In Part Four of a four-part series, Robert J. Braathe of Braathe Enterprises offers some marketing tips to the small business.
BY ROBERT BRAATHE
Businesses spend a great deal of money and time each year on marketing, but often take the wrong approach. Many businesses throw all of their money and time into one particular type of marketing instead of using multiple methods. And many businesses single out just one niche to market to, which may be too small of a demographic to target.
Do you know who your market is? Trying to market to everyone is often the wrong approach. If you haven’t taken the time to determine who your market is by checking your past invoices, emails, and other correspondence with clients, you should. And using a customer relationship management (CRM) database like Quickbooks lets you identify what products and services are the most popular, how much clients are spending, and where the most business comes from.
Do you know who is visiting your website? By installing Google Analytics on your site you can get a better idea of who is visiting you, what pages they are visiting, and how long they are staying. Having this key demographic data will enable you to better assess where business is coming from. Visit www.google.com/analytics for more information.
Marketing to your market also may mean giving away services or having tiered pricing, depending on the level of service being offered. Chris Anderson published a book called “Free” which explains the concept of a free-mium business model. With the free-mium approach, businesses offer some low-cost or no-cost services, products, or events to attract customers. This free-mium strategy can become a great way to market to your market.
One of the best examples of this free-mium model is the Prestwick Chase Farmers Market. Prestwick Chase at Saratoga Senior Living Community was looking to attract new residents to their facility. Knowing that farmers markets are very popular, they decided that instead of doing a traditional advertising campaign, they would do one in conjunction with a free market for local vendors to attract people to the property. This led to greater awareness and traffic to the facility each Monday during the summer months.
Another example of the free-mium model are the introductory classes held by Lifestylized in Saratoga Springs. Before a big event like a weekend seminar or their Marketing Made Simple series, Lifestylized offers a free intro workshop to give you a taste of what’s to come. The strategy has resulted in greater attendance at their paid workshops and a greater awareness of their brand and service offerings.
If you need assistance setting up your managing your customer data, setting up Google Analytics, or determining an effective pricing strategy, contact Braathe Enterprises today. Our team of professionals can assist you in a variety of ways to market to your market more effectively.
Robert J. Braathe is the founder and principal of Braathe Enterprises. For information visit the company website at www.braatheenterprises.com.