The Small Business Development Program

E-Book Quick Read

Boost Your Sales and Attract New Customer

Allmaterialsandtechniquesareprotectedbycopyright.Youareinvitedand encouragedtoforwardthispackagetoyourfriends,butthiscontentmayNOTbe marketedorsoldinanyshapeorform. Copyright2009 Disclaimer Thisbookdoesnotcontainlegaladvice.Theauthorandpublisherdisclaimanyand allwarranties,liabilities,losses,costs,claims,demands,suits,oractionsofanytype ornaturewhatsoever,arisingfromorinanywayrelatedtothisbook,theuseofthis book,and/oranyclaimthataparticulartechniqueordevicedescribedinthisbook islegalorreasonableinanyjurisdiction. Allrightsreserved.Nopartofthisbookmaybereproducedortransmittedinany formorbyanymeans,electronicormechanical,includingphotocopying,recording, orbyanyinformationstorageandretrievalsystem,withoutwrittenpermission fromtheauthor,exceptfortheinclusionofbriefquotationsinareview. Theauthorandpublisherdisclaimnoincomeguarantees.Theinformationprovided inthisebookisbasedonpersonalexperienceoftheauthor.Theauthorand publishershallinnoeventbeheldliabletoanypartyforanydirect,indirect, punitive,special,incidentalorotherconsequentialdamagesarisingdirectlyor indirectlyfromanyuseofthismaterial,whichisprovidedasis,andwithout guarantees.

Contents

AboutthisEBook.........................................................................1 SowhatsthisBigDealaboutMarketing?..............................2 PresentationsCreateInterestingOpportunities.................5 KeyElementsofMarketing..........................................................7 TheMostImportantAspectsofMarketing.............................8 YourMarketingManual.............................................................11 SowhatsthebuzzaboutMarketingSegmentation?......15 . WelcometotheMarketingDilemma.....................................17 UsingtheBusinessSuccessWheel..........................................18 TheOverallConceptofAppliedMarketing.........................21 . Perception=Reality....................................................................22 . YourUltimateMarketingTool.................................................23

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Boost Your Sales and Attract New Customers

About this E-Book

WiththisEBookQuickReadoftheSmallBusiness DevelopmentProgram,yougetabroadoverviewof waystoboostyoursalesandattractnewcustomers. IncludedareMarketingandAdvertisingideasandtools thatwillhelpyouunderstandthebasicconceptsand ideas. AswithmostEBooksofferedascomponentsofa package,thepurposeofthisEBookisnottospecifically reiteratethematerialhighlightedintheManual,the Workbook,,orinthetoolsandinteractivematerial fromBusinessSuccessWheelorBusinessSWOT Analysis. Justasthetitlesuggests,thisisaquickread. However,onceyouvefamiliarizedyourselfwiththe basicconcepts,youllbeanxioustoworkthroughthe completeSmallBusinessDevelopmentProgram.

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Boost Your Sales and Attract New Customers

So whats this Big Deal about Marketing?

Marketingisliketheweather.Everyonetalksaboutmarketing,butfewdoenough aboutit.Whenyouaskwhatisthebigdealthatsanexcellentquestionandone thatwerehappytoworkwithyoutodetermine,becausenomatterhowyouwant toviewitthereisoneprovenfactwhichistrueofbusinessowners,worldwide. Intodaysrecessionaryspiral,everygoodbusinessownerwantstodomorewith less.Wewillhelpyoudiscovernewwaysofdoingthat. Everybusinessownerseekswaystoincreasesalesandrevenues.Period.Thereare alwayschallengestoincreasecustomertraffic,increasewebsitetraffic,orto increasemailorders,moreeffectively,forlessmoney.Yourbusinesscanbeasimple mailorderbusiness,anonlineventurethatsellshundredsofitemsacrossborders, oramultinationalcorporationwhichemployshundredsandhundredsof employees.Thebasisforthisstatementisthesameeveryoneneedstodomore withless. Andyet,everyoneseemstowanttopresentMarketingasanebulousandthemost difficultpartofrunningabusiness.Youneedtoknowwhattodo,youneedtostudy howtogetyourmarketingmessageright,youmustfocusonmarketingto customersorclientsinthisspecificway,youneedtounderstandsegmentationand marketdemographics,oryouwontbesuccessful.Itsenoughtomakeyouthrow yourhandsupindisgust! OneofthehighestsalesbooksintheworldwhichfocusesonMarketingexperiences andboastsoneofthekeyauthorsinthebusinessworldtellsusthatwemustfocus notonthewaythosewhomightpurchaseourproductsorservicesareinfluenced, buthowWEmustfocusandcompeteonqualityissues,oninnovationandits implementation,andoncustomerservice.Imsorryweretakingsomethingthatis basicandeasilyunderstoodandmakingitdifficult.

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Boost Your Sales and Attract New Customers

Heresthebottomline. Whatcanyoudotomakewhateveritisthatyouareselling,orrenting,orleasing,or givingawaymoreattractivetothosewhowouldbuyit,rentit,leaseitoruseit? Youneedtofindnewandadditionalwaystobuildyourbusinessatlessexpense.If youarereadingthisebook,youareabusinessownerinterestedinfindingnewand excitingwaystoaddressyourneeds. Wereheretohelpyoufindthem. Theoldschoolmarketingtheoryrevolvesaroundthe4PsPrice,Product,Place andPromotion.Holdthatthought,but,first,weregoinginanentirelydifferent directiononewhichyouwillinstinctivelyunderstandandonewhichwillmake yousay,Okay,Igetit. TheSadStoryoftheDeadDonkey YoungChuckhadlookedeverywhereforadonkey thathecouldafford,buteverydonkeythathecould findavailableforsalecostatleast$500,andhedidnt havethatmuchmoney.Desperateforadonkeytodo workaroundhisfarm,heboughtadonkeyfroma farmerhedidntknowfor$100.Chuckknewthatthe Donkeywouldnotbemuchofananimalforonly $100,butfiguredthatalthoughthedonkeymightbe obstinate,andhemightbelazyorold,hewouldget somelevelofworkaroundthefarm. Thefarmerwithwhomheworkedthedealagreedtodeliverthedonkeythe verynextday. Chuckwaspleased. Unfortunately,thenextdaythefarmersearchedoutChuckandsaid,Sorry, son,butIhavesomeverybadnews.YouknowthatdonkeyIsoldyou?Well, thedonkeydied.

