Posts Tagged ‘marketing’

2 Concepts for Improving Your Brand

July 19th, 2014

Improving, or repositioning, a brand has a direct impact on the financial performance of a business. Companies that are successful in building their brands enjoy higher customer loyalty and are more likely to attract new customers. An improved brand has a positive impact on profit margins and allows a company to raise its price without becoming less profitable due to a reduction in business. A stronger brand leads to increased market share, revenues and profitability.

Understanding the two concepts of actual value and perceived value, and applying them to your product or service’s brand can help you increase margins for your business and make more money.

Soda sells for 75 cents at the grocery store or $8 at an amusement park. Steaks are priced from $18 at a casual restaurant to around $40 at a fine dining establishment. A cup of coffee can range from one dollar to well over $5. The vast difference in these prices is a result of brand positioning and the value that the brand represents in the marketplace.

If you want to increase prices in your business and make more of a margin on each sale, analyze your brand to see how you can reposition and improve it to be more valuable in the minds of your current and potential customers. Do this by boosting actual value or perceived value.

1. Actual Value

Increasing actual value likely will cost your business more money but will enable you to charge more too if your customers care about the improvements. For example, in the auto business, a sunroof, leather seats and chrome wheels are considered upgrades. It costs manufacturers more to install these, but since car buyers think these features make a car more comfortable, sporty, luxurious, durable or attractive, these add-ons increase the value of the car, and customers will pay more for it.

In your business you are adding actual value when you are paying more on a continuous basis for the cost of materials or labor to improve the customer’s view and desire for your product or service. In the case of the cars, the sunroof, leather and chrome wheels must be added or available every time in order to offer the increased value and capture the added profits that result. Using premium or preferred materials or skill sets rather than just good or good enough materials and labor will allow you to have higher price points if your add-ons are desirable to your customers.

2. Perceived Value

Increases in perceived value are generally more profitable than increases in actual value because you do not necessarily have to spend more money, or any money at all, to achieve increases in perceived value, but you can still charge more for the added value.

Consumers will pay higher prices for attractively packaged products. Making a product package more attractive may not cost more. It can be as simple as using a brighter or darker brand color, a more commanding or refined font or a different shape of bottle. These changes can make a product appear richer or of higher quality, yet the inside product may be the same as a lower priced competitor. It’s all about the perception.

Associations, affiliations and trust also boost perceived value. For example, two identical products may sell for vastly different prices if one is associated with higher professionalism, expertise, style, or just plain fun. For example, if a product is worn, used or favored by celebrities, then it suddenly achieves higher perceived value.

Professional certifications work the same way. A Certified Public Accountant (CPA) may be able to charge a more for bookkeeping and services than an accountant with a degree but no certification. If the CPA is better at the work, it isn’t necessarily due to the certification, but the perception is there for the CPA to leverage.

Protect, build and analyze your brand to figure out ways to boost value for your customers. Whether it is actual or perceived the added buzz and sales can help you reach your annual profit goals faster.

6 Mistakes to Avoid as You Build a Profitable Business

September 18th, 2012

Where do small business owners go wrong when trying to build a profitable business? Many mistakes can be traced back to such things as not being consistent in preforming some of the most crucial tasks required for a business to function. But there are also mistakes made by not taking a task to completion, trying to take too many tasks to completion, spending time on the wrong tasks, not having procedures in place for the most crucial tasks, and hiring the wrong people for the tasks you expect them to accomplish.

Avoiding these 6 mistakes can save you time, money and a lot of frustration. So as you move your business toward your goals of profit and growth, here are some mistakes you may want to avoid or fix.

1. An Inconsistent Marketing Effort
Marketing may well be the most important task a business must perform. For many, marketing efforts are like a roller coaster ride, up and down based on how busy you are or how sales are doing. If your marketing is sporadic, it’s likely your results will be the same. The key to attracting and retaining customers is consistency. It is better to do 3 or 4 lead generation strategies well and consistently than doing a dozen of them periodically.

