1. First is a decision about time or money
2. Second is about what you want to achieve – for some companies, it’s about building awareness, but for most it’s about generating enquiries.  For the purposes of this article, I’m going to assume you want more leads (and sales), so we’re looking at direct-response marketing (marketing that generates a response).

If you have time and little money, pick from the following:

• Targeted networking
• Up-selling to existing customers
• Incentivising referrals
• Exhibitions / Events
• Social Media
• E-newsletters (targeted)
• Posters and Flyers
• Increase your prices (where the market allows)
• Incentivise repeat purchases

If you have money and no time, these methods might suit you better:

• Training staff in up-selling to existing customers
• Incentivising referrals from existing customers
• Highly targeted telemarketing
• Appointment setting services
• Search Engine Optimisation and Adwords
• Postal mailings

Fundamentally, every marketing method works…to a greater or lesser extent.  But you must action that method consistently. Try any method for at least 90 days and monitor the results before you swap and change things – you have to give them a chance to work.

We always suggest that customers have at least four or five marketing methods working for them at any one time.  This can even out the peaks and troughs in a business and ensure a stable forward-order book.  So choose a few and monitor them all.

They will all work for you (to a greater or lesser extent).  But if you want to know which will really work for your specific business, that’s when you need to take advice.  And that’s the value added by consultants.  They can save you time and work and make you more money more quickly, but you have to pay for that expertise; as in any industry.  The choice, as always is yours, but hopefully the post gives you a starting point.

As usual, your comments and feedback are welcome.  I’m sure there are methods I’ve missed, so please send in your own experiences and give others the benefit of your knowledge.

But, do you know who’s recommending you?  If you aren’t measuring where your customers are coming from, you can’t be sure – and you can’t thank the person doing the recommending.

Do you think that if someone recommending your company received a ‘thank you’ from you, they might recommend you again?

Could you also perhaps incentivise people to recommend your company, providing they are happy to do so?

This is how business has been done from the very beginning – if you are looking for a plumber, you’re likely to ask your friends who they know, rather than call someone cold (and risk them letting you down).  If they know they’ve been recommended, they’re likely to do an even better job, as they don’t want to let two people down.

If you could increase you referrals by just 10% in 2010, what difference would that make to your business – and profit margin?