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Boost Your Sales and Attract New Customers

Hedied?!Chuckscreamed.Icantlosethat$100andyouhavean obligationtoeitherproducethedonkeyorthemoney. Chuckrecognizedimmediatelythathewasalreadyintothedonkeyfor$100 whichhecouldnotaffordtolose,sohesaidtothefarmer,Givememy moneyback. Thefarmersaid,Imreallysorry,butIcan'tdothat.Iwentandspentthe moneyalready. Chuckhadnowlostboththedonkeyandthe$100.Whatcouldhedo? Suddenly,hehadarevelationastohowtocapitalizeonthiscatastrophe,as wellasmakeenoughmoneytobuyadonkeythatwoulddogreatworkand hopefullylivealongandprosperouslife. Chucksaid,Ok,then,justbringmethedeaddonkey. Thefarmerasked,Whatyagonnadowithhim? Chucksaid,I'mgoingtorafflehimoff. Thefarmersaid"Youcan'traffleoffadeaddonkey! Chucksaid,SureIcan,justwatchme.Ijustwon'ttellanybodyhe'sdead. Amonthlater,thefarmermetupwithChuckandasked,Whathappened withthatdeaddonkey? Chucksaid,Iraffledhimoff.Isold500ticketsattwodollarsaticketand madeaprofitof$998. Thefarmersaid,Didn'tanyonecomplain? Chucksaid,Justtheguywhowon.SoIgavehimhistwodollarsback.

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Boost Your Sales and Attract New Customers

Throughhumor,weseethatChuckwasfacedwithcatastrophe.Hismoneywas gone.Hisdonkeywasdead.Ratherthansuccumbtoalossoffunds,andtowhat musthaveseemedtohimtobeblind,badluck,hedeterminedthathewouldmake thesituationinwhichhefoundhimselfwork. Wewontcommentontheethicsofmarketingadeaddonkey.Andwecantvouch forthetruthorveracityofthisstory,becausewedidntknowChuckorthefarmer personally,andweneversawthedeaddonkey.Butstoriessuchasthiscreate amazinglearningopportunitiesforyouasabusinessownerordevelopertolearnto viewchallengesindifferentwaysinordertofindwaystoimproveyourbusiness. ThisisntsomedifficulttheorybasedonPrice,Product,Place,orPromotionits basedonusingyourinnatesenseofhowtomakeyourbusinessworkforyou. AswesayintheManualwhichaccompaniesthecompleteSmallBusiness DevelopmentProgram,theentireconceptofMarketingispredicatedonthefactthat youmustseekoutwaystocreateaneedinthemindoftheconsumerorclientfor yourproductsorservices.Noticewedidntsaythatweweregoingtodothatfor you.Wearegoingtofurnishyouwithasetoftools,andyouaregoingtodothe work.Afterall,itsyourbusiness,andifyouwontmakeitbetter,whowill?Thereis noonewhounderstandsyourbusinessaswellasyoudo.Ifyouhaventstarteda businessasyet,keeponecriticalconceptinmindyouwillknowmoreaboutyour businessthananyoneelse.

Presentations Create Interesting Opportunities

Severalyearsago,wewereinvolvedwithwhatiscalledanInitialPublicOfferingof stockafinancingthroughthepublicsalesofstockinacompanyforwhichwe worked. Asoneoftheseniorofficersinayoungcompany,itwasmypersonalresponsibility tobriefthosewhomightpurchaseourstockintheprojectand,oncetheypurchased thestock,sharehowthosefundswouldbeused. Thebriefingwasheldintheconferenceroomofamajorhotel,famousfrommovies andTVshows.Ihadaprofessionallypreparedpresentationandwastodeliverthe presentationfromateleprompter.AllIhadtodowasshowup,standup,deliver whatwaswrittenandplayedontheteleprompterscreeninfrontofmeandnot actnervousinfrontofabout350differentmoneymanagersandinstitutional

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Boost Your Sales and Attract New Customers

fundingexpertswhorepresentedatotalofover$500billionU$Dinfundswhich couldbeinvested.Wewereonlyseekingabout$10million. Whenitwastimeformypresentation,Istoodinfrontofthegroupandratherthan startimmediatelyintothepresentationIstoodinfrontofthegroupandlookedat themforabout10secondsjustlongenoughfortheCEOtostarttogetnervousand thinkthatIwasgoingtofreezeupinthepresentationprocess.Therewasnoneedto beconcerned,becausewhatIrealizedthatdayintheConferenceRoomatthePlaza HotelinNewYorkCitywaswhatyouasabusinessownerknowaboutyour businessrightnow,instinctively. Nooneknowsmoreaboutyourbusinessthanyoudo.Noexpertcantellyouthings aboutyourbusinessyoudontknow.Noconsultantwilltellyouthingsthatyoucant see. AsIstoodinthatroom,Iknewmoreabouttheplan,moreabouttheopportunity, moreaboutthewaytomovethebusinessfrompointAtopointBthananyoneelse intheroom.Icertainlywasntthesmartestguyintheroom.Ididnthaveatop degreefromthetopBusinessSchoolintheworld.WhatIknewwaswhatIhad learnedbyputtingtogetherallthefactsaboutthebusiness. Andyouknowthataboutyourbusiness. Now,itstruethatanExpertoraConsultantseesthingsdifferentlythanyoudoand presentsopportunitiesinwayswhichyoumightnotrecognize,sotheyhavetheir value.Itstruethatfinancialgurusmayseeyourcashflowdifferentlythanyoudo, andthatbankersmaywanttosecuretheirinvestmentinwayswhichyoudont understand. Butinstinctively,ifyourethebusinessowner,noonethatsright,nooneshould understandmoreaboutyourbusinessthanyoudo.Thekeyistotakewhatyou knowandtranslateitintoinformationwhichwillletyoucreateacompellingneedin themindoftheconsumerforyourproductorservice.

