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December 2007 Welcome to our expanded newsletter where we cover more business information that you will find valuable to you and your business. Select the article(s) that you would like to read and click on the link. You’ll be taken there directly. Good reading…. Topics:
The Most Annoying Terms and Phrases in the Workplace Companies claiming to create "synergies" in an effort to develop a "value-added" "paradigm" that leads to new "solutions" may want to be strategic in another way: not going overboard with cliché phrases and industry jargon. According to a recent survey, terms such as these are among the most overused in the workplace. The national poll includes responses from 150 senior executives -- including those from human resources, finance and marketing departments -- with the nation’s 1,000 largest companies. It was conducted by an independent research firm and developed by Accountemps, the world’s first and largest specialized staffing service for temporary accounting, finance and bookkeeping professionals. Executives were asked, "What is the most annoying or overused phrase or buzzword in the workplace today?" Their responses included:
With thanks: Marketing Today™
Marketing Tip of the Month With the above as background, I thought I’d take a look at the lighter side of marketing buzz words and see whether we can make some sense of them. The ones I have chosen are the more extreme examples that (hopefully) will offer you some light relief as we head into the holiday season. You just never know, you may even be using these terms come 2008. So here goes: Algorithm - A mathematical equation that uses a systematic approach to solve a specific problem. Used by certain internet search engines to rank websites and web pages. To see more crazy terms visit BrandNexus If you need help with these (or any other marketing terms), feel free to contact neville@mastermindsolutions.ca. Happy Holidays!!! Click here for over 150 marketing tips.
Top 12 Financial habits of successful businesses
Click here for more finance information
Fixing Organizational Structure Jam-ups Maurice Dutrisac, the Mastermind Solutions Partner responsible for strategic planning and organizational design, contributed two chapters in a newly published book titled "Organization Design, Levels of Work & Human Capability." One of Maurice’s chapters shows how an appliance company was able to grow sales by 33% in 2 years by eliminating jam-ups (also called compression) within its organizational structure. What are organizational structure jam-ups? Jam-ups occur when a manager works in the same organizational layer as his/her subordinates. This is a very inefficient way to run an organization and may also cause conflict between the subordinates and the superior, as the subordinates often feel that they are being too tightly managed. Studies have shown that as much as 35% of positions in organizations have jam-ups with bosses who are at the same level of cognitive ability as their subordinates. This causes tremendous waste and in some cases subordinates become frustrated and leave the organization. Figure 1 is an example of an organizational structure jam up.
The "before" example in Figure 1 shows that there is a jam-up at level 2 of the organizational structure with the Production Superintendent working at the same level in time span ability (or cognitive ability) as the six Supervisors who reported to him. Once the Plant Manager reviewed this chart he realized immediately why some of the Supervisors had become frustrated with the Production Superintendent. In fact, over the past 2 years, two high potential Supervisors with the ability to eventually manage a Plant had left the organization to work with a competitor. Furthermore, the Plant Manager had noticed that the Production Superintendent was often frustrated and anxious with his role and at times, when he gave orders his Supervisors would come up with other ideas and a debate would occur. The Superintendent would say; "Why don’t they do what I ask them to do rather than questioning my orders? I ask them to do something and they come up with 2 or 3 new ideas." The solution as shown in the "after" example in Figure 1 was to eliminate the Production Superintendent role. The Production Superintendent was transferred to a level 2 Quality Supervisor role in a sister plant where his extensive manufacturing process experience could be better utilized. Immediately the Plant Manager was able to see some improvements in communication and execution once he had removed the Superintendent layer that did not add value due to the organizational jam-up. The Plant Manager’s salary budget was reduced and he was able to stretch the Supervisors by giving them more complex tasks. In the above example everyone won. The Plant Manager has a more responsive management structure that can more efficiently implement the continuous improvement and a 20% cost reduction goals that have been mandated by the VP Manufacturing who oversees five plants. The Supervisors are now working at their full potential and the former Production Superintendent is happier in a new quality role where he can work at his full capacity without being anxious or frustrated in leading supervisors who have the same cognitive ability. Most importantly it is the company that is the winner as a result of this organizational structure change. As an exercise you may want to evaluate the capability of your subordinates one and two levels below you to determine if you have any jam-ups in your organizational structure. You may find that having organizational jam-ups is a factor for inefficiencies and a waste of scarce resources in your company. If your company is a manufacturer struggling for profitability under the dramatic rise of the CAD $, then using concepts of organizational design is an effective and low cost method to gain productivity to ensure not only your firm’s survival but your survival as an executive. Canada is a wonderful country but we all have to pay for our heat and hydro in the winter. To learn more about organizational design concepts please click on the November 2007 newsletter in the Mastermind archives to review how to solve organizational gaps. Stay tuned for the January, 2008 Mastermind newsletter to learn how having clearer accountabilities and authorities can help your company become more productive and achieve outstanding growth. Click here for more Organizational Design information
November 2007 Welcome to our expanded newsletter where we cover more business information that you will find valuable to you and your business. Select the article(s) that you would like to read and click on the link. You’ll be taken there directly. Good reading!. Topics:
The digital marketing world - gold mine or minefield? I recently attended the CMA’s 10th Annual Digital Marketing Conference in Toronto which I saw as an opportunity to bring myself up to speed with developments in the digital marketing industry. With an industry that is moving so fast, one always has the impression that one is far behind the latest trends, in the first place, and in the application of such trends in the second place. I challenged myself to try find out where my level of knowledge was, as compared to the rest of the practitioners in the marketing industry. I was pleasantly surprised – not only that I felt I was pretty much up-to-date, but that my feelings of frustration about trying to keep up with the digital wave were ABSOLUTELY typical in the industry. Everyone was struggling – not only from a knowledge and understanding perspective, but from an application perspective as well. The leading consumer marketers, with huge budgets, are leading the way, and the rest of the industry is following as best they can. Testing of the newest concepts is often in the plans of these consumer marketers, with many of them testing the new technology in weird and wonderful ways. It made me think of the fashion industry, where the leading designers create looks and outfits and parade them in front of the fashion world and media, with only a handful of people ever likely to wear such leading-edge outfits. What happens next is that the clothing buyers take the ideas behind this new fashion and adapt the designs to meet the needs of their specific customers. Each buyer has their own take of how and why something will work, and it is that interpretation that hits the popular fashion culture via the retail stores. In marketing, we are no different. Each marketer will take the ideas, tried and tested (or not), and attempt to apply it for their company or their client in the most appropriate manner. Testing and learning along the way, while all the time needing to be mindful of what’s coming down the pipe in new and exciting technologies. One of the most meaningful presentations was from an executive at Ipsos Reid who presented the results of the annual Canadian Digital Marketing Pulse. This research study provides familiarity and usage measures of various digital marketing tactics from the perspective of both marketers and agencies, and the results generally were astonishingly low. For example, traditional Email Marketing was only very familiar to 75% of this group, while only 63% use it always or often. For a marketing tool that has become so second nature to us all, this is quite surprising. Here are a few additional results (Note: these are averaged results and are shown for scale purposes only) of this survey
* Optimize a website so that it allows for you and your customers to communicate and share thoughts and ideas digitally; and enable communication amongst customers in a controlled online environment ** Marketing through existing social networking websites (e.g. Facebook, My Space etc) where the user is aware that the site is sponsored In answer to the question: why are you not allocating more budget to digital marketing, marketers indicated that Lack of knowledge and New/unproven medium/effectiveness were the major reasons. So despite the hype with all the new digital technologies, we have a problem: marketers and agencies are struggling to keep up with exactly what the technologies are all about, and this leads to the challenge of how such technologies can be implemented from a marketing perspective. And as technology itself drives new technology, and the spiral seems to be speeding up, how does the human brain take it all in, in a meaningful way? Here are some other highlights from the conference:
About the Author Article by Neville Pokroy, Principal Mastermind Solutions, Marketing Practice Leader. http://www.mastermindsolutions.ca/team_neville.htm
Marketing Tip Digital marketing is a growing marketing tool. It is not THE ONLY tool companies should use to market their business. Here are some DO’s and DON’T’s that you should follow if you want to optimize your marketing spend: DO….
DON’T
Consider introducing a bonus program for staff based on their productivity. This is an effective way to motivate staff to produce what the business needs and to focus their attention on the issues that will promote management’s needs. Start by ensuring that you have a way of measuring the productivity factors necessary and know what their volatility is. If productivity can be accurately measured, the risk in a business can be effectively managed by introducing a more variable compensation package, so that your costs are lower when there is less work available, even if it costs you more when you are very busy. The cardinal rules for a bonus program are:
Fixing Organizational Gaps for Business Growth What is an organizational gap? A gap occurs when an executive has subordinates who are too short term orientated. This causes the executives to constantly work in the weeds to ensure that the work gets done on a day-to-day basis at the expense of achieving his/her longer-term goals. To understand gaps you must look at the time span required for you to accomplish your longest task.
Figure 1 is an example of an organizational gap at level 3. Prior to this organizational analysis the simple solution may have been to fire the VP Sales. However following the organizational analysis is was evident that the solution was to hire a level 3 capable National Sales Director with the ability to work on tasks with time spans of 1 to 2 years. Like magic, within a few months, this new National Sales Director by chunking down the longer-term goals held by the VP Sales had started to find solutions to growing the sales and assisting the next level 2 capable sales managers to become more effective. This freed the VP Sales to concentrate on longer-term issues such as establishing a key account group under another subordinate (Director Key Accounts) to increase sales to large retail and power chains and to start a financial analysis program to rate dealer accounts for gross margin contributions. As an example, if you are a manufacturer reeling under the 25% rise of the CAD $ during the past year, using concepts of organizational design is an effective way to gain growth in sales and productivity to ensure your survival.
About the Author Article by: Maurice Dutrisac, the Mastermind Solutions Principal, responsible for strategic planning and organizational design contributed two chapters in a newly published book titled “Organization Design, Levels of Work & Human Capability.” One of Maurice’s chapters shows how an appliance company was able to grow sales by 33% in 2 years by eliminating gaps within its organizational structure. Visit: http://www.mastermindsolutions.ca/team_maurice.htm
Welcome to our expanded newsletter where we cover more business information that you will find valuable to you and your business. Select the article(s) that you would like to read and click on the link. You’ll be taken there directly. Good reading…. Topics:
Success tips from the top entrepreneurial companies in Canada Achieving success in business is often a scary proposition, especially when your company is relatively small and still growing. One of the keys to success is maintaining a focus on the basics. This is what some of the most successful CEO’s in Canadian entrepreneurial companies identified as their key success factors:
Marketing Tip of the Month Anyone can dream. But dreams only become a success when they are acted upon. Planning what to do, and then doing it, is the key to success. As the last bullet says: focus, plan, and control. Don’t be afraid to ask for help, especially in the planning phase. That’s when the most important decisions are made, and when outside help can keep you focused on a realistic goal. Outside help can also be used when executing your plan. Having clearly stated goals will enable you to track your progress toward your dream. And remember to engage your team in your dream. If they can relate to your dream, they will play a significant role in its achievement.
Preparation of monthly financial statements Set a standard for the preparation of your monthly financial statements in number of days after the month end and ensure that your financial staff are committed to publishing them on time every month e.g. 10th of the month. This will assist them to keep this as a priority so that you get the information on a timely basis. It also reinforces for the accounting staff that the monthly financial statements are a priority and not something to do when all other priorities have been attended to. Arrange a meeting with all your senior management every month to be held shortly after the financial statements are available. Review the results for unusual or unexpected results and discuss each such item to determine what steps to take in the coming month. Consider both good news and bad news as an opportunity to determine what can be done to repeat the events that gave rise to good news and mitigate the risk of bad news recurring. Having this meeting on a regular and timely basis facilitates management using the financial statements as a springboard to highlight opportunities for action that will enhance the business operations and its profitability. Click here for more finance information
Welcome to our expanded newsletter where we cover more business information that you will find valuable to you and your business. Select the article(s) that you would like to read and click on the link. You’ll be taken there directly. Good reading…. Topics:
The difference between Marketing and Sales Many business people still struggle with the difference between marketing and sales. In reality, the differences are quite significant and unless recognized, could stunt the growth of your business. Recently, I came upon the best definition of marketing and sales I’ve seen in a long time. Most definitions are textbook based, but this one came from a most unlikely source – the writer of a management book who is undoubtedly NOT a marketer. The definition reads as follows: Marketing is the thinking part of selling – deciding what products to sell at what price, with what channels of distribution and how to promote them. It is a planning, positioning function. To understand this concept better, I equate it to live theatre, where the actors are the sales people, and all the back room people (lights, props, makeup, director, producer etc) are the marketers. Without each one of these pieces, the production would not achieve its fullest potential. Of course, there are situations where a few actors may get together in a simple setting, and create a production (can we truly call it that?) themselves. But they can hardly expect to do so and produce a “Phantom of the Opera” or a “Lion King” type production. I’m not saying that every theatre production needs to be on such a grand scale, however almost every production has some of the critical backroom jobs covered. The same applies in business. Yes, there are smaller companies who could (and probably should) do it all themselves. But there comes a time in their growth that they just cannot cope anymore. The demands of the business and the needs of the company, competitors, customers’ etc demand a more organized and sophisticated company. Without it, the company just will not grow, and may not even survive. Marketing Tip Marketers can help to create the environment for survival and growth, when the time is right. Business owners and management need to recognize the need for that before any significant progress can be made. The marketer understands what strategies and tactics can be considered and can put these options in front of management. By having these alternatives available, management is better positioned to make well thought out and sensible decisions, something that is often quite challenging to accomplish. Get a marketer involved with your business. One that thinks strategically. I’m not talking about a copywriter, or a graphic designer, or a website designer, or many of the other tacticians that work in marketing. I’m talking about a marketing strategist that can help to set your company’s wheels firmly on the track to success. Do you think YOU are missing some marketing opportunities? Want to find out? Click here Click here for over 150 marketing tips.
Ratios in financial statements If a banker looks at the ratios in a set of financial statements to determine the health of a business, shouldn’t the management look at the same information? When reviewing your financial statements, regularly consider the critical ratios and the trend in each of them. Some ratios that apply to most businesses are:
Many executives do not do this because they are not sure what the “correct” ratio is for their business. Do not worry about the absolute value – there is no “correct” ratio and the trend is much more important than the comparison to other businesses. The value of ratios is their ability to reflect trends in the business that are not easy to spot without them. If you track your ratios on a periodic (monthly or at least quarterly) basis, you should be able to explain in simple words why a ratio has changed and what you propose to do to manage the situation, for better or worse. For example the days receivables outstanding and days inventory on hand are often very good warnings about cash flow problems and often are the first sign that more analysis and focus is required to ascertain exactly where the problem lies, so that management can develop a plan to solve the problem. Click here for more finance informationWelcome to our expanded newsletter where we cover more business information that you may find valuable to you and your business. We have articles on marketing (as usual), but from now on we will cover topics under finance, strategic planning and organizational design. Select the article(s) that you would like to read and click on the link. You'll be taken there directly. Good reading.... Topics:
When you write an ad for your product –for print, for the web, or for any use --writing the headline is the most important part of the ad you will write. Here's why: 75% of people read the headlines. Only 25% keep on reading. What that means: You need a powerful headline to have someone read and keep reading. How do you do that? Let's look to the experts Here are at some of Joe's headline grabbers! Taken from these experts and more, here are ten basic rules for headline writing. If you follow them, you're likely to write some headlines that will encourage readers to want to know more. Article by: Neil Raphel, Raphel Marketing www.raphelmarkting.com Marketing Tip The rules about headlines can also easily be applied to a range of other marketing tools: your brochure, a direct marketing letter and even a sign. It represents the invitation to the reader to “read on” or “get more engaged”. Think of communication as a maze: unless you guide the reader down the correct paths with further directions, the reader could end up in the wrong place. That’s why Joe Sugarman’s theory (above) is so relevant – the headline is just the starting point, leading you to the sub headline and the rest of the copy. Apply this theory in all your communications and you’ll find your way successfully through the maze and directly to the “pot of gold at the end of the rainbow”.
Gaps and Compressions – we’re not talking teeth; we’re talking business growth Maurice Dutrisac the Mastermind Solutions Principal responsible for strategic planning and organizational design contributed two chapters in a newly published book titled “Organization Design, Levels of Work & Human Capability.” One of Maurice’s chapters shows how an appliance company was able to grow sales by 33% in 2 years by eliminating gaps and compressions within its organizational structure. An example of a gap is when a VP does not have direct reports that can support his/her longer time objectives. This causes the VP to constantly work in the trenches to ensure that the work gets done on a day-to-day basis at the expense of achieving longer-term goals. Compressions are caused when you have two or more managers working in the same management layer with the higher-level manager not being able to add value to his or her subordinate. Often the subordinate gets frustrated with his/her superior and resigns.
In order to stay on top of the changes in your business on a timely basis your Controller, (or Accounting Manger or other person with similar responsibilities) should prepare a snapshot of month-to-date information for the Key Performance Indicators that are available for your business. This should not take more than an hour, at most, to prepare, once the format is set. I find that the most appropriate frequency is to prepare this every Monday for the week just completed plus on the first day after a month-end so that you have a clear indication of the status of the key areas of the business. Each business will select different indicators to include in the snapshot. Some ideas to get you started:
Of course, there are many more depending on the nature of your business and the nature of your tracking systems.
Welcome to our expanded newsletter where we cover more business information that you may find valuable to you and your business. We have articles on marketing (as usual), but from now on we will cover topics under finance, strategic planning and organizational design. Select the article(s) that you would like to read and click on the link. You'll be taken there directly. Good reading.... Topics:
People often ask me where I get the ideas to write a biz-tip every day. I use a simple system that works for many of the best idea people in business. I make it a habit to browse the new non-fiction and business sections of every bookstore I see. I also drop by libraries when possible and browse the new book and business sections. The publishing industry says most people only read to page 17. If you want to know what an author has to say, skim through those first 17 pages. Then look for phrases in bold and bulleted lists scattered throughout the book. Most business books are formatted this way so hurried readers can quickly find the major ideas. I don't just steal ideas. I read a point, chew on it for a bit, connect it with my own experience, and come up with a fresh angle. Try this system. Pick up magazines, newspapers, and books whenever you can and skim through them. Connect their advice with your own experience and things you've read elsewhere. You will be amazed how fast new ideas and strategies sprout and grow. (Article by Kevin Nunley http://DrNunley.com) Marketing Tip: Have you ever been woken up in the middle of the night by an amazing idea? Then fallen back to sleep, and upon waking up in the morning you can’t remember the idea? The obvious solution is to keep a pen and paper beside the bed and to force yourself to write down a few words in the middle of the night when the idea hits. That way, at least you’ll have the idea documented and you can complete the thought when you get up in the morning. In addition, keep an "ideas" file, and jot down ideas whenever they come to you. Visit the file monthly and see what you can realistically use. You’ll be amazed by the kinds of ideas you have come up with. Creativity is not like a tap that you can simply turn on whenever you feel like it. Consequently, you need to have a plan to capture the ideas when they hit – often when you expect it the least. Click here for over 150 marketing tips.
