Marketing Tools of the Trade

Most of what I’ve learned in business were things I stumbled upon and gained experience from. A key example is when the newspaper sales man comes knocking on the door wanting to do some lunch with you to help you decide what ads you need to post in their newspaper.

I had a few failed ad campaigns before I realized that a huge giveaway saw bigger results than an ad for my specific market. Discovering tons of people lined up at the doorway before the mall even opened, showed me exactly what worked for my business.

There are so many marketing tools available that it’s easy to become overwhelmed by the options. It really is enough to make your head spin. So how do you decide which marketing tools are right for your business? Here are a few guidelines to help you decide.

What marketing tools are you currently using? This is important to consider because a lot of marketing tools compliment each other quite nicely. For example, if you’re distributing a regular newsletter then an advertising exchange with a relevant business who also publishes a regular newsletter can double your exposure and increase your opt-in list.

What are your goals for your business? For example if you want to increase sales by 10% that’s very different than wanting to increase your opt-in list and will require different marketing tools and strategies.

What tools have been successful in the past? This is important. The objective of any marketing initiative is to have a positive return on investment, even if that ROI is $1 that is the sign of a successful strategy. Rather than look for a new or different marketing tool optimize the tool you just used successfully so that your ROI continues to improve. It doesn’t make sense to mess with success.

What does your budget tell you? Some marketing tools can be quite expensive to implement into your strategy. That isn’t a barrier to entry, just a consideration. If it’s a new marketing tool you’ve never used before, say the use of a large viral e-book giveaway, then it pays to do your research and make sure your audience will be receptive to a particular tool.

Time budgets are just as important as monetary budgets; some tools have a very high learning curve. Of course you can overcome this by outsourcing some technical tasks.

What tools is your competition using successfully? This doesn’t mean you should jump on the bandwagon and use the same tools however it’s important to stay on top of what your competition is using and how it’s working for them. It’ll also help you stay one step ahead of the game.

Look to complimentary industries or businesses to see what tools they’re using. Often times when you can piggyback on the efforts of a complimentary business you’re efforts pay off. For example, if you own a natural pet supplement business and you see a pet grooming website using a newsletter with great success, you can create an advertisement or promotion specifically for their audience and buy space in their newsletter.

Finally, what marketing tools appeal to you? If you’re engaged and enjoying what you’re doing you just do it better than if you’re frustrated or irritated by a particular tool or strategy.
Choosing the right marketing tool for your business is a little bit guesswork, a little bit art and a bit of science and research. Examine what you’ve done in the past and then look to the future. There are numerous possibilities and opportunities to grow your business. Focus on what works rather than what’s available.