2. No Follow Up
Investing resources to generate leads for your company without a proven method to convert them to paying customers is costly. No matter how potential customers come to you, a system for consistent and timely follow up is a key to sales growth. Take the time to develop a procedure for turning prospects into customers. Take advantage of technology, templates and scripts for efficiency and effectiveness. If you are not consistently following up on your marketing, you are not completing the marketing task. Be consistent and watch your sales soar.

3. Doing it all Yourself
Most small business owners became entrepreneurs because they are experts or skilled at something and believed they could do it better than others. But building a successful business requires more than technical know-how. No one is an expert at every task, so supplement yourself with other experts to fill in the gaps. Whether you hire employees, sub-contract work, create joint ventures, work with coaches, consultants or develop strategic alliances, the support you need is available. Don’t try to do it all yourself.

4. Not Identifying Your Customer Profile
The best products or services will go unsold if you are talking to the wrong people, those who will likely never buy. If you invest your time and money promoting your products or services to people who don’t have the resources, authority or need, today or in the near future, you will have spent your time on costly frustration. Who are the ideal customers for YOUR products and services? Do your research, find out who and where they are, how to reach them, and then apply your resources to pull them in.

5. No Procedures
Documented procedures for all your company’s critical tasks and operations is a key to efficiency, consistency, continuous improvement and profitability. Defining the important tasks crucial to a business is often ignored. This mistake becomes obvious when you hire and train new people, only to start losing customers due to poor service or missed deadlines. Don’t expect your employees to have your clarity of vision. They will need to know exactly how to do their work if they are to do that work successfully. Take it one at a time, but make written procedures a priority in your business. The results will surprise you

6. Hiring on the Fly
Are you quick to hire and slow to fire? That phrase describes many small businesses. A strong team of people to support your operations is certainly important, but only if they are the right people. There are proven hiring systems and tools, including a job description and clear goals, to help small businesses attract and retain quality people. Always hire with a purpose, invest in training, commit to developing your team and be willing to let go of those who don’t fit.

Which of these mistakes are impacting your profit and growth? Make it a priority to fix them, one at a time if necessary. The sooner you do, the sooner your sales and profit will grow.

Networking for More New Business

May 11th, 2012

Definition: Business networking = The process of meeting other people and exchanging resources for mutual gain.

I’m not talking about social media networking; I’m talking about face-to-face networking for business contacts that will help you grow your business. The kind of networking that builds concrete relationships, trust, and inevitably, results.

In the past several years networking as a marketing strategy and business development tool has really come into its own. Many good networking events are available to attend throughout the month. And great Internet sites like can help you easily locate the ones in your area that will best serve your needs.

Small businesses can leverage effective networking practices to win important customers, vendors, investors and partners. Networking forms the basis of many business relationships, and the ability to network well is one factor that may not only differentiate a business, but also ensure its survival.

It is easier than ever to network, especially if you keep the following best practices in mind:

1. Present yourself well. Business networking is often about first impressions, and first impressions are often about presentation. At face-to-face events, dress well, polish how you speak, make eye contact and generally present yourself to impress others with your professionalism and charisma.

2. Don’t overwhelm, but rather, interact. If you approach business networking solely as an opportunity to talk about yourself and your business, you’ll bore people. Make networking more enjoyable by limiting how much (and how repetitively) you talk and by seeking out chances to listen to and interact with the business networking group. Networking is not prospecting, so don’t treat people as prospects. Your goal is to develop at least some degree of relationship with each person you meet.

3. Network with Networkers. Business networking enables you to meet people whom you don’t already know. Many of the people you’ll meet won’t have the inclination to share their networks with you. Don’t try to overcome this attitude. Simply move on because you’re looking for networkers.

4. Any group might just be a business networking group. People define themselves as members of groups such as one’s profession, religion, gender, language, favorite sports team, and others. List the affiliations that matter to you, and then consider them as networking possibilities. Subsequently, you can network through such events as church picnics, support groups, tailgate parties, environmental causes and gender-specific professional organizations.