Sales Growth through Innovation The Ontario economy has been changing at a rapid rate due to the high Canadian dollar, shrinking manufacturing jobs and the outsourcing of professional jobs and plants to Asia. Many companies are currently challenged in meeting their sales targets for this year. There are so many ways to grow sales and sometimes the sales team gets in a rut and they try to repeat over and over again strategies and tactics that have been successful in the past but are no longer valid in this new and more demanding economy. Now that we are at the mid point of the year it may be beneficial to review current sales strategies and tactics. At this meeting you may want to encourage your sales team to look at innovative and break through ideas for improving sales so that sales budgets are met. Challenge the team to develop ideas that have not been tried before. Have a contest between members with a real prize at the end to come up with the best, new ideas for sales growth. Think out of the box; think crazy; but THINK. If you are getting stuck, try a new process for problem solving. Here’s one idea: http://www.mastermindsolutions.ca/serv_prob_solv.htm. It could just work for you!
When you prepare a budget, ensure that it includes, in addition to an earnings statement budget, a detailed balance sheet and cash flow forecast. Bankers and other outsiders who read budgets are always much more impressed when a budget includes a forecast of the balance sheet at the end of each month and a cash flow statement. You would also need them for internal purposes so that you are not caught in a sudden crisis, by not anticipating the cash flow consequences of your operating expectations. The discipline of preparing the balance sheet and cash flow budget also helps to ensure that you consider the strategic opportunities that are included in forecasting those items. E.g. A forecast of increased sales may be achieved by increasing inventory thereby reducing wait times for supply of the items ordered. This may provide an advantage over your competition (or merely an improvement in sales over prior years). However, the increased inventory may impact cash flow as well as bank covenants, such as working capital. Of course in building the model for your budget it is important to ensure that the earnings statement, balance sheet and cash flow are integrated so that changes in one result in changes to the others. The earnings should flow into the balance sheet and the borrowings/cash balance should be the same in the balance sheet and the cash flow statement. This is not very difficult to achieve with intermediate Excel (or other spreadsheet or financial modeling) skills.
Welcome to our expanded newsletter where we cover more business information that you may find valuable to you and your business. We have articles on marketing (as usual), but from now on we will cover topics under finance, strategic planning and organizational design. Select the article(s) that you would like to read and click on the link. You'll be taken there directly. Good reading.... Topics:
If you do not have a marketing plan, you will become part of someone else’s Just think about it. Your business is not an island, surrounded by nothing. It is an island surrounded by water with dangerous predators circling, looking for your weak link – ready to pounce. There is always someone that feels they can do it cheaper, quicker, better… and if they are positioning themselves in the market with that message, and you are not countering that message, why wouldn’t your customer believe them? In this particular instance, YOU would be the single biggest problem to your own business, by way of your “lack of response” OR “lack of a plan of your own”. I read a wonderful book a few years ago entitled: “Delight Me…The Ten Commandments of Customer Service”. Here is the single most dramatic and incredible fact that was presented in that book: Many business owners feel that simply satisfying their customer is enough. While that may be true in a relatively static past, it certainly is not true now. Times are a-changing, and business needs to change with it. If your company is not growing, and you are “satisfied” with things as they stand now – BEWARE! You may already be falling behind. At very least you are most certainly on somebody’s radar to “take you down” – whether specifically, or as a natural consequence of their plans.
It’s that simple. Don’t get caught up in the day-to-day running of your business and find that you haven’t had the time or the inclination to do forward planning. So where do you start? Well, start talking to people that can help you evaluate where your marketing opportunities are so that you are not caught out by someone else’s plan. Check out: http://www.mastermindsolutions.ca/prod_marketingaudit.htm or http://www.mastermindsolutions.ca/serv_competitive.htm. Make sure you have a plan of your own – one that will help you to create your own destiny.
Preparation for applying for financing Before you approach a potential lender for financing, prepare a package of information that may be requested. Be prepared for requests for additional information. This will often include:
You may not forward all of these items until requested but it helps you to appear professional if it is immediately available when required. Also, if there are any surprises revealed when you initially review them, you have time to make the changes required, or even to delay the application until the issue has been resolved.
Simplex Problem Solving - An innovation engine for your organization or department. There are many reasons why teams are often not creative and unproductive. This “fuzziness” causes leaders much frustration and often leads to time-wasting and missed opportunities for greater profits and productivity. Groups do not always recognize that individuals have different styles of thinking, leading to a failure to synchronize these differences. They often jump into “solving the problem” without first considering what the real problem is. In addition, inter-functional teams often get stalled arguing about territorial issues and meeting leaders sometimes steer towards their own points of view, while team members will not stick their necks out to develop innovative and cohesive solutions. Do YOU recognize any of these signs? The Simplex problem solving process improves the productivity and effectiveness of teams. The Simplex system created by a Canadian, Dr. Min Basadur, is simple, experiential, inclusive and proven to work for any team problem solving and action planning including: sales growth, new product development, product introductions, labour relations, process re-engineering, Six Sigma, business improvement and strategic planning. For more information please click here: http://www.mastermindsolutions.ca/serv_prob_solv.htm
Welcome to our expanded newsletter where we cover more business information that you may find valuable to you and your business. We have articles on marketing (as usual), but from now on we will cover topics under finance, strategic planning and organizational design. Select the article(s) that you would like to read and click on the link. You'll be taken there directly. Good reading.... Topics:
One of the most effective ways to get lots of visitors to your web site is to offer a free service. This doesn't have to be anything expensive or time consuming. The one thing the Web does better than anything else is dispense good, customized information. You can jump online, skim through a search engine, find a world-class expert on a problem you have, fire off an email, and be hot on the trail of a good solution before the day is over. Make a list of the most common problems your customers and prospects have. Can you solve one of their problems with a simple service that doesn't cost you much? (With thanks: Kevin Nunley provides marketing advice and copywriting. DrNunley.com) Marketing Tip of the Month How can you identify your clients' problems, and turn them into marketing opportunities for yourself? Can you turn those opportunities into a unique offering that your competitors don't have (or don't promote)? Keep challenging yourself and you can find the answers. Get an independent view from someone else - they could see something that you have been overlooking. See http://www.mastermindsolutions.ca/serv_competitive.htm and http://www.mastermindsolutions.ca/prod_marketingaudit.htm
When you need financing for your business, look at your assets not your liabilities. The key to finding a new source of financing, or convincing a lender to increase or change your existing facility, is to provide them with an asset that they can utilize to provide them with security. Assets are the security on which financing is often based. Review for hidden value, to consider whether the asset can be used as security:
Draw up a list of all significant assets at their market value and review this with your potential lenders to establish which of them are of value as a base for a lending facility.
Can you grow an organization by 20% to 40%? Once an organization has developed a strategic plan it is important to properly design your organization to ensure that the business plans are achieved. Often there is a mismatch between the strategy and the required organizational structure and people to support the new strategy. Ask yourself: Do you have the following in place in order to support your business strategy?
Getting these factors in place will allow you to achieve:
Has this been done before? Absolutely. The Global Organizational Design report will explain how. To access the full version of this report, please click here: http://www.mastermindsolutions.ca/resources.htm
Customer Lifetime Value - The Key To Maximizing Your Profits! The greatest asset to your business is your Customer, specifically, your Customer Lifetime Value. In my many years in Sales and Marketing, I've met many CEOs and business owners who don't have much clue as to what Customer Lifetime Value is, much less its importance and the impact it has on their bottom-line. To most of them, what matters most is to increase revenue by continuously acquiring new one-shot customers. This is one of the fatal mistakes that many business owners make; it's a sad scenario, but it's also the reality. Let me tell you something: it'll cost you 5 times more to attract a new customer than it is to bring one of your past customers back to you. I don't know you personally, but if you're a smart business owner, you'll understand that every cent you invest in advertising is going towards acquiring new customers. You'll also realise that once you've acquired the customers, you just can't afford to let them go. So what's Customer Lifetime Value? Here's how to calculate your Customer Lifetime Value: 1) Let's say you've 2,000 steady customers and these customers remain with you for an average of two years; for the past two years, your net profit was $700,000. The Customer Lifetime Value can be calculated as: $700,000/2,000 = $350. What this means is that over an average customer lifespan of two years, each new customer you could acquire and keep is worth $350 to you in profits. 2) If you do not have the actual figures, you'll have to estimate. As the Customer Lifetime Value will have a significant impact on your bottom-line, my advice is that you be prudent and conservative in your estimation. Why is it so important to you and your business? 1) Knowing the Lifetime Value of your customers is crucial to you and your business as it serves as a benchmark without which you'll be groping in the dark. When you know the Lifetime Value of your customers, you can determine how much time, effort and money you can afford to invest to acquire that customer in the first instance. In other words, you can invest more today to reap much larger profits down the road as long as your cash flow is healthy and can support it. Every marketing campaign that you undertake costs you money as well as reaping you benefits such as increased sales, enhanced corporate image, etc. But how can you be sure that the benefits would outweigh the costs or investments? This is where knowing the Customer Lifetime Value is so powerful - it helps you to determine this even before you launch your marketing campaign. 2) When you realize that customers are actually an ongoing stream of revenue as opposed to a one-shot sale, you can re-focus your marketing efforts. Instead of constantly struggling to acquire more and more new customers, you can now begin to focus on keeping your existing customers longer and selling to them repeatedly. You may spend more like than your competition in acquiring new customers now, but they will be your money spinners tomorrow. This makes sense because you now know that on average you'll more than make it back over the years that the customers are with you and therefore you could afford to break even or even lose money now in acquiring the new customers. Start shifting your focus to Customer Lifetime Value and maximise your profits today! Start to have a proper understanding of Customer Lifetime Value because it's key to the success of your business. It'll allow you to acquire more customers than your competition through better and more attractive offers; it'll dramatically increase your bottom-line through more repeat sales and shoot your profits through the roof.
About the Author Larry Lim is a practising marketing strategist and tactician who dishes out highly effective marketing strategies and tactics that will enable you to successfully start and grow your business on the Internet. Check out his Internet Marketing Strategy website that is jam-packed with internet marketing secrets and software that will skyrocket your sales, and shoot your profits through the roof.
Marketing Tip of the Month Here's an interesting way to categorize how a customer can be defined. Make a sale to a buyer - and you have a transaction. Make many sales to a buyer - you now have a customer. The difference between a buyer and a customer is the value that particular buyer represents to you. Nurture that value and you'll build a successful business. Ignore that value and you'll live from buyer to buyer; transaction to transaction; and most likely, crisis to crisis. Go beyond customer satisfaction and figure out ways you can delight your customers- by doing that you'll keep them coming back for more! Click here for over 150 marketing tips. 14 Sizzling Business Trends for 2007 Everyone knows that Global trends like climate change, security and energy costs will impact on our way of life and on the economies we are touched by. These are the things we cannot do too much about within our individual businesses. We can help by recycling, or driving energy saving vehicles and the like, but there isn't too much we can do unless we actively participate in large scale initiatives that do influence the three largest trends in the world today. Good luck to those people that can participate, can make a difference and are successful beyond their wildest dreams at accomplishing that. For the rest of us, more specific trends are where we can look to in order to impact on us within our individual businesses. Here then are 14 trends that I have selected that I believe WILL impact on us locally, and can be considered when making decisions about our own businesses.
1. Word-of-mouth (WOM)
2. More "commercialization" in sponsorships
3. Local Search
4. Expanding Globally
5. Direct Marketing
6. Speed will be king
7. Affluent Working Women
8. Simultaneous Media Usage
9. More companies will move to the Internet
10. Co-creation
11. Grey
12. Green
13. Targeted marketing
14. Pull vs push
Article by Neville Pokroy- Principal, Mastermind Solutions Inc. My thanks and acknowledgement go to colleagues throughout North America whose ideas have been included here: Stefan Kolle, Futurelab; Kim T. Gordon, National Marketing Federation, Inc.; Jana Schilder, First Principles Communication; Al Lautenslager, Market For Profits; Tony Chapman, Capital C; Ezra Silverton, 9th Sphere; Jay Aber, The Aber Group.
Marketing Tip of the Month How can you use these ideas in your marketing?
Click here for over 150 marketing tips. 4 Quick marketing tips to get 2007 off with a bang Top Reasons Marketing Fails Ads sometimes don't work. There are a lot of reasons why this happens, but more often than not, we can point to two downfalls that seem to hurt marketing. Problem one is your ad isn't clear to the people it is talking to. Most of us have words and phrases we use in our industry that make little sense to our customers. Strive to put your ideas in plain everyday language. If you have an industry buzz word, translate it into words everyone uses. Just as often, the one important benefit that will make people buy gets lost somewhere in the copy. Often when I get a long email message from someone, they'll have the important part in the next to last paragraph. Someone in a hurry wouldn't find it. Problem two is marketing frequently isn't pointed at the right people. One guy who wanted to recruit members for his MLM opportunity advertised in the daily newspaper. Lots of people read the paper, but very few were interested in network marketing. He would do far better to put his ad in a networking publication or ezine that specializes in his target audience. Easy Effective Networking Networking comes naturally to some people. They meet people easily, strike up a conversation without hesitation, and have a knack for remembering names. Most of the rest of us aren't that lucky. We're shy, unsure, and aren't at all certain how to make a good and lasting impression. Here are some pointers to make networking easier. They work for anyone in just about any situation.
What's The Best Part Of Your Story? I often tell people to "put the best part of your story" at the beginning of your web copy, ad, or press release. What's the best part of the story? It's the part that gets people to sit up and listen. I often call it the "juicy part." If a stranger came to your office to visit today, that wouldn't be of much interest. But what if one of those strangers had a lion on a leash, or the stranger stood on her head and sang the Australian national anthem, or the stranger turned out to be Phil Donahue. If you told this story to a friend, you would immediately start with the juicy part: Guess who came to our office today. Phil Donahue! He just walked right in, then stood on his head and sang the Australian national anthem. You would get your friend's undivided attention for the next few minutes, no question about it. Ad copy and press releases should do the same thing. Start with the part that will get attention. You would be surprised how many people do it backward. The story will start at the beginning with the most boring things possible: We are a small company with 10 employees. We provide golden thinglets for the service industry. Once each week we invite a guest to see our work. Usually they are business people you wouldn't know. Yesterday was different. Phil Donahue walked in with a lion on a leash.
Article by Kevin Nunley Kevin Nunley provides marketing advice and copywriting. See his 10,000 marketing ideas and popular promotion packages at DrNunley.com
Marketing Tip of the Month I love getting these short, sharp tips from Kevin. Very often people try to make their marketing too detailed, too comprehensive, and very often too complicated. Keeping things simple is always a challenge. If you go about it the right way, then it can make your life much easier. Here's an idea:
Just try it. Marketing is really quite easy once you get the hang of it. Click here for over 150 marketing tips. Marketing - make it Personal the Donald Trump way So how does Donald Trump do it? Are his strategies any more brilliant than his competitors? Is his advertising, promotion, PR etc better than everyone else's? Is his vision better? Can he see things that no-one else can? Is he better organized? Does he have better staff? When one considers what makes Donald Trump so successful, it is hard to pinpoint one of the above. Does he do them all well? I'm pretty sure he does. Does he do it significantly better than his competitor's? Probably not. So what makes him so unique? It's his Personal Marketing that truly makes the difference. It's the relationships he has built up. The reputation he has developed. The aura and the brand that he has built around himself. It's his word and his personality - it's what makes him, the man. His personality and his skill to make things happen, from a personal perspective, and then and only then do the other less personal items kick in. He takes on Rosie O'Donnell, 1:1 - why? Because it's gets him in the news and proves a point. It doesn't really matter who wins the "spat" - it's all about PR and reinforcing the aura around the man, himself. It's brand building. So, what does this have to do the average Joe in the street, trying to make a success of his/her business? Well, pretty much everything. Very often businesses take on the personality of those that drive it forward. Those that make things happen in an obvious way. Not the worker bees that slave away in the backrooms (while these people are just as important, they are less evident and therefore have less impact from an external perspective). The drivers of the business give it the personality - and "personal" is the core of "personality". Ichak Adizes, in his book "How to Solve the Mismanagement Crisis" identifies four roles that need to be performed for the long-run effective and efficient operations of an organization: to produce, to administer, to be an entrepreneur, and to integrate.
Which role suits you? And which roles do you have covered in your organization? And what does this have to do with Donald Trump?
