Do you have business marketing secrets that have worked for your company?
We all know that large corporations spare no expense when it comes to the business marketing of their products. But did you know that 99.7% of all companies in the country are actually classified as small businesses? So what can a small business owner do to make sure they are just as competitive as their much larger counterparts? Check out these best-kept business marketing secrets to ensure your organization’s success.
Competing on price. Plain and simple, low prices do not equal more customers. Competing solely on price acts as a warning sign for potential clients because often times lower prices mean lower quality. One of the best secrets for a successful business marketing strategy is to maintain a fair price for both the business and the client. As Scott Shane points out one of his best secrets, “The data shows that most entrepreneurs compete on price, but doing this leads companies to perform worse. New companies are better off competing on service, quality or some other dimension.”
Going straight to the source. Another one of the best-kept marketing secrets is going straight to the source. Why waste time, energy and resources guessing or estimating what the consumer needs or wants? Asking will get a more straightforward answer, not to mention the customer feels they are being heard.
One word: referrals. All small business owners want to hit a goal or grow the business by acquiring new clients, but focusing on existing customers is by far one of the best-kept secrets. As the Marketing Coach explains in The Power of Referrals, “word-of-mouth referrals are your best and cheapest resource for new customers.” If a client is happy with your service or product they are bound to share the information with they peers.
Do you have marketing secrets to share with us? What’s worked for your company?
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Three Girls Media & Marketing Inc. is a public relations and social media management agency with teams in Silicon Valley and the Seattle area. We love working with small and emerging companies across the nation to raise their brand awareness and name recognition. We offer a complimentary 30-minute phone consultation with our CEO and can answer your questions and discuss your specific marketing needs.
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Image Credit: Katie Tegtmeyer