2010 does not occur for me as the year of “business as usual”. I’m seeing innovation, either by choice or circumstance in the way people communicate, engage, market, and purchase. Social Media has played a big part in the “relationship selling” model. Michigan is an example of the movement to “buy local” thanks to businesses like BuyMichiganNow.com, MichiganMall.com, etc. I’ve also listened in on a few debates about supporting local businesses or global businesses with your dollars. I think the best answer there is that we need a balance of both to be a thriving economy.
Lately I’ve been having conversations with local professionals in various industries, regarding their challenges around marketing. Here are the top 5 responses:
1) Time:
Trying to pace yourself, and get it all done. Burning the candle at both ends is common.
Spending time on marketing takes away from client service.
2) Money:
When you are in the start-up phase of a new business or practice, every dollar counts. It can be a challenge having enough financial resources to put into the business while also feeding your families.
Even experienced professionals encounter the money challenge in today’s economy. What used to work doesn’t seem to work anymore (ads, waiting for the phone to ring). It’s difficult pouring money into something when you don’t know what results you are going to get. There are websites for professionals that claim to have so many visitors a day and imply or promise that if you pay to be on their site, you’ll get business. It can be a “black hole” or money pit with no guarantee of return.
3) Finding a target market or demographic to serve and then creating an effective marketing message that addresses their needs.
4) For financial advisors, the biggest challenge is compliance. They aren’t able to use a lot of the social media tools the way other professionals can, and anytime they write something it has to be approved by compliance which often makes it outdated by the time that happens. Otherwise, they have to use the “vanilla industry approved” content which is very generic and not likely to be read.
5) Not knowing what to do next. They know what’s not working, but they are not sure what to do differently.
Can you relate to any of these issues? Have you found a way to overcome them? I’d love to hear your thoughts about challenges and successes. Have you found a unique niche to serve? Do you have a clear brand that distinguishes you from others in your field or industry? Tune in next week to read some ideas of how to overcome these marketing challenges. Thanks for reading and commenting!
