Tool Box
Issue No. 37 - October/November 2007
SME marketing by heart
by Pamela Brombal
The sad fact is, three in five small businesses fail within three years of setting up. There can be a myriad of reasons for business failure - flawed business vision; poor planning; inability to attract and retain good staff; lack of capital and cash flow problems; low sales and lack of ongoing business in the pipeline. You’ve heard them all.
One of the big reasons businesses fail is because of poor marketing that leads to a sales slump and loss of business. Many businesses set up shop then frantically try to sell their wares to a customer who doesn’t need, want or value what is being offered.
They also make the mistake of thinking marketing is simply ‘advertising’ or ‘selling’. Marketing is so much more and must be at the heart of every business in start-up phase and throughout the growth of the business.
It must be built right into your offering up-front so you stand out and get noticed. It can’t just be slapped on at the end as an after-thought.
Think of the Australian brands you know and love that once started as tiny businesses: Boost Juice bars, Fernwood gyms, Nudie Juice brand, RedBalloon Days, Napoleon Perdis, Peter Alexander, Jimmy Possum. These successful companies all have one thing in common - they all have marketing at the heart of their business. Is marketing at the heart of yours? Answer these five questions and find out:
1.Customer Value Proposition - Do you have a clear and compelling customer value proposition? Can you clearly and convincingly articulate what value your customer will receive from dealing with you and why they should come back? Can you answer the who, why, what, where, how and when questions about your business but most importantly the WIIFM question (what’s in it for me – the customer)?
2.Target markets - Have you formed a detailed description of your ideal clients and established clear target markets to focus your marketing efforts? Do you know the...