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Boost Your Sales and Attract New Customers

Key Elements of Marketing

Withinthislearningprogram,therearefourkeyelementsintheMarketingPlanning Processwhichyouwilllearnabouttheprocessofanalyzingthemarket opportunities,theprocessofdevelopingmarketingstrategies,theprocessof planningofyourmarketingprograms,andthemanagementofyourMarketing Process.Thinkofthisasacyclicalprocess.Yourneedscanstartanywhereinthe cycle,andcanbemetanywhereinthecycle,butwillbebestmetifyoucompletethe cycle. InthecompleteSmallBusinessDevelopmentProgram,wewillmakeaseriesof learningtoolsandinteractivetemplatesavailabletoyouforyourplanningpurposes. WellaskyoutocompleteaworkbookwhichparallelstheManualyoullbereading. WevefurnishedyouwithaBusinessSuccessWheelwhich,whenreviewedin thecontextoftheeightattributesofMarketing,willhelpyoudefinethepathwayto takeyourbusiness,andwhichwillvisuallygiveyouawaytorecognizetheeight MarketingAttributesyouwillbelearningandpracticing. WereafirmbelieverinthepowerofSWOT.Developedoriginallyinthe1950s,the SWOTprocesshasbeenmodifiedandimprovedovertheyearstoallowany businessownertheopportunitytoimprovehisorherbusiness.TheSWOT Templateyouarefurnishedwithwillhelpyoutochartthestrengths,weaknesses, opportunities,andthreatsthatyourbusinessfacesandputthemintoacontext whichwillallowyoutodevelopawrittenplanofaction. SWOTisnowaprocesstaughtaroundtheworldin businessschoolstohelpdefineactionandreactionbased uponselfassessmentofthebusinessandthecurrent snapshotofwhereyourbusinessisandwhatitsdoing. Thinkofthecurrentstateofyourbusinessasasnapshot intime.Whatdoesthepictureofyourbusinessshow youtoday? Theideaswhichareexpressedinthislearningcoursewillworkforanybusiness, regardlessoftype.Youmayhaveasmallbusiness,oryoumayownaverylargeone; followingthisprogramwillhelpyouunderstandmorefullythekeyelementsof marketingwhichtransversenotonlythebordersofcountries,butthetypesof business.

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Boost Your Sales and Attract New Customers

The Most Important Aspects of Marketing

Barterwastheinitialfoundationoftrade. LetssaythatyouhavewheatwhichIneedforflourformybread.Ihaveachicken whichyouneedtogeteggsforyourfamily.Iwilltradeyoumychickenforyour5 basketsofwheat.Thattypeoftransactionseemsfairlystraightforward. Butwhatiftwopeoplewantthosesamefivebushelsofwheat?Howwillthewheat ownerdecidewhichoffertoaccept?Maybeachickenownerdecidestouptheante andmaketheoffertwochickensforthe5bushelsofwheat.Orhegetsreallysmart, andonlyoffersarooster,butnohen.Allofasudden,theconceptofnegotiationhas arisen. Butwhatifthereisnomarketforthewheat?Whatifnooneeatsbread,andso thereisnodemandforthewheat?Thewheatfarmermustfindsomewaytomake hiswheatattractiveasaproductavailable,forsaleortrade. Outofthisnecessity,theprocessofMarketingwasborn.Marketingiscreatinga demandinthemindofconsumersforaproductorservice.Advertisingisusing Marketingtocommunicatehowthatdemandmaybestbemet. Youmaynotneed5bushelsofwheat,butthatswhatIwanttotrade.Imgoingto lookforthebestdealavailableforthose5bushelsofwheat.Sowhataretheways thatwewouldstarttheprocessofmakingthe5bushelsofwheatavailable? Wewouldmarketthewheattopotentialbuyers.Andinmarketingthewheat,we wouldrememberthreekeyfactsaboutmarketing: Youmustletyourcustomersorclientsknowthatyouareinbusiness. Often,wefindthatclientsareunawareweareinthemarketplace,seekingnew customers.Ifclientsorcustomersdonotknowthatweareactiveinthetradeor, inthiscase,inbusinesstheywillnevercometoseeus,orvisitusonline,orsend usaletteraskingforustosendthemacatalog. Inthematerialpresented,wesharethestoryoftheshopownerwhodidnthave themoneytoadvertisehisbusiness.Whenhewentoutofbusiness,thefirstthing thatthelandlorddidtorecoverthefundshehadlostinunpaidrentfromtheill fatedbusinessmanwastostartadvertisingsothatcustomerswouldbegin

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Boost Your Sales and Attract New Customers

purchasinggoodsandservices.Thelandlordrecoveredallhislostmoney,and customerswereastoundedatthegreatdealstheyreceivedonbrandnew merchandise.Theonlyonewholostinthisventurewastheshopownerwhodidnt havethemoneytoadvertisehisbusiness. Inthewheatsellingexample,ifpeopledonotknowthatyouhavewheatforsale, theywillnotknowtocontactyoutopurchaseit. Youlose,andsodothey.Clientsandcustomersmustknowthatyouareinbusiness, otherwiseyouloseandsodothey. Businessownersmustletclientsandcustomersknowwhattheyare selling. Thenameofyourbusinesscanbeoneofyourstrongestattributes.Doesittellthose youwoulddobusinesswithwhattypeofbusinessyouarein?Doesitletthemknow whatyouaresellingorwhatyoudo?Dontyouthinkthatmightbeamajoraspect ofgettingthewordoutandbuildingyourbusiness? JohnsBarberShop Johnnamedhisbusinesswhathedidforaliving.Hewasabarber. WouldonethinkthatJohnsBarberShopsellscansofsoup,likea foodstore,ortiresforautomobiles?Probablynot.Johnislikelya barber,andcutshairforaliving.Johnwillfocushismarketing andadvertisingeffortsonlettingcurrentcustomersandpotential clientsknowthathecutshair.Notonlythathecutshair,but mostlikelythathecutshairverywell.Johnprobablywont markethisshoptobaldmen,becausetheyhavenohairtocut.He mightormightnotsellwigs.Heprobablywillsellsometypesof hairdressingorcologne/aftershave.Hemightofferahottowelshave. Hewillprobablyfocushiseffortsonattractingmenwhohavehairwhich growsandneedstobekepttrimmedandneat. WhatwillJohnchargeyouforyourhaircut?ThatmaydependuponJohns perceptionofthestrengthofhismarket,thestrengthofhisnameorbrandinthe marketplaceandthevaluecomponenthehaselectedtooffer.