Marketing Tip of the Month The administrator and the integrator are largely internal resources, not seen very much by the outside world, and not a key player in generating business for the organization. If the organization is not busy, these two roles are unnecessary. However, the producer and the entrepreneur are the two roles that play a critical part in the growth and development of the organization. They are the marketers and sales people. They are the people who make the organization tick over with new business and new ideas. They are the Donald Trumps of this world. They give the organization its personality. And very often they are the people who market their own personality as the organization's personality. And it is a personal endeavour. It's what the organization becomes. Donald Trump has driven his personality into the core of the organization, and through the sheer strength of his personality, and the skills of management he has brought to bear, he has created a behemoth of an organization that succeeds, almost despite itself. His personal marketing has been so strong and so successful that traditional marketing techniques are almost not necessary for him to adopt. So, ask yourself:
Personal Marketing is an absolute necessity in each and every organization. It must be done by the producers and/or the entrepreneurs. If you can identify those individuals in your organization that naturally take up those roles, you will know who should have Personal Marketing on their "to do lists". If not, now you know where to begin. If you need some further help in identifying these roles in your organization, and helping to build Personal Marketing plans, contact Neville at Mastermind, 905-886-2235 or email: neville@mastermindsolutions.ca. Click here for over 150 marketing tips. Upon reflection...... As we head into the holiday season, take time to reflect on what you have accomplished over the last 12 months or so. The month of December can and should be used for reflection and re-evaluation. Or a re-strategizing of your goals and objectives. This state of mind, where you can let go of some of the stresses and concerns allows you to examine with a clear mind, what has been successful and what needs to change next year. To help clear you mind (and make you smile just a little bit), here is some corporate terminology that you may appreciate :)
COMPETITIVE SALARY: We remain competitive by paying less than our competitors. [Author(s) unknown, from the UGA Humor List]
Marketing Tip of the Month By the end of the month you should have set yourself a new set of goals to accomplish for 2007. Don't rush to do it now - take your time and reflect. Speak to colleagues, family and friends. Make your goals personal and business - but make them realistic. Not the type of "New Years Resolutions" that get broken by January 5th, but serious ones that you can (and should) write down and become committed to. After all - things don't just happen to happen - they are made to happen, and each individual becomes the maker of his/her own destiny. So set your destiny in motion, and make it come true. I'd like to take this opportunity of wishing all our subscribers and readers a very happy holidays and a wonderful festive season. May all your dreams come true. Kindest regards
Neville Pokroy Click here for over 150 marketing tips. When is Customer Service not Customer service? Life is certainly different where we live in the Northeast Kingdom of Vermont, a region of lovely vistas, incredibly cold winters, and not many trappings of what many people would call "civilized life." But even in this remote area we do have some run-ins with mighty corporations. I had one recently which made me question some of my assumptions about customer service. I had always thought:
A business can be very responsive, give customers lots of choices and ultimately do the right thing and still alienate customers. I know I am one alienated customer. And I was treated fairly! Part of my difficulty with Verizon Wireless lies in where we live. We just don't have that much experience with all the vagaries of cell phones. I know in most of the world, people spend most of their working day and a large part of their leisure time tethered to cell phones. They know all about ring tones, photos, calling plans and I bet they can even send emails and watch football games on their cell phones. Up here, cell phones only work occasionally when you're more than five minutes out of town. They only work in town on good days when you're leaning the right way. We had one for emergencies but suddenly found ourselves dragged full-blown into the cell phone universe when our children had the audacity to head off to college. Our children warned us it would be different when they joined the new universe of college life. So we waded our way through different plans, phones, rates, text message options, etc… and finally made most of the decisions. We decided to become a Verizon Wireless family plan customer. Except we couldn't make one final decision - how many minutes to sign up for. As you all know, minutes are a weird thing. You pay for some minutes, but others (calls to other Verizon customers, calls at night, calls at weekends) don't count against your paid-for minutes. The choice seemed to boil down to $80 a month for all our phones and 700 minutes and $100 a month for all our phones and 1,400 minutes. I couldn't make up my mind, but the helpful Verizon representative said just choose any option. I could always change the plan later. As a converted Yankee, I chose the cheaper plan, and was rewarded when our minutes never went above 500 or so. We were being charged a few bucks extra for something called "text messaging" which I was told was a way to chat in class or make a social appointment. "Whatever," as my kids would say. Things went along somewhat swimmingly until our second child went off to college. Our bill went up $30 because we suddenly were speaking 900 minutes a month on our three phones and minutes over 700 were costing a whopping 40 cents apiece. I panicked. Alarmed that our talking seemed to be on a gigantic upward spiral, I decided to call Verizon immediately and change the plan. After all, I was told when I signed up I could always change the plan. The first representative was very polite and agreed to change the plan immediately. He did say our contract would be extended two years because of the change. "Wait a minute," I said with righteous indignation. "I was told I could change the plan whenever I wanted. I wasn't told about any plan extension." The nice representative politely explained that the rules had changed in January. Hadn't I received the update to my contract? Out of the corner of my memory I remembered something in 4-point typeface from Verizon we had received. I just hadn't had a magnifying glass handy to read the 20- page document. I immediately did what all customers in my situation do when the blood rushes to the head and you are trying to hold onto rationality. I asked to speak to a supervisor. Normally the supervisors at Verizon Wireless (and I think many large corporations) are very willing to smooth over a rough situation. They can be the nice guys and make the customer happy. In general, customer service supervisors are as gentle as kittens. Not this time. I ended up with a pit bull of a woman who should have specialized in contract law instead of mad customers. She understood my situation immediately - I think she must have handled a lot of similar calls after Verizon Wireless changed its policy. I explained all I wanted to do was pay more money every month for more calling minutes. I just didn't want to be obligated to spend two more years with Verizon. After I had been lectured for several minutes, I hung up the phone to search for a wall to bang my head against. I then calmed down and did what any marketer in my place would do. I called public relations and very politely told the voice mail I was planning to write an article about my unpleasant situation with Verizon Wireless. I got a call from the President's office the very next day and I was treated like royalty. I was told there would be no contract extension and that I could change plans to my heart's content in the future without any contract extensions. That representative was helpful, understanding, and a truly lovely person. But I still feel alienated. I can't wait until my contract is up to change wireless carriers. Let's look at the situation objectively. Verizon Wireless was probably correct legally to change their contract with me. In the end, they gave me exactly what I wanted without any penalties. But I'm still upset. Am I being ridiculous? I think not. There are lessons for all of us business people in this situation. Here is what I have learned:
In the end, Verizon Wireless did not do anything wrong in handling me. They treated me respectfully, pointed out where I was wrong, and they eventually gave in and let me do what I wanted to do. But in the end, it's not just about treating customers fairly. It's about making customers feel like you really care about them. You have to get it right. Right away.
Article by Neil Raphel Neil is President of Raphel Marketing, a firm focused on helping you market your business, with a special focus on direct marketing. http://raphelmarketing.com
Marketing Tip of the Month Like Neil, I have had a recent experience that made me question the true value of customer service. More particularly, how it is viewed from the perspective of the company attempting to provide that service. I recently had cause to call the Livemeeting Tech support line to get more information on a specific application of that product (for those that don't know Livemeeting is a product that many Partners of Microsoft use to have web meetings and the like). As is "normal" I found myself being passed from one person to the next, and after over an hour I began to suspect that something was wrong. "Can you tell me", I asked Amanda, the latest person to promise to help me, "what is your company name?" To my amazement, she mentioned a company I had never heard of, nor had I called initially. What she said next floored me completely: "by the way, Mr Pokroy, did you know that we no longer have any relationship with Microsoft for the provision or service of this product? That ended months ago." Was I actually hearing correctly? Did all these people that I had spent the best part of an hour talking to (and whom I honestly believe were actually trying their best to help me) ever have the ability to help me? Probably not!!! So why had they hung onto this call and wasted my time? Who knows? But they did - and in so doing provided the best Customer Dis-service that money can't buy. I know it's a really tough job, that customer service thing. However, please remember, if you are not solving the customer's problem, STOP trying to service them. There is a time and place to draw a line in the sand. By the way, I solved my problem by making one phone call to the right person, once I did some further web research and found out who could really help me. Click here for over 150 marketing tips. The Weapons Of Marketing There are more of them than you think, and over half of them are free. Ask the average business owner what marketing is and you'll be told that it's advertising. Guerrillas know that this is nonsense. Advertising is only one weapon of marketing. How many weapons are most business owners aware of? Maybe five or ten. How many do they use? Possibly three. But guerrillas are aware of a full 100 guerrilla marketing weapons and make use of about 40 of them. Half of the weapons are free! Here, because guerrillas are online in greater numbers than ever, are ALL 100 weapons. I present them in no particular rank or order because there's a 100-way tie for first place. Still, you will come across a few weapons that deserve red neon asterisks inside your head. Your job now, as a business owner, is to do what you can to use as many weapons as possible.
These 100 weapons should be considered for every guerrilla's arsenal. Once you've selected them, put them into priority order, set a date for the launching of the weapon, and appoint a person to mastermind your use of the weapons you've selected. I'm hoping that mastermind is you, because nobody but you has the vision and the passion about your company that you do.
Article by Jay Conrad Levinson Jay Conrad Levinson is the author of the "Guerrilla Marketing" series of books; the best-selling marketing books in history, now in 37 languages and required reading in many MBA programs. His Web site is at gmarketing.com
Marketing Tip of the Month Wow!!! Talk about now having a list of things to do, right? Wrong. BEWARE! Beware the list that has no rhyme or reason. Beware the list that has no focus. Beware the list that has no strategy. Beware the list that has no goals to aim at. Beware the list that has no target audience in your sights. Beware the list that has no priority. Beware the list that has no budget. BEWARE! Someone once said that a little knowledge is dangerous. BEWARE! This list represents what to do - it doesn't help you to decide what to do first and why and how. And it is the latter questions - the why and how - that is most important to answer first. Think of it this way. I have a Black Hummer. It has all the comforts in the world that will encourage me to travel. The gas tank is full. On my arm is my dream girl - she's ready, willing and able, and keen to get on the road. My bags are packed; I'm ready to go….. STOP!
Where am I going? Having a vehicle and a desire is one thing. Really knowing what to do with it is another. Heading in the wrong direction will lead to me getting lost, running out of gas (or money), and losing my girl because she realizes I wasn't prepared will really make me angry. That's what could happen if you simply follow a list. BEWARE!! So, what do you do?
So who will implement all these various tactics? Have you thought that through? Or is it just another of your forgotten items? BEWARE! The marketing plan is like a war. Make sure you think through all possible alternatives BEFORE you start firing from the list. It is complex and detailed, and requires proper planning - unless you only need one or two weapons. If you need a detailed plan, and you don't have a fully fledged marketing capability inside your company, you need to think that through as well. It is time consuming and requires significant project management skills that will take care of all the relevant details. That's why proper, co-ordinated marketing is actually a strategic role. It is not a tactical role that is responsible for simply firing the guns and disregarding who the bullets and the shells fall on. It is critical to plan your efforts fully and properly. If you don't feel up to it, call me at Mastermind Solutions Inc. The professionals at Mastermind are trained to think strategically and to develop you a plan that works on all levels - financially, strategically and tactically, with the right combination that will guarantee success. Contact Neville today for more information. Tel: 905-886-2235 or email neville@mastermindsolutions.ca. Click here for over 150 marketing tips. Give a damn about others... it could help to eliminate your competition I'm re-reading a great old book called HOW TO WIN FRIENDS AND INFLUENCE PEOPLE by Dale Carnegie. I read the book the first time in the sixties and again in the seventies and once in the eighties. I haven't read it since. But I should have. People today are rude. People are unkind to each other. You see that in the customer service of most companies. You see that in the people you do business with daily. You see that --- if you look --- in yourself. I know I see it in myself sometimes. A month or so ago a man e-mailed me for information about my copywriting services. I promptly responded as I generally do. He didn't get back to me. I consider it quite rude and unprofessional for a person who asks for information not to reply with at least an "I'm not interested." But most do not. This man was one of those. So I forgot him as I do all those who contact me and for whom I do no work. I deleted most references to him so they wouldn't take up space on my computer system and in my backups. Then a few months later he contacted me. "I'm sorry I didn't get back to you but I've been extremely busy. Would you send that information to me again?" I honestly didn't remember a thing about what he had originally contacted me for. I barely recognized his name. Because people are self-absorbed they figure everyone remembers them. Of course, that's not the case. I e-mailed him back and told him honestly that I didn't recall his e-mail and asked him to refresh my memory. Well, that was not what Dale Carnegie would have had me do. I broke a major rule. I hurt this man's fragile ego and ignored his need to feel important. He saw that I hadn't been sitting around waiting for him to reply to my proposal or whatever I had sent him. In fact, I had forgotten him. Of course, he didn't reply to me and that I suspect is why. In his mind I had belittled him and made him feel small after he had tried to make himself look important. What should I have done? I should have pretended that I remembered him and tactfully found out what it was he had wanted. Or better yet, I should have struggled to locate a printout of his e-mail to me or some record I might have of the e-mail. I should have made him feel important. He obviously wanted to feel important because he told me how awfully busy he had been. That was intended to impress me. Of course, it did not. But people say that for one or more of three reason:
In this day of rudeness, we need to get back to the basics if we expect our businesses to grow. People will always need to feel important. People will always prefer to do business with people who make them feel important and valued. Think of the people in your own life who you care for the most. My guess is that each one of them has one thing in common --- they make YOU feel important. I know that the people in my life who I have valued the most were people who liked me and made me feel important and valued. They weren't the people who were the smartest or most successful. I was never easily impressed and never intimidated. The only people who mattered to me were those to whom I mattered. I give my business to people and companies who at least give the appearance of appreciating my business and valuing me. People who are friendly and return my calls rate very high on my value system. People who fail to return my calls and e-mails are discarded and quickly forgotten. These people have shown me disrespect and I return that with my own disrespect. I think most people are the same way. Perhaps it was easier to be kind before we were attacked by terrorists on our own soil. Perhaps our lives are more complicated and the times more dangerous. But we all share this time. We all share the same threats. It is hard on all of us. We should be nicer to each other rather than unkind. Is it that hard to do? This is the age of very rude, very unkind people. That's one reason we are not loyal to any one company or person. People are so busy trying to make themselves appear important that they forget the people on whom their livelihoods depend --- customers, clients and prospects. It would do us all a lot of good to get back to the rules of life and business that Dale Carnegie made popular for so many decades. Get a copy of the book. You will not win friends and influence people with rudeness and unkindness. We're all going off in the wrong direction and we need to turn around. The people who have meant the most to me in my life were those who were kind to me and who showed me respect. It's hard not to like such a person. So if you want to be successful, be kind and thoughtful to people. Return their calls and their e-mails. Make them feel important. Don't do so much horn blowing and building up your own ego at their expense. You'll be important when you make them feel important. You will be repaid with a good reputation and lots of business. One of the most memorable individuals in my life was Mary Turkington of Topeka, KS. Mary was the executive director of The Kansas Motor Carriers Association for many years. She was a very effective lobbyist at the state house and in Washington D.C. and an important person in her time. She was also, for a brief time, my stepmother. What I remember most about Mary was that everyone liked her. No one didn't like Mary. They enjoyed being around her. Why did they like her and delight in her company? The reason was simple. She made everyone feel like the most important person in the world. She called them by their name. She used their names a lot. She looked them in the eye and showed a real interest in them. She talked about them, not herself. Her secret was just that simple. It made Mary a well liked person. She earned the respect of everyone who knew her or knew of her. And it made her very successful. Had she been rude and hateful like most people today she would have been disliked. She would have been a failure. She would have retired without friends or a support system. But Mary retired with many friends and lots of business associates with whom she continued activities in the business world. She can look back on her life as a success. Andrew Carnegie, one of the most successful and richest people in history, had his simple philosophy put on his tombstone. It read, "Here lies one who knew how to get around him men who were cleverer than himself." All successful people in all walks of life know it is wise to get smarter people than themselves around them to fill in the gaps of their own lack. They know the value of other people and don't take all the credit for themselves. Emerson said, "Every man I meet is my superior in some way. In that, I learn of him." Dale Carnegie said in his book, "You can make more friends in two months by becoming interested in other people than you can in two years by trying to get other people interested in you." It is true and always will be true that people do things for their reasons, not yours. Yes people are selfish and think the world revolves around them. You can't change that. You're like that too. So am I. So live with it. Work with it. Accept it and use it. Let them think the world DOES revolve around them. It won't hurt you. It may even make you rich! I don't mean flattery. Flattery is phony and people hate it. I always know when I'm being buttered up and it instantly makes me dislike the person doing it. No, I'm talking about really caring about the other person and his or her needs and concerns. I'm talking about being gracious to them and saying nice things about them --- things that are true. The only way to influence other people is to talk about what they want and show them how to get it. Use the bait they like --- not what you like. You may like steak. But if you want to catch a fish you use a worm, not steak. If this method of dealing with people doesn't work, you can always go back to showing everyone how important you are. Then you'll be in the majority again and someone else can stand out from the crowd and grab the success that could have been yours. Dale Carnegie said, "The world is full of people . . . grabbing, self-seeking. So the rare individual who unselfishly tries to serve others has an enormous advantage. He has little competition." A woman called me a few weeks ago. She was the buyer for a large corporation and asked my opinion of a certain product which is sold online. She knew I used it at one time. I told her it was a fine product. But I added truthfully that technical support was practically non-existent. "If technical support is important to you, I wouldn't consider buying it," I told her. I added that if I had known before I bought it that support was so bad I would not have made the purchase from them. "I sort of suspected that," she said. "I am still waiting for a reply to my e-mail," she added. I told her that throughout the years that I had the product I got very few replies to my e-mails to them and they gave close to no support. So she opted not to buy from them. That company lost at least one large order because of their self-serving attitude and lack of care for the other person. I suspect they've lost much more and will at some point be out of business. Businesses can only survive so long by being self-serving and not acknowledging customers and others as important to their success. The same applies to individuals. Since so few people and businesses really care about anyone other than themselves the person who develops the ability to do so will indeed have little or no competition. So begin now to eliminate the competition. Begin to give a damn about others. It costs you nothing and gives you so much.
Article by Susanna K. Hutcheson. Susanna is a well-known, prolific writer and copywriter. She started her career in 1967 and has been a reporter on numerous newspapers, a feature writer on major magazines and trade publications and editor and owner of several weekly newspapers. She is executive copy director of Power Communications. She is also a press card-carrying award-winning journalist. www.susannahutcheson.com
Marketing Tip of the Month Every so often we come across an idea that is so simple that it blows us away. We are always searching for that holy grail, the magic bullet that can springboard us to success. We're always searching, searching, searching…. And then we realize that the answers are the simple ones that are right there, staring us in the face. Susanna has got it absolutely right. Being nice and caring and respectful is a strategy all of its own. And it's not particularly hard to do. It requires no investment in time, money or other resources. All it requires is a change in attitude by each and every one of us that is not already doing that (and I'd venture a guess that it's probably EVERY ONE of us at some level). It's not about customer service or technical support. It's not even about bending over backwards for people. In fact, it's all about using the side of us that makes us good human beings, being the type of people who care about others. In our personal lives and in our business lives. Would it really hurt us if we took 1 day at a time and GAVE of ourselves 100%, without any need, desire or expectation to receive something in return. Imagine what could be accomplished if we all allotted the same day to do that - wouldn't the world become a better place for it? From a marketing perspective, giving is always going to be a better strategy than trying to receive. A former colleague of mine coined the phrase WIIFM (What's In It For Me). Every customer looks to buy from you because of the benefit that will accrue to that customer - not to you, the seller. So, if you are always looking to find those WIIFM's for every customer, and you can than provide them, you'll always be in a giving mode, and you'll always be marketing successfully. Let the benefit to you, the seller, be the ultimate outcome of the GIVING to your customers - don't let it become the reason you give. Click here for over 150 marketing tips. "Don't Compete with Rivals-Make Them Irrelevant" What do Cirque du Soleil, Dell Computers, Southwest Airlines and CNN have in common? Companies have long engaged in head-to-head competition in search of sustained, profitable growth. They have fought for competitive advantage, battled over market share, and struggled for differentiation. Yet in today's overcrowded industries, competing head-on results in nothing but a bloody "red ocean" of rivals fighting over a shrinking profit pool. In a book that challenges everything you thought you knew about the requirements for strategic success, Kim and Mauborgne contend that while most companies compete within such red oceans, this strategy is increasingly unlikely to create profitable growth in the future. Based on a study of 150 strategic moves spanning more than a hundred years and thirty industries, Kim and Mauborgne argue that tomorrow's leading companies will succeed not by battling competitors, but by creating "blue oceans" of uncontested market space ripe for growth . Such strategic moves-termed "value innovation"-create powerful leaps in value for both the firm and its buyers, rendering rivals obsolete and unleashing new demand. Blue Ocean Strategy provides a fresh approach to making the competition irrelevant. They deliver example after example of Blue Ocean Thinking- including success stories like Cirque du Soleil, Dell Computers, Southwest Airlines, NetJets, CNN, Callaway Golf, Casella Wines, AMC Theatres, and many more. These companies created a market place in which, at least for a time, they had no competition. What makes many of them survivors to this day is that they have continued to challenge themselves with ongoing Blue Ocean Thinking, realizing that the competition is always on the move, and that ultimate success demands that they keep moving forward as well.
