Oftentimes, entrepreneurs in highly competitive industries develop tunnel-vision, paying more attention to the product or service their company provide and how they can build it/sell it better than the competition, overlooking other areas of the company which might give them the competitive edge they need to beat the odds during tough times. For instance, in a service business, you may focus your efforts on everything involving process (hiring freelancers, project managers, training, information systems, etc). Yes, you may be neglecting to implement extraordinary financial systems, sales, marketing, and human resources management.
If you and your competitors claim to offer the best gadget, how can yours stand out from the crowd? The difference may just be related to how you run your business: human resources (the caliber of people you hire and how you compensate them); finance (how you control costs, manage cash flow and, thus, are able to offer creative pricing structures); sales (excellent pre- and post-sales customer service, unending follow-up on leads); or it can be related to marketing and advertising strategies.
Regarding the latter, many small businesses have a slim budget for marketing. Thus, entrepreneurs must figure out how to increase profits without large investments, large sales teams, and without re-inventing the wheel. In other words, how can you put your marketing efforts on ‘autopilot mode’ so that your message will reach potential clients whether you are away or in the office?
Food for thought: Print advertising (think trade associations as opposed to newspapers, for a more targeted approach), internet advertising (free list your website on search engines, and study thoroughly all pay-per-click options before jumping in with both feet), radio and TV coverage (guest appearances, community events provide free publicity), trade shows (participate or attend them, depending on your budget), direct mail (yes, it can be done economically!), telemarketing, networking (a personal favorite way to generate new business), public relations (again, it can be done on a very limited budget), and of course, word of mouth.
Any option (or a combination of them) will work for generating leads and keep you ahead of the competition. So... what are you waiting for?
(adapted from "Marketing and Advertising for Small Businesses", Denise Russell, ©2008)