Top ten tips to market your business

For most of us the recession is providing a battle; perhaps a welcomed battle sent to push us from our comfort zones, back into the exciting mind-set of a budding entrepreneur.

This article will not bleat on about the number of businesses going under, the thousands of redundancies, or the reduction in customer spending - what benefit will that bring to you? Instead, the following details ways in which your business can survive & thrive the recession by 'going back to basics'.

Ten Tips

1. Strip down fixed costs - stating the obvious? If our personal bank accounts were getting out of hand, the first thing you would do is look for a new mortgage provider or cheaper car insurance. We should all be doing the same for our businesses, a simple exercise - detailing every cost that your business has - what costs could be reduced that would have no negative impact on quality/ value for customers? By shopping around for new suppliers & discounted products, you could make a huge impact on the bottom line. Changing something as small as your ink cartridge supplier could save an office of 3, £50 per month.
   
   
2. Address cash flow - the second immediate 'ambulance call' - cash flow is the thorn in our side stifling that entrepreneurial spirit, methods might include:
   a. For Business 2 Business  firms - consider direct debit/bacs system providers - this way, your client provides bank details at the beginning of the relationships & a third party takes payment upon the due date of every invoice you submit - no more late chasing payments! Alternatively, you may offer early payment discounts or rebates to speed up your current terms.
   b. Look for funding - especially in this part of the midlands, there are a lot of funding schemes for businesses who have growth plans, especially those with entrepreneurial ideas - try Business link.
   c. Settle new terms with existing suppliers - for instance, retainers for your service providers, meaning you spend a predictable & controllable amount per month. 
   
   
3. Research - how do you know what a customer wants? - ask them! Your previous knowledge of the industry & markets is on shaky grounds - it is likely that your customers needs & wants have changed, thus your current value proposition may have lost its relevance. Use research to understand your customers in order to  understand how to satisfy them better than competition, then what? - they stay with you.
   
   
4. Go back to basics - the old rules no longer apply, create a new plan - set realistic targets & objectives & itemise how exactly you will achieve them - break this down into products, departments, markets & months of the year. Be careful how you picture success, it will look much different to how it did 2 years ago. This plan should not live in your bottom drawer - it should be shared (in your newsletter, intranet or during staff meetings) & should form the action plan which everyone is working towards.
   
   
5. Blank page business model - do not be frightened to revisit your business model worthwhile to start with a blank page & address each area with the questions 'is the old business model still relevant?' & 'how can the model change to best take advantage of new & emerging opportunities?'
   - The method you do business
   - How do you make money?
   - What value do you provide for your customers?
   - Where in the value chain can you add value for competitive advantage?
   - Who are your target markets?
   - How do you differentiate yourself from competition?
   
   
6. Look for growth opportunities - times like this force you to think out of the box. Are there assets or expertise you have that can re-packaged and sold in another way? i.e. training. Diversify/ integrate into easy related areas i.e. a designer using print knowledge to offer print brokering services. Are there routes to market that you have not explored? i.e. export or e-commerce. Explore new applications for your product/ service - appealing to new markets & changing needs.
   
   
7. Back to entrepreneurial thinking - what core strengths do you have to meet emerging customer needs? how do you differentiate yourself in the eyes of the customer? You don't have to reinvent the wheel to be innovative, review your business model for areas which will make you stand out in a crowd, will be valued by customers and will generate revenue & profit.
   
   
8. Build in-house expertise - now is the time to arm yourself with experts & use quiet time to up-skill your team. West Notts college provide a plethora of courses, some of which part funded. Notts Business Venture provide masterclasses for various business disciplines. Fresh Marketing are also launching their Marketing Masterclass in March providing expert marketing training for developing intelligent strategic plans for business growth.
   
   
9. Create partnerships - look for potential relationships which could be mutually beneficial. Companies who operate in the same industry as you are perfect as they have data, contacts & skills to compliment your own - this may provide a strategic alliance opportunity or simply a relationship in which you may refer business to each other. Even competitors who overlap with the products & services you offer may be able to provide you with opportunities they cannot deliver or the chance to offer a complete solution for customers. Lastly, partnerships with your customers should not be ignored, by offering them a more knitted approach to your offer may tie them in with you for longer & add value to their relationship with you.
   
   
10. Increase your marketing - honest! this may sound bias coming from a marketer, but marketing is now THE fundamental discipline to survive - marketing as a practice is simply about understanding customers, satisfying them, differentiating yourself & developing creative communications channels - the result is a retained and higher value of existing customers, increased brand profile/awareness, new customers & revenue growth.

Kirsty Cambers & Karen Roe - Fresh Marketing Solutions ltd