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Business Strategy Advice for Women Business Owners from NAWBO - Marketing Magic

Internet Marketing

The Internet presents a vast marketing opportunity, but its very size also makes it a challenging medium. Perhaps the best way to tackle Internet marketing is to start small and grow your efforts from there. One inexpensive method for increasing awareness among Internet users and potential customers is to join online discussion groups, forums, and message boards relevant to your product or service. Don't overtly promote your product. Rather, join the discussion by answering questions and offering solution-focused posts. "It's not necessarily going to drive a ton of traffic, but it doesn't cost you anything but your time," says Hollis Thomases, president and founder of Havre de Grace, Maryland-based WebAdvantage.net, an Internet marketing consulting firm. "It could be right for you if you offer a niche product or service."

Using search engines strategically and effectively is another way to boost your online exposure. Nearly 40 percent of the U.S. population used a search engine in January 2004, according to Nielsen//NetRatings. What's more, Internet searches are the number-two online activity, second only to checking e-mail. Clearly, search engines are an important component of any Internet marketing strategy. Many search engines will let you submit your website for no charge. Some search engines, such as Google and Overture (a subsidiary of Yahoo), sell top placement on their results pages via online auctions. For example, if you offer Internet marketing consulting services and are the top bidder on the phrase "Internet marketing consulting services," your ad will appear at the top of the list of paid ads. But "cost-per-click" advertising, as it's known, can add up quickly. According to a survey Thomases recently conducted of 250 small business advertisers running cost-per-click keyword search campaigns, the average e-marketer spends more than $5,000 per year on search-engine marketing.

The alternative to cost-per-click advertising is search-engine optimization, which refers to a variety of efforts to increase unpaid ranking on a search engine results page. An important component of search-engine optimization is making sure you're using the right keywords to market your site. For example, are your keywords the same ones your target customer would use when conducting an online search? Is your customer likely to search using layperson's terms or highly technical and industry-specific jargon? What are the most common search terms? What keywords does your competition use, and how can you distinguish your own site? Some of this you can figure out on your own by going back to your market research; but for more technical components of search-engine optimization, you may want to hire a specialized e-marketing professional.

Another low-cost marketing strategy is website linking. Many sites will let you link from their site to yours for free, or for an annual fee. Contact business partners, related industry groups, and associations to inquire about a linking partnership.

You could also combine two possibilities and take your direct-mail campaign online. Direct e-mail marketing is growing in popularity, but also comes with a fairly hefty price tag. There are list brokers who specialize in e-newsletter subscribers and online membership organizations, but renting one of these lists could cost you up to $1 per name, depending on the market and how targeted you want to get. And the results from a rented list are often poor, Thomases says, due largely to increasingly aggressive spam filters and general e-mail overload. A better option, Thomases suggests, might be to collect e-mail addresses for your own clients and potential customers, or piggyback your direct e-mail campaign on someone else's. For example, buy a classified ad in an e-newsletter, or submit a bylined article.

Of course, all your online marketing efforts will be for naught if you have no way to convert your online visitors into customers. As with your other marketing efforts, make sure your website and e-marketing tactics offer something of value to your customers. Allow them to sign up for an e-newsletter, offer them online coupons, and clearly articulate how you are customer- and solution-focused.

Networking

Networking is an important and oft-overlooked marketing strategy, Imburgia says. Join your local chamber of commerce, industry trade groups, NAWBO, and any other membership organization you think could prove beneficial contacts, and attend any and all of their networking events. Don't be frustrated, however, if you walk out with nothing more than some pleasant conversation and tasty hors d'oeuvres. "The greatest value you can get out of any membership is awareness," Imburgia says. "I prefer 'making business connections' over 'networking,' because you shouldn't actively be trying to get business while you're at these functions. Instead, you should be trying to build awareness and make a connection. Maybe the person you're talking to doesn't need your services, but she might know someone who does."

An alternative to networking happy hours is volunteering in an organization composed of potential clients. This works especially well if you provide a service that you can offer pro-bono to the organization, thus allowing its members can see the quality of your work. Don't forget, Imburgia adds, to include membership dues and registration fees in your marketing budget.

Finding the Right Recipe

As you set your marketing goals and craft your marketing strategy, remember that there's no sure-fire recipe for marketing success. Much will depend on your industry, product or service, target customer, and your own style. Nonetheless, if you stick to the basics--understanding your customer's needs, defining how you can meet those needs, and establishing market position--you're more likely to be successful. "It's a tangled web, and there's not one formula that works for everyone," Imburgia says. "It gets back to your original market research and making sure you have a very good understanding of your target market. I always say, 'If you understand your audience, you'll know what to tell them.'"

Checklist

• Revisit your market research and, if necessary, conduct additional research or focus groups.
• Seek research assistance from business students at a local college or university.
• Develop a brand statement. Rely on your brand to guide all internal and external communications, operations, marketing, and sales efforts.
• Create a logo, name, and corporate identity.
• Set marketing goals.
• Identify strategies to achieve those goals. Be sure to think creatively when employing direct mail, Internet, and other marketing strategies.
• Establish a system to evaluate and measure the results of your marketing efforts.
• Put everything in writing in your marketing plan.

To read more, order Taking an Idea to Market by visiting https://memberservices.nawbo.org/nawbo/source/
Orders/index.cfm?section=Orders.

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