Marketing Tip of the Month Blue Ocean Strategy is a philosophy that Mastermind Solutions Inc. firmly believes in. It is a guiding light for us, not only from an overall perspective, but from the perspective of our independent practice areas and expertise. Blue Ocean Thinking is part of our strategic mindset, because we always endeavour to help our clients pursue the Blue Ocean of market leadership. It is the place where winners reside, whether they are there currently or whether they are in pursuit of that goal. Blue Ocean Thinking will change the way you see your market and will help you to revise your goals. We at Mastermind Solutions would love to work with you to find YOUR Blue Ocean. Invite us to do just that. Click here for over 150 marketing tips. What's the strategy? A strategy is a long term plan of action designed to achieve a particular goal. A strategy is typically an idea that distinguishes a course of action by its hypothesis that a certain future position offers an advantage for acquiring some designated gain. So why is it so difficult to get businesses to develop a strategy, and more particularly, a marketing strategy (which should be seen as an integral part of one’s overall strategy)? In many respects, it’s because people don’t understand the importance of having a strategy and are often confused by what it really means. In order to show how an effective strategy can be accomplished, have a look at how one of the best companies in the business has been reinventing itself: Campbell's comes out Inside a corner of Campbell's vast 500,000-square-foot plant, gigantic carrots, some triple the size of what you would see in the grocery store, are making their way through a machine that will chop them into bite-size pieces. They have already been cleaned and peeled, and later they will be dropped into cans, along with broth and other ingredients. Once sealed and protected, it will take a day to transport these cans of soup to the warehouse, and a month or two for consumers to find them at the store. This is how Campbell's soup gets to "m'm, m'm good" and perhaps the most interesting part is that the vegetables aren't freeze-dried, but actually come straight from the farm - most are grown in Southern Ontario. In fact, every year, a total of 50 million pounds of fresh vegetables are processed by the Campbell Soup Company. That's something that the Toronto-based CPG firm is becoming increasingly vocal about, and it plans to aggressively ramp up its consumer communications about this benefit and others going forward. The move is part of a transformation that has been occurring for about half a decade, explains VP marketing Mark Childs. "Certainly for this year, and for sure going into next, there's no question that Campbell's is back, with renewed commitment and an optimistic view of what's ahead." Indeed, since Childs joined the company in fall 2004, the goal has been to put the customer back at the front of the process, specifically when it comes to creativity and ideas. Childs refers to this shift as "consumer ideas first." So far, the philosophy has led to various product reconfigurations, such as soup containing one whole tomato in each can, V8 with less sodium, plus a Health Check designation from the Heart & Stroke Foundation of Canada, and Soup at Hand, the portable, drinkable product which launched last August, to name but a few. Brent Scowen, VP of commercial and customer development, says Soup at Hand has enabled Campbell's to penetrate new channels, like gas and convenience chains. Currently, the product is in 4,000 new points of distribution, and it has even been incorporated as part of a soup and sandwich combo deal at both 7-Eleven stores and Petro Can gas bars. "The [retail] customers wanted legitimacy around their lunch offerings, because they are competing with 'fresh' retailers, like Subway. Yet they deal directly with suppliers, so there's no brand credibility." Enter Campbell's, which through the arrangement - secured by account managers who worked with both consumer and customer marketing teams - was able to get ad exposure via POS, shelf talkers, and stickers on the sandwiches, as well as pump topper posters at Petro-Can. Buoyed by the success of Soup at Hand, Campbell's will launch Chunky single-serve microwaveable bowls in the fall. At traditional retail, meanwhile, Campbell's is also breaking the rules, with the introduction of the IQ Shelf Maximizer, which is currently being tested in Western Canada. Originally conceived in the States, the system allows consumers to easily find their soup, as the product is segmented and colour-coded, with categories such as "broth" and "wellness +." When the consumer grabs a can off the shelf, another slides into its place. The gravity-operated Maximizer also accommodates retailers' private-label brands, which made it an easy sell. "[Grocers] were struggling with centre of the store growth - they weren't seeing innovation, they wanted help," explains Scowen, who adds that the company has so far seen sales increases of 3.5% to 7% at the 350 stores equipped with the new shelving unit. While the next rollout was originally supposed to be exclusively reserved for Ontario, expansion has been accelerated right through to Newfoundland, and Scowen plans to have 1,000 systems installed within 12 months. Meanwhile, back at HQ, Campbell's has been rallying its staff around its vision: "extraordinary, authentic nourishment for all." The Canadian firm adopted this philosophy as a version of Campbell's global vision "nourishing people's lives, everywhere, every day." It all started when the executive team developed six values - collaboration, community, creativity, competitive, courage and can do - to help staffers live and breathe the new company mantra. Since then, in the last year and a half, Campbell's has done its absolute best to engage employees, by advertising those values on company walls, by introducing a Wellness Within initiative, which enlists dieticians to help develop and deliver nutritional awareness programs inside the organization, and by creating new brainstorming rooms that have been decorated and named by staff, among other things. The firm is also in the process of turning its former smoking lounge into a health and wellness corner, and has enlisted a cross-functional team to design a mural representing Campbell's journey thus far. Meanwhile, the vision statement was recently printed on a sign outside the building, for all to see on their way into work. "That was a big step, because we felt that we'd built up enough evidence internally, that we could say it with confidence," says president Phil Donne, who has been at the helm of Campbell's since the summer of 2002. "So now in the next nine to 12 months, we'll be trying to communicate that more with consumers." What has been consumer response to the changes at Campbell's so far? According to Childs: On a fiscal year to date, according to Nielsen numbers, the category is up four, we're up six, and that's pretty much healthy growth, including a balance of trade promoted and base consumption. Campbell's growth is exceeding and leading the broader category.
Article by Lisa D'Innocenzo With thanks to Strategy Magazine. For full article: http://www.strategymag.com/articles/magazine/20060701/biz.html
Marketing Tip of the Month As we can see from the above, the traditional viewpoint of marketing needs to be much broader than the simple communication tools of advertising and promotion, and has extended to areas such as people and wellness, product development and product quality, customer focus, distribution, merchandising, and internal marketing. In reality, the essence of the company has started to change because the strategy is broad-based and touches almost every area of their business. Marketing is critical to the overall strategy because it become the key driving force to making the strategy "come alive". Whether internally or externally, marketing will be the change agent through its various tactics, and thus will be critical to the successful implementation of the strategy. Undertaking strategy development without the marketing strategy component will limit an organizations potential success. Why else would a company like Campbell's have 50% of their planning team being marketing oriented individual's? Click here for over 150 marketing tips. Why Your Business Needs a Plan and Where to Start the Process Have you ever considered the reason why almost all large businesses prepare a formal business plan and most small businesses do not? The small business owner is generally aware of the main benefits of a business plan but does not feel a need to prepare one because no one has asked for it! Also, they may not have thought of all the advantages of a business plan and assume that they are already doing everything they can to build their business. Sometimes, a business plan focuses on the needs of the bank manager: to forecast where the business is going financially, rather than focusing on the opportunities to build the business to the next level. The financial model should be a by-product of the process, not the focus. The real emphasis in preparing an effective business plan is in systematically reviewing the myriad of factors that affect your business to determine how you can work to influence those factors in your favor. Many businesses spend their major effort on those issues and opportunities that are closest to them, or most pressing ("fighting fires"), which are not necessarily where they should focus in order to achieve the largest impact. A careful evaluation of the factors involved in building your business can reveal new strategies that require attention, or more attention than they are presently getting. Also, focusing on the top priorities, at the right time, can create dramatically improved results. In fact, without a business plan to set out your objectives, it is more than possible that you are focusing on the wrong priorities. Have you considered whether there is a difference between your short-term and long-term priorities? Almost all businesses have a long-term goal of maximizing shareholder value. However, this can best be achieved in different ways in the short-term. Short-term priorities could be one of: profit, market share, or cash flow and these can change from time to time. Good examples of this are times in many businesses' development where short-term cash flow may be more critical than profit or the initial phase of market development where market share may be a bigger short-term priority than profitability. In other words, a business plan should help the management of a business determine the key issues to be addressed over the term of the plan, the priorities and the strategies necessary to implement the business mission. Content of a Business Plan The content of a document for a business plan is dependent entirely on how you wish to portray it. The more common formats are a narrative with a financial model or a Microsoft PowerPoint presentation. The key factor to consider is who your target audience is. There is no guideline as to the appropriate length of the business plan document. The issue is whether you have conveyed to a reader the necessary information. There is a fine line between being too concise and being too comprehensive. Let us examine some of the areas that should be considered in developing your business plan:
When you have written down the answers to these questions, review the answers and some clear issues will almost always emerge. The format of the questions and answers document is not critical at this stage. The answers to some of the questions may require some research, particularly the information regarding your competitors. A formal business plan will use this information but should not be dependent on the way that the raw data is captured. Next, you should examine the issues that you have identified and determine how you can best address each one of those issues. This will often suggest some changes necessary to the way that you have dealt with these elements in the past. Try to determine the objective that you have for making each of these changes and then the action steps that you need to take in order to make them a reality. Do not neglect to list each step in the process along with a deadline for completion. This is the most important part of the business plan and yet many plan documents do not detail this information. Most strategies that are not written down with detailed action steps and deadlines, are usually not implemented, or are implemented much later than originally planned. This list of action steps is your tool to assist you in keeping your plan on track. If you are concerned about your ability to write a good narrative, there are professional editors who will, for a reasonable fee, massage your draft while maintaining your style and yet producing a polished document. Once you have decided on the strategies that will build your business over the plan period, and only once you have done that critical step, you are ready to develop the financial model that will become your budget for the period. The most common way to prepare this for small and medium sized businesses is by using spreadsheet software such as Microsoft Excel©. The most common time frame covered is one year with detail for each line item for each of the months in the year but this can vary as many companies do forecasts for shorter periods and a less detailed version for longer periods. Try to break your revenues into as many categories as you reasonably can and budget each one separately so that you can measure your success in each category based on the strategies you are adopting for that category. Categories can be any combination of geographic, product line, responsibility, market segment, etc. Try to break your cost of sales down by each of those categories so that you can arrive at a gross margin for each category. Next you should budget the direct expenses for each category and then the general overheads. The result will of course be a net profit. Do not forget that a budget or plan must also have a balance sheet budget and a cash flow budget and that a sign of a well crafted financial model is one that integrates the changes to the statement of operations into the cash flow model and the balance sheet. The final part of the financial model is to document the assumptions that were used in preparing it. Finally, the exercise is not as difficult as you would think. Often the most difficult part of the business plan is getting started. Start by addressing the questions that are listed above. You may well be surprised at the ideas that will flow when you have it all organized and start writing it down. There is no business small and simple enough that the entire business plan can be retained in someone's mind. So start now!
Article by James Phillipson James Phillipson is a CFO for hire and provides a broad range of financial consulting services to businesses. He is a Principal of Mastermind Solutions Inc. a multi-disciplinary consulting firm comprised of highly experienced professionals that are committed to providing accelerated solutions to your business problems.
Marketing Tip of the Month A written business plan is a crucial part of overall business planning. However, a comprehensive business plan should always include a "take-to-market" piece or a marketing plan - it will provide the detail that your financier (usually your bank) will need to understand exactly how you will generate the revenue for your business. Don't stop your business plan at "this is what I have available" - take it to "this is how I'm going to make money from what I have". It is the marketing plan that will provide your financier with the detail of how you're intending to make money, and repay their investment. Make the marketing plan part of your business plan and you'll find it easier to finance your growth and make more money. Click here for over 150 marketing tips. 20-40% productivity and growth without capital infusion- wishful thinking or reality? Many businesses suffer from the affliction of having more questions than answers. Very often, management tries to work around those questions and end up with ad-hoc, "band aid" solutions that just don't work. When it comes to improving company performance via improved productivity and enhanced top and bottom lines the task seems almost too daunting. That is, unless you have the tools and the support and the direction mapped out that will enable you to undertake that adventure with confidence. As the owner of Stantech Marketing, I have always tried to help clients and colleagues maximize the opportunities in their businesses, with direct services or with ideas, advice and just some plain original thinking. During all these years, I believe I have accomplished much, but feel that there is a whole new world out there to be helped with more than just marketing input. As part of this ongoing growth and development, Stantech Marketing and Mastermind Solutions have joined forces to provide a much wider range of services and advice for an even larger audience - advice that includes the marketing that I have focused on, but now encompasses a much broader offering with some trusted colleagues, that include Strategic Planning, Strategic Business Finance and Organizational Design. As a result, the Marketing Digest will start to offer "food for thought" in business areas that will enhance your knowledge far beyond just marketing and business development that will, I am sure, add even more value to your business. As a taste of things to come, ask yourself:
As I said at the start of this article, working your way through this maze of questions (and many more) is not always easy, unless you have the have the tools, the support and the direction mapped out. Mastermind Solutions is offering you the opportunity to get your hands on the tools that are meaningful to you. Your tools will be unique and different to the next person, but together withthe support and direction which we can help you to map out, you too can achieve 20-40% productivity and growth without capital infusion. Our upcoming Executive Workshop Series, which starts on April 18th 2006, will offer you the opportunity to GROW YOUR TOP AND BOTTOM LINE. Through hands on case studies and expert facilitation you will develop your own practical guidelines for achieving 20-40% productivity and growth. You and your senior management team are invited to participate in a results-oriented and highly interactive 4-part Workshop Series on how to dramatically grow your business. In each case you will take away growth initiatives that can be put to work immediately. While each workshop stands alone as an educational experience; the overall Series offers an integrated approach to organizational design, people development, strategic planning, marketing, sales, process management, effective communication and finance. You may choose to participate in all, or at least one yourself, while designating appropriate members of your management team to participate in the others. To get full details about the workshop series, please click here.
Article by Neville Pokroy Neville is President of Stantech Marketing, a marketing firm specializing in strategic marketing planning and the development and execution of marketing strategies and plans. He assists companies who require marketing skills to plan and fully execute marketing programs. Neville holds a Bachelors degree in Accounting and Marketing and a Postgraduate degree in Marketing. He is former VP of Marketing for the Association of Independent Consultants, and a principal in Mastermind Solutions Inc.
Marketing Tip of the Month When you think about productivity and business improvement make sure that you consider the following aspects of business that are all intricately woven into the formula for success - People, Planning, Marketing, Finance, Communication and Strategy. Combine all of these elements together effectively into an organization, and you have a formula that will deliver 20-40% productivity and growth without capital infusion. Special Offer for Marketing Digest readers: Register one person for all four workshops and you can bring a second person from your organization for only $99 per workshop (yes, and that includes a continental breakfast and a sizzling Ruth's Chris lunch). So, when will you begin? Click here for over 150 marketing tips.
Publicity Pointers. A little media exposure may be all you need to take your product or service to the next level. How often have you seen someone get a little exposure on TV or in the newspapers and see a BIG boost in sales as a result? It happens everyday. Luck? Sometimes. But more often than not, the business succeeded because its leader knew how to use the media. We live in a huge mass society. Even if you shake 100 hands a day, you could only meet a tiny fraction of those people in your working lifetime. The only way to reach the masses, or even the majority of your target customers, is to use the media. A recent business bulletin board session featured one entrepreneur complaining that advertising was too expensive and none of her many press releases to the media had ever netted any coverage. Another contributor guessed that only one in every 20 press releases is ever used and the whole process might be futile. Finally, a third entrepreneur pointed out that maybe the failing press releases hadn't been newsworthy. BINGO! In order to get your product, service, organization, or idea into the media, you have to talk the media manager's language. You must hit what I call the Media Manager Hot Buttons. First, target your message to the medium that is most interested in your type of story. Television goes for a mass audience. Radio seeks a very tightly focused demographically-skewed crowd. Magazines touch a specialized regional or national readership. Your local paper goes for a very local angle. Media is ultra-fractionalized these days and each outlet tries to stake out its own little corner of the audience. Think about which media outlet in your community addresses your target customers. There are several topics that media managers almost always go for. If you can think of a way to combine your message with one of these topics--you're in. 1. Is your story trendy? At any given time there are certain topics that the media seems to be beating to death. It may be reduction of crime, or new schools, or the city's sorry streets. Find some way to connect your message to the media's latest trend. 2. Does your message fit with a cherished belief? Story lines such as "the little guy takes on corruption" or "formerly poor single mom takes on the business world and succeeds" or "one guy gets fed up and cleans up his neighbourhood" are stories the media always jumps for. Even if you're selling gum, there is probably some way for you to connect your business with one of the many stories that fit into the cherished belief mould. 3. Does your message tie into a topic of mass interest? Media frequently does surveys to find out the community's top five concerns. The results are almost always the same. Crime, kids, schools, roads, employment. The media always covers topics like these. 4. Can you relate your message to some community scandal? The media loves to cover things that get people worked up. Corruption, dishonesty, cover-ups, illicit sex (their favourite), racism, bully-ism, and any other -ism you think of. Perhaps you can position yourself as a good guy taking on an "-ism." 5. Is your message a reporter's pet subject? Under this category absolutely anything has a chance of getting in the media (and it often accounts for some of the strange stuff you see in the media). Get to know media folks whenever possible. Radio DJs are especially approachable. Stop by the studio of your favourite station with a box of donuts and start a friendship. Your favours will be returned on the air. The bottom line is this: think like the media, shape your message to fit their likes. Do that and your message have a good chance of being used? Above all, don't let up. While one media manager may not have the slightest interest in your idea, another will welcome you with open arms. The media needs piles of fresh stories everyday. Hang in there and make sure your product, service, organization or idea is one of those stories.
