An article from Canadian Business you might enjoy:
http://list.canadianbusiness.com/rankings/profit100/2010/how-to-sell-more/article.aspx?id=20100528_161205_13424
Thursday, January 27, 2011
Tuesday, January 25, 2011
31 Days to a Better Business
Check out Inc.Com's article on 31 days to a better business (1 tip for each day of the month)
http://www.inc.com/31-days-to-a-better-business?partner=newsletter_Startup
http://www.inc.com/31-days-to-a-better-business?partner=newsletter_Startup
Monday, January 24, 2011
Integrating Marketing & Sales Plans
It’s Marketing’s job to get potential customers to notice you and take some kind of action that moves towards a purchase. In a retail business, for example, effective marketing tactics get customers into the shop. For your business, perhaps the measure of successful marketing is the volume of incoming phone inquiries or visits to your website. Knowing what you are trying to accomplish with your marketing, and how to measure it, is an important place to start when devising your plan.
It is not Marketing’s job to land the customer. This is the the job of your sales plan. Marketing brings the customers to the sales people, and it is up to Sales to close the transaction and get cash into the till. There are a variety of steps in the sales process, such as welcoming the potential customer, building rapport, determining the customer’s want/need/problem, determining a solution or choice of solutions, delivering that solution, concluding the transaction, and post-sales customer follow-up.
In the early stages of the sales process, customers can step back, and Marketing must once again do its job. Think about how many times you might visit a favourite retail store without making a purchase. It is marketing tactics, such as advertising, promotions and visual merchandising, that send you through the doors again, and on occasion, the product/service offering is right and you make a purchase.
As your business’s key strategist, you must develop marketing and sales plans that work together to generate revenue. Marketing is a waste of money if your business doesn’t have experienced, trained, customer-focused sales people to engage with clients and provide satisfactory solutions. Sales can be a constant struggle, if not downright misery, if every interaction is a cold call. Integrating your marketing and sales strategies will make both plans more successful, decreasing your efforts and costs and increasing your revenues.
At what stage does Marketing stop and Selling begin? How frequently does the customer enter the “welcoming” or “building rapport” sales stages only to back out? Does that customer ever re-enter? Is this normal for your industry, or does it signal a problem somewhere in your process? Despite have distinct duties, there is a reason that Marketing and Sales functions are typically part of the same department: they must be integrated.
It is not Marketing’s job to land the customer. This is the the job of your sales plan. Marketing brings the customers to the sales people, and it is up to Sales to close the transaction and get cash into the till. There are a variety of steps in the sales process, such as welcoming the potential customer, building rapport, determining the customer’s want/need/problem, determining a solution or choice of solutions, delivering that solution, concluding the transaction, and post-sales customer follow-up.
In the early stages of the sales process, customers can step back, and Marketing must once again do its job. Think about how many times you might visit a favourite retail store without making a purchase. It is marketing tactics, such as advertising, promotions and visual merchandising, that send you through the doors again, and on occasion, the product/service offering is right and you make a purchase.
As your business’s key strategist, you must develop marketing and sales plans that work together to generate revenue. Marketing is a waste of money if your business doesn’t have experienced, trained, customer-focused sales people to engage with clients and provide satisfactory solutions. Sales can be a constant struggle, if not downright misery, if every interaction is a cold call. Integrating your marketing and sales strategies will make both plans more successful, decreasing your efforts and costs and increasing your revenues.
At what stage does Marketing stop and Selling begin? How frequently does the customer enter the “welcoming” or “building rapport” sales stages only to back out? Does that customer ever re-enter? Is this normal for your industry, or does it signal a problem somewhere in your process? Despite have distinct duties, there is a reason that Marketing and Sales functions are typically part of the same department: they must be integrated.
Wednesday, December 15, 2010
Best Industries for Starting a Business Right Now
The Brampton Enterprise Centre doesn’t create a list of exactly what business a client should open, although it is a frequent question. Choosing a business that is right for you definitely is impacted by profit potential (financial feasibility and market demand), but also on passion, skills and education, industry and work experience, and of course, access to capital, all of which are unique for each aspiring entrepreneur. Still, there are analysts in the business world who can give us a general idea of which industries are expected to see growth. Below is a sampling from Inc. Magazine’s annual list.
