Rapidly changing technology has sped up the evolution of the successful business model. The fact is, tried and true strategies of just a few years ago are now leading boat loads of businesses down the tubes. In order to stay competitive and survive in the long-run, modern marketing methodologies must be embraced. Otherwise, it is almost certain death.
Businesses fail for all the same reasons they always have: poor planning, lack of capital, bad location, etc. While often glossed over, having no online presence and poor marketing strategy will actually close your doors faster than any other item on the list.
There is really only one indispensable ingredient to business success. That is customers. A common marketing mistake business owners make is to scream, “I’m HERE!” from the rooftops. They spend tons of money to put their name in print, on the radio, or even on TV. In most cases, that is the equivalent of buying an expensive ticket to a Broadway show, just so you can stand up in the audience and shout, “I sell lawnmowers!” I mean, really, who cares? That is no way to get customers.
So, hundreds (or even thousands) of dollars go out the door each month to random people, most of whom do not care what you are selling. That’s a double whammy of excessive cost and little or no return. Unfortunately, “build it and they will come” is not an iron-clad strategy either. You have a great product, expert staff, and excellent customer service. You’ve got coupons and Groupons and fresh paint, of my…but where are the loyal money-spending customers?
As ludicrous as I have just made traditional advertising sound, it does have its place. While most people won’t pull their car off the highway and call the number on a billboard or drive to a store whose ad just ran on the radio, branding is important. Over time, people will grow comfortable with Lawn Jack Mowers because the name keeps popping up. One day, brand recognition may pay off, if the business is still around.
For a business is to survive in the meantime, it needs customers immediately and regularly. The best way to get them is to be there when they are shopping. If someone is out shopping for mowers, how nice would it be to just happen to be there promoting your mowers? In the modern world, Google is the shopping mall. If you are there, you have the advantage of speaking to shoppers during their decision-making process. This is a highly efficient use of your marketing dollars.
You may also want to show up at dinner parties (Facebook & Twitter), put some flyers on cars (press releases and article marketing), and host an art show opening (InstaGram). At the very least, you should have a fantastic office (website) and a business card (still good in the modern world) with your URL listed on it.
By utilizing the most powerful marketing tool available (the Internet), your marketing investment should get you a huge return (customers) and avoid the failure that old school techniques (blanket advertising) are breeding.