Article by Kevin Nunley
Marketing Tip of the Month Deciding that Publicity is a tactic that you should adopt is not an ad hoc decision. As you can see from Kevin's article, there is some planning required if you are to utilize this tactic in a meaningful way. You need to ensure that you can think with the media's hat on, and deliver to them exactly what they need for their audience. Otherwise, you are probably just wasting your time. It's really tough sometimes to see things through someone else's eyes. Often, it takes a third party to help you question your own beliefs, ideas and viewpoints and to come up with a storyline that meets the requirements of a different audience. The more you practice this questioning, the better you will become. Walk more often and for longer periods in someone else's shoes and you'll be able to understand the "toe pinching" that he feels. Consequently, you'll be able to relate to his needs better and you'll be able to develop thoughts that are more in tune with his views. You don't have to agree with his views, but you do need to be in the same "space" - otherwise you will not be able to interest him in hearing what you have to say. Try it sometime. It's really quite invigorating. Click here for over 150 marketing tips. How To Correct Common Marketing Mistakes. A well-tuned marketing campaign is a beautiful thing. Your advertising not only connects with just the right prospects, but it seems everyone is talking about you, your product, or service. Sales come in at a nice pace. Profits mount as you quietly chuckle thinking how little you spent on marketing. Suddenly, moving your company forward doesn't seem hard at all. Unfortunately, marketing rarely works that easily, at least at first. Rhonda, who is marketing director for a mid-sized business-to-business company, purchased an expensive series of television ads to boost product awareness. "I thought getting our brand in front of so many people would naturally increase sales, but it didn't happen," she laments. Meanwhile, Ted, working hard to get a home-based business opportunity started, sunk his entire three-month marketing budget into a sales letter to 1,000 prospects. Only a few responded leaving Ted wondering what he did wrong. Most marketing gets held back by a few very common mistakes. Let's look at a few along with ways you can easily correct them to get your advertising back on track. Mistake #1: Your marketing gets lost in the crowd. Each of us gets bombarded by thousands of advertising messages every day. From magazines, to radio ads, to a TV talking in the background, to the flier left on your front door, the daily ad barrage continues. Prospects quickly learn to ignore marketing. After all, most of it has very little to do with their concerns. Prospects only pay attention to marketing that is radically different or marketing that speaks directly to their most immediate concerns. Highly innovative marketing rarely works. It may be one of the most counterintuitive features of promotion. How many of the outrageous dot-com ads from the 1990s do you still remember? Instead, separate your ad from the pack by making it talk directly to something the prospect really cares about. It should point out a problem your product or service can solve. Make the language of your ad sound like the way customers would describe the problem, the solution, and the way they feel after the problem is solved. This is language that gets attention. Mistake #2: Marketing targets an audience that is too broad. Before you can address the specific concerns of a prospect, you have to narrow the groups of people your marketing is reaching. Ted's sales letter didn't work because the list of addresses he mailed to weren't people who had already shown an interest in starting a home-based business. Many were already owners of good-sized businesses. Others were managers in companies with little time or inclination to work from home. Ted would do better to use a more tightly targeted list of people who had recently requested information on a home-based business or had tried one or more opportunities in recent years. An ad in your big city newspaper will reach a great many people, but very few will be in the market to buy your improvement for offset printers. In this case, your ad would work much better in a trade magazine for printing companies. TV and newspapers work very well to sell products used by a large, diverse mass of people. You can target TV and newspapers further by putting ads on specialized cable TV programs or in special neighborhood editions of newspapers. Likewise, you can get better targeting and lower rates by placing ads in regional editions of national magazines. Mistake #3: Your ad budget gets blown in a one-shot marketing gamble. This is one of the most common and often heart-breaking problems. A new store will spend everything they have on one radio remote, full page newspaper ad, or direct mailer. If the first try doesn't work (and it often doesn't), there is no money left for a second or third try. Which leads us to the next mistake. Mistake #4: Marketing isn't consistent. The old saying among veteran marketers is the first ad never works. You get consistent, long-term results by continuing your ad over weeks and months. It may be true that familiarity breeds contempt, but not in marketing. Familiarity develops awareness and confidence in prospects so they buy. There are endless examples of a small inexpensive ad that appeared in the local Sunday paper every issue for years. Sales started slowly, then built to a constant roar. I'll never forget the owners of an auto parts supplier who strongly believed if the ad didn't pull astounding results the first time, there was no use in continuing. They bounced from ads in one publication to ads in another with little to show for their effort. Mistake #5: Marketing fails to tie different media together. Too many times the direct mail campaign a company does has little to do with the magazine ads they are running. Instead, make your ads in different media all relate to each other. Take the audio from your TV commercial and adapt it for a radio spot. Use a still from the TV commercial in your magazine and newspaper ads. Take the still photo and some of the verbiage from your spot and use it in a direct mail campaign. The continuity will increase your chances of breaking through the marketing clutter to really reach prospects. Keep in mind different media work in different ways, accomplishing some things better than others. Television SHOWS how your product or service works. Radio helps people know the FEELING of using your product. Newspapers and magazines are good at EXPLAINING how things work. Direct mail utilizes the power of the letter to talk to your prospects in a very personal one-on-one way. Mistake #6: Finally, don't belive the hype that the Internet is somehow dead or dying. USA Today recently reported the number of people using the Web has doubled since the Internet Boom in 1998. Huge numbers of consumers and businesses worldwide now understand the Web is a wonderful place to find a large variety, get things done fast, and uncover a lower price. Use your web site to give visitors all the information they need to understand and buy your product or service. Have your TV spots, radio commercials, print ads, and sales letters all send people to your web site where they can spend as much time as they need perusing your in-depth material. Marketing is one of those aspects of life where the tried-and-true often works best. Use these proven solutions to common marketing mistakes to insure your advertising and promotion efforts bring the results you expect.
Article by Kevin Nunley
Marketing Tip of the Month There's an interesting common thread in all the mistakes highlighted by Kevin's article. It's called planning…… or rather, a lack of planning!! Every one of his "common mistakes" could have been avoided if the marketing had been thoroughly planned and thought through. Each one of the mistakes is logical, and most business owners or executives will probably buy into his individual solutions without thinking twice. These mistakes usually happen when ad hoc decisions are made to tackle a specific need, and very little consideration is given to the "bigger picture". There are too many options available in marketing for an ad hoc choice to be made, without thorough consideration of a number of influencing factors, including questions about budget, testing, weighing up potential returns etc. These are strategic factors that are crucial in ensuring that the best decision is made by the management team. The bottom line: carefully think through your options. But more importantly, have a plan that you're working with. Try not to make ad hoc decisions. It may take more time up front, but will save you plenty of time, money and heartache in the end. Click here for over 150 marketing tips.
Welcome 2006 with a renewed focus….Do You Have A Unique Selling Proposition? My son, age 22, visited me at my home the other day. It was hot and he had his shirt off. I noticed something on his back. When I inquired, he matter-of-factly said "oh that, it's my new tattoo, doesn't it look great!" I was surprised and asked him why he decided to get a tattoo. With a big smile and a slightly arrogant stance he said that getting a tattoo made him feel unique. Besides his tattoo would allow him to standout more at the beach, which he felt would attract more girls. I wish my son found a different way to be unique and standout, but this simple example speaks to a similar issue companies must address. What is your companies' unique selling proposition or position? Why will potential customers choose your firm over the many competitors available in today's global market arena? New Webster's dictionary terms unique as: Are you presenting a unique reason for customers to come your way? More importantly, are you positioning your company with this unequaled or unparalleled product or service? Back to basics Many times companies begin well. They start, intuitively, with a good product or service idea. They know what they do better than anyone else and they go out into the market and do it. They gain some measure of success and then they hit a slight barrier. Usually it comes at the $1-2M area first. Then, if the company is lucky and continues to grow, they hit another barrier at the $10million dollar level. Paradoxically these barriers are a direct result of success in the market. Understanding the impact and effect of this phenomenon is articulated in Marketing Tip #409 - Barriers to Growth, suffice to say most companies hit barriers due to employee growth rates, and the mere issue of success - not due to the lack of available market. Simply put, companies tend to lose their direction, and focus. Basically they forget how they achieved their good results. Global Marketing suggests that company CEO's and senior leaders must always pay particular attention to what they do the best. Always get back to basics. Find ways to remind the company, and potential customers the reason for the business. Companies must continue to enunciate, focus and bang away at the unique selling proposition in your target market. Doing so will ensure that your company continues to gain market share, keeps customer confusion to a minimum and frightens your direct competitors. These are all good things. Why is a unique selling proposition so important? It was back in the late 50's that the concept of having a unique selling proposition evolved. Generally, Rosser Reeves with the Ted Bates & Co. Advertising agency is credited with first developing this technique. His view and Global Marketing believes it is even more true today is as follows: All advertising/promotions must make a clear, simple proposition to the customer - buy this, and you will receive a specified benefit. The proposition must be unique - something competitors cannot claim, or choose not to claim. The proposition must be so compelling that it motivates individuals to act. Some examples that illustrate the point: Creating or focusing on a Unique Selling Proposition? You should start by understanding your targeted customers (yes it always begins with the customer). Define the advantage and benefits you bring to your prospective clients. Review competitors in your market arena and find out how you can do things better. Possible unique selling propositions might include - convenience (more locations, easier to do business, etc.), Product breath (wider choice - good, better, best approach), higher quality (unique process or patented technology), or superior customer service level (orders filled within 2 hours of receipt). All of these can present a powerful reason for your clients to be compelled to do business with your firm - and that's the strength of the USP concept. Don't try to be all things to all people. Declaring a unique selling proposition is just that - find a special or unique position to offer your targeted customers. Something that they must purchase from you and you alone. Once you are satisfied with your unique selling proposition, you must put it to full work for you and your firm. Integrate it into everything you do. All your promotional material, all you advertising, all you sale pitches, all your correspondence (including invoices) should reflect your USP. Don't waste an opportunity. Each time you communicate with your customers, deliver your unique selling proposition. What makes your product, service and company standout and how you convey this important point is vital to growth and success in today's fiercely competitive market. If you don't have a USP, create one today. It will give clear purpose to your company, compelling reasons for customers to buy from you and unparallel success to your stakeholders.
Article by Frank Williams
Marketing Tip of the Month Every so often it pays to stand back and review what you've been doing from a marketing perspective. Create a simple focus and challenge yourself to do better. Question your decisions. Challenge your assumptions. Look for a new edge. Learn from the new trends. Check whether the market or your customers/prospects have changed.
A new year often brings a revitalized attitude. Why not turn that energy into a revitalized approach for your company? While this may seem like a large task, simply starting with your USP will get you moving in the right direction. You don't always need to re-tool your business totally - maybe it's a simple tune-up that will make a difference this year. With a simple focus on the key elements of your business your odds of success will increase exponentially. Don't try doing too much. Maintain the focus and get help if you need it. Remember the old proverb: You can't direct the wind, but you can adjust your sails. That small adjustment in your approach could mean a big difference when you get to looking at 2006 in your rear-view mirror. Click here for over 150 marketing tips.
Developing a POWERFUL 30-Second Elevator Speech That Could Double Your Business First let me tell you what NOT to do. Don't talk about you, don't talk about your products. In as short a statement as possible tell them the measurable results you deliver, and who you deliver them to. Then shut up.Don't try to tell them EVERYTHING in one breath. Tell them something that is so powerfully grabbing that they just have to ask you for more, and even then when you respond keep it short, keep them asking for more. So, how do you do that? Here is an exercise I do with all of my clients that usually changes not only how they present themselves, but often it goes so deep that it changes their vision of who and what they are as an entire business. Take out a sheet of paper and create 4 columns. Consider this activity as brainstorming, a work in progress, that will continually change not only as you work your way through it this time, but should get you thinking so that you will continually come back to the worksheet to make the answers better and better over the next few weeks. So, for your first pass, don't worry about getting "the perfect" answer, just get something down on paper to start the thinking process. You'll come back later and make it better and better. The first column, far left. Products, services and/or features. The 2nd column to the right. Benefits, why buy the product? The 3rd column. Why buy the product from me? At this point, take your best shot as to why someone should want to buy from you. Again, this had better be about results that someone will get from YOU. Just get something down. Then ask yourself why would someone want this and keep asking why this over and over until you've gotten the right answer. After we've answered the question in the fourth column, you'll probably come back and change this or make it even better. The 4th column. Measurable results. This is when I hear the grumbling from a client. "You mean I have to tell someone exactly what result they will get from buying my product? You're asking for an awful lot. I just can't guarantee the results people will get from buying the product." Consider the measurements and how you will present them. Write down some measurable results: average, maximum, minimum. You can state a fact that a customer typically gets ___, or, you guarantee a minimum result of ______, etc. The first part of this is stating very clearly what you have done, what you will do, or what you'll guarantee. Making your results measurable gives a very visual perceived value for what you do. People buy you or your product based on the value they perceive you will deliver, so help them find that value and make it so visual that they don't have to guess. No one else on that street corner is doing that. They have been selling a product, a service, of if they have sold a benefit it has been vague. You will stand out, your sales will catapult. It wouldn't hurt to go back to "Why buy the product?" and "Why buy it from me?" and revise it. Usually once I've forced a client to come up with those measurements, the benefits of the product, and even the benefits of working with them start changing. So, review, change, and go through it again. Get out there and use it. Over the next few weeks keep looking for the ideal measurement, and come back to revise over and over. It'll keep getting better. When I give my 30-second introduction at a chamber event, or other meeting, I will have people run up to me after the meeting. "How do you do that?" "You can't really do that…can you?" I even have people weeks later who see me around town run up to me to ask me about what I said. My elevator speech is: Don't hesitate to play with what you say at networking events. Try it one way and watch the results. If you are a BNI member, or a chamber member, those are ideal places to try this out. Measure the results of your elevator speech by Change the words just a little at different meetings. Keep track of the ones that work the best, and watch your business grow over the next few weeks. It will change your business in more ways than just this. You'll probably change your vision about who you are or who you can become.
Article by Alan Boyer
Marketing Tip of the Month The 30 second commercial should not be seen as a discussion starter only. It is in fact much more important than that. It should be seen as the key message that you communicate at all times, in all communications. It is that beacon that people see and hear first - that thing that makes people take notice and create a desire to talk to your further - to respond to your advertisement, to call or email you from your website. It is the key to your success. Imagine this: a prospect arrives at your website - you have 10-15 seconds at best to catch his eye and make him WANT to read further. It is the 30-second commercial that he has to see, understand and have a connection with. It is the ultimate WIIFM (what's in it for me). If he doesn't get it, he's GONE. The same applies to an email, a direct mail letter and that cold sales call. You can try all the sales techniques you want, however, if you don't have his attention, you cannot even enter the race. Remember, AIDA -Attention, Interest, Desire and Action. That is the process a buyer will move through. As a marketer or as a salesperson, your job is to move the prospect through each phase, and you cannot get the process going without catching his ATTENTION so that he gets the WIIFM. Once you have him engaged, you can move him along with your preferred methodology. So, start today. Get your 30-second commercial created. Test it and amend it. But use it wherever you are in the public domain. And don't let your prospect see a different message when he goes to your website, or reads your sales material. You need to be consistent, or you could lose him on the way. Click here for over 150 marketing tips.
The Invisible Horses It was World War II. An American general was doing air surveillance of British artillery units. He noticed they loaded their cannons, closed the breech and then, suddenly, stepped back a few paces behind the cannons with their hands clenched away from their sides."Why are they doing that?" asked the general. No one knew. After a lengthy investigation they found an elderly English brigadier who explained, "Why they're simply 'olding the 'orses." Holding the horses? Of course. In earlier days the artillery was horse drawn. Then, when the cannon was loaded, the artillerymen took a few paces backwards just before they fired to hold the reins of the horses to keep them from running away because of the noise. Through the years the horses were replaced by trucks. But the artillery men continued to "'old the 'orses." The problem with setting up rules is that there comes a time when someone forgets why the rules were established originally. Like the Hatfields and the McCoys continuing to fight their battles when no one remembers the reasons why. They were just following the rules. Whatever they were. Sports promoter Bill Veeck's answer to this conundrum: "The rules tell you what you can't do. This means you can anything that's not in the rules." Rules for advertising work much the same way. You are taught what should be done and follow the learned phrases, techniques and concepts. If someone steps forward and says, "I didn't do rule number two and it worked for me anyway," I tell them what my Latin teacher once said: But shouldn't you constantly experiment, innovate and even violate "accepted" rules? However, there are some shibboleths you hear people repeat as gospel that can be overruled. Here they are…and how each rule was broken with success. "Rule" 1. You must tell your story quickly because readers get bored. "Rule" 2. You must sell merchandise in season. No one wants to buy swimsuits in winter or long underwear in June. But along comes L.L.Bean whose sales increased dramatically when they switched from mailing their catalogues only biannually (Spring/Summer - "Rule" 3. You must use short copy. You must follow the KISS formula (Keep It Short & Simple). Not according to Merrill Lynch, which ran an ad in the New York Times with more than 10,000 words. Thousands of readers wrote for more information on the products and services mentioned in the ad. And not according to Boyce Morgan, the writer responsible for many of the early direct mail successes of The Kiplinger Letter. He conducted tests on long vs. short copy. The result: When he cut copy down to fit on one sheet of paper, it also cut down on orders. Now, this is NOT a cry to tear up the rulebooks and plunge into uncharted waters. You must know what you are doing and why you are doing it. My Latin teacher (remember her from paragraph six?) told us, "You can break any rule you want, as long as you know what the rule is and why you are breaking it." And so this is a call for non-traditional thinking. To examine what you are doing with a fresh look, an unjaundiced eye, a willingness to "try." While it is true that "fools rush in where angels fear to tread," it is also true that "he who hesitates is lost." Years ago, in Russia, a Czar came upon a lone sentry standing at attention in a secluded corner of the palace gardens.
Marketing Tip of the Month I find it incredibly interesting that some people follow absolutely blindly - whether it's a tradition, a business, a sport, or anything else in our lives. One thing that usually happens to such followers is that they always remain a follower, and never become leaders - it's a self-fulfilling prophecy, isn't it? Leaders and followers is a concept most businesses know. In one's industry, there are either leaders or followers. Most successful businesses are almost always leaders, while the others continue to chase, always feeling that they are playing "catch-up". As a marketer, I most-often than not come across potential clients who will always ask the following question: "what experience do you have in MY industry". While the question is a logical one, I always caution them about the leaders and followers philosophy. "If you want to become a leader, then you NEED to look outside your industry. Don't become dependent on that 'expert' in your industry, especially if they are unable to bring new ideas to you from outside your industry. It's the continuing challenge that businesses face, to attempt to be different AND relevant. If you can achieve both, you'll become a leader. If you're just looking at the ideas in your industry and not challenging yourself from OUTSIDE, your follower position will be secure. So, ask yourself: do I want to be a leader or do I want to be a follower? By answering that question, you'll know where to look for marketing help.Click here for over 150 marketing tips.
Slow down, you move too fast I'm a bit fascinated by mobile phone users and the level of stress that they must be under. You know the ones. The plane is just coming to a stop at the terminal and the seat belt sign goes off. Even before people dive into the aisle to get their bags out of the lockers and get off the plane (you don't want to be left on the plane after all) the phones start beeping. It's as if there is not a moment to lose. Either that or these people must be very important and that the world somehow will come to a catastrophic end if the message bank is not accessed for vital information. Perhaps they just need directions out of the airport! It's now quite common practice for people to even text message on planes. Scary! Mind you, not quite as scary as these people who receive and send text messages while driving their car. This mobile phone behaviour is a metaphor for our lives right now isn't it? There never seems to be enough time. It's rush, rush, rush for every frantic, activity filled second of the day. It's mad and it's killing us. But, you know, it isn't quite as necessary to behave like this at all. I suspect it's become a bit of a habit and we have got caught up in a sort of treadmill and, like the mice, we are chasing our own tails. And, of course, we are encouraged by all sorts of stakeholders to keep right on behaving like this. Politicians want us to work until we drop and never retire, advertisers want us to keep on consuming (and therefore work frantically to pay for our consumption), our employers want us to work longer for less, and there is a constant message that we might be left behind unless we keep running hard. Sadly, we are increasingly treating each other poorly as we aggressively jostle and push those around us in order to get to the front of the queue first. I'm not quite convinced it has to be like this. Recently I heard about the idea of 'slow education'. In this innovative school the pressure is being taken off children to perform, rather they are being given time to fully interact with each other and the world in order to really learn. My own experience, and I've been the biggest workaholic of them all in my past, is that it is possible to change your behaviour and find that the world does not come to an end. Actually it seems to revolve that little bit better. So, now I'm into slow living. Slow living means answering your emails twice a day rather than leaving your email on all the time and jumping to attention when it yells at you that a message has arrived. It means leaving the mobile at home when you go fishing, walking, to the movies, or having a meal. Eat your meals slowly, take time out during the day to exercise or at least enjoy the fresh air. I have found out that I still manage to get most things done and if I don't the sky doesn't fall in. Obviously a part of this is getting the priorities right since some things just cannot be ignored. Joining the slow living club means focusing on the moment, rather than what has to be done later or what was done yesterday, and experiencing the moment fully. Breathing slow is essential as is refusing to fret about the small stuff. This takes effort. Its much easier to get stressed or angry than it is to be relaxed. But if you can slow down it will change the way you enjoy people and how you feel about yourself. After all the only thing we really have that is important is our relationships. Try losing them and see what happens. Slow living. Who'd like to join?
