The more people feel, the more people buy. That’s the clear conclusion from the last decade of work by two of Britain’s top marketing analysts, Les Binet and Peter Field.
They delved into the IPA DataMine – a huge database of ad effectiveness case studies – to find out how advertising really leads to meaningful business effects, going beyond short-term sales spikes to look at profit growth and market share gain.
So what is the key to effective marketing, and how can businesses apply this to their marketing techniques to boost sales and grow profits? We asked Tom Ewing to explain;
Market research is often assumed or anecdotal. A few good words here and there, enthusiastic leads, handshakes and happily resolved issues from existing customers can lead to the pleasant feeling that you know your market.
However, if your business is to thrive, you really need to develop a deep understanding of your customers. To help you to do this, we’ve asked Robin Booth to explain the steps you need to take. (more…)
One of the biggest challenges you face as a start-up is getting your name out there. However, even if people hear your name, unless they know what makes your business unique, they are unlikely to choose you over a competitor. Help someone understand how you can solve their problem, however, and you’re in with a chance of becoming their preferred supplier.
One of the best ways to grow awareness is to share your industry-specific knowledge. Information you take for granted can be very valuable to people in other industries . . . but only if they are made aware of it.
By sharing what you know, you not only help others to improve their business, you can simultaneously position yourself as the ‘go-to’ person in your industry, and turbo-charge your start-up. (more…)
Whether you have just launched your new start-up, or are the owner of an existing business, to be successful you need to make the best use of your valuable time.
With so many different aspects of the business to think about, and a host of demands on their time, it’s easy for small business owners to become too busy to get the really important things done.
To make sure you don’t get sucked into this trap, author Martin Gladdish, reveals some simple tips and tricks to show how you can build your business in 90 minutes a day.
One of the time-tested ways of establishing yourself as a standard in your industry is to win an award. An industry-recognised award serves as an independent endorsement of your company’s quality. And more importantly it’s an evaluation that potential customers are more likely to trust, than any marketing material you can produce.
We know that social proof is one of the most influential factors in a consumer’s decision making. In a survey by Zendesk, 88% of participants were influenced by an online customer service review and consumer reviews are nearly 12 times more trusted than descriptions that come from manufacturers.
Awards are like the ultimate review or testimonial. Usually, they come through from a trusted, independent authority with the expertise to give a well-informed judgement on your business, so your customers and the wider marketplace are going to see that as proof that your business can be trusted.
Being able to persuade people to come around to your point of view is a very valuable skill to have, and particularly so when you are starting and running your own business.
When you’re launching a new venture you might need to convince potential investors to fund your fledgling business, persuade suppliers to give you favourable terms, encourage great people to join you and entice new clients on board. To do all of these successfully, you will need to be able to influence others and their views.
So with this ability being so crucial in helping you to grow your business, how do you get people around to your point of view?
Any business owner is familiar with the challenge of attracting new clients and protecting relationships with existing ones.
Fierce competition within many industries gives clients a wide choice of suppliers to choose from, and to make things even more difficult, some clients feel the need to change vendors periodically to avoid the common phenomenon of supplier complacency.
If your ambition is to do long-term business with a new or existing client you will need ensure that you engage as a serious partner: Well prepared, well informed, and far from complacent.
Business development is much more than just about marketing, sales, pitching, online wizardry, mailings, advertising, branding, social media strategies, glossy brochures, discount deals, promotional gimmicks or special events.
Every single thing a business does has a potential impact on how your business performs. Following these 10 business development truths, will help your business to grow and give you an edge over your competitors.
So you’ve had a fantastic business idea. You’ve researched it, crunched the figures, and worked out it will be a profitable venture.
Excellent. There’s only one problem… competition… and lots of it.
One of the main dangers in the current economic climate for small businesses is self-paralysing fear. Many businesses will lose sales over the next year, but many others will see the recession as a sales opportunity. Here are five proactive ideas to help use marketing to your advantage.
Of all the areas where a small business can compete with the big boys, customer service is the one where it should really shine.
There are two key things small business owners should look out for throughout this year The first is to hang on to the clients you already have. Do whatever it takes to keep them, as it will cost your business much more to win a new client than hang onto an existing one.
Small business owners will be working hard (and longer hours) to offset the effects of the economic downturn. Whereas customers may have flocked to you during the boom, now you need to go that extra mile to keep existing customers happy, and gain some new ones. Here are some top tips from the Bytestart team:
Your business can be a cruel mistress sometimes. Especially during those moments when it seems as though everybody and everything is ganging up against you.
You know that busy week where you don’t have much time, yet everything seems to go wrong? That’s the week you will get a complaint from your biggest customer.
You’re working flat out with steam wafting off your keyboard when the phone rings. Your heart sinks and a faint shudder runs down your spine. It’s your client from hell… again.