Little Luxuries – For example, candy, a luxury that many people, even during a recession, can afford.
Smart Phone Apps - Apple has processed more than a billion downloads; enough said!
Health Care Technology – Streamlining patient care via digital medical records.
Home Health Care - An increasingly popular alternative to nursing homes, home health-care services tend to offer patients lower costs while affording them the dignity of being able to remain in their homes.
Yoga Products & Services - Doctors and therapists are increasingly recommending yoga to their patients
Fast-Casual Dining – The fast-casual segment, which falls between fast food and full-serve restaurants, continues to shine.
Green Construction - The overall green building market is expected to more than double by 2013, according to a report from McGraw-Hill.
Niche Consulting - Corporate layoffs have spawned a wave of professionals who are trying to repurpose their skills in the consulting realm. While the competition is fierce in this space, the barriers to entry are low.
Education Technology – i.e. whiteboard technology
Government Services – Opportunity to bid on projects that involve transportation, broadband technologies, and clean water, among others.
Accounting Services - Small and independent firms that help companies manage cash flow by keeping on top of accounts receivables are increasingly in demand. No one goes into business just to keep their books (except accountants!)
Repair Services - Companies that provide repair services, ranging from the home-improvement sector to the auto industry, are seeing an uptick in revenue as more people opt to fix their existing possessions, rather than to buy new.
Self Improvement – Billions are spent each year on self-improvement products and services, including motivational-speaker seminars, networking and wealth-building instructional DVDs, and spiritual guidance books.
Energy - These companies run the gamut from dealing in solar energy to alternative fuels. Due to growing consumer demand to save on energy costs, companies that install efficient lighting systems or cut down on heating costs by installing solar panels are well positioned for future growth.
See Inc. com’s full slide show at:
http://www.inc.com/ss/best-industries-for-starting-a-business?partner=newsletter_Success#0
Entrepreneur Magazines’ list:
http://www.entrepreneur.com/article/217508
Profit Magazine’s approach focuses on redefining the buying behaviour of consumers and businesses:
http://www.profitguide.com/article/7749--what-to-sell-in-a-sluggish-economy
What established businesses have enough growth that they need to hire? Looking at it from a different angle, Kelly Employment Services also has a list:
http://www.kellyservices.us/web/us/services/en/pages/careertips_march2010_fastest_growing_industries.html
Whether you’re thinking of starting a business, or considering diversifying your product/service line, there are tips, cautions and inspiration in the resources listing above. Happy Brainstorming!
Little Luxuries – For example, candy, a luxury that many people, even during a recession, can afford.
Smart Phone Apps - Apple has processed more than a billion downloads; enough said!
Health Care Technology – Streamlining patient care via digital medical records.
Home Health Care - An increasingly popular alternative to nursing homes, home health-care services tend to offer patients lower costs while affording them the dignity of being able to remain in their homes.
Yoga Products & Services - Doctors and therapists are increasingly recommending yoga to their patients
Fast-Casual Dining – The fast-casual segment, which falls between fast food and full-serve restaurants, continues to shine.
Green Construction - The overall green building market is expected to more than double by 2013, according to a report from McGraw-Hill.
Niche Consulting - Corporate layoffs have spawned a wave of professionals who are trying to repurpose their skills in the consulting realm. While the competition is fierce in this space, the barriers to entry are low.
Education Technology – i.e. whiteboard technology
Government Services – Opportunity to bid on projects that involve transportation, broadband technologies, and clean water, among others.
Accounting Services - Small and independent firms that help companies manage cash flow by keeping on top of accounts receivables are increasingly in demand. No one goes into business just to keep their books (except accountants!)
Repair Services - Companies that provide repair services, ranging from the home-improvement sector to the auto industry, are seeing an uptick in revenue as more people opt to fix their existing possessions, rather than to buy new.
Self Improvement – Billions are spent each year on self-improvement products and services, including motivational-speaker seminars, networking and wealth-building instructional DVDs, and spiritual guidance books.
