Marketing your $1,000,000 business – Reach
In the previous session of Lionsworld Weekly, we touched on starting a business and how it is actually easier than we think if we remember to do from what we have and have the consumer at heart.
Becoming an entrepreneur is not just about getting your business started. After your business has started, you need to start thinking about how to market your product and ensure the longevity of your business by increasing sales revenue.
Immediately, when it comes to marketing, everyone will think about the marketing mix, something that is taught widely in marketing courses. However, what we want to touch on today are the 4Rs of marketing, something which the lecturers in school do not cover. The 4Rs are an additional set of marketing tools that will help you to push forth your marketing and track the statistical results of your marketing efforts.
The 4Rs are: Reach, Read, Response and Result.
The first R: Reach
The core of marketing is to increase the sales of your business. In order to increase the amount of sales for your company, you will first need to reach as many potential customers as possible. When more people know about your product or service, you will then have a higher chance to increase your sales.
The first R of the 4Rs is Reach. Reach is basically the act of notifying potential customers of the existence of your business. Reach allows customers to know about your brand. The more reach you do, the more people know about your brand, the higher your chances of making sales for your business.
It is important to engage in reach for your business. To put this into perspective, imagine that you are now the owner of a very delicious curry chicken shop. You spent a lot of time and effort in creating the best curry recipe in Singapore. However, nobody knows that your shop offers this delicious curry chicken. This means that no matter how delicious your curry chicken is, there will be no customers coming in to try it because nobody is aware of the existence of your curry chicken. It will not help your brand if you continue to stay in the kitchen to continue developing your curry recipe. Instead, your business will need to reach out to customers and let them know about your curry chicken in order for them to find out that your curry chicken exists and walk into your shop to try it. This is why our first R, reach is important. We need to market our product by reaching out to as many people as possible to tell them about our delicious curry chicken. That is the only way for our curry to become well-known. Regardless of how delicious your curry is, without customers, it will not be able to succeed.
How to do Reach?
Reach is about telling people that you exist. In doing reach, you have to engage in all possible platforms and means to tell people about your business.
Reach is not a new concept. In fact, even during our grandparents’ time, reach was already used by them to market their business.
In the past, without the internet and social media, our grandparents had to spread word about their business by word of mouth. Whenever customers walked into their shop, it was the norm to encourage customers to recommend their business to their friends and family members. Businesses would try their hardest to build relationships with their customers so that their customers would help to recommend them to others and help them to build their customer base.
Businesses would even go to the extent of name card management. The purpose of having a name card was to keep giving it out and hoping that it will be remembered in times of need or passed on to others as a recommendation later on. The name cards acted as reach for businesses to spread word about their services and products.
Reach is really not a new concept. The act of reaching out to our customers has always been in use and is very much still relevant in keeping our businesses thriving today.
The easiest way of doing reach in today’s context is through the use of social media. Posting updates on social media is now one of the most widely used ways to keep your customers and potential customers updated about your business. When people see your posts, they remember your business. When people like and share your posts, they are also essentially helping you to spread word about your business to their friends and family members. They are helping you to perform reach, much like the word of mouth used in the past.
Doing reach is something that needs to be worked on everyday. Being able to do a simple reach for your business everyday will help your business in the long run. Imagine being able to reach 1 new customer a day. It may not seem much, but at the end of a year, you will have 365 new customers in your customer base.
How to create Reach in 2021?
Reach can be done in many ways. Newspaper advertisements, advertisements on public transportation are also still valid ways to reach out to your customers. In short, any action that helps you to reach out to more potential customers can be considered as a form of reach.
Regardless of 1950 or 2021, word of mouth continues to be the most effective form of reach. In order to create word of mouth, there needs to be a talking point about your business. Without creating a talking point there is no reason for others to spread word about your business. There are a few ways to create talking points for your business which we will look into in detail.
Giving out freebies
The most straight-forward way to creating a talking point for your business is to give out free items or to run promotions. For example, if you are running a curry chicken shop, you can give out free fried eggs to your customers. The free gift will be your advertising cost to promote your business and give your customers a reason to spread word about your shop. It will help you to reach out to more customers.
Another important aspect to creating a talking point is through your shop design.
In Singapore, many shops adhere to a conservative shop design that does not help them to stand out. Instead of following the norm, you should ensure that your shop design will be unique. Uniqueness in this case does not mean expensive decor, it means playing with colors and helping your shop to stand out with bold and fun colors.
Allowing your shop to stand out will help customers to remember you and also helps to create a talking point. Being unique means that it will give customers a reason to tell others and to share about how your shop is different from your competitors. Thus, your shop design becomes a talking point for your customers to spread word of mouth.
Besides having a unique shop, the staff in the shop are also important in helping your business to create a talking point. Do not underestimate the importance of staff training. Essentially, your staff represents your business. Training your staff is important to leave a good impression on your clients and allow them to remember you for future business opportunities.
Besides the behaviour of your staff, it is also important to ensure that the image of your staff members are kept up to standards. Maintaining the image of your staff does not need to be expensive. Simply implementing a staff uniform and setting rules on hairstyles and outlook will help your business to establish an image and eyeball catching point to help your customers and clients to remember you.
Lastly, remember to build up good relationships with your customers. This can be done in various ways.
By giving out freebies, this is a way to reach out to your customers and help them to remember your business. It is also an opportunity for your business to strike a conversation with the customers. Through conversations, it will help you to build relationships with your customers and relationships will help to go a long way in retaining customer loyalty.
Starting a business is easy, but maintaining a business will take a lot of time and effort to engage in marketing. Doing marketing is not just about spending large sums of money on marketing campaigns, but also knowing the purpose of marketing and the goals that you have set for your business.
It is important to keep in mind that marketing is all about reach: Reaching out to all your potential clients. Only when you reach out to them will they be able to learn about your business and potentially patronise it.
Doing reach is something that needs to be done daily. Every aspect of your business can be a potential reach mechanism to attract customers and let them know that your business exists.It does not need to be expensive. Something as simple as how your shop interior looks and how your staff behave also operate as a form of reach to reach out to your customers.
Only when you have reached out to your customers will you be able to do business.