Target Your Marketing
Do you know your target market? I often hear "everyone" as the answer to this question, but every business has a unique target market.
While we may like to think our business caters to everyone, the truth is that only certain groups of people will find value in our business’ products or services – and that’s who we want to target.
It is imperative that business owners realize this fact and begin identifying the target market for their products or services. And, knowing your exact target market will help you narrow your marketing efforts, which can make your marketing that much more effective and cost efficient.
Tom Long, SolidOakConsulting.com.
Wednesday, December 29, 2010
Wednesday, December 22, 2010
Lifetime Value of a client
Calculating the 'Lifetime Value' of a Client
Since clients are with you for the long-term, they have tremendous value. If a client pays you $1,000 a month for your services and they have the potential to be your client for the next 20 years, they have a lifetime value of $240,000!
Knowing the value of a client allows you to develop an appropriate marketing budget. Similarly, projecting the lifetime value of potential clients is the first step in determining how much to invest in a marketing plan targeting new clients. I would be happy to talk to you about the calculating the "lifetime value" of your clients. Tom Long, SolidOakConsulting.com.
Since clients are with you for the long-term, they have tremendous value. If a client pays you $1,000 a month for your services and they have the potential to be your client for the next 20 years, they have a lifetime value of $240,000!
Knowing the value of a client allows you to develop an appropriate marketing budget. Similarly, projecting the lifetime value of potential clients is the first step in determining how much to invest in a marketing plan targeting new clients. I would be happy to talk to you about the calculating the "lifetime value" of your clients. Tom Long, SolidOakConsulting.com.
Wednesday, December 15, 2010
Do You Have Customers or Clients?
Do You Have Customers or Clients?
Yes, there is a difference. A "client" is someone who expects you to "take care" of him or her over an extended period of time. Someone who offers professional services typically has clients rather than customers. On the other hand, a person who uses your products or services on a limited basis is considered a "customer." A store typically has customers as opposed to clients.
Knowing whether you serve customers or clients is crucial to determining not only your marketing efforts, but how you operate your business. After all, although your goal always is to provide the best products or services to all people – whether client or customer – your approach to handling the two types of people should be different. Well-known business coach Jay Abraham, does a great job of addressing this issue in his book, "Getting Everything You Can Out Of All You’ve Got."
Tom Long, SolidOakConsulting.com
Yes, there is a difference. A "client" is someone who expects you to "take care" of him or her over an extended period of time. Someone who offers professional services typically has clients rather than customers. On the other hand, a person who uses your products or services on a limited basis is considered a "customer." A store typically has customers as opposed to clients.
Knowing whether you serve customers or clients is crucial to determining not only your marketing efforts, but how you operate your business. After all, although your goal always is to provide the best products or services to all people – whether client or customer – your approach to handling the two types of people should be different. Well-known business coach Jay Abraham, does a great job of addressing this issue in his book, "Getting Everything You Can Out Of All You’ve Got."
Tom Long, SolidOakConsulting.com
Tuesday, December 14, 2010
Small Business Numbers
Small-Business Numbers Aren't So Small...
The Small Business Administration recently reported some interesting statistics. Did you know that small firms:
* Represent 99.7 percent of all employer firms
* Employ half of all private sector employees
* Pay more than 45 percent of the total U.S. private payroll
* Have generated 60 to 80 percent of net new jobs annually over the last decade
* Are 53 percent home-based and 3 percent franchises
Tom Long, SolidOakConsulting.com.
The Small Business Administration recently reported some interesting statistics. Did you know that small firms:
* Represent 99.7 percent of all employer firms
* Employ half of all private sector employees
* Pay more than 45 percent of the total U.S. private payroll
* Have generated 60 to 80 percent of net new jobs annually over the last decade
* Are 53 percent home-based and 3 percent franchises
Tom Long, SolidOakConsulting.com.
Monday, December 13, 2010
Image vs. Identity
Image vs. Identity
Some people use the terms image and identity interchangeably, but they are two distinct concepts. Your company's identity represents the core values of your company while your image reinforces, or should reinforce, your identity.
First, it's important to know your company's identity.
Let me use a car dealership as an example. I once knew of a successful car dealership that was the epitome of luxury in all respects. When you would bring your car in for service, there was low lighting, comfortable chairs and plush carpeting. Their image reinforced their identity - luxury. Now, compare that to another luxury car dealership in which the service department has linoleum floors and plastic chairs. What is their image? Does it correspond to the dealership's identity?
Keep in mind that your identity should be reinforced by those "weapons" I referred to in the previous article. For instance, a car dealership that wants to be perceived as a luxury car dealership should promote the business in high-society magazines and not on cable television in the middle of the night.
What is your company's identity? Make sure you know the answer - and make sure your image corresponds to it. Tom Long, SolidOakConsulting.com.
Some people use the terms image and identity interchangeably, but they are two distinct concepts. Your company's identity represents the core values of your company while your image reinforces, or should reinforce, your identity.
First, it's important to know your company's identity.
Let me use a car dealership as an example. I once knew of a successful car dealership that was the epitome of luxury in all respects. When you would bring your car in for service, there was low lighting, comfortable chairs and plush carpeting. Their image reinforced their identity - luxury. Now, compare that to another luxury car dealership in which the service department has linoleum floors and plastic chairs. What is their image? Does it correspond to the dealership's identity?
Keep in mind that your identity should be reinforced by those "weapons" I referred to in the previous article. For instance, a car dealership that wants to be perceived as a luxury car dealership should promote the business in high-society magazines and not on cable television in the middle of the night.
What is your company's identity? Make sure you know the answer - and make sure your image corresponds to it. Tom Long, SolidOakConsulting.com.
Sunday, December 12, 2010
Guerilla Marketing: Are You Armed - and Effective?
Guerilla Marketing: Are You Armed - and Effective?
As many of you may know, I am a proponent of Guerilla Marketing, a concept that Jay Conrad Levinson introduced to the world in 1984 with his book, Guerilla Marketing. If you haven't read his book, I highly recommend you do because it contains many time-tested, cost-effective marketing strategies that still apply today, more than 20 years after it was first published.
In this issue of Under the Oak Tree, I want to focus on one important Guerilla Marketing lesson - weapons. A weapon represents each way you promote your business, such as business cards, logos, signs, advertising, etc. I think weapon is an appropriate term because it shows the power of marketing. When used correctly, your company could stand to win big. When not used correctly or not used at all, your company could lose out.
Of course, weapons can't just fire at random. There has to be strategy and in Guerilla Marketing, your marketing strategy is outlined in what's called a marketing calendar. A marketing calendar outlines which weapons you use and when. Over time, your marketing calendar will show the interaction and synergy between the weapons. You'll be able to rank them in order of their effectiveness and determine when each one should be used and in what combination.
I've merely scratched the surface on this concept, but I hope I have at least made you think about a few points. Take a moment and think about what weapons your company is using as well as what weapons you are not using.
With the year coming to a close, this is a good time to revisit - or start! - a marketing calendar for next year. For more information on Guerilla Marketing, please contact me, Tom Long, SolidOakConsulting.com.
As many of you may know, I am a proponent of Guerilla Marketing, a concept that Jay Conrad Levinson introduced to the world in 1984 with his book, Guerilla Marketing. If you haven't read his book, I highly recommend you do because it contains many time-tested, cost-effective marketing strategies that still apply today, more than 20 years after it was first published.
In this issue of Under the Oak Tree, I want to focus on one important Guerilla Marketing lesson - weapons. A weapon represents each way you promote your business, such as business cards, logos, signs, advertising, etc. I think weapon is an appropriate term because it shows the power of marketing. When used correctly, your company could stand to win big. When not used correctly or not used at all, your company could lose out.
Of course, weapons can't just fire at random. There has to be strategy and in Guerilla Marketing, your marketing strategy is outlined in what's called a marketing calendar. A marketing calendar outlines which weapons you use and when. Over time, your marketing calendar will show the interaction and synergy between the weapons. You'll be able to rank them in order of their effectiveness and determine when each one should be used and in what combination.
I've merely scratched the surface on this concept, but I hope I have at least made you think about a few points. Take a moment and think about what weapons your company is using as well as what weapons you are not using.
With the year coming to a close, this is a good time to revisit - or start! - a marketing calendar for next year. For more information on Guerilla Marketing, please contact me, Tom Long, SolidOakConsulting.com.
Friday, December 10, 2010
Hello My Name Is...
Hello, My Name is ...
Perhaps the easiest and quickest marketing tool, and probably the smallest, is your business card. This 3.5” by 2” piece of stock paper often is the basis of a customer's or prospect's first impression of you and your business, yet it is one of the most overlooked weapons in your marketing arsenal. Using your business card effectively as a marketing tool takes a little forethought and just a few seconds of your time.
Here are some tips:
* Have your card printed professionally. Avoid do-it-yourself laser and inkjet printed, perforated cards.
* Maximize space. It costs very little to print on both sides of a card, so consider using the back of your card as well.
* Hand out two cards, or more. If you're giving a card to a client or prospect, why not give them two or three cards? Ask them to pass your card along to a friend or business acquaintance who may need your services. Don't just shake their hand, fill it with your card.
* Mail it. With every letter you mail, mail one or two business cards. This keeps your name in your customer's hands and also the hands of future customers.
Tom Long, SolidOakConsulting.com.
Perhaps the easiest and quickest marketing tool, and probably the smallest, is your business card. This 3.5” by 2” piece of stock paper often is the basis of a customer's or prospect's first impression of you and your business, yet it is one of the most overlooked weapons in your marketing arsenal. Using your business card effectively as a marketing tool takes a little forethought and just a few seconds of your time.
Here are some tips:
* Have your card printed professionally. Avoid do-it-yourself laser and inkjet printed, perforated cards.
* Maximize space. It costs very little to print on both sides of a card, so consider using the back of your card as well.
* Hand out two cards, or more. If you're giving a card to a client or prospect, why not give them two or three cards? Ask them to pass your card along to a friend or business acquaintance who may need your services. Don't just shake their hand, fill it with your card.
* Mail it. With every letter you mail, mail one or two business cards. This keeps your name in your customer's hands and also the hands of future customers.
Tom Long, SolidOakConsulting.com.
Thursday, December 09, 2010
Holding up Your End of the Relationship
Holding up Your End of the Relationship
When your clients come back to your business again and again, it's because you have developed a relationship with them. Just like the personal relationships you have in life, your business relationships are built on characteristics like trust and rapport. Your clients know they can trust you and your company to deliver whatever it is they need, when they need it and how they need it – whether it's consistency, low prices or high quality. And, because of the trust they have in you, they know they can call you anytime they need something.
These relationships are a two-way street. You need and appreciate their business as well, so your relationships are mutually beneficial. Just as they enjoy the benefits of your product and/or service, you enjoy the benefit of their consistent and dependable business. And, loyal clients equal free and effective marketing. Some businesses exclusively thrive on word-of-mouth and referral business.
Many times, businesses build relationships without even realizing it. They just do what they do best – and the business comes in. But, as your business grows, it's important to examine your relationships with existing clients so you can 1) retain your existing clients, and 2) target new clients.
To start this exercise, visit your existing clients and simply ask them, "What is most important to you about the product or service we provide?" and "Why do you come back to us?" You already may know the answers to these questions – or you just may be surprised. Either way, it's important to know the reasons behind the relationships because they will provide you with insight you may not have otherwise. This knowledge not only will help improve your existing and future relationships, but your product and/or service will benefit, and you can more easily craft a clear marketing message.
For tips on building successful business relationships, please feel free to Contact UsTom Long, SolidOakConsulting.com.
When your clients come back to your business again and again, it's because you have developed a relationship with them. Just like the personal relationships you have in life, your business relationships are built on characteristics like trust and rapport. Your clients know they can trust you and your company to deliver whatever it is they need, when they need it and how they need it – whether it's consistency, low prices or high quality. And, because of the trust they have in you, they know they can call you anytime they need something.
These relationships are a two-way street. You need and appreciate their business as well, so your relationships are mutually beneficial. Just as they enjoy the benefits of your product and/or service, you enjoy the benefit of their consistent and dependable business. And, loyal clients equal free and effective marketing. Some businesses exclusively thrive on word-of-mouth and referral business.
Many times, businesses build relationships without even realizing it. They just do what they do best – and the business comes in. But, as your business grows, it's important to examine your relationships with existing clients so you can 1) retain your existing clients, and 2) target new clients.
To start this exercise, visit your existing clients and simply ask them, "What is most important to you about the product or service we provide?" and "Why do you come back to us?" You already may know the answers to these questions – or you just may be surprised. Either way, it's important to know the reasons behind the relationships because they will provide you with insight you may not have otherwise. This knowledge not only will help improve your existing and future relationships, but your product and/or service will benefit, and you can more easily craft a clear marketing message.
For tips on building successful business relationships, please feel free to Contact UsTom Long, SolidOakConsulting.com.
Wednesday, December 08, 2010
Documenting your system
Documenting Your System
More than likely, you have systems in place at your business, whether you are conscious of them or not. But does anyone know what those systems are? If not, it's time to change that.
Putting your system down on paper is a good exercise for you to sit and really think about how your business works, and whether it is acceptable to you. Beyond that, it will allow your employees to understand how the business works so they can see the same 'big picture' that you see. Tom Long, SolidOakConsulting.com.
More than likely, you have systems in place at your business, whether you are conscious of them or not. But does anyone know what those systems are? If not, it's time to change that.
Putting your system down on paper is a good exercise for you to sit and really think about how your business works, and whether it is acceptable to you. Beyond that, it will allow your employees to understand how the business works so they can see the same 'big picture' that you see. Tom Long, SolidOakConsulting.com.
Tuesday, December 07, 2010
Do You Have A System?
Do You Have a System?
When some small-business owners hear the word system, they think, "That's only what big companies use." But every company, whether big or small, has a system.
A great example of how a system works is the human body. The skeletal system holds the body up and the respiratory system delivers oxygen to the blood so that the blood can deliver oxygen to the rest of the body. If the respiratory system is not working, neither will the skeletal system, or any system for that matter. All the systems in the body work together.
The same is true when it comes a business system. Without a sales system to get new business, there would be no need for an accounting system to collect account receivables, etc.
Every successful business has a system and subsystems that keep it functioning. It's important to realize what systems you have in your business for a number of reasons.
1. Accountability . When you have a system, you know who is supposed to do what. So when something goes wrong, you simply look at the system and determine who is responsible, or whether a new system should be established.
2. Management. When a system is in place, you don't have to micro-manage or hold everyone's hand. The system is there to guide your employees.
3. Profitability. Getting your systems to work in conjunction with each other can affect your bottom line. For instance, if your marketing system works in conjunction with your inventory system, you'll know exactly how much of one product you will need. If not, the marketing department would put a product on sale, but the inventory department would run out of the product. As a result, the customers would get frustrated and choose to go elsewhere next time.
4. Time to sell . If, one day, you are looking to sell your business, the prospective buyer will no doubt be interested in your business systems and how effective they are.
Solid Oak Consulting can help you define or refine your business systems. For more information, please contact me at SolidOakConsulting.com
When some small-business owners hear the word system, they think, "That's only what big companies use." But every company, whether big or small, has a system.
A great example of how a system works is the human body. The skeletal system holds the body up and the respiratory system delivers oxygen to the blood so that the blood can deliver oxygen to the rest of the body. If the respiratory system is not working, neither will the skeletal system, or any system for that matter. All the systems in the body work together.
The same is true when it comes a business system. Without a sales system to get new business, there would be no need for an accounting system to collect account receivables, etc.
Every successful business has a system and subsystems that keep it functioning. It's important to realize what systems you have in your business for a number of reasons.
1. Accountability . When you have a system, you know who is supposed to do what. So when something goes wrong, you simply look at the system and determine who is responsible, or whether a new system should be established.
2. Management. When a system is in place, you don't have to micro-manage or hold everyone's hand. The system is there to guide your employees.
3. Profitability. Getting your systems to work in conjunction with each other can affect your bottom line. For instance, if your marketing system works in conjunction with your inventory system, you'll know exactly how much of one product you will need. If not, the marketing department would put a product on sale, but the inventory department would run out of the product. As a result, the customers would get frustrated and choose to go elsewhere next time.
4. Time to sell . If, one day, you are looking to sell your business, the prospective buyer will no doubt be interested in your business systems and how effective they are.
Solid Oak Consulting can help you define or refine your business systems. For more information, please contact me at SolidOakConsulting.com
Monday, December 06, 2010
The "Baby Boomer" Entrepreneur
The 'Baby Boomer' Entrepreneur
Baby boomers are leaving corporate life at an increasing rate as they reach retirement age or are caught in the downsizing trend. Rather than retire, many of them are becoming entrepreneurs and starting their own businesses. Solid Oak Consulting has experience working with these "boomers" as they strike out on their own. Solid Oak has developed a comprehensive planning document to help new entrepreneurs successfully get their new business up and growing.
Please Contact Us at SolidOakConsulting.com for more information.
Baby boomers are leaving corporate life at an increasing rate as they reach retirement age or are caught in the downsizing trend. Rather than retire, many of them are becoming entrepreneurs and starting their own businesses. Solid Oak Consulting has experience working with these "boomers" as they strike out on their own. Solid Oak has developed a comprehensive planning document to help new entrepreneurs successfully get their new business up and growing.
Please Contact Us at SolidOakConsulting.com for more information.
Sunday, December 05, 2010
Reaching The Decision Maker
Reaching the Decision Maker
With the holidays upon us, I'm sure you are seeing several advertisements for children's toys. These advertisements are geared toward their target audience - children - even though children typically have no buying power. But, what they do have is influence over the buyer, or the decision-maker. The decision-maker is ultimately the person you want to reach through your marketing efforts, whether directly or indirectly.
As the toy example illustrates, the consumer is not always the decision-maker - and the consumer does not always have influence over the decision-maker. Let's use a nursing home as another example. A woman is looking at nursing homes for her elderly mother. In this case, the daughter is the decision-maker and the mother is the consumer. The daughter is looking for a nurturing environment for her mother, a place where she will receive compassionate care. The mother, of course, has needs too, but the decision-maker will ultimately go to the places that appeal to her first. So, nursing homes that use the words "nurturing," "compassion" and "caring" in their advertisements are ones that will catch her eye. To go one step further, the daughter may be influenced by her mother's doctor's opinion. So, an influencer helped a decision-maker make a decision for the consumer.
Do you know who makes the decisions when it comes to buying your products or services? If not, I recommend you find out. If there is any way I can assist you in this endeavor, please Contact Us at SolidOakConsulting.com.
With the holidays upon us, I'm sure you are seeing several advertisements for children's toys. These advertisements are geared toward their target audience - children - even though children typically have no buying power. But, what they do have is influence over the buyer, or the decision-maker. The decision-maker is ultimately the person you want to reach through your marketing efforts, whether directly or indirectly.
As the toy example illustrates, the consumer is not always the decision-maker - and the consumer does not always have influence over the decision-maker. Let's use a nursing home as another example. A woman is looking at nursing homes for her elderly mother. In this case, the daughter is the decision-maker and the mother is the consumer. The daughter is looking for a nurturing environment for her mother, a place where she will receive compassionate care. The mother, of course, has needs too, but the decision-maker will ultimately go to the places that appeal to her first. So, nursing homes that use the words "nurturing," "compassion" and "caring" in their advertisements are ones that will catch her eye. To go one step further, the daughter may be influenced by her mother's doctor's opinion. So, an influencer helped a decision-maker make a decision for the consumer.
Do you know who makes the decisions when it comes to buying your products or services? If not, I recommend you find out. If there is any way I can assist you in this endeavor, please Contact Us at SolidOakConsulting.com.
Saturday, December 04, 2010
The Personal Side of Change
The Personal Side of Change
Many times, there are underlying reasons why someone in an organization resists change. I had an interesting situation a few years back that illustrates why it's important to remember how a change will affect your staff not only professionally, but personally as well.
A company I was working with wanted to computerize its bookkeeping system. The woman in charge of the department had worked there for many years and was viewed as the expert for anything associated with bookkeeping. This woman was used to keeping the books the old-fashioned way, on paper, and saw no need to change. Management felt that computerizing the bookkeeping system was more time- and cost-efficient, but she didn't see it that way.
As we dove deeper into the issue, what we realized was that she felt threatened by the change. She had always been the company expert on bookkeeping issues and since she wasn't comfortable with computers, she would feel out of control if the bookkeeping was computerized. So, to make her feel better and get her onboard with the change, she was the first person trained on the new system. That way, she would continue to be viewed as the company expert, which was important to her, and she would support the change, which was important to the company. Tom Long, SolidOakConsulting.com.
Many times, there are underlying reasons why someone in an organization resists change. I had an interesting situation a few years back that illustrates why it's important to remember how a change will affect your staff not only professionally, but personally as well.
A company I was working with wanted to computerize its bookkeeping system. The woman in charge of the department had worked there for many years and was viewed as the expert for anything associated with bookkeeping. This woman was used to keeping the books the old-fashioned way, on paper, and saw no need to change. Management felt that computerizing the bookkeeping system was more time- and cost-efficient, but she didn't see it that way.
As we dove deeper into the issue, what we realized was that she felt threatened by the change. She had always been the company expert on bookkeeping issues and since she wasn't comfortable with computers, she would feel out of control if the bookkeeping was computerized. So, to make her feel better and get her onboard with the change, she was the first person trained on the new system. That way, she would continue to be viewed as the company expert, which was important to her, and she would support the change, which was important to the company. Tom Long, SolidOakConsulting.com.
Friday, December 03, 2010
Time For A Change?
Time for a Change?
Change is a constant in business. Whether it's as simple as switching the type of pens your company uses to something as complex as changing your management structure, a change can have a profound effect - and not always a good one - on your business. Therefore, any change you make, whether or big small, should be done with careful thought and strategy.
TEL thumbnailThere are two types of changes you will likely encounter in business: projects and processes. A project is something that has a beginning, middle and end. For instance, your office is getting painted, and the painters will start on Monday and finish on Friday. A process, on the other hand, is something new that will continue on an ongoing basis. For instance, your office is changing to a new software program. The effects of this change will be ongoing and therefore, it is a process.
Many times, though, businesses view their change in process as more of a project. So, using the new software program as an example, they might view the new software as a project that ends when the staff members are trained. But what if there are problems with the software? What if there are upgrades? What if no one is even using the new software? By not treating the implementation as a process, the company may just go back to the system it was using before. What a waste of time and money!
Here are a few pointers to keep in mind when you are about to implement any type of change in your organization.
* Include the change in your budget. This shows a commitment to the change and helps you plan for the costs associated with it.
* Assign resources. Consider, upfront, everything that will be needed to implement your change. Will your staff have to work overtime? Will you need any new equipment?
* Designate a sponsor. Every change should have a sponsor, or a person who is able and willing to be responsible and accountable for the change.
* Designate a change agent. A change agent oversees the work of the sponsor. He or she is not given responsibility, but the authority to hold the sponsor accountable.
* Remember your stakeholders. Analyze who will be affected by the change. Is it a change that will only affect your staff or will it affect your clients too? Or will the change extend even further and affect the community?
* Cater to the influencer. What person or people won't like the change you are about to implement? Try to win them over first before they sabotage your efforts.
Sometimes an outside perspective can help make the whole process of change go smoother. If I can be of assistance to you as you consider whether to implement a change, please feel free to Contact Me: Tom Long, SolidOakConsulting.com.
Change is a constant in business. Whether it's as simple as switching the type of pens your company uses to something as complex as changing your management structure, a change can have a profound effect - and not always a good one - on your business. Therefore, any change you make, whether or big small, should be done with careful thought and strategy.
TEL thumbnailThere are two types of changes you will likely encounter in business: projects and processes. A project is something that has a beginning, middle and end. For instance, your office is getting painted, and the painters will start on Monday and finish on Friday. A process, on the other hand, is something new that will continue on an ongoing basis. For instance, your office is changing to a new software program. The effects of this change will be ongoing and therefore, it is a process.
Many times, though, businesses view their change in process as more of a project. So, using the new software program as an example, they might view the new software as a project that ends when the staff members are trained. But what if there are problems with the software? What if there are upgrades? What if no one is even using the new software? By not treating the implementation as a process, the company may just go back to the system it was using before. What a waste of time and money!
Here are a few pointers to keep in mind when you are about to implement any type of change in your organization.
* Include the change in your budget. This shows a commitment to the change and helps you plan for the costs associated with it.
* Assign resources. Consider, upfront, everything that will be needed to implement your change. Will your staff have to work overtime? Will you need any new equipment?
* Designate a sponsor. Every change should have a sponsor, or a person who is able and willing to be responsible and accountable for the change.
* Designate a change agent. A change agent oversees the work of the sponsor. He or she is not given responsibility, but the authority to hold the sponsor accountable.
* Remember your stakeholders. Analyze who will be affected by the change. Is it a change that will only affect your staff or will it affect your clients too? Or will the change extend even further and affect the community?