Marketing Tip of the Month A recent article in Macleans magazine caught my attention last week. It discussed the concept of "Slowing down" in our fast paced society. Not knowing or understanding whether this was a North American phenomenon only, I did a little more research and came across an entire "Slow Living" movement that was decrying the pace at which we are all living at currently. The interesting thing that I noticed was not that the movement seemed to be negative towards the new technologies, but was more determined to use these technologies more wisely (example per above article: "Slow living means answering your emails twice a day rather than leaving your email on all the time and jumping to attention when it yells at you that a message has arrived"). Of course you have the diehards that live in an old-world state of mind, those people espousing "slow food", "slow driving", "slow music" and even "slow sex". While I am a supporter of all of these "slow activities" one has to move with the times. However, the message to take away from all of this is: don't totally lose all the values that were meaningful in the past. Incorporate the changes into your lifestyle - don't let them dictate your lifestyle. Don't let them prevent you from doing the things you really want to do, at a pace that you want to do it at. As Stewart Hase says: "the only thing we really have that is important is our relationships. Try losing them and see what happens." Let's not lose sight of the important values in life. Remember, at the end of our lives, one always tends to regret things that we said or did not say to loved ones - I'm sure that work and career is probably the furthest thing from our mind. It's all about Perspective. Making sure that it is truly the important things that we worry about. And understanding how to evaluate what really is important. When you get yourself into a state about something at work, sit back and think about someone that is less fortunate than you, and you'll gain that vital perspective on your current situation. Then smile, put the situation into Perspective, and get on with it - at a pace and intensity that is more appropriate to YOU. Click here for over 150 marketing tips.
How to Keep a POSITIVE and PROFITABLE Attitude in Times of Uncertainty Attitude is best defined as a state of mind, perception or an interpretation regarding a situation. Things in life often have the meanings we give them. Right now, we are encountering times of uncertainty. Our country has been hit hard by economic challenges, and constant downsizing. Situations like this can cause us to adopt a less than empowering attitude. The good news is, there are specific things that we can do to keep a positive and profitable attitude that will benefit us and others in measurable ways, no matter how confusing or challenging times may become. First, do a personal evaluation. What is the state of your current attitude? On a scale of 1 to 10, 1 being low and unhealthy, and 10 being very positive and healthy, where would you rank your attitude? Do you find yourself complaining a lot, losing your temper, treating others with less respect, not caring, being impatient, reacting negatively when you hear bad news, handling situations in ways that seem to hurt you and others more, have suffering relationships, or hear discouraging words coming out of your mouth? If you answered yes to any of these, you may need what Zig Ziglar calls, "A check up from the neck up." It simply means we acknowledge our current attitude and give it the attention it needs so that it will empower us rather than defeat us. There are no benefits to you or anyone around you to live life in a state of self-defeat or mediocrity. Your world around you will be a reflection of that attitude, a self-fulfilling prophesy. Your perceptions and meanings will determine how you do your work, treat others, and deal with challenges that come your way. Evaluate your influences. Influences affect our thinking. They are what we read, watch and who we associate with. Influences can be any things that go into our minds. If you want to change your behavior, you have to start by changing your influences or input. What this does is change your thoughts, and when you change your thoughts, your perceptions change, your meanings about situations change and your overall outlook changes. So if you have negative input, you will produce negative output at work, with family, in relationships and in your health. But conversely, if you have positive input, you will have positive output and more dynamic and beneficial results in all areas of your life. Take a mind shower. Health experts tell us to drink eight glasses of water a day. Why? Because it's fun to go to the bathroom all day? No. Because it gives the body oxygen, which gives us energy. It also flushes unhealthy toxins out of the body. The same concept is true of the human mind; we have to flush out unhealthy, self-defeating thoughts. Research experts estimate that close to 80% of our non-verbal or self-talk is most of a negative nature. So literally we are beating ourselves up all day with poor thinking. The key to change is a desire to change, a willingness to change, taking the right actions that will create right and positive change for our life and then following through. Take a mind shower and get the toxins out. Put good stuff in your mind, read good material, watch less TV, get around encouraging people. What happens when we do this is that we begin to let go of limiting beliefs about ourselves and what we are truly capable of achieving in life. Treat your body right. Our attitude is most tested when we are tired, hungry and stressed. To prevent a defeating and out of control attitude from coming on, we have to eat right, rest right and exercise right. The way we feel will also have a dramatic affect on our attitude. If your attitude is not right, this is your fault and yours alone. Having the right attitude is a choice. What you are willing to do determines what you are ready to get. Never underestimate the power of the right attitude. The right attitude is what causes a person to rise or fall in life. It's what can take a person from being a cancer patient to a cancer survivor. It's what can get you the sale, build the relationship, overcome challenges and maximize your life. A study was done of 3,000 top achievers, and 85% of them attributed their success to their attitude. Companies are bombarded with resumes from people are have the education, experience and qualifications, yet what is the one thing that will make some stand out from the crowd? The right attitude. Yes, skills are a necessity today, but what will make those skills work more effectively and serve you and others better is the right attitude working through them. Having a positive attitude won't take away the challenges of the world or what you encounter personally. What a healthy and positive attitude will do is empower you to deal with challenges and situations in a quicker, more effective and healthier way. The right attitude will lead you to the right meanings, perceptions and solutions that would not otherwise come if you had a negative and defeating attitude. The results you desire come with consistency and commitment. See what is working and what is not, and change your actions accordingly.
Marketing Tip of the Month Everyone loves a winner. And winners garner respect, and a following. The one thing winners have in common is that winning attitude- think Lance Armstrong, Donald Trump, Tiger Woods, Bill Gates. Do these people have problems in their personal lives? In their careers? In their families? You bet. But they always manage to think positive and have the right mental attitude when it counts the most. Bruce St. John, a Leadership Coach, suggests the following ten tips to facilitate a more positive attitude: 1. Work first on your relationships. 2. Develop a routine to start every day in a positive mental state. 3. Learn how to monitor your current mental state and changes to it. 4. Create an energizing physical environment. 5. Carefully monitor your self-talk. 6. Develop methods of shifting yourself to a more positive state. 7. Deal with problems effectively. 8. Focus your energy on attracting more of what you want. 9. Be a positive energy source with others. 10. Avoid using negative energy as an energy source. http://www.topten.org/public/BL/BL58.html Take these ideas to heart. Work on them and make yourself a more positive person. This, in turn, will offer you improved odds on becoming a more successful person - in business, and in life. Click here for over 150 marketing tips.
25 Telemarketing Tips to get you More Business and Avoid Rejection Don't get fooled by the thought that you don't do any telemarketing. Every business related phone call you make is a telemarketing call of one kind or another. Having the right skills and techniques may very well make you more effective, but may also help you to drum up even more business. This article by Art Sobczak will help you to enhance your telephone marketing skills. Good luck…. and good learning….. Marketing Tip of the MonthTelemarketing, telesales, cold calling ... whatever you want to call it, the professional use of the phone in sales is a process, not a goofy technique or gimmick. We're going to travel through every part of the professional telesales-telemarketing call, in order, discussing proven tips that can help you right now. Let's go! PRE-CALL PLANNING 2. Prepare questions for your telesales call based on the following mission: "How can I persuade them to take this action as a result of asking questions, as opposed to talking?" 3. Also create a secondary objective for each telephone sales call...something you'll strive to accomplish, at minimum, every time. Pick something you'll have a reasonably good chance to succeed with, such as, "Getting their agreement they will accept my literature and place it in their 'Backup Vendor' file." BEFORE REACHING THE DECISION MAKER 5. Gather as much information as you can from whomever you are able, prior to speaking with your prospect; busy decision makers get bored when they have to answer your basic qualifying questions. Use the "Help" technique: "I hope you can help me. So I'm better prepared when I speak with Ms. Big, there's probably some information you could provide me..." 6. If leaving a message on voice mail, or with a screener, be certain it offers a hint of a benefit/result that sparks curiosity, but doesn't talk about products/services. INTEREST-CREATING OPENING STATEMENTS 8. Don't use goofy, resistance-inducing phrases on your telesales call. An example of a terrible opening line: "If I could show you a way to _____, you would, wouldn't you?" The only decision you're looking for in the opening is the one to continue speaking with you. 9. Have something of value to say on every telemarketing call, particularly those regular calls to existing customers. Avoid, "Just checking in with you to see if you needed anything," and, "Just calling to touch base." These are more nuisance than service. Be certain they're able to say they are better off after your call than they were before it, even if they didn't buy anything. Call with news they'll have an interest in or ideas you've heard from other customers they might be able to take advantage of. EFFECTIVE QUESTIONING 11. Don't use a "benefit list" to present from. Instead, use it to create questions to determine if those "benefits" truly are of value to your prospects and customers. Some "benefits" could actually be liabilities. 12. Avoid asking go-nowhere questions like, "Is everything going OK?" or "How's service?". These all force the person to think too much. Instead, get them emotionally involved in seeing and feeling the solution you can offer. For example, "What do you do in situations when you need parts shipped overnight, but are unable to get them?" 13. Ask one question at a time. That's how many they'll answer at a time. 14. After asking, be quiet. Resist the urge to jump in if they don't answer immediately. Don't be intimidated by silence. They're likely thinking about what they're going to say. 15. After they've finished, count to two (silently, of course). This ensures they're done, plus they might continue with even better information. 16. Always know where you'll go with answers. Regardless of the answer. 17. Learn more about the decision-making process. There could be many behind-the-scenes influences on the decision. Ask about actual users of your products/services and anyone else who could influence a purchase. SALES RECOMMENDATIONS 19. Avoid the question, "Anything else?" when attempting to up sell. Just like when a convenience store clerk asks the same question, the answer is usually, "No." Instead, give them a suggestion, and help them answer. ADDRESSING RESISTANCE (Objections) 21. If you have an indecisive prospect, get their mind off the buying decision, and on the problem or pain. For example, "Jan, let's look at this another way. What would happen if you did nothing about the situation? Remember, we detailed the fact you're missing sales opportunities every day. What will that amount to over just the next six months?" 22. Avoid Common Objections Mistakes: Using slick, prepared, objection rebuttals that only tell people they're wrong and intensifies the resistance; giving up before attempting to understand the reason behind the problem. WRAPPING UP AND SETTING THE NEXT ACTION ATTITUDE AND SELF-MOTIVATION 25. A good way to end a call where you don't accomplish your primary objective (and to never experience rejection) is to plant a seed for the future. Give them something to look for, based upon what you uncovered during the call ... something that might just cause them to call you back. For example, "Pat, it looks like we don't have a fit here today, but I suggest that if you ever find yourself needing an emergency job finished, and don't have the staff to handle it, give us a call. We specialize in those types of projects, and would love to talk to you." Everyone has been surprised by those written-off prospects who later called to order. This is a way to proactively make it happen more often.
Click here for over 150 marketing tips.
E-mail heaven or hell? Are you sending e-mails to prospects instead of calling them? Is e-mail your selling medium of choice because it lets you avoid the rejection that you dread when you make real cold calls? Do you wait and wait for return e-mails from prospects that will give you the green light to move the sales process forward? Sad but true, these days most people who sell for a living spend 80% of their time trying to communicate with prospects via e-mail instead of actually picking up the phone and speaking with them. Are you one of those people? If so, you aren't alone...but do you understand why you've turned to e-mail instead of personal contact? I think there are 2 core reasons that underlie this unfortunate trend:
However, when you try to use e-mail to offer your product or service to someone who doesn't know you, you can't possibly establish the natural dialogue between two people that allows the trust level to reach the level necessary for a healthy, long-term relationship. We all know how much everyone hates e-mail spam, but even so, many salespeople are still sending introductory e-mails to decision makers. They feel that, because they're from a credible organization, they won't be associated with the negative image of a spam solicitor. However, these introductory e-mails typically contain the traditional three-part sales pitch -- the introduction, a mini-presentation about the products and services being offered, and a call to action -- and this traditional selling approach instantly tells the recipient of the e-mail that your only goal is to sell your product or service so you can attain your goals, and not theirs. If you're still using email to sell, watch out for these 7 pitfalls:
Finally...
Article by Ari Galper Ari Galper is the creator of Unlock The Game™, a new sales mindset that overturns the notion of "selling" as we know it today. Ari's deep understanding of human communication and how it can be maximized in the sales process has led him to discover the solution to the most dreaded selling experience of all: cold calling.
Marketing Tip of the Month For all these reasons, you should think of e-mail as your last resort. If you can learn to pick up the phone without fear, start a trusting conversation with a gatekeeper, learn how to go beyond voice mail and find your decision makers, you'll join the thousands of people who have made the breakthrough to the most natural and efficient way of generating sales opportunities. Remember, however, that there is a basic process that buyers NATURALLY go through. It's called AIDA. It's really a state of readiness, and it's up to you, the seller, to guide the buyer through the process in such a way that he arrives at the last stage in a positive frame of mind. Selling, in fact, is only one part of the process that gets the buyer to that frame of mind. The rest of it (and selling is also one part) is marketing. Marketing prepares the stage for the salesman to walk on to. The better the preparation, the better the odds for success. So let's review AIDA, and the stages we need to move the buyer through: Attention, Interest, Desire, and Action. Step #1 - Catch his attention. Ensure that he is aware of you. You can't do that if you remain silent. You also can't sell to him if he has no knowledge of you, your company, your products, your reputation, your customers etc. Lay the foundation before the sales call, and do so with various marketing tactics Step #2 - Ensure that you are communicating with him about the reasons and about the things they want to buy - this will raise his interest in buying from you. Step #3 - Focus on his needs, not yours; his pain, not yours - and then you have a chance of creating a desire in him to buy from you. Step #4 - Buying action is ultimately what you are looking for. Don't look only to sell. Look to satisfy. A satisfied customer will buy again, and again and again. Click here for over 150 marketing tips.
Elements of a Sales Campaign. A successful sales campaign starts with untested leads and ends with new customers. Whether your normal sales cycle is 12 days or 12 months, every sales campaign includes these basic elements: Leads are names and contact information you gather through direct mail, advertising, public relations, trade shows, networking, referrals, business directories, acquired lists, or trade and professional groups. Cold calls are unscheduled contacts with prospects and can be an effective tool for setting appointments and qualifying prospects. Briefly state the benefits of your product or service, learn something about the prospect, and ask to meet. Introductory letters break the ice and prepare prospects for your call. Mention how you got the person's name (especially if it's a referral), describe some benefits of your product or service, tell how you've helped similar prospects, and close with a promise to call. Literature gets mailed to customers who request information. Ask questions to determine the best material to send. Flag or highlight important sections. Include a personal note and specify when you will follow up. Appointments facilitate face-to-face meetings and sales presentations. Spend plenty of time asking questions and listening to what prospects have to say so you can tailor a solution to their needs. Follow-up helps you confirm progress, clarify issues and advance the sale. Send a note promptly after every phone conversation or meeting. Thank your prospects for their time, review what you discussed, and describe what your next step will be. After-sale communication fosters repeat business. Call to see how customers are satisfied with your product or service. Make sure they get your latest marketing materials. Stay in touch. Selling to an existing customer is easier than developing a new one.
Article Acknowledgements: www.allbusiness.com
Marketing Tip of the Month The sales campaign above is clearly part of the overall marketing plan because it references a number of other, very important, marketing tactics. These include mailing literature, sending a note, direct mail, advertising, public relations, trade shows, networking, referrals, business directories, acquired lists etc. This interaction between marketing and sales is crucial, because it ensures that the sales process actually begins before the first sales call. Why is this so important? Imagine the buyer of your product or service evaluating your offering with no information. How likely is it that you can convince him to purchase when the following questions are floating about in his head? "I don't know who this person is" Marketing's role is to address all these questions before the first sales contact occurs. This will ensure that the potential sales environment is not as cold as it would be if the questions had not been answered. Warming up the "sales environment" with valuable information about the company, its products or services, and the benefits offered to the customer will dramatically improve the chances of the sales effort. Don't leave your sales team out to dry. It's your responsibility to provide them with all the necessary marketing tools to enable them to be successful. Click here for over 150 marketing tips.
Dare to Be Different When Three-C Body Shop of Columbus, Ohio, began to lose customers in 1992, Bob Juniper knew it wasn't due to the quality of his company's collision repairs. Since purchasing Three-C from his father in 1984, Juniper had maintained the same high standards that his dad started setting back in 1956. Juniper quickly discovered that the insurance companies´ direct repair programs (DRPs) were responsible for his diminishing customer base. Through DRPs, insurance companies were partnering with collision repair shops that agreed to provide discounted repair rates in return for steady customer referrals. "At that time there were 225 body shops in Columbus," recalls Juniper. "And 224 of them were on board with the insurance companies." Juniper says he was the only body shop owner in Columbus who refused to comply with DRP guidelines and become one of the insurance companies´ "preferred" providers. Juniper refused to go along because he believed that DRP guidelines didn't guarantee that customers were getting the highest-quality work; merely that insurance companies were getting the lowest estimates. But if he bucked the industry trend, Juniper faced the risk of losing the insurance referrals and the new business he needed to succeed. Instead of compromising, Juniper began to focus his efforts on three things: an advertising campaign, a new business approach and new collision repair processes. "I knew I had to change the way I was doing business," he says. And that meant daring to be different. "Everyone says they do things differently and care about the customer," he admits. "But when I say we do things differently, I mean we do things really differently." To stand out, Juniper launched an aggressive advertising campaign. Advertising was virtually unheard of in the collision repair industry, but Three-CAS radio and print advertising blitz changed that. The ads educated people about how the collision repair industry operates, exposing how body shops agreed with insurance companies on fixed-repair costs to secure future customer referrals. And the ads reminded consumers that they weren't limited to insurance company-approved body shops. "We began looking out for the little guy," says Juniper. "Most body shops view the insurance company as the customer. We view the vehicle owner as the customer." At the same time, Juniper improved quality at Three-C by changing the way it processes repairs. Years of industry experience told Juniper that a low-tech worker could handle 40 percent of a collision repair while 60 percent of a typical repair requires a high-tech touch. Now Three-CAS repair process is based on a 40-60 work split. This ratio helps the body shop be more efficient by hiring low-tech workers to do the bulk of the work and reserving higher-paid technicians for complicated repairs. With his initial $70,000 investment and his entrepreneurial spirit, Juniper has turned Three-C Body Shop into a $15 million business with 11 locations and 110 employees. Juniper attributes his success to his unique approach. "When you do things differently, you get out of your comfort zone - but it's worth it," he says. "I decided to do things differently and it's working."
Article by Karen Gujarathi Article appeared at: http://www.allbusiness.com/articles/content/10120.asp
Marketing Tip of the Month Talk about success favouring the brave! Bob's story is truly "Rocky Balboa" revisited. So what can we learn from it? For me, the first lesson is: don't wait until you get into Bob's position before you do things differently. Understand that the world changes around you without you even realizing it. So make it a priority to keep updating your business regularly. Not necessarily with major changes, but with small improvements, added value and keeping up-to-date. By doing this, the world won't pass you by. Second, don't live and work in a cocoon. If you do, you won't be able to recognize the changes that are happening around you. Alternatively, surround yourself with people that do live outside the cocoon, and encourage them to help you to keep your business up-to-date. Third: plan for change. Make sure you are a leader not a follower. It may be tougher being the one to lead the front lines, but it will definitely make you sharper in your business, and as the old saying goes: "the early bird catches the worm". The benefits will ultimately be yours. You can then leave the scraps for the throngs operating in your wake. Finally, risk is something leaders always embrace. There were no guarantees that when Bob started his campaign that it would succeed. The $70,000 he spent could easily have been lost. However, he weighed up the alternatives, and felt that the risk was worth taking. After all, he was quickly going out of business, and almost had nothing more to lose. So be brave. Be a leader. THINK DESPERATE. And plan ahead. If we are proactive, we can achieve the same success without putting everything on the line. Click here for over 150 marketing tips.