5. Be selective and diligent. Thousands of official networking events take place every day, and the Internet offers access to millions more; unfortunately, the availability of all of these opportunities leads some business people to take a shotgun approach to networking, which results in the failure to pay sufficient attention to any one opportunity. Identify and act on the highest-value opportunities rather than chasing every possible audience. Narrowing down opportunities will allow you to focus more.

6. Always network. Without turning yourself into someone who is prepared to collar all passersby with your spiel, treat social events; a party, a ball game, a play or any event, as an opportunity to meet new acquaintances who can later become part of a more formal network. Don’t waste time with overly skeptical people. Preach only to the choir. If someone doesn’t get it, don’t try to make them get it. Just talk to somebody else.

7. Help others. While your ultimate goal may be to find clients, customers, investors or to otherwise improve your own business chances and conditions, you are also in a position to help others. Offer whatever resources you can; advice, contacts, support, partnership or investment, in order to increase your value to your business network. This kind of enlightened altruism will eventually rebound to your advantage.

9. Be yourself / Be cool. The best way to network is to be unconscious of the fact that you are networking. Don’t let your mind dwell on the purpose or mechanics of networking. When you spend time with your friends, do you constantly have the purpose of maintaining your friendship in mind? No, you lose yourself in the moment. That’s the kind of approach you should bring to business networking.

Good networking requires you to balance a methodical approach with the ability not to take yourself too seriously. One way to achieve this balance is to keep your methodical self behind the scenes. Plan the events you’ll attend, define your purpose and immerse yourself in your own mini-infomercial. But once you start interacting, maintain a casual and friendly demeanor. You’ll be pleasant to be around and pleasant to listen to, which will differentiate you from the crowd and increase your chances of success. And in business networking, success is defined by becoming known by more and more people. The increase in business you desire will be a natural result. Remember that a key point to networking is that it’s not who you know that counts, it’s who knows you. So get out and network and become known by more and more people.


Cool Product: Constant Contact

May 3rd, 2012

email marketing made easy

I’ve been using Constant Contact to give my emails a professional look for almost a year and a half. I’ve now put out 17 issues of my newsletter, The Small Biz Bulletin (get it free – see the Join Our Email List link to the right —–>), and have noticed that dozens of businesses on my emailing list have adopted this product for their use too. So, it’s high time I did a Cool Product Review on it.

Constant Contact email combines your email campaigns and your social networking efforts into one easy-to-use service. It’s intuitive and easy to use for all skill levels. It breaks down the set-up process into three easy steps: “Create the look, select your audience, then schedule and send.”

Email Campaign Creation

You start by picking one of over 400 templates as the basis of your email, or create your own. The templates come in a variety of layouts, colors and patterns, are easy to customize as well as to insert text, images, documents, blog content, links, surveys, polls, videos and more. There’s a social-share toolbar and buttons for Facebook, Twitter, Google+, LinkedIn and others to send readers directly to your various social media properties.

Campaign Reporting

You’ll get comprehensive reports on your campaigns, including bounces, spam complaints, opt-outs, click-throughs, forwards and more. And Social Stats reporting tools tell you the number of Facebook shares and likes, tweets from Twitter and more, that your messages receive. You can also see the number of total social shares and page views your email campaign has generated.

Contact Management

You can add customers to your list by typing them in, importing a spreadsheet list or your address book from Gmail or Outlook. Contact fields are customizable so your contact database can hold all the info you need to keep on each contact.

Help & Support

Support includes a searchable knowledge base, tutorials, FAQs, a user manual, a blog, user forums, recorded demos and webinars. And the phone support is the best I’ve ever had for any product I’ve ever needed help on. They will even edit your email directly to fix a problem.

Try Constant Contact for Free!

You can try Constant Contact for free for 60 days to see if it fits your needs. If you do want to try it, click on the link below (or the logo at the top) and you will also receive a $30 credit when the free trial is over. Full disclosure: Yes, they will be kicking me back a $30 credit too, but if a couple hundred of you stick with it, well it could be sweet! Thanks!

Click here to get your 60 day free trial and your $30 credit if you continue beyond the trial period.