* Cater to the influencer. What person or people won't like the change you are about to implement? Try to win them over first before they sabotage your efforts.
Sometimes an outside perspective can help make the whole process of change go smoother. If I can be of assistance to you as you consider whether to implement a change, please feel free to Contact Me: Tom Long, SolidOakConsulting.com.
Thursday, November 25, 2010
Your Elevator Speech
If you met your dream client on an elevator, would you be able to provide a 30-second business pitch that would leave him wanting to know more? Here are some tips to help you make a memorable and lasting first impression.
* Make an impression in 30 seconds. An "elevator pitch" is a concise, concrete, exciting snapshot of your business that leaves a potential client with a good understanding of the services or product you provide and a desire to learn more.
* Define your product or service in a unique way. In one or two sentences, describe what you sell or provide. Convey one to three aspects or specialties of your business that you are passionate about; point out how you rise above you competitors; and define how you add value to your customers' businesses.
* Define your customer. Is your typical client in the finance industry? Does your product help senior citizens? Do you provide accounting services to mid-size businesses? In one sentence, summarize your typical customer, or the type of customer you hope to serve.
* Write it until you get it right. Write your "elevator pitch" down. Work on it until it feels right and gets your point across quickly. If your business occupies more than one niche, try to combine them or craft a few pitches that you can use with different prospects. If you are having trouble, ask your current associates and clients what they value most about your services – chances are, someone else will, too!
* Practice, practice, practice. Practice it out loud – in front of a mirror. The more you practice your pitch, the easier it will be to deliver, whether you're talking to a friend at a party, a prospect on an elevator or potential clients at a networking group.
* Keep it fresh. Although you want your delivery to roll off your tongue, remember that over time you will need to adjust your pitch as your business goals and services change. If you are trying to attract a different type of clientele, you need to be able to tell them how your services or product can add value to their business.
* Make an impression in 30 seconds. An "elevator pitch" is a concise, concrete, exciting snapshot of your business that leaves a potential client with a good understanding of the services or product you provide and a desire to learn more.
* Define your product or service in a unique way. In one or two sentences, describe what you sell or provide. Convey one to three aspects or specialties of your business that you are passionate about; point out how you rise above you competitors; and define how you add value to your customers' businesses.
* Define your customer. Is your typical client in the finance industry? Does your product help senior citizens? Do you provide accounting services to mid-size businesses? In one sentence, summarize your typical customer, or the type of customer you hope to serve.
* Write it until you get it right. Write your "elevator pitch" down. Work on it until it feels right and gets your point across quickly. If your business occupies more than one niche, try to combine them or craft a few pitches that you can use with different prospects. If you are having trouble, ask your current associates and clients what they value most about your services – chances are, someone else will, too!
* Practice, practice, practice. Practice it out loud – in front of a mirror. The more you practice your pitch, the easier it will be to deliver, whether you're talking to a friend at a party, a prospect on an elevator or potential clients at a networking group.
* Keep it fresh. Although you want your delivery to roll off your tongue, remember that over time you will need to adjust your pitch as your business goals and services change. If you are trying to attract a different type of clientele, you need to be able to tell them how your services or product can add value to their business.
Wednesday, November 24, 2010
Fusion Marketing
Fusion Marketing is an interesting and low-cost guerilla marketing concept that I am seeing used more often. This approach involves forming marketing partnerships with other non-competing companies. For instance, if you are a children's photographer, you may want to form partnerships with other children-oriented businesses, such as a clothing store or toy store, so you can market your businesses together. By doing so, you not only share your marketing costs, but you reach more potential customers in the process.
The Happy Meal at McDonald's is an example of Fusion Marketing at its finest. In each kids' meal is an advertisement of either an upcoming movie or new line of toys. McDonald's has formed partnerships with other companies to combine their marketing efforts. McDonald's wins because it gives children one more reason to want their Happy Meals, and the marketing partner wins because they have increased the interest in their product with very little effort.
Take a look at your target customers and think of businesses you could partner with for an effective, low-cost marketing campaign. Tom Long at SolidOakConsulting.com.
The Happy Meal at McDonald's is an example of Fusion Marketing at its finest. In each kids' meal is an advertisement of either an upcoming movie or new line of toys. McDonald's has formed partnerships with other companies to combine their marketing efforts. McDonald's wins because it gives children one more reason to want their Happy Meals, and the marketing partner wins because they have increased the interest in their product with very little effort.
Take a look at your target customers and think of businesses you could partner with for an effective, low-cost marketing campaign. Tom Long at SolidOakConsulting.com.
Tuesday, November 23, 2010
Marketing Weapons
As I've mentioned before, one of the significant principles of Guerilla Marketing involves combining marketing weapons. In other words, don't just use direct mail or only advertise in a newspaper. As your marketing budget allows, use as many marketing weapons as you can and see where you get the best results.
What makes this approach particularly interesting, and effective, is that once you start using a variety of marketing weapons, you often see an increase in your results across the board. This isn't necessarily a scientific fact, but I've seen it firsthand in the marketing projects I have been involved with over the years. For instance, a billboard may drive a potential client to your Web site. Or, a potential client may see your advertisement in a newspaper, but they don't feel compelled to contact you until they recognize your name in a radio spot.
For more information on increasing the use and efficiency of your marketing arsenal, please feel free to Contact Me at SolidOakConsulting.com to discuss this important, and necessary, part of your business.
What makes this approach particularly interesting, and effective, is that once you start using a variety of marketing weapons, you often see an increase in your results across the board. This isn't necessarily a scientific fact, but I've seen it firsthand in the marketing projects I have been involved with over the years. For instance, a billboard may drive a potential client to your Web site. Or, a potential client may see your advertisement in a newspaper, but they don't feel compelled to contact you until they recognize your name in a radio spot.
For more information on increasing the use and efficiency of your marketing arsenal, please feel free to Contact Me at SolidOakConsulting.com to discuss this important, and necessary, part of your business.
Monday, November 22, 2010
What is SWOT?
Achieve Your Desired Outcomes With The SWOT Approach
SWOT, which stands for Strengths, Weaknesses, Opportunities,
and Threats, is a well-known strategic planning method
that can help analyze the value of a project or business venture. SWOT is best carried out by a team of people -- a manager, an accountant, a salesperson, for example. So if you don't have a broad representation in staff, ask professional friends and representatives of your target market to assist.
SWOT analysis is more effective if you first determine a specific
objective. Your objective might be to increase sales of your new widget, at a strategically lower price, to account for 10% of your gross this year. Once you have an objective, assess
your strengths, weaknesses, opportunities, and threats as they relate to that objective.
Contact me at SolidOakConsulting.com for more information.
SWOT, which stands for Strengths, Weaknesses, Opportunities,
and Threats, is a well-known strategic planning method
that can help analyze the value of a project or business venture. SWOT is best carried out by a team of people -- a manager, an accountant, a salesperson, for example. So if you don't have a broad representation in staff, ask professional friends and representatives of your target market to assist.
SWOT analysis is more effective if you first determine a specific
objective. Your objective might be to increase sales of your new widget, at a strategically lower price, to account for 10% of your gross this year. Once you have an objective, assess
your strengths, weaknesses, opportunities, and threats as they relate to that objective.
Contact me at SolidOakConsulting.com for more information.
Sunday, November 21, 2010
Shouldn't The Founder Be The CEO?
Shouldn't The Founder Be The CEO?
The answer is, it depends.
Bill Gates, chairman and founder of Microsoft, didn't think the role of CEO suited him so he stepped down from that position in January 2000 for a role he preferred: chief software architect. Since designing software was his passion and what he knew best, he decided it was time to go back to it (although he did remain chairman).
This example is one of many that shows that not every company founder should be a CEO. And likewise, there are some company founders who work much better as CEOs than they did as managers or technicians.
Contact me at SolidOakConsulting.com for more information.
The answer is, it depends.
Bill Gates, chairman and founder of Microsoft, didn't think the role of CEO suited him so he stepped down from that position in January 2000 for a role he preferred: chief software architect. Since designing software was his passion and what he knew best, he decided it was time to go back to it (although he did remain chairman).
This example is one of many that shows that not every company founder should be a CEO. And likewise, there are some company founders who work much better as CEOs than they did as managers or technicians.
Contact me at SolidOakConsulting.com for more information.
Friday, November 19, 2010
The Role You Play
The Role You Play
There's a term in business called Corporate Governance that refers to the way a business is "governed." A large corporation is typically governed by a CEO, with managers reporting to him and "technicians," or people who perform more technical or specialized tasks, reporting to the managers.
But in small business, these three roles often are done by the same person: the company founder. In the beginning stages of a business, this is ok and in some cases, there is no choice. But as a business grows -- and if you want your business to grow -- these three roles should be handled by three different people charged with very different responsibilities.
* The CEO assumes the leadership role, advocates change, makes decisions and is the "visionary" for the company.
* The manager is responsible for making sure everyone has everything they need to do their jobs efficiently and effectively.
* The technician is the person with the special skill or knowledge that is core to the business, i.e., the dentist at a dental practice or the graphic designer at a graphic design business.
What role do you play in your own business? If it's all three, or even two of these roles, it may be time to look at delegating some of your responsibilities. I would be happy to assist you in your evaluation. Please feel free to contact me for more information at SolidOakConsulting.com.
There's a term in business called Corporate Governance that refers to the way a business is "governed." A large corporation is typically governed by a CEO, with managers reporting to him and "technicians," or people who perform more technical or specialized tasks, reporting to the managers.
But in small business, these three roles often are done by the same person: the company founder. In the beginning stages of a business, this is ok and in some cases, there is no choice. But as a business grows -- and if you want your business to grow -- these three roles should be handled by three different people charged with very different responsibilities.
* The CEO assumes the leadership role, advocates change, makes decisions and is the "visionary" for the company.
* The manager is responsible for making sure everyone has everything they need to do their jobs efficiently and effectively.
* The technician is the person with the special skill or knowledge that is core to the business, i.e., the dentist at a dental practice or the graphic designer at a graphic design business.
