a training seminar or giving a keynote address. Over the years, I've developed several general and specific topics of interest. In addition, I've crafted ways to help me easily customize my talks for specific clients. Therefore, I am constantly looking for opportunities to speak. Another benefit to this work is that I am often booked for evening and weekend appearances, leaving my days free for other work and for marketing.

Whenever I relocate (and I'm doing it again tomorrow!) I introduce myself to local print media. While writing for local newspapers and magazines doesn't pay as much as other work I do, it can be very regular. While in Gunnison, I averaged ten articles per month for a single local paper, with about half of them including a picture or two (for which I was paid extra). Another benefit was that the local business community got to know me very quickly which led to better paying assignments.

Now it's time to get out your lists and start analyzing. Keep them handy; take them with you when you go off-site. You never know when you'll have a few minutes to devote to them. Remember the general rule that if you're not doing business, you should be doing marketing.

Resource - Book

Leadership Jazz - Max DePree, Dell, 1992

Old enough to be a classic, this is a must-read for anyone who manages others. Before his retirement, Max DePree was one of the most successful CEOs in his industry, leading a company that was known for innovation and excellence. This follow-up to his best-selling Leadership is an Art offers further insight into his management philosophy.

Quick Tip - Succeed By Helping Others Succeed

Instead of concentrating on your own success, focus on helping others succeed. As an employer or manager, this means offering the training and support your employees need to do their jobs well. As a business serving others, it translates into making your clients look good. Over the years, I have found that when I follow this simple plan, I inevitably enjoy greater success. On the other hand, when early in my career I focused on myself instead of others, I unwittingly created a bottleneck in my path to advancement.

You've Got Questions

Q: I'm just starting out and would like to build my reputation. Any ideas?

A: One way to gain recognition is to work with nonprofit organizations. At first, you may have to do pro bono (free) work. Approached wisely, however, this work can lead to paying projects. Pick organizations that you would support regardless and research them carefully. As you get to know them, make notes on weaknesses you can help improve. With facts in hand, offer to help. Don't use the F word (free) immediately. Instead, ask what the budget would be for that project. You may be pleasantly surprised.

No matter the pay (or lack of it) give them your best work. At the very least, you will have an addition to your portfolio. In addition, you'll have the fulfillment that comes from helping others.

One last point: don't put all your energy into this area. You still need to put food on the table. Instead, make this a part of an overall marketing effort for your new business.

Thought for the Day:

Judge your success by what you had to give up in order to get it.
Attributed to the Dalai Lama

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End of Solutions V2004 #3. A Publication of:
Lane Baldwin's Business Solutions
Our business is improving yours.™
Copyright 2004 by Lane Baldwin.
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