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Small Business Marketing Predictions for 2012
A new year is right around the corner and I, for one, am looking forward to a great year. Based on feedback from my clients, and my own experience in 2011, it seems that there are some early signs of an uptick in consumer demand for products and services. Here's hoping that's true and that it's something that all of you are benefiting from. I was recently asked by a business reporter and colleague for my small business marketing predictions for 2012 - here they are:
- In 2012 we will see an increase in small business start-ups as those who are currently unemployed, or recently graduated, decide to strike off on their own rather than waiting for jobs to open up. There are great opportunities, I believe, in many areas for entrepreneurs and innovators to offer products and services to a wide range of markets - domestically and abroad.
- Related to this trend, I think there will be an increase in "virtual" businesses - businesses that don't, necessarily, have a "bricks and mortar" presence, but are operated online with resources comprised of people living literally (and virtually!) anywhere.
- And, also related...I think we will see a continuing increase in the contract workforce, people who work for a variety of businesses, rather than just one. It's a flexible option that suits those out of work or newly in the labor force and a great opportunity for both them and the organizations they work with to benefit from varied viewpoints and a broad skill base.
- While we will see an increasingly reliance on social media, I think there will be a greater realization that social media efforts need to be monitored, tracked and analyzed to measure effectiveness. Related to this, I see a declining trend in the use of Twitter and an increasing use of Facebook and LinkedIn. It's too early to predict, I think, whether Google+ will become a major player.
- Although the world is becoming increasingly smaller and we all have access to a myriad of products online, I think there will be an increasing demand/interest among consumers in local products/services and increasing support of small, entrepreneurial businesses.
Of course - I could be wrong! What do YOU think 2012 will hold for small businesses?
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Strategic Planning Myths Debunked!
I was asked recently what I believe the biggest mistake is that businesses make when it comes to strategic planning. My response: not taking the time to plan. Strategic planning doesn't have to be a long, intense or arduous process. It doesn't have to cost a significant amount of money. It doesn't necessarily require paid, outside consultants (although external third-party perspectives can certainly be helpful).
As the name of my own business suggests, I firmly believe in strategy - taking the time to think about what you want to accomplish, who you need to accomplish it through and how to best connect with and compel those people to action.
But, very often, people are afraid of strategic planning and, particularly, afraid of the data gathering part of the process. In fact, I have worked with clients that have simply refused to gather additional data (I've also worked with clients that didn't want to "bog down the process by being too focused on goals"...). There are three common "myths" that I think can hamper the strategic planning process (or even keep it from starting in the first place.
They are:
Myth #1: Data Gathering is Boring and Leads to Paralysis by Analysis
Data gathering helps you be creative! I know the two concepts seem diametrically opposed but if you agree with the idea that the more knowledge you can pull from a broad range of sources, the more you can creatively apply that knowledge to your own situation, you may be able to begin to see the value of the data gathering process. Data gathering does not have to be a long, arduous process. Granted the first time you gather data for a strategic planning process will take a bit longer because you need to identify sources and pull together the information you will need. But, ultimately, you will incorporate the process of gathering this information into your operations so that it constantly informs what you do.
Myth #2: Strategic Planning Takes Forever
It can...but it doesn't have to. I've conducted strategic planning sessions with clients that have ranged anywhere from four hours to four days. A skilled facilitator can help move the process along and help the planning team identify when they have enough information to move forward with a "good enough" process for now -- which brings me to Myth #3.
Myth #3: Having a Plan Hampers Creativity and Flexibility
Your plan is a starting point. No strategic plan, regardless of how well developed, will remain stagnant over time. The environment--internal and external--changes. Information is gathered that can lead to new insights and decisions. A strategic plan should not hinder the development of new ideas outside the scope of the planning process -- but the plan should incorporate ways in which their new ideas can be considered and incorporated (or not), as the plan continues to be measured, monitored and revised.
For more information on strategic planning,visit our blog -- or request our white paper with more than 70 tips on how to make your strategic planning process effective!
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Matching Supply With Demand
I've recently encountered situations with clients in two very diverse industries, with two very different marketing challenges, that were both embarking on major marketing initiatives in the absence of some very important information. They hadn't clearly identified the specific results they were looking for.
They thought they knew. In fact, when I asked them they both provided me with a lengthy explanation of what they were hoping to achieve. The trouble is that what they were hoping to achieve wasn't quantified in any way.
It's not an unusual situation. In fact, most clients I deal with - whether in small or large business environments - generally just want "more." They want more customers, more orders and more revenue. But wanting more isn't enough direction to provide their sales and marketing staff members, or their consultants. The volume of that "more" is going to serve as the foundation for identifying exactly what it is they need to do, and to what degree, to achieve their desired results.
For example, if I operate a small restaurant with a maximum seating capacity on an average Friday night of 320 people and my current average flow is 300 people, my marketing communication activities to increase demand will be quite different than if my average flow is 100 people. Not "doing the math" could either result in not doing enough to attract business, or doing *too much* and, consequently, creating ill will and negative word-of-mouth.
Every business has a maximum capacity that they can meet while maintaining appropriate levels of quality and service. While it may be possible to increase capacity (by hiring additional staff, increasing production, etc.), your marketing communication efforts should always be designed based on your existing capability to serve your target market effectively -- or to ramp up quickly to meet the excess demand you've created. "Promise more, deliver less," is not a good marketing strategy.
It pays to know specifically what results you are looking for.
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