Running a small business often means you play a jack-of-all-trades. Whether it’s drafting client contracts or taking inventory, it’s likely you have a hand in all aspects of your business.
Marketing is no exception. And knowing how to create an efficient marketing plan for your business can be difficult, especially when you might not be sure how to tie that into the legal and financial aspects of your business. Surprisingly, tight legal and financial systems can enhance your marketing and set you apart in your marketplace. Here’s how:
Keep a track record. You need to keep records of your business’s performance to be able to identify what is working and what isn’t. You can take advantage of user-friendly metrics programs that will do most of the tracking for you, but make sure you are paying attention to what those metrics mean. We can help you to read your metrics and understand how they tie into your financial goals.
Know what marketing techniques your competitors are using. And better yet, find out whether they are successful. This may lead you to discover a way to market your business that is particularly effective in your industry.
Be distinct. This is easier said than done. Building a distinct brand is the best marketing investment you can make. Stand out in your own unique way to catch the attention of prospective clients and customers. Having your legal systems set up with clear boundaries and expectations can actually be a huge differentiator and ensure one measure of distinction is how “on it” you appear compared to your competitors.
Market your business to the right audience. Don’t make the mistake of marketing to the wrong demographic or interest group. Identify who your audience is and tailor every one of your marketing efforts toward that group. This is where most business owners go wrong, either by trying to market to everyone (which you cannot afford), or by not ensuring that your legal agreements, disclaimers, terms of service and privacy policies take into account the audience you are reaching with your marketing.
Get marketing (and sales) literate. Don’t let someone else take over your marketing carte blanche. Know and understand how and why marketing techniques work so you can make educated decisions that tie into your financial objectives. Knowing how to market and sell isn’t enough, you also need to know how your marketing leads into sales, and then ensure your process for collecting payment and getting paid is smooth so you don’t lose the sales you’ve worked so hard and paid so much to line up.
If you need help knowing where to start, begin by sitting down with us. As your Creative Business Lawyer®, we can review your marketing, sales and payment collection systems to ensure they are all congruent and will ensure you not only get customers and clients, but that you get paid and can collect on outstanding invoices with ease. Getting trusted legal guidance from a Creative Business Lawyer® can help you build a strong foundation and fully enjoy the advantages of running a profitable small business.
This article is a service of Hiatt Law LLC. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer a LIFT Start-Up Session™ or a LIFT Audit for an ongoing business, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule.