Category: Small Business

Rooting for the small market team, then it all comes crashing to a halt

Has this ever happened to you? I’m listening to my favorite sports radio talk show and the host is doing a live broadcast on location for a local small business. Because of what I do, I paid close attention for the few minutes I had in the car and found myself rooting for the business to do a good job. Alas, my heart hurts because of what happened in the end…I’ll come back to that in a moment.

But first, we all know how these work. The host announces throughout the broadcast that s/he is live at said business and inviting listeners to come for a visit. The business may have a special deal for those who come by that day. The sheer logistics and planning involved to try and make the most of a sales boost for that given day are immense. From inventory, staff training, local signage, point-of-sale, and the list goes on, these events can and should represent a culmination of a great deal of effort and strategic planning based on the specific goals for the business and how the broadcast fits in the overall marketing mix and budget for the year. Done well, and there’s sure to be some material boost in sales for the day of the radio broadcast event. However, that is hardly going to be enough to really make all of the other resources, heart, sweat, and tears worth it.

Where the real value lies is in the experience and long-lasting impression the event provides for not only those who did go out of their way to visit, but, perhaps most importantly, the message that can stick with the audience to come back time and time again in the future. This is why, usually at the end of the show, the host will speak with the business owner or store manager for a quick interview to give the business a chance to have some dedicated airtime to really drive it all home/land the plane/whatever analogy you wish.

Every other mention or air time the business receives up to this point is fairly formulaic and is sprinkled in during lead-ins to a segment or a final quick bite before a commercial break, but now the lights are on and it’s time to shine. Because the radio host is a pro, he begins the conversation with THE question: “Well, *Jim*, thanks so much for having us out here at (Jim’s store) and for taking such good care of us. Why don’t you tell our listeners today why they should come see you, what really sets you apart and makes you different?”

I know, I couldn’t believe it either. I hadn’t ever heard a host tee up the million dollar question so perfectlydirectly, and exactly for his sponsor of the day – who no doubt paid a decent sum in cash on top of all of the other costs leading up to this point. I’m on the edge of my driver’s seat eagerly awaiting the response that I’m sure will be expertly delivered because *Jim* doesn’t even have to give it in a roundabout way. The host could not have framed it any better. The response, sadly, went as follows: “Uh, um, well, we’ve been in business for 20 years, and er, uh, you can find us on all the social media apps and delivery service apps that are out there, and ummm, yeah our recipes are on point and…”

Bonk. Graciously, the host jumps in and bails Jim out by adding that, “right, and your (named a specific, unique, specialty item) are FANTASTIC and unlike ANYTHING else I’ve EVER had, plus you have the standard things folks love when they’re looking for….” To say nothing about the sloppy execution of the message itself – not everyone is or has to be a practiced public speaker, hey, I’ll even give people a pass for talking into a radio microphone as that can be intimidating, but no matter how nervous or polished, the answer was comprised ENTIRELY of things that could have applied to practically EVERY SINGLE COMPETITOR in Jim’s space.

Not one single thing was truly unique or a differentiator. The closest thing to it was providing his opinion about his “on point recipes”. In a crowded and competitive market, it is absolutely crucial that your business has its Unique Selling Proposition (USP) dialed in and emblazoned across the hearts and minds of every single person in the organization. Each employee has to know the 15-second elevator pitch, especially in small businesses where everyone can truly feel the material impact they can have on the overall success with even the basics in order. If you don’t have your USP air-tight and evangelized throughout your company, make it a priority this week to craft that message so the next time your brand is discussed by anyone associated with your company – whether at a casual outing or in front of a microphone – they’ll be able to deliver a message that makes your business memorable well beyond any one-time promotion or broadcast.

Kick Start Your Marketing

Today I’d like to teach you about the three most important start up marketing tools you need to get and keep new customers.

  1. In person: It’s essential you meet with customers/clients in person whenever possible. This shows you respect them and take the time to work with your clients to give personal attention to each of them.
  2. Follow up letter: Always take a moment to send a follow up letter about what you talked about, new agreements or partnerships made and to thank them for taking the time to meet with you. Likewise, you should always send thank you letters or small gifts to partners you find success with.
  3. Phone call: Use a telephone call to follow up with them to talk again about the matters you talked about in your meeting and offer any assistance you can to help their business run smoothly and more successfully.

None of these will work if you don’t have a quality product/service to back you up!

Here are the key steps for putting together your start-up marketing tools:

  1. Research potential customers, buyers, competitors and their preferred methods of distribution.
  2. Talk to potential customers. Take a hard look at your product from a customer’s perspective and see what it needs to be successful.
  3. Follow up with your 3-step process from above.
  4. Develop systems for contact follow through, quality control standards and customer service.
  5. Develop post-sale follow up system to keep lines of communication open is customers and build on your current relationship which increases future purchases.

“Marketing and innovation produce results; all the rest are costs” Peter Drucker, management consultant

Here’s another one I love from an icon:

“If there is any one secret of success, it lies in the ability to get the other person’s point of view and see things from that person’s angle as well as from your own.” Henry Ford, Founder of Ford Motor Company

This lesson has offered you the tools to put together a start-up marketing plan that can be used over and over again to help your customer base and business grow in a manageable way.

Stop Wasting Your Resources!

