SMALL BUSINESS MARKET LAWS

It’s because small business owner breaks laws of small business marketing, that makes small businesses fails.

The Law of Market Focus

Small business owners sometimes attempt to be all things to all people and never really establish any brand or notoriety for doing something well.

You must narrow your market focus in order to grow. Take a look at your current client mix. What most business owners find is that they have attracted several types of clients that make up most of their business. Other firms find that a certain service or product accounts for most of their profit.

Take the hint and drop out of everything else. Become known as a specialist in a niche market and you will find that as your reputation in that market grows, you will be able to charge a premium for your services.

The Law of Differentiation

Creative marketing can set you apart, most buyers assume all businesses in a certain industry are alike, so they use the only thing they can think of to choose one business over another: price.

If you can’t find a way to differentiate your firm, you’ll be forced to compete on price..

The Law of Education

Make sure your marketing materials include examples of how your customers benefit from doing business with your firm. Offer testimonials from satisfied clients or provide information that describes your firm’s processes and procedures.

People don’t like to be sold to. Your advertising and marketing must offer them useful information that addresses a need, show them how your firm is different and how it is uniquely suited to solve their problems.

The Law of the Prospect

Your advertising should create prospects first and sales second. In two-step advertising, you first offer free useful information to generate leads.

Once you define your target market, you have really only identified a group that you suspect needs what you have to offer.

Your advertising efforts must focus on getting a group of those “suspects” to raise their hands and tell you that they want to know more about your firm. Once they do that, they become your prospect group, and have now given you permission to sell to them.

The Law of Testing

Smart advertisers test and measure everything they can. In advertising, you can’t tell what works and what doesn’t without testing.

A large percentage of an ad’s success comes down to the effectiveness of the headline. In some cases, changing one or two words dramatically impacts the results. Every ad your firm runs must have a powerful headline.

The Law of Doing More

As you build your reputation in your narrow target market, begin to look for more ways to serve them. You have already built a great deal of trust with your existing clients, so expanding with their needs in mind is the simplest way to grow. As you meet more and more of their needs, they begin to view you as a crucial resource and are more willing to help you build your business by other means such as referrals.

The Law of Referral

Each time you acquire a new client, tell them that you build your business by referral. Ask them to agree to provide you with a certain number of referrals if they’re satisfied with your business. When they know that referrals are part of the deal going in, they will accept it. Make providing referrals an expectation and condition of doing business with your firm and you will double or triple your business.