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Boost Your Sales and Attract New Customers

Hopefully,thequalityofhishaircutwilljustifythecostthathecharges.Hopefully, hecanchargefullpriceforhisservices.Ifheisinacompetitivemarket,hemaybe temptedtoreducehispricestoattractmorebusiness.Oneofthekeyattributesof marketingwhichwewilldiscussinthiscourseiswhyNOTtodecreaseyourprices. Ifyouarecompetitiveandofferagreatqualityproductorservice,youshouldplan onsellingyourproductorserviceatfullprice.Thekeyistoletcustomersknow whatyouareselling. Ifthecustomerdoesnotknowwhatyouareselling,youhavenochancetomarketto them.Anyfundsyouinvestinmarketingoradvertisingarewasted. Youmustletyourclientsorcustomersknowwhereorhowtofindyou. Realestatesalespeoplehaveaslogan.Thethreemostimportantaspectsofanygood placementarelocation,locationandlocation.Intheeyesofthosewhosellandlease realestateforaliving,locationiseverything. Intheeyesofthosewhoworkwithbusinessesondevelopingtheirsalesandprofits, lettingclientsorcustomersknowwheretofindyouiscriticaltothesuccessofyour business. Somecountriesdonothavecommonstreetnames.Inthiscase,businessescannot telltheirclientsthattheyarelocated,forexample,at123MainStreet.Theymusttell theirclientsthattheyareattheFifthBlockbeyondGeorge,Building13.Itsa difficultthingtoexplainhowthisismorechallengingforabusiness,buthereisa basicguidelineforeveryadditionalexplanationwhichmustbeoffered,youwill loseanaverageof10%ofyourpotentialclientsorcustomers.Fiveexplanationsand youvelosthalfyourpotentialclientsorcustomerssimplybecausetheydont knowwhereyourelocated.Often,abusinesswillletcustomersknowthattheyare located,behindthePostOfficeordownRegalRoadfromtheHospitalusing commonlyreferencedpointstoexplainpositioning. Ifyouoperateabusinessonline,alwaysuseyourURLsothatpeoplecanfindyour website.YourURLisasimportantasyourstreetaddress.Itallowspeopletofind whereyouarelocated,andwheretheycanpurchasegoodsorservices. Alwayspublicizewhereyourbusinessislocatedorhowclientscancontactyou easily.

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Boost Your Sales and Attract New Customers

Rememberthesethreekeypoints: 1.IminBusiness! 2.HereswhatImsellingordoing! 3.Hereswhereorhowtocontactme! Haveyoumetallthreeoftheseobjectivessuccessfullyandfully?

Your Marketing Manual

WithinSection3ofyourManualintheSmallBusinessDevelopmentProgram,we present51differentcreativeideasforMarketingandAdvertisingyour business.Webelievethatthereisnothingwhichwillconvinceareaderthatour ideasandprogramsaresoundfasterthanpresentingaseriesofideaswhichcanbe implementedquickly,andinmostcasesquitereasonablyinprice. Theseideasaremeanttomotivateyoutothinkoutsideoftheboxthinkdifferently thanyounormallymightthinkandidentifyoverlookedopportunitiesasfresh possibilitiestogrowabusiness.Thisisintendedtoimpressuponyouthatittakesa combined,integratedandsystematicapproachtoattractclients.These breakthroughideasarealsomeanttomotivateyoutostretchyourselfandstart examiningproductsyouhaveneverbeeninterestedinbeforeandtogetafreshnew perspectiveandideasandinsightsintoareasyouhavenotconsideredpreviously. Webeginwiththeconceptwebelieveeverybusinessownermustconsider: Diversifywhatisbeingoffered.Thereisnobetterwaytochangeabusinessthanto addadditionalitems,expandproductlines,andofferotherservicesoradditional servicesforyourcustomersorclientsatcompetitiveprices. InSection3oftheManual,youllfindaseriesofstepswhichcanbeimplementedat lowcostandwhichshouldcreatesignificantrevenueifyouimplementthem properly.Section3oftheManualoffersthemeatandpotatoesoftheprogram. Italsodiscussestheimportanceofusingpublicrelationsasakeytomakingthe publicawareofyourbusiness.

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Boost Your Sales and Attract New Customers

