Marketalk Advisor

Tip #1: Do start with a plan and a strategy. Don't jump to tactics.

Example: Four Star Printing in Lynn, Mass. is facing tougher competition than ever in the offset printing market. Management thought their highest priority was a Web site. Before committing the dollars, they decided to step back and take a larger view of their business: who they are, what they do best, why people want to do business with them, and who their target audience is. That analysis drove the marketing plan, and helped them realize that showcasing their printing expertise with mailings would be a more effective strategy, and a much less costly way to get the message out.

Tip #2:  Do concentrate on a specific vertical or geographical area. Don't try to blanket the marketplace.

Example: A start-up firm in the distance learning space burned through millions of dollars trying to compete against much larger, better established competitors. With capital running out, the firm - which has a very good product - was forced to let go its entire marketing and sales staff. The new marketing and sales VP advised that the company focus very specifically on two vertical markets, and customize products to meet the needs of those niches. Marketing efforts, narrowly targeted with direct mail and trade ads, cost a fraction of the broadcast campaign.

Tip #3:  Do use barter to save money and get traction within the first year or so of your business launch. Don't forget to maximize the marketing value of barter.

Example: A newly formed consulting practice provided financial counsel in exchange for $20,000 worth of printing and Web design. As a result, the company was able to 1) test-market its services; 2) get feedback for crafting messages; and 3) develop testimonials and success stories for immediate credibility. Here, it's important to check with an accountant, because these are taxable transactions.

Tip #4: Do craft a crisp message and sharp corporate ID that appeals to your target market. Don't sound and look like an amateur.

Example: e-source in Providence, Rhode Island, is a broker of semiconductor components. When the firm started up in 1999, partner Gene Fontaine knew he was entering a very tough market with plenty of competition - and that his target market was skeptical of newcomers. One of the first investments e-Source made was a professionally designed logo and graphic identity program to ensure that, on paper, e-Source projected a professional, established, credible image. E-Source is now a highly successful player in this market.

Tip #5: Do work with professionals. Don't choose the wrong professional for your specific needs.

Ad agencies specialize in advertising, p/r firms specialize in p/r, and graphic designers specialize in graphic design. Before you engage a marketing communications resource, be sure you know where and how prospects are most likely to be receptive to your messages. (See Tip #1.)

Example: A start-up company in the ISO 9000 software space worked with a graphic design firm to create a handsome ad for the trade press. The ad pulled zero response, primarily because the graphic design firm put more emphasis on an elegant design than on communicating the message. This is a common mistake - of thinking "we need an ad, so let's hire a designer." Later, the company brought us in to help them figure out who they should talk to, what they should say, and where to say it, in order to elicit the desired reaction. With better direction, the graphic design firm came up with a brilliant ad that exceeded expectations for response, and even won the Quality Magazine Readers' Choice award that year. But the company would have been better off to start with a strategy that put an advertising program in context with other available tactics - for example, a special event, a direct mail program, or trade show presence.

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