Energy - These companies run the gamut from dealing in solar energy to alternative fuels. Due to growing consumer demand to save on energy costs, companies that install efficient lighting systems or cut down on heating costs by installing solar panels are well positioned for future growth.
See Inc. com’s full slide show at:
http://www.inc.com/ss/best-industries-for-starting-a-business?partner=newsletter_Success#0
Entrepreneur Magazines’ list:
http://www.entrepreneur.com/article/217508
Profit Magazine’s approach focuses on redefining the buying behaviour of consumers and businesses:
http://www.profitguide.com/article/7749--what-to-sell-in-a-sluggish-economy
What established businesses have enough growth that they need to hire? Looking at it from a different angle, Kelly Employment Services also has a list:
http://www.kellyservices.us/web/us/services/en/pages/careertips_march2010_fastest_growing_industries.html
Whether you’re thinking of starting a business, or considering diversifying your product/service line, there are tips, cautions and inspiration in the resources listing above. Happy Brainstorming!
Monday, November 15, 2010
Doing a Little Good for Others
This December, even small businesses can be a big part of “doing good” for others. Ninety-five percent of businesses in Canada, and Brampton, are small. If each contributes even in a small way, it will have a big impact. 7500 small Brampton businesses donating just $100 each to charitable organizations could contribute three-quarters of a million dollars by year-end, an extraordinary amount of money! Why leave it to the big firms, when there is so much aggregate potential in the small business sector?
There is so much need in the world, both locally and internationally, that it can be a little overwhelming to choose a charity to donate to. There are many worthy causes; you can’t contribute to all of them, so just pick one, and trust that your fellow small business owners are doing the same. Together, the small business sector can make a substantial difference.
Everyone has their favourite charities; locally, I choose United Way (http://www.unitedwaypeel.org/ways-to-give.html). Internationally, World Vision’s “Equipment to Start a Business” / “Help a Family Start a Business” program resonates well with the staff and clients at the Small Business Enterprise Centre. (https://catalogue.worldvision.ca/Gifts/Forms/Gift.aspx?giftId=2949 )
There is no need to do anything elaborate. It can be as simple as making a one-time, on-line donation from corporate funds; it takes just moments. But if you like co-ordinating promotions or events that have a closer tie to your business, here are a few ideas:
• If you have a business with walk-in clients, collect loonies and toonies throughout the month of December from customers at your front counter.
• Host an open house or other simple event with non-perishable food for your local food bank as an admission fee.
• If making a larger contribution, encourage your suppliers and industry affiliates to match your donation.
• When invoicing, request an optional $5 donation that you will collect and forward on behalf of all of your clients.
• Hold a special sale from which 5% or 10% of the sales revenue becomes a donation.
• Include brief information about your good corporate citizenship on your website, flyers and other marketing pieces
Please don’t feel that you are too small to make a difference. Just do what you can, and know that it will accumulate in a very generous way. Start in a small way this year, and make it a tradition that grows as your business grows.
There is so much need in the world, both locally and internationally, that it can be a little overwhelming to choose a charity to donate to. There are many worthy causes; you can’t contribute to all of them, so just pick one, and trust that your fellow small business owners are doing the same. Together, the small business sector can make a substantial difference.
Everyone has their favourite charities; locally, I choose United Way (http://www.unitedwaypeel.org/ways-to-give.html). Internationally, World Vision’s “Equipment to Start a Business” / “Help a Family Start a Business” program resonates well with the staff and clients at the Small Business Enterprise Centre. (https://catalogue.worldvision.ca/Gifts/Forms/Gift.aspx?giftId=2949 )
There is no need to do anything elaborate. It can be as simple as making a one-time, on-line donation from corporate funds; it takes just moments. But if you like co-ordinating promotions or events that have a closer tie to your business, here are a few ideas:
• If you have a business with walk-in clients, collect loonies and toonies throughout the month of December from customers at your front counter.
• Host an open house or other simple event with non-perishable food for your local food bank as an admission fee.
• If making a larger contribution, encourage your suppliers and industry affiliates to match your donation.
