Chapter 8 - Marketing Strategies For Small Businesses
Five Top Marketing Tips to Help Your Business Succeed
Learn These Five Top Marketing Tips to Help Your Business Succeed
Marketing is important but can be costly if not done correctly. The following five tips will get you headed in the right direction.
Tip 1: Focus on Your Good Customers
 Some customers are more profitable than others. They are the ones that create a majority of your profits.
In fact, research shows that the top 5% of your customers brings in 50% of your profits and customers at the bottom of the list may actually be costing you money!
Rather than advertise to clients that do not bring in the highest profit, a wise marketer will aim their marketing towards the customers that bring in the most money.
The best way to divvy up your marketing funds is by percentage. If the top 5% brings in 50% of the profit, then 50% of your marketing budget should be aimed at those top customers.
Tip 2: Repeatedly Present Yourself to Your Most Profitable Clients
Building a reputation with potential clients that are similar to your profitable clients will increase your sales.
Building such a reputation and creating trust takes time and exposure.
That is why you will want to advertise not only to your current top clients, but to potential clients with similar characteristics.
Staying in contact with them and keeping your name in front of them is key.
Tip 3: If You Have a Strong Competitor, Advertise Yourself as the Best Second Choice
There are some customers that you will not win over. They are happy.
They are satisfied. Instead of putting down their choice, praise their choice and position yourself as the next best thing.
In this way, when a client of theirs needs a backup in some way, you are in the right position to take their business.
If you do a good job or sell a good product, you may have a new customer for larger purchases.
This is not a short-term strategy. Even if you don't get the business right away, stick at it and stay in contact.
Tip 4: Keep Your Existing Clients Happy
Existing customers cost less to keep than finding new customers. It is imperative that you keep your existing customers happy. You can do this by:
- Aiming your advertising at them
- Asking for feedback
- Asking for referrals
- Following up
- Staying in Contact
Your existing customers are always your best prospects because they are loyal to you. Keeping existing customers is one of the most important things your business can do.
Tip 5: Be Consistent
 Consistent advertising builds familiarity, which builds trust. And with familiarity and trust, you get new customers.
Your customers are like you – they only do business with people they feel comfortable with. They will feel comfortable with you as you repeat your message to them in a consistent way.
If you follow these tips and stay committed to the process, your marketing will be successful. And successful marketing is a huge stepping-stone towards a successful business.
What's Next
Next In This Guide
 Choosing A Business Location - A Good One Is Crucial - Depending upon your type of business, it can be where your customers come in to speak to you, where they shop, where they dine – ultimately, it is where your customer receives your product or service.
Previous In This guide
 Business Websites Do Wonders For Small Businesses - You may think that since your business is new and small that this is something you can put off for now. The truth is, having a website will be one of the best marketing tools you have. Even My Small Business?
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