What role do you play in your own business? If it's all three, or even two of these roles, it may be time to look at delegating some of your responsibilities. I would be happy to assist you in your evaluation. Please feel free to contact me for more information at SolidOakConsulting.com.
Wednesday, November 17, 2010
Exit Strategy
You’ve had to consider and evaluate your product or service mix, location, competition, customer base, marketing, business growth, organization and more. So much of your focus has been on beginning, sustaining and growing your business, but if you haven’t done so already, you owe it to yourself to develop an exit strategy.
Having an exit for tomorrow can be a blueprint for today. One of the benefits of an exit strategy is that having an idea of how you would like to end your involvement in your business may make it easier for you to run the business today. You may plan to pass the business along to a family member or take the company public. Or perhaps you plan to sell to an investor or employee. Maybe you want to stay involved part-time but cede responsibility to someone else. You may also consider selling it on the open market or simply terminate the business. If you have an idea of how you plan to exit, you can begin to conduct your business with that objective in mind and change tactics if your desired exit should change over the course of time. There are practical and emotional pros and cons to any exit. Each should be carefully considered and weighed.
Please Contact Me at SolidOakConsulting.com to discuss how we can draft your exit strategy.
Having an exit for tomorrow can be a blueprint for today. One of the benefits of an exit strategy is that having an idea of how you would like to end your involvement in your business may make it easier for you to run the business today. You may plan to pass the business along to a family member or take the company public. Or perhaps you plan to sell to an investor or employee. Maybe you want to stay involved part-time but cede responsibility to someone else. You may also consider selling it on the open market or simply terminate the business. If you have an idea of how you plan to exit, you can begin to conduct your business with that objective in mind and change tactics if your desired exit should change over the course of time. There are practical and emotional pros and cons to any exit. Each should be carefully considered and weighed.
Please Contact Me at SolidOakConsulting.com to discuss how we can draft your exit strategy.
Client/Customer Loyalty
A customer loyalty program is a great way to market your product or service to your existing customers. A classic example of a customer loyalty program is the frequent flyer program, which encourages travelers to use a specific airline as a way to earn free airline tickets. This has been a very popular program for many years. I've seen firsthand how hard people would try to use a specific airline so that they earned frequent flyer miles, even if it meant an extra layover here or there.
The frequent flyer program worked well for airlines for many years; unfortunately, now that many of them are in financial turmoil, it may not be the best time for them to redeem the frequent flyer miles. If you come up with a customer loyalty program, you may want to consider whether you could continue the program if the economy does not hold up.
Another example of the customer loyalty concept is the punchcard. Some stores give their customers punchcards that are punched every time they shop at the store. Once the shopper spends a certain amount of money or shops at the store a certain amount of time, they receive a discount or reward.
To discuss what customer loyalty programs might work best for your business, please Contact Me at SolidOakConsulting.com.
The frequent flyer program worked well for airlines for many years; unfortunately, now that many of them are in financial turmoil, it may not be the best time for them to redeem the frequent flyer miles. If you come up with a customer loyalty program, you may want to consider whether you could continue the program if the economy does not hold up.
Another example of the customer loyalty concept is the punchcard. Some stores give their customers punchcards that are punched every time they shop at the store. Once the shopper spends a certain amount of money or shops at the store a certain amount of time, they receive a discount or reward.
To discuss what customer loyalty programs might work best for your business, please Contact Me at SolidOakConsulting.com.
The 80:20 Rule
In business, there is a common term called the Pareto Principle, also known as the 80-20 Rule, which asserts that 80 percent of your results likely come from 20 percent of your input. This principle can be applied to almost anything, from the science of management to the physical world and, of course, to marketing.
Using the Pareto Principle, you can estimate that approximately 80 percent of your business comes from 20 percent of your existing clients. How does this apply to marketing? Well, quite simply, don’t forget about your existing clients when developing your marketing calendar. Too often, businesses focus on adding new clients and lose sight of retaining their existing client base, and using that base to build new client relationships. Now, I am not suggesting you only market to your existing clients or spend the majority of your marketing budget doing so. After all, you do want your business to grow and adding customers is a crucial part. But remember how crucial your existing clients are to your business. When developing your marketing calendar, include ways to market to your existing clients, whether it’s a customer loyalty program (see below) or a referral rewards program. Just because they are your clients now, that doesn’t mean your work is done.
To discuss the Pareto Principle further and how it can be applied to your business, please Contact Me at solidoakconsulting.com.
Using the Pareto Principle, you can estimate that approximately 80 percent of your business comes from 20 percent of your existing clients. How does this apply to marketing? Well, quite simply, don’t forget about your existing clients when developing your marketing calendar. Too often, businesses focus on adding new clients and lose sight of retaining their existing client base, and using that base to build new client relationships. Now, I am not suggesting you only market to your existing clients or spend the majority of your marketing budget doing so. After all, you do want your business to grow and adding customers is a crucial part. But remember how crucial your existing clients are to your business. When developing your marketing calendar, include ways to market to your existing clients, whether it’s a customer loyalty program (see below) or a referral rewards program. Just because they are your clients now, that doesn’t mean your work is done.
To discuss the Pareto Principle further and how it can be applied to your business, please Contact Me at solidoakconsulting.com.
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