Expanding Your Small Business
MoneyWatch for May 2007
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As a small business owner, you are often looking for opportunities to expand. The process, however, can be time consuming. Therefore, you want to pick the best methods of attracting customers, and the ones that will give you the best return on your investment.
Constant marketing is a key component in expanding your business. Marketing involves anything that communicates awareness of products or services. Creating a balanced advertising portfolio that will reach your entire target audience is crucial. When deciding how and where to market your business, be aware of the following:
Know your competition: Take the time to learn as much as you can about competitors. Collect brochures and obtain copies of their advertising so that you can decide where to position yourself.
Market your specialty: Know your competitive advantage, what makes your offerings unique.
Know your customers: Learn from past and current customers. Steady feedback is important, especially since tastes and preferences change so often.
Networking is one aspect of marketing that is critical to successfully running a small business. There is a number of networking groups in almost every city, each with its own unique characteristics. Find the ones that cater to your industry and attend as many functions as possible. Also, look into joining your area Chamber of Commerce and meet other business owners in your area. Joining these types of groups are generally inexpensive and prove to be extremely beneficial.
Cleveland Events
eMarketing for Entrepreneurs
Keynote speaker John Jantsch has been called one of the World’s Most Practical Small Businesses Experts and he will be at Corporate College East on May 4, 2007. Call 216-987-3075 for more information or click on the above link.
COSE: Events in May
Learn about up and coming events for small business owners.
Cleveland Networking Groups
BNI- Business Network International
BNI has a Chapter in Cleveland and is unique in allowing only one member from each profession to join. This concept is based on the idea that “what goes around, comes around.”
Cleveland Professional 20/30 Club
A non-profit organization intended for Young Professionals and is a great way of meeting new people and creating contacts for future business.
SME- Sales and Marketing Executives
This networking group holds monthly seminars with various topics of discussion. You don’t have to be a member and therefore can attend the ones that interest you most.
CPG - Cleveland Professionals Group
This is the only organization in Northeast Ohio that focuses on the marketing of professional services, and is exclusive to people who provide service.
Resources
OSU Small Business Series: Understanding Marketing
OSU Small Business Series: Finding Customers
Small Business Growth Decisions
About: Ten Powerful Marketing Tips for the Small Business
SBA: Expand Your Business with Programs and Services
RSVP: Senior Volunteers for New Businesses
Small Business Marketing Trends: Blogs
Duct Tape Marketing: Small Business Podcast
Support for MoneyWatch is made possible by Charter One Foundation.
Research assistance for MoneyWatch is from Cleveland State University Nance College of Business Administration. Information on the Nance MBD program is available here.
