Tuesday, July 20, 2010

Marketing on a Budget Part 2: Business to Business......Old Media

This week we will continue to explore "Marketing on a Budget" Some of the strategies from last weeks post may be good for your B2B Small Business, and some are not appropriate. This week we will take a look at specific strategies for the business to business market.

Get Referrals
Spend time marketing to and building relationships with people you already know. This takes less time and effort than cold calling, but depending on your network may not be sufficient to build your business. What is your referral strategy?

Cold Calling

This is a tried and true method that has survived the ages. To get the best results from your cold calls, you will want to have a script and a targeted list available. Be prepared to leave voicemails, handle objections, and more. There are many resources to help you target your list. Check out Pittsburgh's Carnegie libary website. A library card will get you access to some powerful databases. Warm calls are better, but more on that later. When cold calling, be sure to follow all do-not-call laws or you could get stuck with a hefty fine.

Speaking Opportunities
Create speaking opportunities. Research upcoming conferences and fill out speaker applications.

Develop Partnerships
Partner with other large and small businesses to cross-promote each other's products. Focus on businesses with similiar customer base.

Reduce Direct Mail Costs
Strategize for reducing costs include using postcards, use 2 color (instead of 4), consider third class mail, and most importantly really target your lists so you send less mail with greater probability of success

Reduce the Cost of Media Buys
Ask for discounts and Renegotiate contracts. Prices are almost always negotiable, and you may be able to get a lot more for your dollar.

New companies often make the mistake of hiring expensive advertising agencies that are not able to deliver low-cost marketing programs. If you are considering hiring, look for success stories specific to business your size.

Amanda Wodzenski is a regular blogger for the WSBA, and the owner of CRMastermind, a consulting company that specializes in CRM and e-mail marketing for Small Business. Visit her blog Your Small Biz Technocoach.

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