Today you’re going to learn how to find a target market of potential customers so you aren’t wasting precious resources on blitz marketing. So, the two questions you have to ask yourself are:
  • What do people really want to buy from me?
  • What related products are they already buying?
Once you figure this out you will know who is more predisposed to purchase your products/services. Then, you find other businesses with the same customer base who you can customer share with. Come up with an incentive and great arrangement to encourage both of your customer bases to shop at both of your stores. The basic concept is this: You want to find existing businesses who have the customer profile that you are looking for to market your products/services to. Then strike up a relationship with those business owners to work out an incentive for customers to purchase from both businesses. As a result, you have an audience to market to and they generate an added value from their current base. So, how do you figure this out? There is a great formula from Jay Abraham you can follow with great success. LV = (P x F) x N – MC Here’s what it all means:
  • LV is the life time value of a customer
  • P is the average profit margin from each sale
  • F is the number of times a customer buys each year
  • N is the number of years customers stay with you
  • MC is the marketing cost per customer (total costs/number of customers)
Once you know how much you need to spend to attract a new customer, you will know how much of an incentive you can offer to a business to help attract new customers. So, here’s your step-by-step process:
  1. Find companies who already have the customer base you are looking for.
  2. Negotiate an incentive for them to share that customer base with you.
  3. Focus your marketing resources to this group of predisposed customers.
If you need help working through this process, please contact us and we’ll set you up with the most comprehensive system of marketing tools and resources.

Educate Your Customers

Educate them about what, you may be thinking. Well, consider this, many businesses focus solely on attracting new customers, but you NEED to spend a good chunk of your time retaining current and former customers. These are people you already know to be a good sales potential…they’ve already bought from you!

Take the time to market and sell new products to your old customers and less time trying to sell old products to new customers and you will see a drastic change in your sales, customer quality and branding position.

Here are a couple of key elements to use to retain your current customers:

  1. Stay in contact: This means by phone, email, e-newsletter, in person-by pigeon if you have too!
  2. Post-Purchase Assurance: This means you need to follow up with customers. Your customers need to feel like they are being supported for their purchase and with the item they purchased. How many times have you purchased a product, then felt completely abandoned? Something as simple as a Thank You note with your contact or customer service information can go along way in retaining a great customer.
  3. Deals & Guarantees: Always offer your current customers the best deals and guarantees you have. Show them you appreciate their business or even come up with a club specifically to reward loyal customers. You can also do this with a preferred pricing option.
  4. Integrity: Using good business practices and simply upholding integrity, dignity and honesty go along way with customers. Let’s face it, there’s a lot of swindling and crap out there and the safer and more confident you make your customers feel, the more they will trust you and that makes for an amazingly supportive and loyal customer.

There are three cornerstone ideas to a successful business:

  • Quality product/service
  • Offering useful products/services that solve a problem for or enhance the life of a customer
  • Offer subjects your customers find interesting

Use this approach of educating your customers and offering them real information and insight and you will be rewarded with loyalty and success.

Stop wasting all your time on new prospects while your current customers fall by the wayside!

As Jay Abraham says, “Your best prospects are your existing customers. If you’ve been putting all your marketing efforts into acquiring new customers, stop and diverts some of your resources into reselling, upselling, cross-selling to those same customers. In every ways possible – through package inserts, regular mailings, special offers – stay in touch with those customers and get them used to buying from you.”

So, there it is! Remember, we can help you put together the resources and tools to do exactly that. We can help you educate your customers and you can watch the benefits pay offer many-fold.

Lessons I Learned from Paris Hilton

Today we’ll talk about shameless self-promotion. That’s right, I said it! Shameless! After all, we are learning from Paris Hilton here.

It’s all about self-promotion! Self-promotion comes in many forms and you can use different tactics to get your name out there. Look at politicians! Talk about self-promotion and in some not so discreet ways, at that. But, seriously, consider some of the major superstars we all know. Madonna, Donald Trump, Howard Stern and Bill Clinton, just to name a few.

We all self promote. Did you raise your hand in class to show the teacher you knew the answer? Of course! That’s self-promotion. This is the kind of self-promotion we are talking about. With dignity, class and the knowledge to back it up. If you self-promote only to prove you don’t really know what you’re talking about, you’re going to lose business.

Natural self-promoters are the former and I want to tell you about the three major traits they have and use to build themselves and their businesses.

  1. The first is position. You need to position yourself around people who can make a difference in your life. You need to do this frequently. You need to wake up every morning and ask yourself “Who can I meet today who will make a difference in my success?” In fact, go a step further, write it in big, bold letters and tape it on your bathroom mirror.

Also consider:

Who can help me meet my goals?

Is it a prospective customer/client? A colleague with contacts? An association with key members who may become prospects?

Don’t settle into interacting with the people who are the easiest to access. You need to reach outside your comfort zone and there you will find a wealth of new connections that will bring you great success.

  1. Now, let’s talk about Style. No, this doesn’t mean you need an Armani suit to bring in more business (though, let’s be honest-it wouldn’t hurt) ☺ What this really means is how are you different from your competitors and others in your industry. What makes you memorable with customers?

If you are meeting a lot of people and they don’t remember you once you leave the room, you have a serious problem! This means you have an opportunity to present yourself in a more memorable way.

There are lots of little subtle changes you can make. Reassess your:

  • Business cards
  • Company message
  • Your picture
  • Your wording

Maybe even, your hairstyle (of course, now we’re back to the expensive suit, but it really works!)

You get the idea. There are lots of little ways you can work on making your image and business more successful. Also, consider how you sound on the phone and how you great people at meetings or other events. Think about your 30-sec elevator speech.

  1. The third trait of natural promoters is repetition. You can’t say it once and leave it at that. Successful self-promoters say it as many times as they need until they get a response. Would you remember a commercial for Coca-Cola if you only saw it once, no! You see it over and over and eventually you head out to the store.

You, also, have to make multiple impressions on those you are networking with in order to build brand awareness. Repetition is in direct connection with positioning. Once you find people to network with, reach out and find hundreds more who can help in your success as well.