Quick Ways to Boost Sales These days everyone has the same problem. People are too focused on death, violence, political upheaval, and an uncertain future to worry about shopping. And that's what puts the economy in its current state. Pam, a former customer of mine, had a thriving business selling vitamin supplements online. Through the events that followed 9/11, her business continued to do well. But this spring everything changed. As the economy tightened and the news focused on war, her customers disappeared. Of course, her M.I.A. customers had nothing to do with how she was running her business. She offered a broad range of products and used various successful marketing techniques to get the word out about her business. The drop in sales was due to external factors. More specifically, her customers were glued to 24-hour war coverage that made them feel like the world was about to end. Not much there to make people want to buy. The laws of physics say that what goes up must come down. But when things go down, there is no comforting law that says they have to come back up. However, keep in mind that they usually do anyway. As a business owner, you must accept certain facts, one of which is that a recession makes the strong stronger and the weak weaker. The only way to survive a recession is to get creative with your marketing, and your budget. Here are a few ideas to help you boost your sales quickly, regardless of economic conditions, and get back in the game as a strong contender: 1. Do Something Extra - No matter what state the economy is in, people love to feel like they are getting great value at a low price. Try putting together a package of popular products or services for an especially low price, then send out an enthusiastic email to your list of subscribers and previous customers. If you don't have a list, arrange a solo send through someone else's newsletter. 2. Exploit Market Vulnerabilities - This is the best time to take your competitors to the mattresses. Forge partnerships and co- marketing opportunities. Find ways to steal business from competitors who are hesitating in the market or withdrawing their marketing until the economy shifts. 3. Take Advantage of New Opportunities - When one door closes, another one opens. Maybe it's harder to get people to buy during an economic downturn, but as the economy dips, so do the prices of ad space. Try buying up a lot of commercial airtime on one radio station for a Sunday. The prices are cheapest on this day, and even cheaper since the recession. You can dominate the airwaves for a day and make a strong impact on an audience you may have overlooked.New doors in your market may have opened during this economic downturn. Find out what problems businesses similar to yours are facing. What do these changes and challenges mean for your prospects? New problems for your competitors and customers mean new opportunities for you. 4. Reinvent Your Business - There is an important lesson to be learned from Madonna. She keeps selling albums because she reinvents herself constantly to keep people's interest. Consider changing the products or services you offer. I knew a guy who switched his site selling old records to a site that sells only John Denver memorabilia. His business picked up immediately. Is there an enthusiastic segment of your customer base or audience who really want a certain kind of product or service? Maybe your business should be geared more to suit them.You could also try giving your business or website a makeover. Get a new logo for your website or sign. Try redesigning your website or using a new colour palette for the whole site. A new look boosts excitement for old customers. 5. Spend Less, but Spend Wisely - Don't cut your marketing efforts. Resist the driving temptation to do so. Businesses who try to save money by eliminating marketing are weak, and as I said before, during an economic downturn, the weak get weaker. The strong eliminate wasteful marketing dollars, but not marketing efforts. Track your marketing results and simply cut the unproductive efforts. Find new ways to market on the cheap and keep your name out there. This is the time to establish market dominance. To save money on goods and services you need, try bartering. Remember, the barter must be win-win for both parties, so offer something as valuable as what you'll be getting.Make sure you know where every dollar you spend goes. When you make a purchase, always ask yourself how it will improve the company's bottom line. Will it help to improve sales, bring new leads, or improve customer retention? Think before you open your wallet. 6. Cultivate Efficiency - The more efficiently you run your business, the more money you can save and the faster you can bring money in. If you are a service provider, ask for a deposit before starting a job. This gives you operating money to survive on until the job gets done. Pay close attention to your accounts receivable and get invoices out right away. Deposit checks and cash immediately. No more procrastinating.Review expenses from time to time. Are there things you are spending on that you once thought would turn a nice profit, but now they are no longer making you much money? Cut them!
http://www.drnunley.com
Marketing Tip of the Month Opportunity knocks at every door - especially those that are currently closed. That's what is so great about opportunity. It sneaks up on you and can POUNCE at any time. But only if you are looking for it. If your eyes are closed, it will simply pass you by and pounce on the person standing next to you. That's why business challenges should always be seen as opportunities, because they have a strange way of opening new doors. Whether you need to reinvent your business, the products or services you offer, or the way the business is run - each challenge should be seen as a way of making the business new or different. Remember, the boxer that stands still will always get hit more often…. This philosophy should not only apply to businesses experiencing major problems, but more so to businesses trying to ensure that they never reach that point. They are the proactive businesses that lead in their industries, and that leadership position ensures their success. They continually challenge the norm and the mundane; they continually push the outer limits to create new norms and new standards, new ideas, and new ways of doing business. At Stantech Marketing, we subscribe to that leadership philosophy. That is why we have added our services to Mastermind Solutions Inc., a broad based consulting business that offers Strategic Planning for mid-size businesses as a core service. Together with Stantech's Strategic Marketing Planning, this new look service will enable mid-size businesses to push the outer limits and find new ways to make more money, service new markets or launch new products/services. I'd like to encourage you not to let things "stay the same". Doing this will allow you to be passed by those businesses that embrace (and often create) a changing environment. Challenge yourself NOW, and become the leader. Don't wait until you are forced to do so. By then, you'll be limited by what you can achieve. That is exactly what Mastermind Solutions is designed to do. Our core deliverables are focussed on four simple outcomes: Click here for over 150 marketing tips.
In 2005, don't try cut through the clutter - slide underneath it. A cellphone company, trying to promote its latest camera phone, plants fake tourists at New York landmarks and asks passersby to take pictures of them. Instead of sending out coupons through the mail like the rest of its competition, a pizza parlor prints its monthly coupons on Post-it notes and places them on every door in its delivery area. When customers find the Post-its they take special notice and stick them on their fridges. While selling phones and pizza may seem like two different things entirely, both of these companies are practicing the same thing: low-cost, high-impact guerilla marketing. Coined by American author and marketing guru Jay Conrad Levinson (www.gmarketing.com), the term refers to inventive, generally low-cost marketing carried out through non-traditional channels. "I believe that when done right this form of marketing can have phenomenal long-term success establishing a brand with the target market," says David Nichols, vice president of marketing and a co-founder of Inventa Inc., a street marketing company that specializes in unconventional advertising. "[Guerilla marketing] really makes a connection with somebody and hence they have a connection with the brand." But not every crazy idea works. As with any business practice, determining the right guerilla marketing tactic for your company and its customers requires deliberation. Here are some of the basics. Know your target "Understand what your customers are doing, where they go and what their likes and dislikes are," says Nichols. Knowing this information you'll be better able to plan your campaign. Ideally, he says, at least 75% of the people you interact with in a guerilla marketing campaign should belong to your target market. Keeping track can be as simple as using a clicker counter. Attack when your audience is most receptive It might not be the best idea to approach people about power tools when they're on their way to work, says Nichols. However, the same people might be open to a pitch by a coffee company. "Guerrilla marketing is [best] done during the evening or on the weekend," adds Nichols. "Because people are more relaxed, they're more receptive to getting a message." It could cost you Traditionally, guerilla marketing encompasses cheap, creative maneuvers. But if you want to hire an agency like Inventa, plan to spend anywhere from $10,000 to $500,000. According to Nichols this fee covers creative ideas, managers and people on the street. "Our cost per interaction is going to be substantially higher than the potential reach of a traditional medium," says Nichols. "You might pay $2 per interaction or $5 per interaction, but we can tell you, guaranteed, this is who we spoke to, this is what the interaction was, and this is how they responded to the message." That said, Nichols advises combing traditional advertising with street marketing efforts. Victory is qualitative, not quantitative It takes years to build a successful brand. So don't look for a quick fix, look at how the value of the experience translates into the brand and then evaluate the success of your campaign. "The idea isn't really measuring how many widgets were sold a month after a program, the idea is to measure how many thousands of widgets were sold a year after the program or 10 years after the program," advises Max Lenderman, creative director and vice president of creative at Gearwerx, a Montreal and Toronto-based experiential marketing company.
Article by Jennifer O'Connor PROFIT-Xtra / September 2, 2004
Marketing Tip of the Month The majority of companies do not have unlimited marketing budgets that will allow them to compete, head-to-head, with their competitors. So, what can they do? Guerilla marketing, or what I call SMART Marketing, is the only alternative. This involves the use of non-traditional approaches, as well as controlled traditional marketing tactics that can be implemented partially, without success being impacted negatively. The same applies to companies that do have sufficient budget but feel that they need to adopt different tactics in order to achieve their objectives. Very often, companies adopt such a strategy to ensure that the competitors only see their primary tactics, and miss out on the Smart Marketing tactics. This is a very useful way to "fly under the radar" and to ensure that the competition remains in the dark about your successes. By achieving success in this manner, you can prevent your competition from knowing what is successful in your marketing plan, thus representing a major competitive advantage. Probably the major advantage is that testing out a number of different "guerrilla" programs allows you, at minimal cost, to test various tactics and to roll out successful ones particularly quickly. This, once again represents a serious competitive advantage. So, how do you turn this into a New Year's Resolution? Make it a part of your marketing plan. Plan it; schedule it; budget for it; then make it happen. It's easier than you think - but you still need to make the commitment. Do it - TODAY. I checked out Jay Conrad Levinson's (the Father of Guerrilla Marketing) website to review his 100 marketing weapons. I was looking for weapons that are non-traditional, different or unique. Here are just a few of them: 1. Barter If you want to know more about these and other similar Smart marketing tactics, contact me at 905-886-2235. Start 2005 by becoming SMART. Have a great New Year! Click here for over 150 marketing tips.
Lighten UP! Having a sense of humor is a choice. If we just choose to lighten up a little and look around ourselves and at ourselves, we will discover some healthy humor. The sign of a healthy attitude is when we can laugh at ourselves. Someone once said, "The ability to laugh is God's gift to us. To act on that ability is our gift to ourselves, and to share that laughter is our gift to others." I was a recent guest at a friend's house and went to go brush my teeth. I forgot my toothpaste and noticed a tube on the counter. I loaded up my toothbrush and began to brush but noticed it did not have a minty fresh taste. I picked up the tube to read what kind of toothpaste these people were using. To my surprise it read Preparation H! I like a lot of full contact sports, so recently when I was bowling, my fingers got stuck in a 15 lb ball. I didn't know it till I threw the ball as hard as I could down the lane. "Houston, we have lift off!" I began to travel with my bowling ball down the lane at a very embarrassing speed. That was a big gutter ball. Somehow it latched on as I walked out of the bathroom in the Atlanta airport. You guessed it - toilet paper. I didn't know I had an 8-foot long banner waving off my backside. Yes, it was that long. I could have sold advertising on there. I walked to my gate, which took 15 minutes to get to and nobody said a word. What do you call a 6''7 man walking through an airport with eight feet of toilet paper streaming from the back of his pants - ENTERTAINMENT! Ever have static cling? I was recently wearing black corduroy pants that I pulled out of the dryer. Later, a crowd of people in the mall started laughing at me because I had underwear stuck on the back of my pants. I pulled them off, swung them around and said, "I am just saving those for later." A healthy attitude is when we can laugh at ourselves and the crazy things we do or that happen to us on a daily basis. It takes some practice, but so worth it. Make humor a healthy habit in your life. The benefits, you will feel good and look good! That's worth it to me right there.
Article by Sam Glenn Sam Glenn is a national speaker and author who empowers people from all walks of life to achieve profitable results through having the right attitude. Visit him at www.samglenn.com
Marketing Tip of the Month Aaaah! So December is here and what have we achieved? As I recall, there was a song that had the answer: "another day older and deeper in debt". Life is tough, and every time we reach a milestone, like another year about to end, we probably owe it to ourselves to smile awhile. After all, life is really only about personal experiences, and work is only a means to an end. So enjoy it and don't be so serious. Tomorrow will come, and so will the time to be focussed on goals, and such-like. And so, to help you on your way into a December filled with fun and laughter, here's a few "Remember when's": Before the Internet or the AppleMac. Before semi-automatics, terrorists and crack cocaine...Before SEGA or Cartoon Network... Before Playstation and MTV...Way back. I'm talking about the time of Hide and Seek in the park...or the dark.
Aaaah yes!! It's fun to face the lighter side for a while. Let the smile on your dial last the whole month. It will invigorate you and prepare you for a whole new year....
Top 5 Mistakes Made in Marketing A properly developed marketing campaign can not only connect you with the right prospects, but it gets everyone talking about your company, your product, or your service. However, marketing mistakes can just as easily cost your business thousands of dollars. Here is a checklist of 5 mistakes commonly made in marketing. 1) Lack of Research and Testing 2) Improper Focus and Positioning 3) Marketing without a USP 4) Failing to Capture Repeat Customers Do you really know what your potential customers need and want? If so you are ahead of the ballgame and probably don't need to be reading this article. Truth is very few businesses have a good grasp of what it is that their customer needs from them. The secret to avoiding this common error is to find a need you can fill and then fill that need better than anyone else.
Marketing Tip of the Month Focussing on just 5 areas of marketing is a good start for most unsophisticated marketers. Like anything in life, a good foundation for marketing is getting the basics right - and ensuring that mistakes are not made. One of the most deadly sins for a company in doing marketing is simply attempting to fire shots in the dark. This type of approach inevitably leads to a high level of expense, little return, and a pointing of fingers that says: "marketing doesn't work". Such an approach can become the death knell of a company if this style of management is not curbed, and quickly. "More haste, less speed" is a saying that reflects such thinking. The fact is, if that's the chosen route, then failure will be forthcoming, at a tremendous pace - BEWARE! I have always cautioned clients to review what they are doing first, carefully, before they decide to spend their well-earned dollars. Weigh up what else you can do with that same dollar spend, and ask yourself why I'm making such a marketing investment. I can summarize Laura's 5 mistake areas into the following critical priorities: 1. Know what makes you different or unique If you cover off these priorities well enough, your odds of marketing success will be increased dramatically. Click here for over 150 marketing tips.
10 Tips for Creating a Marketing Plan If you are a small business owner, an entrepreneur or an independent contractor, you should have a marketing or business plan to use as a guidepost/compass to lead your business' day-to-day activities. Your plan does not have to be elaborate, nor does it have to be set in stone forever. However, it should specifically define key information including your target market and value proposition, as well as tactical ideas and action steps you will take in order to acquire customers and/or increase sales. Here are 10 basic components to include in a Marketing Plan: Product/Service Definition Target Audience Goals & Objectives Identify the Competition Pricing Establish a Marketing Budget Look at Channels of Distribution Set Specific Action Steps Set Timing for Each Step Get Accountability Creating and sticking to a marketing plan is the best way to keep you and your business focused, and on track for success. Writing the plan is the easy part, sticking to it tends to be more difficult for most people. It is highly recommended that you enlist the help of a trusted associate or coach to provide open and honest perspective/feedback as you work through the elements of your plan. More importantly, if you are serious about success, direct your coach to "hold your feet to the fire" and make you accountable for your actions. You will be glad you did.
Article by Rob Engelman Rob Engelman, president of Engelman Management Group, is a seasoned executive with over 14 years of consumer and business-to-business experience. Engelman Management Group is a marketing and management consulting firm geared toward helping small to mid-size businesses plan, design and execute their growth goals.
Marketing Tip of the Month Many people confuse marketing with a marketing tactic.
Here's the question: if implementing one, or a few, independent marketing tactics will work, why then do we need a marketing plan? Ask yourself: why are companies (or products) like Microsoft or Coca Cola so successful? Why is Kleenex synonymous with facial tissue? Is it because their products are so much better than their competition? Absolutely not - they're just better marketers than their competition. In many instances, their products or services are often inferior (we all know about Microsoft's notoriously bad software quality). It's quite simple - they have found a way to differentiate themselves from their competition, and have taken that message to the market more successfully than anyone else. They all have very organized marketing plans. They know why they are doing things, and when they should be done. They have defined their timelines and have budgeted their investment, and have realistic expectations of their efforts. They have ensured that various tactics are aimed at achieving the same goal, and know that without that combined effort of resources, that goal is unlikely to be achieved. They have been consistent over the years, and this is how they have succeeded. Achieving all of this takes time and effort. It becomes a process by the very nature that it is complicated and detail oriented. Marketing successes and marketing failures are all part of the process. As long as you keep learning, you will improve, and so will your company. Short-term goals and successes are also important, however, they should still be part of the marketing plan. You still need to be marketing in an organized manner, otherwise a short-term activity could turn out to be counter-productive and sometimes even destructive. And it happens to us all - even the big guys. Remember when Coke changed their original recipe about 10 years ago? It almost destroyed the company. If that had happened to a smaller company, without immense resources to turn the tide, they would surely have become a simple notation in our history of marketing. Click here for over 150 marketing tips.
