Most small businesses owners don't understand the difference between, advertising, branding, marketing, and promotions. While all are needed in order for a business to have long lasting success, making sure you understand the difference will keep you from falling for the money traps of those who are out there targeting your dollars to do each of these.
Here are three key points I want to give to you.
1. Deliver the BEST possible product and/or service you possibly can. If you are in both the physical delivery of products make sure you have the best possible product available and that you are able to deliver top of the line service. Even if you are not able to get or produce the BEST product, by delivering the best service, you will both market and brand yourself through your top of the line service you offer to the public. People don't mind paying for the BEST!
2. Have a Marketing BUDGET weekly, monthly and yearly that you invest in one or more of advertising, marketing, branding, and/or promotions. Most individual and small businesses don't have a budget for this. In order to grow, you must have a budget, even if it is only $50 a month, get one and make sure it is....
3. BE CONSISTENT. Whatever you do when it comes to marketing, branding, advertising, and promotions, BE CONSISTENT! Often times, small business owners marketing materials, promotions, advertising and even their product(s) and delivery of services are CONSISTENTLY INCONSISTENT. I know this to be true because as a small business owners mine have been consistently inconsistent as well.
Promotions are usually what many small business owners do more of as opposed to branding, advertising and marketing. PROMOTIONS usually costs the business more money than what they bring in during the term of the business. Why? Well, promotional products and/or services are usually free or so far discounted that the customers who try the product/service buy at a certain price point and usually end up not VALUING what you're selling.
The money used for most promotions would be better used on developing better processes, products, and people to help you deliver a better product/service.
As mentioned in one of my other posts, "PEOPLE WHO PAY, PAY ATTENTION!" Go back through the other small business advice of the day posts and you'll understand more about why it's important to have proper fees.
Until next time....
Armani Valentino is available for small business consultations from start-ups to full up and running operations. To schedule appointment or receive a call for more information, use the contact tab. Someone will call you within 24 hours.