ItiscriticalthatyoupresentyourPublicRelationsideainthreephases: 1. Whatthenewsaboutyourbusinessiswhatishappeninginyourbusiness. 2. Howthenewsaboutyourbusinesswillimpactthelivesofyourcustomer base 3. Howthisimpactcanorwillchangethecustomerslife Ifyoupresenttheseideasinthisorder,youwillfindthatmediaoutletswillpickup yourstory,andthestorywillbecopiedanddistributedatnochargetoyou.No chargemarketingandadvertisingisthebestmarketingthatyoucanreceive. Section3alsodiscussestheuseofCouponsinyourbusiness.Couponsareoneof themostsuccessfulmarketingtoolsyouhaveatyourdisposal...notonlyyour coupons,butthecompetitorscoupons.Alwaysacceptcompetitorscouponsfor yourgoodsorservices.Ifacompetitorisofferingaphenomenaloffer,andyoufeel likeyouwilllosemoneyontheoffer,thinkaboutthisyouhavegainedthe customerandthecustomerwillrememberwherethepersonredeemedtheir coupon.Ifthecouponbringstheguestintoyourbusiness,ithasfulfilledthe purposenomatterwhoprinteditanddistributedit. Usinghumortoexpanduponcompetitivechallengesisanexcellentwaytobuild business. Wereremindedoftheclientwhooperatedadry cleaningstoreoneofourclientswhohada directcompetitoropenanothercleaningbusiness withinsightofhisbusiness,locatedinaspecific locationforover40years. Thecompetitorsaidtoseveralotherbusinessesin thearea,Hisbusinesshasbeensosuccessful,and Idecidedthiswasjustagoodplacetolocate. MaybeIlltakeawaysomeofhisbusiness. Inordertodoso,whenheopenedhisbusinesswhichwasadirect competitorhecharged40%lessthanourclientsbusiness,whichhadbeen openfor40years.Didtheestablishedcleanerslosesomebusinessbecauseof thepricecompetition?

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Boost Your Sales and Attract New Customers

Yes,hediduntilourclientstartedadvertisingaspecialwhichallowed customerstobringintheclothescleanedattheotherestablishmentfor recleaningforonly$1.59whenpresentedwithareceiptfromtheother cleaners. Theimplicationofthemarketingpromotion,was,ofcourse,thatthenewcomer didnthavetheexperienceortheabilitytodothejobproperly,andifyoumadethe mistakeofgoingtothewrongcleaners,youcouldgetthejobredonepromptlyand reasonablyinthepropermanner,andwithasmileandaninvitationtoreturn. Themarketingpromotionwaswildlysuccessful,andourclientwasabletonotonly buildupontheweaknessofthecompetitor,butalsosolidifytheloyaltyofhis currentcustomerbase. Alwaysacceptcompetitorscouponsatequaloradditionalvaluetoyourclients.This isacriticallyimportantideatocommunicatetoyouremployees.Theyshould understandthatanycouponbroughtinisalwaysaccepted,whetherfromyour businessoracompetitiveone.Evenifexpired,ifthecustomerorclientisdrawnto yourbusinessproductorservicesbythecoupon,sometypeofaccommodation shouldbemadetoillustratetheimportanceoftheclienttoyourbusiness. Idea#43intheManualistoLearntoTalktoYourCustomersaboutTheir Needsnotwhatyouareselling.Toomanybusinessownersaremorefocusedon whattheysellthanontheneedsoftheirclientsorcustomers.WhenaConsultantis askedwhathe/shedoes,theanswershouldalwaysbe,Whatevertheclientneeds. Businessownersshouldalsofocusonsellingwhatthecustomerorclientneeds.The astutebusinessownerwillcarveatimeoutofhis/herbusyscheduletospeakwith asmanycustomersorclientsaspossible. Whatwillhe/sheask?Itsprobablymoreimportantthattheysimplylearnabout theirclientsthanaskaspecificsetofquestionsofeach.Theknowledgeoftheclient willassisttheminstructuringthedirectionofthebusiness.Everybusinessowner shouldplanonspendingatleast25%ofhisworkingtimesimplytalkingwithhis clients. Withinthis25%ofyourtime,askquestions.Donttrytosellacustomeronwhat youhaveavailableletthemsellyouonwhatyouneedtobedoing.

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Boost Your Sales and Attract New Customers

Idea#48fromYourManualistoworkwithyourcustomersorclientson solvingaproblemthattheymaynotevenknowtheyhave. Itseasytorecognizethatbusinessessurvivetosatisfytheneedsoftheclientor customer.Butwhatifthatclientdoesntunderstandhisneeds?Whatisthe customerdoesnotknowhehasaproblem? Goodbusinessownerswillinvestigatealltheneedsoftheclientandoffer alternativesforresolutionofhis/herchallengesfacedandidentifyforthecustomer thealternativeswhichexisttomeethisneeds. Howdoesthisenhancemarketing? Marketingistheinfluencingofdecisionsmadeinawaywhichsometimesisvery openandsometimesevenoccursbelowthedecisionmakinglevel.Ifyouasa businessownerareabletohelpaclientsolveanissuebeforeitbecomesanissuefor them,youwillconvertaprospectintoacustomerforlife. Howcanyousolveissuesforclientswhichtheyhaventidentified? 1. Askyourclientswhatchallengestheyarefacing. 2. Discusstheopportunitiestheyfaceandhowtoresolvethem. 3. Developamultipersongroupwithinyourbusinesstofocusontheir challenges. 4. Neverhesitatetoaskprobingquestionswhichmayassistinrecognitionof additionalchallengestheyface. Letsrevisittheexampleofthedrycleaningbusinesswementionedearlier. Manyofmyclientscustomerselectedtolookatanotheroptionbecauseofprice,but theyfoundoutthatpriceisnottheonlythingtoconsiderwhenchoosingadry cleaner.Theyfoundinthenewshopthatqualitywasnotasgood,thatservicewas notfriendlyorcommitted,andthattheyprobablyshouldnthavemadethedecision toleavemyclientsestablishmentonlybecauseofpricingconsiderations.Didthat makemehappy?Yes,formyclient.Butitalsoreinforcedinmymindthatwemust learnwhatmakesourcustomershappyandgivethemareasontoreturnoverand overtoourbusiness.Partofthatistheunderstandingofwhichgroupsmakeupour customers.Everybusinessownermustunderstandwhichgroupsfindhis/her businessnecessary.

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Boost Your Sales and Attract New Customers

LetstalkjustabitaboutMarketingSegmentationandhowitimpactsyourbusiness. Learnthisterm:Segmentation

So whats the buzz about Marketing Segmentation?