The Seduction of Low-Hanging Fruit I remember the first time it happened. It was on a Thursday, about 4 pm, and I was worn-out after a day of cold calling. I hadn't uncovered even one viable prospect. Enough was enough! Time to go back to the office and do some paperwork. When the phone rang, I answered it tiredly. But by the time I hung up I was a new person. I had just talked to one hot prospect! Her company was BUYING! Not just looking - BUYING! They needed several new systems to handle their growth. And they wanted to make a decision quickly. "Can we come in for a demonstration," she asked. How could I refuse! They came in the following Monday and we spent about two hours together. We discussed their needs and I showed them several possible options. Things seemed to go really well. In parting, they asked me to call back early the next week. Tuesday morning I left a message. Wednesday and Friday too. My calls were never returned. It wasn't till a week later that I finally got my prospect on the phone. She thanked me for my hard work, fast service and excellent demonstration. Then, very apologetically, she told me they'd selected another vendor. I asked "Why," but her answer was evasive and focused on minor details. Of course, price was thrown in too - as it always is when you lose. I'm embarrassed to tell you that this happened to me more than once. And sometimes I invested an inordinate amount of time and effort in those so-called "hot prospects." I coordinated elaborate meetings and prepared detailed proposals. I even rearranged meetings with prospective customers who weren't quite ready to move ahead. Can you guess what happened? That's right. I almost always lost the business. Lest you think I'm not too smart, it didn't take me too long to figure out something was wrong. My proposals, presentations and demos were fundamentally sound, so it had to be something else. But what … When I talked to the more seasoned sellers, I was cautioned on wasting my time with 'low-hanging fruit" - in other words, companies who are ripe to buy. They told me that many of these prospects already have made their decision, but are checking the market for two reasons: 1) To prove to higher-ups they did a thorough investigation, or 2) To leverage competitive offers to reduce their preferred vendor's pricing. Yikes! That explained a lot of things. Naively, I had assumed that I had a fair shot at every deal. Learning how to ferret out those opportunities where it was worthwhile to pursue low-hanging fruit was hard. I had to be much more straightforward than I was used to being and ask questions that made me uncomfortable. But by doing this, I saved myself lots of hard work. And, I had more time to spend on prospects where I could win. It's not only individuals who are seduced by low-hanging fruit. Sometimes whole companies are sucked into these 'get-rich-quick' schemes. Several years ago one of my clients introduced a new product targeted at a highly profitable niche owned by their competitor. They were late to this market and, in essence, their product was a higher-priced copycat with enhanced capabilities. In the months preceding the launch, sales reps continually fed marketing stories about all the money being left on the table because the new product wasn't ready. They told marketing about all the prospects who called wanting to know when their new system would be available. Everyone was drooling. So many buyers, so little time. Their entire launch plan focused on the low-hanging fruit. Sales reps, armed with proposal templates and PowerPoint presentations highlighting competitive strengths, were chartered to go after companies on their "Hot Prospects List." Hard as I tried, I couldn't convince them of the folly of this decision. The seduction was complete. So what happened? In the six months immediately after the launch, very few systems were sold. Their only orders came from existing customers where reps had strong, long-term relationships with key decision makers. Within two years the company quietly exited this market niche because it was too costly to penetrate. The lure of low-hanging fruit never completely goes away. The chance to make easy money is just too seductive. I still have to caution myself when I encounter these opportunities. The worst thing about them is the wasted time that could have spent with prospects where my chances of winning were much higher. LESSONS LEARNED Be willing to ask tough questions. If your new prospect is ready to buy, make sure you ask them: -Who else are you looking at? If your prospects express strong dissatisfaction with a competitor, you might have a real opportunity. But if they're just looking around, be wary of investing too much of your time and company's resources trying to get the business. Your best prospects will be those companies where you already have an established relationship OR where you get in early, before customers are making a decision. In the latter case, by uncovering and developing account needs, you'll build the strong relationship you need to win the order when they're ready to make a change.
Article by Jill Konrath Jill Konrath, President of Selling to Big Companies and Leapfrog-Strategies Inc., helps sellers create value, differentiation and demand in competitive markets. Email us in Minnesota at jill@sellingtobigcompanies.com.
Marketing Tip of the Month I recently came across an organization that trains people in this type of selling. They have a simple philosophy: deal with the things that are important to you, the seller, right up-front. If you don't receive satisfactory answers to those issues, then you're wasting your time in the selling process, and you should move on to other potential prospects. Make sure you have an upfront contract that defines future outcomes. By doing this YOU have control of the sales process, and NOT the buyer. While this process is counter-intuitive to traditional selling, it will certainly enable you, as the seller, to spend your time more appropriately on prospects that are more likely to become customers. To find our more about this intriguing way of selling, and consequently saving you time and money, simply email me at neville@stantechmarketing.com or call me at 905-886-2235, and I'll point you in the right direction. Click here for over 150 marketing tips.
The Brand Called You Every company has a reputation. Everyone you meet will form an opinion about your company, even if they have not done business with you yet. The challenge is to manage your reputation so that the opinion that people have of you is positive. This is what creates a brand. Brands have a number of strategic functions, enabling you to: - Differentiate yourself from your competition For small businesses, branding is not about slick advertisements. Small-business branding is about getting your target market to see you as the preferred choice. Building a slightly famous brand is not just about what you do; it's about what you do differently from everyone else. Building Your Brand A brand is a promise of the value your clients will receive. In an amazingly complex and competing world--where itís increasingly hard to know whatís real and whatís not--having your customers not only acknowledge but support the promise of your brand is the key to building a thriving business. To become a brand, you've got to become relentlessly focused on what you do that adds value. Do you deliver your work on time, every time? Do you anticipate and solve problems before they become crises? Do your clients save money and headaches just by having you on the team? Do you complete projects within the allotted budget? Branding integrates customer service, sales promotion, public relations, direct mail, newsletters, discounts, event sponsorship, word of mouth and other communications tactics to present a unified message about the company, its products or services. Your brand will integrate all your marketing around a core idea and vision. As a result, you will find it easier to sell yourself, because your message will be uniform and powerful. Every business needs to evaluate its brand identity against the following criteria: Relevance to the Market Consistency of Behavior Relationship-Building Loyalty to the Customer Is Returned Reputation Is Priceless Good brands stand the test of time. To develop a brand that will last a lifetime, go beyond what you do right now. Think long term. Look at Coke, Ford and General Electric. No matter what they sell or how they change over time, they can rely on their brand equity build on a foundation of customer trust to take them deep into their customerís trust quotient and keep them there. If you establish a place of trust and relevance in prospects' minds, you're already in the door. The more people believe in your brand, the more it will spread throughout your niche market without your pushing. If your brand is clear, distinctive, and easily understood, and expresses a unique, compelling benefit that people believe in, it will bring you all the business you can handle.
Article by Steven Van Yoder Steven Van Yoder is author of Get Slightly Famous: Become a Celebrity in Your Field and Attract More Business with Less Effort. Visit http://www.getslightlyfamous.com to read the book and learn about 'slightly' famous teleclasses, workshops, and marketing materials to help small businesses and solo professionals attract more business.
Marketing Tip of the Month In the majority of instances, a brand is much bigger than the individual. It lives longer than the individual. And it promises much more than the individual. It transcends the individual's feelings and attitudes, and takes on a life of its own. It can outlive the individual and becomes really important when you look at business succession or even the sale of the business. If you want your company to have a real place in the minds of your customers or prospects, you'd better look after your brand. Have you built your brand by design? Or have you built it by default? Either way, taking care of the brand and making it all you can is a crucial step to adding value to your business. Stop right now …. and think about your brand. Work your brand - by yourself, or with the help of a marketer. In this way you can enhance the value and potential value of the business without too much effort or investment. For more information about how this can be achieved, call Neville at 905 886 2235. Click here for over 150 marketing tips.
Leaving The Comfort Zone (AKA the Danger Zone) Being a prosperous small business owner today requires more than technical expertise and good management skills. It requires changing your way of thinking. Just as the business environment is changing, so must you. What's new and different today may be approaching obsolescence tomorrow. Business owners must let go of the old ways of doing things and eagerly pursue new ways to service customers, provide quality products, and creatively inform the public about what makes them the right choice. Change is thinking, feeling and doing differently. In order to make changes, you must be willing to move out of the comfort zone. The Dangers of the Comfort Zone The comfort zone can become a danger zone. When we continue to function on a daily basis the same way we have over time, our thinking becomes rigid. We can see things from only one perspective and we forget there are many ways of looking at the same situation. When we think only one way, our creativity is inhibited. We keep putting out the same advertisements and getting the same results. We decline the opportunity to add an enhancement to our service because it requires more effort and we don't have a guarantee that it will work. We become more fearful of our failures, forgetting that these are valuable opportunities to learn about ourselves. We may be working longer hours, but don't have the sense of satisfaction that we once enjoyed from our efforts. Relationships with those important to us suffer because we act more like robots than a loving, caring, feeling human being who invites stimulation, changes, and risks. The brain receives less stimulation and functions slower. Literal plasticized ruts in the brain are created. Parts of the brain eventually die when they're not used over time. Thinking and doing differently create new neural pathways that can keep the brain functioning at an optimal level. When it comes to your business, It's always worked for us before will be a dying battle cry as competitors move in and take over. Customers want more for their hard-earned dollars. They want attention and to be treated with respect. If the resistance to change isn't released, you'll also lose your employees to boredom, apathy, and even to your competitors. Profits will drop. The Solution On a business level, you can just as easily take simple risks to move out of the danger zone. Think "What if..." to explore changes that could be made. Like What if we gave the customer a bonus for coming in today? or What if we change the color scheme of our office or the packaging of our product to make it more appealing? Invite some of your customers to meet with you and your employees to brainstorm ideas that will enhance the services and products you offer. Ask your managers and employees What more can we do? How can we do this smarter, faster and more profitably? What can we offer that sets up apart from the competition? Empower your employees and customers to be decision-makers. Encourage all types of input by giving away a lottery ticket for each suggestion put in the "Suggestion Box." On a quarterly basis, meet with a board of directors or advisors for the purpose of exploring innovations for your business. Ask a lot of questions to uncover good ideas and to learn what people think about and want. Go beyond satisfaction and figure out ways you can delight your customers and employees by adding a different twist to a service or product or benefit. Moving out of your comfort zone is challenging. Yet, it's worth the time and effort it takes. You'll find that you're making more conscious choices about your business. You'll have more opportunities to learn what works and what doesn't. You'll discover that letting go of fear and the past is a freeing, energizing experience that allows your business to grow in ways you would never have dreamed possible.
Article by Dr. Susan Pilgrim Dr. Susan Pilgrim, author of Living InSync® -- Creating Your Life with Balance and Purpose (Health Communications Inc.) and Moving InSync® with the Spirit (in press), and president of Life Investments, is an Atlanta-based international speaker, business consultant, and coach. She specializes in engaging the spirit of individuals, teams, and organizations. Her work represents a unique blend of experience and education in the areas of business management, education, and psychology. spilgrim@transbay.net
Marketing Tip of the Month Comfort zones definitely become a barrier to business success. Very often, people hide behind them as a refuge, not understanding that "coming out" from the zone has the potential to present a great many opportunities. Moving out of one's comfort zone is fairly hard to do, however, and often requires the belief that "if you take the step, the bridge will actually be there". That's the theme of a book I'm currently reading. It describes how people need to have faith in making decisions that have traditionally been very difficult. To believe is part of the barrier. Break through the "self-belief" barrier, and all-of-a-sudden things become readily possible. When one is steeped in historical doubts, taking that step into the unknown becomes more of a challenge. Imagine stepping onto a rope bridge, spanning a huge canyon - "blindfolded". Your challenge is to walk across, unaided, not knowing whether the wind will blow you off, or whether you will meet someone coming from the other end, suitably blindfolded as well. You feel the wind swaying the bridge, but you don't know how much. A challenge? Absolutely. But being nailed to the floor won't allow you to cross. It all becomes easier when you have confidence in yourself to strive for those things that are hardest to achieve - with faith in your heart and a tight grasp on the rope railing. Click here for over 150 marketing tips.
Six steps to overcoming the economic roller coaster Tony Collier (not his real name) ran a very successful manufacturing organization. He had been in business for 12 years and the business had successfully negotiated some troubling times in the first three years, and in years 7 - 10. For the last two years, business had been expanding quite aggressively, albeit with only two customers. Both these customers were recently purchased by US competitors, and the signals from the new owners are somewhat concerning - production seems to be heading South, and nothing Tony can do or say appears to be changing their minds. On another front, Tony's oldest customer is going out of business. The products he was buying from Tony were part of old technology that have now been discontinued. The owner is retiring, and is planning to sell off the business, or close it down. Either way, Tony's livelihood looks to be under some stress. Sound familiar? Well, it happens more often than you can believe. So what can we learn from Tony's experience, and how does he begin his renaissance? The economic cycle The fortunes of individual businesses and markets rise and fall in much the same way - obviously not within the same timeline, but rise and fall they will. Those businesses that recognize this fact, and plan to deal with these fluctuations will be best placed to maintain momentum. Ignore this fact and you risk failure. Trying to limit the ups and downs of this inevitable roller coaster ride should be a task that every businessperson takes on - head on!
Article by Neville Pokroy Neville is President of Stantech Marketing, a marketing firm specializing in strategic marketing planning and the development and execution of marketing strategies and plans. He assists companies who require marketing skills to plan and fully execute marketing programs. Neville holds a Bachelors degree in Accounting and Marketing and a Postgraduate degree in Marketing. He is former VP of Marketing for the Association of Independent Consultants, and a principal in Mastermind Solutions Inc. www.stantechmarketing.com
Marketing Tip of the Month Here are 6 steps that companies can take to flatten this economic roller coaster by filling in the valleys and taking advantage of the hills: Having a customer already doing some business with you will give you a great chance of getting more business from that customer when YOU need it. 2. Spend money when you have money Spread the awareness of your business through advertising or other kinds of promotional activity when you have the money - take advantage while you can, and limit the risk of a decline. 3. Don't wait for the downturn to look for recovery - by then it's too late What makes new customers call? Remember AIDA - Attention, Interest, Desire, and Action. Step #1 - Catch their attention. Ensure that they are aware of you. You can't do that if you remain silent. Step #2 - Ensure that you are communicating with them about the reasons and about the things they want to buy - this will raise their interest in buying from you. Without these crucial first steps, you have no chance of creating a desire in them to buy from you. Buying action is what you are looking for. 4. Embrace change - it can keep you ahead of the chasing pack Embrace change and you could streak ahead. Make the change WORK FOR YOU and will prevent the downturn. 5. Do smart marketing - it keeps things affordable All companies should be marketing at one level or another. And since money is usually tight, SMART MARKETING IS THE ONLY SOLUTION. Smart Marketing can be defined as: the marketing that is totally appropriate to the needs of the specific company. Such marketing has to be planned and properly executed to ensure that the goals of the company are considered, and that includes the financial constraints, which are paramount. Smart Marketing ensures that you spend the right amount of money to generate the best possible returns. 6. Get a marketing coach to help you maintain momentum What benefits does coaching bring to the business?
So have an open mind to find the solution that works for you. Don't let the status quo remain - if you do you could find everyone else passing you by. For further information you can contact me at 905-886-2235, or email: info@stantechmarketing.com. Click here for over 150 marketing tips.
Opportunity knocks - do you hear it? Opportunity abounds in everything we do. But do we see it? In many instances, the last people to see opportunity in their business are the owners and business managers. Why? Because they are often so close to the business, day-to-day, that they can't see what opportunities exist inside their business and on the horizon. More important is that many other people in their business are already looking over the horizon and seeing the future. How can I prevent this myopia (shortsightedness) from ruining my business? I remember my first job interview. It occurred while I was at university where I attended a job fair for students. Interviewing that day was a representative from a top marketing company. The interview lasted all of 30 seconds. It went something like this: I was stunned. However, as you can tell, almost twenty-five years later, I have a vivid recollection of that experience. I walked out from that interview and headed for the library. One hour later I was educated, and probably more enlightened than what three years of university had given me. Marketing Myopia tells the story of how the American railroad almost totally destroyed itself by it's own shortsightedness. It reflects the need for vision. It reflects the need to have an open mind. And it reflects the need for business to always be on the lookout for opportunity, no matter how hard things become, in the present. It clearly shows how an industry, never mind an individual company, has the power to destroy itself without knowing it - and all because of it's own marketing shortsightedness. Experience has shown that marketing is one of the most misunderstood pieces of the business puzzle, particularly to businesses that don't have a marketing focus. While one can scour the textbooks for a clear and unequivocal definition of marketing (each expert seems to have their own angle), the best definition for our purpose is a practical one. It goes as follows: Marketing however must be differentiated from selling which can be defined as: With marketing clearly being a strategic function, planning is obviously a key component. And it is this planning that can prevent a company from being afflicted with marketing myopia. Marketing Planning Defined Can a business survive without planning? What good, successful business doesn't have a multi-year plan? Marketing planning is an integral part of overall strategic planning, and as such becomes part of the overall planning process. Can a business survive without marketing planning? Probably. Can the business thrive without marketing planning? Unlikely. (Read Marketing Myopia. You'll probably find the answer right there. Contact info@stantechmarketing.com for a copy of the article) Strategic marketing planning - an approach The process should include the following steps: All of the above provides a backdrop to the development of the company's long term goals, objectives and plans, as well as the specific shorter term strategies and action plans which require development. Who should participate in the planning process? While this group may not have all the answers immediately, there should be sufficient opportunity during the process for individuals or dedicated teams to undertake additional research and then provide feedback to the group. What outcomes can I expect? Will there be an immediate benefit to my business? In terms of the business, marketing should not, in itself, be seen as a saviour to a business' challenges. Marketing will facilitate decisions and enable plans to be put in place. Only once these plans are implemented will any real benefits accrue. Some benefits may be short term while others could be long term. At the end of the day, specific measurement should be put in place, wherever possible, in order to measure success or failure. And remember the business can learn as much from failure as it does from success - and the ongoing measurement will enable the company to take corrective action should it be desirable.
Article by Neville Pokroy Neville is President of Stantech Marketing, a marketing firm specializing in strategic marketing planning and the development and execution of marketing strategies and plans. He assists companies who require marketing skills to plan and fully execute marketing programs. Neville holds a Bachelors degree in Accounting and Marketing and a Postgraduate degree in Marketing. He is former VP of Marketing for the Association of Independent Consultants, and a principal in Mastermind Solutions Inc. www.stantechmarketing.com
Marketing Tip of the Month Normally, even large companies use help in undertaking this process. This is mainly due to the fact that an outside guiding hand can facilitate issues with much more perspective, without getting caught up with private agendas or internal politics. They can also add value by introducing ideas and experiences from outside the company - something that can help the creative juices flow. Many marketing consultants can assist companies to undertake this comprehensive strategic marketing planning process. Make sure however that they have experience in strategic marketing planning, and don't only do marketing execution activities such as marketing research, promotions, advertising, design etc. A consideration should also be who can help with the execution. Many companies find it easier to plan than to execute, and very often this becomes the Achilles Heel of the plan. Find an organization that can do both the planning and the execution with you so that people in your organization can get on with what they do best - running the business. If you don't want the marketing help to be "hands-on", use someone that can coach you through the process. This is another useful way to get you marketing and learning at the same time. If you want to become a more complete marketer, this may very well be your best option. For further information you can contact me at 905-886-2235, or email: info@stantechmarketing.com. Click here for over 150 marketing tips.
Nearly Everyone Uses It ... So What? Occasionally a prospective client comes to me very gungho about getting publicity and declares that they envision coverage in every major newspaper in the country and on every network broadcast. After all, their logic runs, our product is something everyone uses -- we have close to 150 million customers a year in the U.S. alone. "Whoa!" I reply. "That's not enough of a reason for the media to do a story. Nearly everyone uses a toothbrush and a wallet of one sort or another, but how often do you see stories about either of those items in the papers or on the nightly news? Prevalent doesn't mean interesting or timely. So let's brainstorm about what would entice the media to consider something about your item newsworthy." By putting a spin on something ordinary, or identifying some unusual aspect of something ordinary, you have a good chance of getting major media hits. * Create a controversy. E.g., claim that 90% of Americans use each toothbrush far too long. * Give an award. E.g., a prize for the world's rattiest wallet. * Offer surprising facts about your product. E.g., how long ago people were using toothbrushes surprising similar to today's. * Show an unexpected clientele using your product. E.g. wallets for toddlers or for nudists. * Piggyback on the news. E.g., play up the connection if there's a toothbrush scene in a new feature film or a popular sit-com. * Do a survey. E.g., what percentage of people never leave the house for any purpose without bringing their wallet. * Compile a set of useful tips. E.g., ten ways you should never use a toothbrush. * Donate your product or a gift certificate to a good cause. E.g., a new wallet for every high school graduate in your home town. * Offer a freebie. E.g., a free call-in line for |