Big city marketing on a suburban budget: Part 2

Part 2 of 3: Simple ways to build Brand Capital

I feel kind of toolish doing this 1 of 3, 2 of 3 stuff, but seriously it was the only way to get all this down and keep it even remotely readable and scroll-friendly. So I apologize. Here we go.

There are a million ways to build Brand Capital for your product or service. Even the smallest, most innocuous details add value and often, those are the details that your consumers will remember most. Here are some simple ways to build (and spend) Brand Capital and increase ROI on your marketing initiatives:

Like my example in the last post, let’s say that you are introducing a new product or service and you want to do something to help spread the word and get people interested. So maybe you start a contest or sweepstakes. You put it on your web site and have people enter with their email address. It works and a lot of people hear about your brand and enter your contest. You’ve just earned Brand Capital in the form of an email list. Now it’s time to reinvest.

Once the contest is over, you need to initiate regular communications with your customers. And don’t wait too long; you want to get them while your brand is still fresh in their mind. Send them a newsletter or special offers or news on new product/service launches. Send them e-cards on their birthday. Any decent web designer can toss together a good looking email template that will be easy for an HTML novice to update. Plus, doing email blasts are super cheap.

If email isn’t your cup of tea, or not relevant to your marketplace (although that excuse is dwindling quickly), traditional direct mail also works. Local businesses in particular can use direct mail fairly cheaply and effectively. And if you go to a digital printer, you can even customize your marketing materials with the names of your customers.

Remember though that direct mail is most effective and most easily trackable when it’s focused on a particular segment and particular marketing goals. No sense in doing something if there’s no way to tell how successful you’ll be. So stay focused with your audience and your message. Especially if you’re a small business, the cost of doing direct mail can get out of hand very quickly if you’re not careful.

Also remember that it’s better to build and own the mailing list yourself. That’s where the capital really is, not in the marketing message that you’re sending. You can advertise in a pennysaver or coupon book that gets mailed to targeted segments of the population, and send the exact same message that you would with a direct mail piece that you built and sent yourself.

But that alone won’t build the capital you need because once your ad stops running, the vast majority of people on that mailing list will lose interest in you. On the other hand, if you wanted to use the direct mail coupon book to get your name out to a larger consumer base but had a plan in place to then capture those people for your own mailing list (for example, taking their information when they call, purchase or visit your web site depending on what the call to action of the advertising is).

Communicate with your customers often and personally. Or at least in a way that feels personal to them. Pay attention to the details and make them feel special. Your customers, whether B2B or B2C are very savvy. They know an ineffectual form letter when they see one. So treat them better than that. Send them cards; follow up with phone calls (if appropriate); if their purchasing patterns drop off, send then special offers and incentives asking them to come back; if they start purchasing more of your product, reward them with special offer and incentives.

Also remember that just because you think of yourself as a small business, your customers may not. In all your communications, try to act like a big business. Think, “What would Apple do?” before sending anything out. A few years ago, my wife and I ran a very small (microscopic, really) business selling collectible toys and action figures on eBay. We were a very small fish but we still put together a logo and a web site and email templates and cool looking auction templates and a creative way to package people’s purchases before we sent them out. We got great feedback and several repeat customers. There were a few people that we traded emails with for a more extended period of time as we considered trying to expand the business… And until we let them in on the secret, they had no idea that it was just two of us having fun with a side project in our spare time. There’s no reason to act small when you’re trying to make a lasting impression.

The bottom line is that the more that you communicate with customers and potential customers, the BETTER you communicate with them and the more of your Brand Capital that you reinvest in them, the more happy customers you’ll have. And the more they’ll reward you by sharing your brand with their friends and family.

Similar to what I was saying about communication, more formal loyalty programs are also a great way to build brand capital. Not only will it encourage existing customers to remain your customers, but it will also add value that will encourage them to share your brand with others and give you a mechanism to more closely track the purchase behavior of your existing customers. Learnings that will help you market to them in the future.

The idea of building capital also works in your B2B relationships. Earn favors that you can cash in later to benefit your marketing programs. Think and plan for the future: build relationships with companies that you’ll need when your company reaches the next plateau in its growth cycle. That way, when you get there you’ll have a plan and vendors locked and loaded and you won’t lose momentum because of slow reaction time.

Talk as often as possible with the trade and consumer media most relevant to your category, even if you don’t have anything extremely exciting to share with them. But let them know what you’re doing and keep up to date with their editorial calendars. A good relationship with the media means that you may be called as an expert if an appropriate story comes up. It also means that when you do have exciting news to share, you’ve already got established contacts to pitch to.

Nothing I’ve discussed here is difficult to execute, nothing is particularly expensive… But your small business can definitely learn to communicate like a big business. And in the process, you’ll sell more, have happier, more loyal customers and activate some great buzz for your brand via word of mouth referrals. Not bad!

In the final part of this trilogy, I’ll go into how this whole bit about building Brand Capital can fit nicely into your integrated marketing communications plan.