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.
Thursday, November 25, 2010
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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