For those looking to start or grow a small business in 2011, they need to have marketing plans that are more creative and innovative than ever before, declared one expert.
"In times of change, small business owners must create two marketing tracks: execute new contact strategies and leverage their database of existing customers and prospects," said Mark LeBlanc of the Minneapolis-based consulting firm Small Business Success.
As part of the first track, he suggested that small business owners and independent professionals need to identify a mix of primary marketing strategies that can be implemented every 30 days. No matter what the strategy, and LeBlanc laid out such well known ones as direct mail, networking, advertising, publicity, telemarketing and social media, the key to success is creating a benchmark of measurable activities and tracking results.
"Small business owners need to set themselves up to succeed. Most small business owners set their sights too high and miss their expectations. Success is fueled by momentum and momentum is fueled by how a business owner feels on a daily basis.
"The secret to success lies in the phrase, 'Every 30 days!' If small business owners market their programs, products and services in good times and bad, they will create a foundation for their success.
"Too many companies stopped marketing when the economy was running stronger but are suffering today because they weren't consistent in their marketing activities. As the economy recovers, these companies are a step behind while those who were consistent are beginning to thrive again," LeBlanc said.
The second track, leveraging the database of existing customers and prospects, is a skill that a fair amount of mortgage originators might still need to learn. A starting point is a monthly print or electronic newsletter. That is only the beginning.
"If you segment your database by profit center and create categories within each profit center you can send pinpointed messages to specific segments of your database. Look for creative ways to serve the best of what different segments need and want," he said.
"Your database of customers and prospects can be your greatest asset. Too often people take their customers for granted. Taking people for granted in today's competitive marketplace is simply entrepreneurial malpractice."