MarketingSegmentationisatermwhichmarketingexpertsusetodeterminewho, exactly,youaretryingtoreachwithyourmarketing.Itis,quitesimply,whoyour marketingisdesignedtoappealto.Areyouadvertisingtowomenormen,toa definedagegroup,tousersofspecificproducts,toprovenpastpurchasers?There aremanydefinitewaystoaddressspecifictargetmarkets.Youcanaddress customersbydemographicsage,race,sex,familysize,etc.Youcanaddress customersbysocioeconomicfactorshowmuchmoneytheymake,whatjobsdo theycurrentlyhold,orhowmucheducationhavetheyhad.Marketingexperts definethesegmentsbyasmanyas150differentvariables. Letsthinkaboutonlyafewofthem,because,althoughmarketingscienceis interesting,itsonlyimportanttoyouasabusinessownerforonereason:youmust understandwhoyourcustomerorclientisinordertounderstandhowtomarket tothem. Descriptivedemographicscanbedefinedbyages,gender,income,occupation, education,familysize,religion,nationality,geographicregion,sizeofmarketbase, definitionbyclimate,definitionbypopulationdensity,definitionbywhetherornot oneisacurrent,past,orfuturecustomer,definitionbytypeofpersonality,etc. Oneclientwehadwassellingaproductwhichwedefinedasappealingtothe following: 65%malewithintheagegroup2024,incomelevel$10,000$20,000,75% white/25%nonwhite,withsecondarypurchasers3549,incomelevel $20,000$30,000,60%white/40%nonwhite,tertiarypurchasersinthe incomegroupof$30,000$50,000peryearandintheagegroupof5064. Thisscenariocreatesamarketingdilemmaforyouifthisisyourbusiness.Youare notsureifyoushouldbemarketingtothelargercomponentofyoungerusers,orthe moreaffluentgroupofolderusers.Additionally,marketingespeciallyprint marketingwhichmightappealtowhiteclientsmaynotappealasstronglytonon whiteclients.

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Boost Your Sales and Attract New Customers

Suchistheongoingdilemmaformarketers. Youcandevelopaslogan,abrand,alogo,packaging,orsalestechniquewhich appealstoabroadaudience,butwillthatbroadaudienceoverlapthespecificsyou knowaboutyourproductandyourtargets?Shouldyoumarkettothemassmarket, orshouldyoumanageyourmarketingtokeycomponentgroupsthatyouknowwill useyourproductorservice? Earlyinmycareer,Iworkedforarestaurantgroup.Thecompanywasalways runningsometypeofpromotion,andwasdoingwhatwascalledDirectMail Advertising;theywouldmailacoupontoyourhomewhichofferedadiscounted mealifyoupresentedthecoupon.Thisisaprovenmarketingtoolinmanycountries oftheworld. Afterrunningthistypeofpromotionforsometime,however,thedropoffin responseledustobelievethatcustomerswereonlywaitingforustodoamailing priortoreturningtotherestaurant.Somesignificanttestingprovedthiswas,infact, thecasecustomerswerebeingtrainedtowaitonourpromotionstorunpriorto patronizingourestablishments.Moreover,westartedunderstandingmoreand morehowwecouldeithermakethecashregisterring,orbuildabaseofnewusers bydefiningwewantedtodirectmarkettoprovencustomerswhoweknewwould usethecoupons,orifwewantedtointroducenewcustomerstotherestaurantby definingtherecipientsofthecouponsasonlythosewhohadnotpurchasedfromus previously. Ourchoicesexpandedandwewereabletodecideprovencustomers,ornew potentials?Whichwouldyouchooseandwhy? Thesearethereasonsthatmarketingandadvertisingaresooftenreferredtoasa science;therearespecificrulesthatwefindapplyineverycase;marketingisalso referredtoasanartbecausenoamountofguessworkisevergoingtomeetall yourmarketingneeds.Asyoufollowthepathwaytomarketingknowledge,seeking toBoostYourSalesandAttractNewCustomers,youwillfindthatasyour knowledgeofthescienceofmarketingincreases,youracceptanceofyourgrowing abilitiesintheartofmarketingwilldecrease.Yourconfidencelevelmaydecrease, andyoumayfindthatyoujustifiablystarttofearthatyousimplycantmarketto everyone.

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Boost Your Sales and Attract New Customers

Welcome to the Marketing Dilemma

Towhomshouldyoumarket? Rememberhowwesaidintheinitialstagesofthisbookthatwewouldexplainhow theolderstrategicmarketingconceptofthe4Psapplied?Thisiswherewestartto examinetheconceptofthe4Psandhowthe4Psimpactyourmarketingdecisions. The4Ps,incaseyouhaveforgottenthem,arePrice,Product,Place,and Promotion. Ifyouthinkofthe4Psasanequation,wherePriceisequaltoorlessthantheother threePsProduct,Place,andPromotionyouwillstarttounderstandthepricing dilemmawhichmanybusinessownersface. Price Product + Place + Promotion Priceiswhatiscalledelasticwhichmeansthatitcanvary,baseduponyour product,thedemandfortheproduct,whereitisdistributed,andhowitispromoted. Pricingisconsideredtobeinelasticifitdoesnotchange.Whataresomeexamples youcanthinkofwherepricingiselastic,andwherepricingisinelastic? Inelasticpricingwouldgenerallybeconsideredtobeforaproductwhichhaslittle ornocompetition.Competitiongenerallyraisesthequalityandlowersthepriceofa productorservice.Manymarketers,today,lookatotherelementsnotincludedin the4Ps.Theymaylookatsuchesotericcontributorsascustomersensitivityor customerinelasticityinpurchases.Theymayseekoutcustomerconvenience issuesareyourgoodsorservicessuchthatyoucantakethemtotheclientas opposedtotheclientcomingtoyou?Areyourgoodsandservicesdeliverableas onlineofferingsinsteadofinhardcopyformat?Areyousellingintellectual propertyyouhavedevelopedonline?

