Your Database Is Your Goldmine— Take Care Of It!

A lot of people go to a networking meeting, trade show, or conference only to return with a big stack of business cards that they either throw away, put in a drawer, or keep as a ever-growing pile on their desk. What they don’t realize is that there’s gold in those cards. One of the most important things you can do for yourself and/or your business is to create and maintain a database. Contacts are one of your most important assets because they can become clients or can recommend products or services, as you need them. Take easy steps toward mining the gold that is your database.

Categorize
Think about your business and contacts. Decide what categories you should establish. This will help when you do a marketing campaign that is suited for one specific part of your business. For example, a pet retailer may categorize by pet clothing, bedding, or accessories.

Software
Choose software that’s best for where you are with your business. For some, a simple spreadsheet will do while others will require ACT or other specific software.

Add to it- often
As tempting as it may be to pile those business cards up in a stack on your desk, resist. Within a week or two of making new contacts, make sure they are entered into the contact database.

Keep it maintained
Your database is seriously compromised the more out-of-date that it becomes. Make sure you schedule a regular time to do or have all your database updates done. This process can be made simple by keeping a file folder marked “Database Updates” handy. As mail, emails, or remove requests are made, put them in the file to be handled all at once.

Back it up
At least once a month back up your contact database. This can be done with a back-up drive or by using an online back up service like www.mozy.com.

Following these recommendations will ensure you are creating and maintaining a solid database— a smart investment of your time and resources.

Gain Market Share Even In Tough Times

In order to gain that market share, you need to ensure that your brand is top of mind with potential clients. Tough times are a good time to increase market share. There are a few things you can do either inexpensively or at a cost savings.

Continue to market yourself
Avoid the temptation to slash your marketing budget. Because that’s exactly what so many other companies do, this will put you far ahead of the competition and at the forefront of customer’s minds when the time comes to start buying again.

Co-op advertising
If you’re a manufacturer, you can partner with your distributors and/or retailers on advertising. If you’re a retailer, you can look into manufacturers that do co-op advertising. Otherwise, find another company that has the same ideal client and share advertising costs.

Joint venture on events or promotions
Got a trade show where you’d really to like exhibit, but are choking on the costs? Think of a partner that could benefit from sharing expenses and share the expense. If you have a great idea for a promotion, but are afraid the budget isn’t there. Figure out how you can make in an irresistible promotion for both yours and another company. Joint ventures create win-wins for everyone involved.

Build relationships
Get out and be seen. Now isn’t the time to crawl back into your shell like a turtle. It’s a time to go to events, meet people in person, and talk to them eye-to-eye. There will never be a replacement for the human touch.

Offer new and/or creative payment terms
All companies are looking to streamline costs. Look at how you can get creative with payment plans or offer new ways to pay.

Keep Innovating
Continuing to do research and development of new products not only gives you the ability to sell more products, but also demonstrates that your company is always looking for ways to make life easier for your customers.

By employing these strategies, you’ll be well on your way to gaining market share— even during a tough economy.

Building A Marketing Communications Strategy

If you’re an entrepreneur or small business that believes marketing communications strategy is an ideal just for huge corporations with large marketing staff and that you don’t need one, you’re doing yourself and your company a major disservice.

It’s just like that old adage: if you don’t know where you’re headed, you will end up somewhere else. You wouldn’t embark on a cross-country road trip to a destination without a road map or GPS. Similarly, you shouldn’t be marketing without a strategy- no matter how simple or complex.

Now that we’ve established that you need a strategy. What do you need to do to create one? Take a step back and assess your business objectively. Yes, you need to be able to understand your strengths and weaknesses- be honest with yourself. Start a simple document that answers these questions:

What is the opportunity? (Examples: To position XYZ company as the preferred supplier of Product or Service C; Creating a market for ABC; Creating awareness of ABC brand, etc.)

Where is the primary market located? (Examples: Downtown Cincinnati, online on particular types of websites, etc.)

Who are the main/ideal clients? (Examples: Small businesses, attorneys offices, work-at-home-mothers, etc.)

When is the ideal time they are in the market for my product? (Examples: spring for summer lawn service, morning for coffee, etc.)

How can my company best reach them? Consider different marketing communications tactics. Following is a list for consideration: advertising, public relations, promotional items, conferences, networking, direct mail, collateral (business cards, letterhead, envelopes, brochures, etc.), newsletters, website development, search engine optimization/pay per click (SEO/PPC) campaigns, etc.

Answering these questions will give you the basics of a developed marketing strategy. There’s one additional step that’s critical. You need to ask yourself a couple more questions:

What are the Keys to Success? (Examples: Commitment to plan, training on software, etc.)

What are Things to Avoid in the Strategy? (Example: Selling on Price)

Once complete, put this somewhere where it will be a continual reminder to focus on your marketing strategy and implement it. Don’t file this strategic overview where no one will act upon it. This is a living document that should change and grow as the business does.