Every buyer moves through four simplified stages in order to reach a buying decision. If you can move the buyer along through each phase, your odds of success will skyrocket. If you miss one of the phases your sales process will come to a grinding halt. So, who (or what) is AIDA, and how come it is so important? I recently saw a very meaningful blog post: "CEOs hankering for sales results are [...]
Strategic Marketing Planning = Breakthrough Marketing The whole idea behind planning is to make sure that you have all the information at your fingertips BEFORE making a decision. By doing that you improve your odds of creating marketing activities that will break through the clutter and the noise of competing messages. And one of the important things to realize is that competing messages is not [...]
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? Management should be looking at ratios to determine operational issues as well as any issue that would affect the businesses’ credit standing. When reviewing your financial statements, regularly consider the critical ratios and the [...]
A dairy company decided to run an exciting promotion that they hoped would increase sales dramatically. Inside some of their small milk cartons they placed a device that made a MOO sound when the carton was opened. If the consumer had that carton, they would be a winner. The promotion was going along just fine until one of the cartons was opened on an airplane and the "lucky winner" looked inside [...]
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 [...]
In last month's article "Risk Management", I wrote about the framework of risk management and some of the strategic issues when considering it. From my experience there are a numerous specific tactics that are often ignored, which are easy and inexpensive to implement. I hope you find some of these relevant for you to implement into your business. The most important strategy is to pause and [...]
There are hundreds of potential marketing advisors for a small business owner. From design agencies, PR specialists, telemarketers, SEO experts, social media bods, media planners, and on, and on. It's difficult to know who to talk, when and why. Here are ten signs that you could do with some proper strategic marketing input: You're not 100% sure where new business actually comes from - how do [...]
The huge catastrophe caused by the BP oil spill in the Gulf of Mexico can teach medium-sized businesses about risk management. BP clearly did not adequately assess the risk and failed to put in place procedures for managing potential risk and the results of a risk being realized. In a column in The Globe and Mail, Ian Brown quoted “This is what I don't understand,” an unnamed person admitted. [...]
Hear the voice of your customers. Hear the voice of your competitors. Understand the needs of your market. For most businesses, information is golden. But where do you find good, up to date information when you aren't tracking it yourself? There are numerous sources, depending on the nature of the required information. Some of these sources are hidden, and can only be found if you really know [...]
Knowing how your customer thinks will definitely impact on business decisions, including how you can effectively sell more to them. Defining the difference between the demographics and the psychographics of marketing is critical for businesses to know. All of these factors influence decision making in business and understanding their customer, whether the customer is a business or a consumer [...]
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