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Boost Your Sales and Attract New Customers

Using the Business Success Wheel

PartofyourSmallBusiness DevelopmentProgramcentersonthe MarketingActivitiesoutlinedas componentsoftheBusinessSuccess Wheel.Manywritersportraysuccess indifferentways,butwehave identified8keycomponentswefeel areessentialtoBusinessSuccess. Eachofthesekeycomponents comprisesthebasisfortrueBusiness Success. Letslookateachofthesedifferent attributesandjustshareafew commentsabouteachone.Youllbe abletoaddresseachattributeindividuallyasyouworkthroughnotonlythe BusinessSuccessWheelVerbiage,butalsoyourWorkbook.TheWorkbookwill actuallyallowyoutocreateallofthebasesforyourownMarketingPlanforyour business. LetsthinkfirstaboutMarketingAcumen.Acumenisdefinedasbeingableto demonstratekeennessandquicknessinunderstandinganddealingwitha situation.Acumenisacharacteristicwhichyoudevelopoveraperiodoftimein runningyourbusinessacharacteristicwhichallowsyoutosummarizeandmake marketingdecisionsquicklyonseveraldifferentlevels,measuringyourpotential successagainstbothyourownexpectations,andtheexpectationsofothers. Acumenissomethingisgainedoveraperiodoftime,butiscriticaltoyoursuccess inBusiness.Itwillhelpyougainamarketingedge,anditwillkeepyououtof troubleinthevariouspromotionsthatyouplan. MarketingAnalysiscanhelpyouassesswhetheryoushouldorshouldnot introduceaproductoraserviceintoanarea.Ifyouareplanningtoimplementa newproductintoyourbusiness,doingaMarketingAnalysiswillhelpyoudetermine ifitisagoodidea,whatthedemandfortheproductorserviceinthatmarketplace mightbe,andhelpyougaugewhetherornotyouwillbesuccessful.Ifyouare planningontakingyourbusinessintounexploredorunchartedterritory,youwill probablydevelopsometypeofmarketinganalysistohelpyoudetermineitthatisa

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Boost Your Sales and Attract New Customers

goodidea.AsanextensionoftheAnalysisprocess,youstandtogainperspectiveon possiblesalesincreasesorrevenueextensions. MarketingInsightisrelatedtointuition.WhenwesaythatonehasMarketing Insight,wearesayingthatheorshehasanabilitytoclearlyunderstandthenature ofmarketing.Doyouclearlyhavetheabilitytounderstandthenatureofmarketing? Doyouunderstandthedifferentbetween,forexample,marketingandadvertising? Advertisingisonetypeofmarketing,butholisticmarketingisconsideredthewayin whichyouinfluencethethinkingofotherstoencouragetrial,toencourage purchase,ortoencouragerepurchase. Anymarketingyouundertakeshouldbedesignedtoimpactuponthethinking processesofyourclientsorcustomers.Itshouldcreateadesireinthemindofyour clientorcustomertopurchaseyourgoodsorservices. Anythingelseinmarketingleadstowastedtimeandmoney.Anything! MarketingExpertiseisimportantinanybusiness.Itseasytousetheword expertise,butitissometimesquitedifficulttoexplainwhatexpertiseiseitherto others,orhowitisusedandwhyitisessentialtobusinesssuccess. Whatisexpertise?Expertiserepresentsjudgment.Judgmentoftencomesfrom experience;hence,wecansaythatourexperiencedirectlyinfluencesourjudgment. Youmayhaveseenapromotioninanareasimilartoyoursthatwasverysuccessful. Conversely,youmayhaveseenpromotionsrunforproductslikeyoursthatwere utteranddismalfailures.Itsoftenmoreconstructivetolearnfromthefailuresof othersthantoinvestourownmoneytolose,anditsgenerallymuchmore profitabletowatchotherslosemoneyasopposedtolosingourownrevenueline. MarketingAccomplishmentreflectsachievement.Whenyouhaveachieved greatthingsinthedevelopmentofyourbusiness,otherswilllooktoyouandwill haveyouillustrateforthemtheirobviousopportunitiesforimprovementorgrowth. TheywillseeyouasaGuruinaspecificareaofbusiness.Accomplishmentmeans morethanthis,however.Itmeanssomethingwhichisdoneskillfullyandwithkey objectivesplanned. Mostofall,however,yourachievementwillbemeasuredbythefactthatyour businessmustmakemoney.Thekeyattributethereasonthat95%ofpeoplestart abusinessistomakemoney.Profitiskey.Andtomakemoney,onemustplanfor theirbusiness,operateitinaclearlyprofessionalmanner,andbediligentintheir effortstoprotectandgrowtheirbusiness.

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Boost Your Sales and Attract New Customers

MarketingAdministrationisgenerallyconsideredtobethebottomlineof
anyprogram.Ithelpstodeterminehowthemarketingprogramwillberun,what writtenrulesandobjectivesareputinplacetomakeitwork,andhowwellitcanbe runbyyouorbythosewhomyoudesignate.Yourfirstobjectiveindevelopinga marketingplanforyourbusinessshouldbetodetermineexactlyhowmuchyou need,financially,forthenextsixmonths.Thisshouldapproximatethetotalamount offundingnecessarytocoveryourexpensesaswellasthatofyourfamily,if appropriateforthenextsixmonths. Lookatthisnumber.Whencompletingthisexercise,mostclientsarestunnedat theirtotalcashoutlayoverasixmonthperiod.Itissignificantlymorethanthey expect.Then,wewantyoutothinkaboutthebusinessyouaredeveloping,andwe wantyoutodevelopabudgetforthebusinessforthenextsixmonths,togainsome furtherinsightintochargesyouwillincurwithyourbusiness. Thiswillgiveyouanapproximationofhowmuchmoneymustbegeneratedtopay yourexpensesofboththepersonalandprofessionalsideofyourbusiness,andwill giveyouastrongindicatoroftheamountoffundingyouwillhaveavailablefor marketingadministration.MarketingAdministrationisnotonlythemanagementof themarketingtoachievebusinesssuccess,butitalsorepresentstheprocessof payingformarketingwhichisneededtodrivethesalesandrevenuelineofyour business. TheconceptofMarketingDeliveryhighlightshowwellyouexecuteonallthe variouspromisesmadetoyourclientsorcustomersbyyourslogans,byyour branding,byyourpresentationsandrepresentations.Cancustomersbelievewhat yousayinyouradvertising? Ifyouownapizzarestaurant,andyoupromiseapizzatobedeliveredwithina certaintimeframeforacertainprice,istheperceptioninthemindofyourcustomer thatyoucandeliveraperfectproductwithinthetimeallotted? Letsassumethatyouarerunningabusinesswhereyouaresellingasoftware productonlineviadownload.Youexpectclientstopayforthesoftwarepriorto yourdeliveryoftheproduct.Aretheredeliveryissueswhichinhibitthesalesofthe product?Dopeopletrustyourwebsite?Isyourreputationspotlesswhenitcomes toexecutionoftheimpliedunderstandingthatyouacceptpaymentforajobwell done? MarketingStyleisthelastattributetobuilduponforBusinessSuccess.Styleis criticaltosuccess.Styleinmarketingrepresentsthewaythatfactsarerepresented

