Most businesses spend about 90% of their time operating and managing the business and only 10% marketing. To grow your business, a more reasonable time allocation should be 50% spent on getting your products and services to the marketplace and the other 50% spent on marketing (getting the marketplace to come to your products or services).
Many business owners view marketing as an expense, but the better way to think about it is as an investment. Marketing dollars spent appropriately will increase your sales income.
1) Marketing/Advertising campaigns: To find out which marketing campaign is more successful for your business you have to test and measure. Ask every new prospective customer how they heard about your business and record it. By learning which marketing methods are attracting prospects and which ones aren’t, you’ll quickly learn which methods are working for you. If you never monitor your marketing results, you’ll keep spending $500 to get $150 worth of business.
2) Defining your uniqueness: If there’s nothing unique about your business, then people will only buy from you because of price or convenience, nothing more. Define what’s different about your business and then promote it.
---- Don’t underestimate the importance of networking and social media:
3) Networking: People tend to do business with people they know and like. Participate in business organizations and attend social and business functions to connect with people and other business owners. Stay in touch with the people you connect with by e-mail or invite them out for lunch. Many people give up on networking too early because they don’t see the instant results. It takes time to build friendships and professional relationships! Make sure you follow up with your contacts and stay connected.
4) Connecting with other people in your line of business. They may be great referral sources for your business. As an example, as a CPA firm we stay connected with bankers, lawyers and financial planners. These sources often refer business to us and we refer our clients (who need these types of services) to the contacts we know and trust.
5) Socializing with Social Media: Blog, write newsletters, use twitter, be active in groups on LinkedIn, and post to a Facebook page for your business. The better internet presence, the better are the chances people will find your business when they search for the type of products or services you offer.
Allen & Company, PC - a CPA firm serving Kennesaw, Marietta, Acworth, Woodstock and north Atlanta. Providing accounting, financial statement audit, taxation, and advisory services for individuals and businesses. Extensive experience working with franchised restaurants and other franchised businesses.