You have a great product. You've painstakingly gone through every material and design detail, and are certain of the value you deliver to your customers. But, what good are your efforts if orders aren't coming in?
Few businesses have unlimited resources. Within industries, individual players demonste priorities based on the allocation of limited resources. For example in a manufacturing environment, the payoff from streamlining operations is incredibly clear cut; keeping the shop floor running as effectively as possible is probably a high priority. I'm coming to you from the MAX Marketing team with the understanding that in a manufacturing environment, marketing initiatives may not be as high of a priority as, say, streamlining the design change process or effectively tracking parts - and rightly so! But, that doesn't mean your marketing efforts have to suffer overall. Here are six low cost ways to increase your marketing effectiveness without breaking the bank.
1. Streamline The Customer Experience
The best place to start developing customer relationships is at the root of the customer experience, by making your customer-facing business processes run as smoothly as possible. For example, your order processing cycle should be fast and frictionless so that orders flow to manufacturing and shipment without delay. Make it easy for customers to enter orders or check order status with customer portals.
2. Target The Right Customers
You can’t sell effectively if you don’t know who your customer is. We spend time interviewing customers and talking to our consultants, support and sales teams to better understand the reasons customers choose and love MAX. This is important because people naturally filter out information that isn't relevant to them, so when we create our advertising we try to include only information that will add value to our customer's lives. While this approach takes an investment in time, the ability to communicate well with your customers is essential.
3. Build an Online Presence and Optimize Your Website
Your website should reflect the best possible view of your company. According to research from the Corporate Executive Board (CEB), 57 percent of the sales cycle has already been completed online before a prospect engages with a rep. Make your site engaging and informative so information is easy to find. This is an investment in your sales cycle.
4. Seek Out Partnerships
Consider establishing partnerships with complementary businesses. For example, Omaha Steaks famously joined up with Wine.com and Enstrom chocolates to deliver a complete gourmet experience to customers. Other ideas: if you make high end audio equipment, partner with a white glove installation company, or if you make medical devices, partner with a training company to teach hospital staff how to use your devices. When products and services are truly paired well, partnerships can create synergy for both parties and offer customers something unique. Your investment in seeking out partnerships pays off when you start to grow your customer base by reaching a new audience and benefit from joint marketing efforts.
5. Monetize Customer Referrals
People trust referrals from existing customers. Encourage your existing customers to become ambassadors for your brand by rewarding them for referrals. While incentives help to encourage refferrals, remember the best way to gain refferals is to make your entire customer experience and product excetptional.
6. Use the Internet for Low Cost and Free Advertising
One of the most cost-effective ways to reach new customers is to establish a strong online presence. If you're using social media, be sure to make it interactive. Swap guest blogs with your partners, or run a contest on Facebook. Start a Meetup group to facilitate face-to-face community building.
Follow one or all of these six steps to take your marketing dollars further.