• When invoicing, request an optional $5 donation that you will collect and forward on behalf of all of your clients.
• Hold a special sale from which 5% or 10% of the sales revenue becomes a donation.
• Include brief information about your good corporate citizenship on your website, flyers and other marketing pieces
Please don’t feel that you are too small to make a difference. Just do what you can, and know that it will accumulate in a very generous way. Start in a small way this year, and make it a tradition that grows as your business grows.
Growth Strategies for 2011
In the most basic of business models, there are just four ways for a business to increase its revenues:
• Sell more product to existing customers: “Do you want fries with that?”
• Sell more frequently to existing customers: i.e. book the next appointment before your customer leaves from the current one
• Increase prices (with much research and caution!)
• Find new customers to sell to: develop new customers
Some growth strategies that your business can consider for 2011 are:
1.Develop new target groups – tap into secondary and tertiary target customers you didn’t approach or focus on before (new messaging, pricing strategies etc. will need to be investigated)
2.Increase and enhance your marketing budget and efforts, keeping in mind these marketing principles:
•Know your target market – don’t try to sell to “everyone”
•7X Rule – you need to get your brand/message out seven times before it’s remembered (because of the overload of messages coming at us every day) therefore marketing efforts must be repetitive
•Marketing Tools: utilize at least 15 tools / year, including a variety of print, in person, electronic and promotions
•Marketing budget benchmark : During start-up year(s), plan to spend a minimum of 9-12% of your annual sales goal on marketing activities. Once established, spend 6-9% of annual sales goal on marketing. This is a very broad “rule” – adjust for your market, sector, customer, competitive situation etc.
3.Focus on high payoff products & services; reduce or eliminate efforts on low-margin items
4.Focus on high payoff customers; reduce or eliminate efforts spent on unreliable customers
5.Expand your geographical market, focusing on your primary customer types and best-sellers
6.Develop new uses for your product so you can sell more ie. bicycles are just for pleasure riding, but for exercise, commuting, courier services etc.
7.Leverage your existing customers by expanding your product/service line with new, related products/services
8.Develop strategic alliances so you don’t have to say “No, sorry, we don’t sell/do that” to potential customers
•Contra-marketing
•Subcontracting
•Paying commission on referrals
9.And finally: hire staff or subcontractors to perform routine tasks so you can focus on sales, marketing and other business development activities best in the hands of the business owner.
• Sell more product to existing customers: “Do you want fries with that?”
• Sell more frequently to existing customers: i.e. book the next appointment before your customer leaves from the current one
• Increase prices (with much research and caution!)
• Find new customers to sell to: develop new customers
Some growth strategies that your business can consider for 2011 are:
1.Develop new target groups – tap into secondary and tertiary target customers you didn’t approach or focus on before (new messaging, pricing strategies etc. will need to be investigated)
2.Increase and enhance your marketing budget and efforts, keeping in mind these marketing principles:
•Know your target market – don’t try to sell to “everyone”
•7X Rule – you need to get your brand/message out seven times before it’s remembered (because of the overload of messages coming at us every day) therefore marketing efforts must be repetitive
•Marketing Tools: utilize at least 15 tools / year, including a variety of print, in person, electronic and promotions
•Marketing budget benchmark : During start-up year(s), plan to spend a minimum of 9-12% of your annual sales goal on marketing activities. Once established, spend 6-9% of annual sales goal on marketing. This is a very broad “rule” – adjust for your market, sector, customer, competitive situation etc.
3.Focus on high payoff products & services; reduce or eliminate efforts on low-margin items
4.Focus on high payoff customers; reduce or eliminate efforts spent on unreliable customers
5.Expand your geographical market, focusing on your primary customer types and best-sellers
6.Develop new uses for your product so you can sell more ie. bicycles are just for pleasure riding, but for exercise, commuting, courier services etc.
7.Leverage your existing customers by expanding your product/service line with new, related products/services
8.Develop strategic alliances so you don’t have to say “No, sorry, we don’t sell/do that” to potential customers
•Contra-marketing
•Subcontracting
•Paying commission on referrals
9.And finally: hire staff or subcontractors to perform routine tasks so you can focus on sales, marketing and other business development activities best in the hands of the business owner.
