You could use a few new leads. But if it's starting to feel like you’re going to the same well over and over again and it’s running dry, you may need to mix things up a bit to achieving the small business growth you want.
Fear not! The four P’s — product, price, promotion and place — are here to help. And you have the power to adjust any or all of them to get things moving again.
What could you do to reposition or repurpose your core product? When you’re looking at product, think objectively. You may love your current product but would a new variation resonate better with prospects? For example, if your business is built around selling landscape photos to offices, what about placing those photos on postcards, mugs, or puzzles, too? Or what if you tried a subscription program where businesses pay a monthly fee and photos are swapped monthly?
Variations including add-ons and bundles, can help you meet new customers’ needs. How do you know what to try? Ask. Find out what prospects really want. You may even discover that what you see as your product’s benefit isn’t what they think it is.
How did you set your current price? I If you provide a service, your price may simply be what it takes to make ends meet. If you manufacture products, your price may be the sum of raw material, labor, and marketing, plus a 100% markup.
Consider this: what makes a Rolex worth $35,000? Is there $35,000 worth of labor and materials in it or even $17,500? Or is it the price tag that’s sending a clear message: Luxury. Success.
My message with price is simple: if you’re pricing too low, you may be devaluing what you do in the mind of prospects.
How are you getting your product to customers? It may be time to branch out. Say, for example, you create homemade granola for gift baskets. Could you distribute to caterers, too? Specialty food stores? Maybe even outdoor recreation stores, campgrounds, coffee shops, restaurants, or Etsy?
Adding a new distribution channel can be a great way to get your product in front of potential customers that you were missing. What if people weren’t buying your product because they didn’t know it was there?
Your product needs a great message that's clearly understood and compelling. But it needs an attention-commanding messenger too.
Maybe you want to work with referrals but no one’s responding. Could you ask for connections instead of leads? You run Google ads but not Instagram? It could be time to test the water. Email is dead, right? Nope —and it’s one of the easiest and cheapest ways to reach an audience that has already given you permission to contact them. And don’t forget direct mail, which can be particularly effective if your competition exclusively uses electronic communications.
Promotion comes in so many forms, from old-school billboards and radio ads to more modern electronic means, and even face-to-face networking, influencers, and PR. If you’re only using one or two methods, you’re barely scratching the surface. Branch out. Test something new. Be creative.
And hit “play” on the video to watch my presentation on the 4P’s of Marketing for Small Business Owners. I discuss each in greater detail and give examples, which could be exactly the inspiration you and your business need!
Entrepreneurs Forever members: brainstorm with ideas for generating new customers with your peer groups and facilitator. The diverse perspectives in each group can help you come up with ideas you’ve never considered before.
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