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Boost Your Sales and Attract New Customers

asopposedtothespecificfactswhicharepresentedtotheclient.Yourown marketingstylehighlightingyourproductorservicecanbeunique;itcanbespecial; itcanbehumorous,orthoughtprovoking.Itcangenerateemotion;itcanbe obnoxiousordemeaning.Thekeytoyourmarketingstylewillmostlikelybethatit willbedifferent.Differentiationinmarketingstyleopensdoorswhichwillhelp potentialclientsorcustomerstodistinguishyoufromothersandmakeyour offeringsignificantlymorefocusedforyourspecificoffering,nomattertherangeor breadthoftheofferings.

The Overall Concept of Applied Marketing

LetsdelveabitdeeperintotheMarketingJungleandlookatsomeofthebasic conceptsofEMarketing.Ifyoudonothaveyourproductorservicemarketed online,youaremissingoneofthebestopportunitiesofalltimetomarketyour productorservicetoapotentiallyworldwideaudience.Moreandmoresmall businessesarefindingthattheycanselltheirgoodsandservicesaroundtheworld toanaudiencewhichonlyafewshortyearsagocouldhaveonlybeendreamed about. EMarketing,inopeningdoorswhichotherwisemightbeclosedtoyou,alsoraises somespecificchallenges.AnytypeofEMarketingwhichyoudoshouldbetargeted toconvinceyourbuyerstoreturntoyourwebsiteagainandagain,andtopurchase moreproductsfromyouat,generally,higherprices.EMarketingisbasedontwo factors:developmentofthebrandhowyouareperceivedbytheclientandthe customerhowyouareabletoreachouttothespecificcustomerandsellthem yourgoodsandservices. Onekeyfactorthatmustbeaddressed,nomatterifyouaredoingonlineoroffline marketing,isthatofaddressingthespecificneedsofyourclientsorcustomers. Donttrytojustsellthemwhatyouwanttosellthemsellthemwhattheyneed.Be surethatyourcustomersorclientsrecognizethatyouareworkinghardtosupply themwithexactlywhattheyneed. Thebrandorperceptionthatyourclientshaveofyouwillbeoneofthemost importantpartsofyourbusinessthatyouwilleverbuild. Itssometimesdifficulttoexplaintonewbusinessownershowtodevelopabrand.A brandrepresentseverythingthatyourbusiness,yourproducts,oryourservice meantoaclientorcustomer.Abrandiseasytocrash.Abrandisdifficulttobuild.

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Boost Your Sales and Attract New Customers

Onceyouhavebuiltabrand,itbecomesproblematicifyouattempttomodifythe brandinthemindsofyourconsumers.Theywillhaveexpectationsofyour performanceorservices,andifyoualterthoseperformancesorservice,the customerorclientwilleitherfeel,literally,cheatedordeprivedofwhattheir expectationsare. Recognizewithinthemarketingspherethatperceptionisequatedwithrealityuntil provenotherwise.Asamatteroffact,thiscanbeexpressedasanequationwhich youshouldholddeartoyourheartasyoubuildyourbusiness.

Perception = Reality
Whileyoumayknowthattherearecertainexpectationsaclientholdswhichmayor maynotbeaccurate,thecustomerperceptionisthecriticalaspectofbuildingyour Brand. AnotheraspectofyourbusinesswhichmustnotbeoverlookedisthatofthePublic Relationscampaignsyouwillundertake.Anythingwhichyoudothatimpactsthe Public,thepublicinterest,thepublicflowofinformationmustbemeasuredinthe activitiesthatrelatetoyourmarketing.PRIsmarketing.Tellingastoryofyour business,orlettingsomeoneelsetellastoryofyourbusiness,isawaytoexpose whatyouaredoingtotheworld.Youmustlearntocommunicatefromtheinsideof yourbusinesstotheoutsideworld.Noonewithwhomyouworknotanemployee, notaspouse,notasupplier,notavendornooneshouldbesurprisedbyany PublicRelationsefforts.Theyshouldallbeawareofwhatistranspiringwithinyour business.

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Boost Your Sales and Attract New Customers

Your Ultimate Marketing Tool

Overtheyears,aswehavedevelopeddozensanddozensofdifferentMarketingand BusinessPlans,wehavecometoonefinalconclusionwhichwewillshareandwe willcallthisYourUltimateMarketingTool. Nomatterwhatyouintendtomarket,nomatterwhatyourproductorservice,or whattypeofmarketingvehicleyouchoosetorelateyourmessage,youmustmake yourmessagetoeachspecificcustomerorclientaONEonONEmessage. Whateverthemessageyouarecommunicating,makethemessageonewhichis takentoheartbythepersonreceivingit.Theymustfeelasthoughyourmessageis directedentirelyatthem,andtheyarehavingaonetoonecommunicationwithyou. Ifyouareabletoachievethislevelofoneononecommunication,youwillbehugely successfulinyourmarketingefforts.Goodluckasyougrowyourbusiness!