Promotional Marketing Strategies for Small Business
Implementing promotional marketing strategies for small businesses is one of the biggest hurdles most small business owners face in their business marketing.
The Internet is rife with all kinds of promotional marketing strategies and ideas: Write a company blog. Start a company Facebook fan page. Engage people on Twitter.
But actually implementing the promotional marketing tactics is tough for small business owners. “I’m already busy enough, and now I have to do more?”
We feel your pain. We’re in small business as well, so we’re constantly dealing with the same struggles. If you’re a single person operation, or a small partnership with big aspirations, you’re wearing a lot of hats. You’re in charge of sales and marketing, and then fulfilling whatever you sold. You manage the billing, accounts payable, and taxes. You make sure the office is running smoothly, and that you maintain your business network. And now you’re supposed to try some new promotional marketing strategies.
But don’t worry, we’re not asking for much. In fact, we may make your life easier. Here are a few ideas you can use to implement your promotional marketing strategies with a minimal amount of pain:
Track the performance of all your promotional marketing efforts.
This one is crucial. You need to know what’s working for you and what’s not. The mistake many small businesses make is they don’t keep track of the ROI of their promotional marketing. They’ll run Yellow Pages listings, newspaper ads, radio spots, and dabble in social media. But they don’t know what works and what doesn’t.
Do things like sticking unique discount codes on your promotional marketing campaigns. Use special phone numbers in your Yellow Pages listings. Put analytics tracking on your websites. Track the sources of your leads, and see which campaigns result in traffic to your location and your website.
Then count up all of that traffic, and see which leads turned into sales. Total up the sales from each promotional marketing campaign, and then subtract the money you spent on that campaign. The amount remaining is your ROI.
Drop the promotional marketing tactics that don’t work.
This part is easy. If the money you spent is bigger than the money you made, you lost money. If you made more than you spent, you have a positive ROI, and that promotional marketing effort was a success.
Drop all the campaigns that lost you money, including the ones you thought were doing you some good. (Note: this does not include youth team sponsorships. There are some things, like goodwill in the community, that you just don’t mess with!) Pour that reclaimed money back into the campaigns that worked the best. Or if they all made you money, drop the lowest performing ones.
Social media promotional marketing in minutes a day.
When you try something new, like blogging, Facebook, or Twitter, you shouldn’t jump into it with both feet, and spend hours a day on it. You’ll run out of time to do other things, and when you go to play catch-up, everything will be too overwhelming, and you’ll quit. Then, you’ll say it was a complete failure, when in actuality, you haven’t touched that promotional marketing tool in nine months.
Instead, just pace yourself. Work on it a little bit each day. If you’re blogging, just write one 300 word blog post per week. It should take you no more than an hour, and can take less time per day if you break it up. If you’re using Twitter, just spend 30 minutes a day on it, 15 minutes in the morning, 15 minutes in the afternoon. Eventually you’ll reach a point that you’re so good at it, you’ll find that you’re actually spending 20 minutes a day in 60 second intervals, throughout the day, and wondering if you’re doing too much, rather than not enough.
Promotional marketing for small business is going to be what keeps you in business, but only if you actually try out some of the tactics you read about. Don’t make the mistake of trying something for two weeks and then quitting when you don’t see any results. It takes time, patience, and some work. But if you can make the time to do these tactics, whatever ones you’ll choose, you’ll be rewarded.