There are major differences between marketing in small business and at big companies.  In big businesses, it is sometimes feasible to build a market for a product or service at a global level through advertising, marketing, and sales efforts.  With small businesses, the bandwidth and resources generally require a different approach. 

What are some of the approaches that may help small businesses?

Focus on building name recognition, rather than advertising a product or service.  Become a resource to friends.  This way, when they feel pain and are uncertain where to look, they may think of you.

Work with friends on topics for which they know you.  This reduces the cycle time and increases the likelihood that you will be successful.  Make sure though that they see you as a supplier, rather than as a friend.

Care about friends’ success and help them achieve their goals.  Suppliers who do so will be able to suggest better solutions.  Beyond that, people who do so are trusted advisors, rather than sales people. 

Talk with people who feel the pain addressed by your products and services.  This delivers higher returns on the time and creates a more stable revenue stream.

Ask what issues the other people are facing and what constraints exist for them.  This knowledge allows better solutions to be suggested and grows your value with potential customers.

Decide how much effort to invest in building relationships that result in one-sided giving.  Sure, the recipients will complain and criticize.  There are cultural differences associated with this issue as well.  People in older cultures seem to expect a longer investment of time in building relationships than those in the US. 

A student told the story of a person who spent 15 years building relationships in Europe to do business.  Fifteen years?!!! 

Think about the needs of your business.  Is five years reasonable?  Do you need returns in one or two years?  These may be reasonable time periods, by the way.  Or they may be too long.

In the US, one firm invested ten years to do business in China and, at the end of the period walked away. 

Be flexible, rather than allowing sunk costs, including investments of time, to become anchors.  Once time is spent, it is gone.  Let it go when it is spent.  Periodically, review progress and decide whether to continue or to walk away. 

Focus on areas that you already know.  This will give you greater credibility and appreciation of the issues your customers and potential customers face.

Bonus tip 1:  Keep it simple, where possible.  The tips outlined here are very simple.  That is why they are easy to apply, at least at a high level. 

Bonus tip 2:  Be observant.  These tips are based on observations of what others are doing which seems to be working for them as well as common sense.  Business is much simpler than rocket science, despite what some say.

Bonus tip 3.  Undercommit and overdeliver.  You were promised eight tips and have been given eleven. 

What are some other tips that you have found helpful?

Filed by Coleen Davis at 3:01 pm under Achieving Goals, Cultural Issues, Customers, Marketing, Planning Tips, Solving Problems