Wednesday, October 20, 2010
The Most Effective Marketing Tools in your Toolkit
Marketing specialists generally encourage businesses to use a great variety of marketing approaches spread throughout their fiscal year. “Hit and Miss” marketing approaches are typically a lot more miss than hit, meaning they can be costly with poor results. Marketing is about strategic repetition and perseverance, and then patience. Use the list below to ensure that you are using at least a few key tools from all of the general marketing categories. Is each in development, currently in use, or proven effective for your business?
BRANDING
• A name for my business that is instant, positive promotion
• A logo that reflects the personality of your business
• A tag line that communicates your competitive advantage in seven words or fewer
• A 30-Second Commercial or “elevator speech”
• A jingle – for radio ads or other auditory promos
ATTRACTION TOOLS
• Newsletter
• Booklets or Special Reports
• Free Trials
• Take-ones
• Networking
• Referrals
• Contests
• Speaking Engagements
ADVERTISING
• Classified ads (online or off)
• Display/space ads
• Advertorial
• Yellow pages ads
• Directory listings & ads
DIRECT MAIL – WHICH IMPLIES A CUSTOMER/PROSPECT DATABASE
• 1 page letters
• Long form sales letters
• Post cards
• Flyers
• Faxes
OTHER PRINT TOOLS
• Business Cards
• Tear pads
• Coupons
• Gift certificates
• Inserts (used in joint venture)
• Proposals
ONLINE TOOLS
• Website which is attractive and user-friendly
• Social Networking profiles (LinkedIn, Twitter etc.)
• Email marketing tools (i.e. e-bulletin)
• Banner Ads
• Search Engine Optimization
• Email Signatures
TELEPHONE TOOLS
• Telephone script for outgoing calls
• Voice-on-demand system (“press 1 for hours of operation…”)
• Cold Calling
• Effective use of voice mail
PROMOTIONAL PACKAGE/MEDIA KIT
• Biographical profile
• Biographical feature story
• Business description & history
• Brochure(s)
• Fact Sheet/Product-Service Description
• Notice of event/Tip Sheet
• News Release/Media Advisory
• Testimonials
OTHER TOOLS
Contact the Brampton Small Business Enterprise Centre for more lists of tools your business can consider to incorporate into your strategic marketing plan.
BRANDING
• A name for my business that is instant, positive promotion
• A logo that reflects the personality of your business
• A tag line that communicates your competitive advantage in seven words or fewer
• A 30-Second Commercial or “elevator speech”
• A jingle – for radio ads or other auditory promos
ATTRACTION TOOLS
• Newsletter
• Booklets or Special Reports
• Free Trials
• Take-ones
• Networking
• Referrals
• Contests
• Speaking Engagements
ADVERTISING
• Classified ads (online or off)
• Display/space ads
• Advertorial
• Yellow pages ads
• Directory listings & ads
DIRECT MAIL – WHICH IMPLIES A CUSTOMER/PROSPECT DATABASE
• 1 page letters
• Long form sales letters
• Post cards
• Flyers
• Faxes
OTHER PRINT TOOLS
• Business Cards
• Tear pads
• Coupons
• Gift certificates
• Inserts (used in joint venture)
• Proposals
ONLINE TOOLS
• Website which is attractive and user-friendly
• Social Networking profiles (LinkedIn, Twitter etc.)
• Email marketing tools (i.e. e-bulletin)
• Banner Ads
• Search Engine Optimization
• Email Signatures
TELEPHONE TOOLS
• Telephone script for outgoing calls
• Voice-on-demand system (“press 1 for hours of operation…”)
• Cold Calling
• Effective use of voice mail
PROMOTIONAL PACKAGE/MEDIA KIT
• Biographical profile
• Biographical feature story
• Business description & history
• Brochure(s)
• Fact Sheet/Product-Service Description
• Notice of event/Tip Sheet
• News Release/Media Advisory
• Testimonials
OTHER TOOLS
Contact the Brampton Small Business Enterprise Centre for more lists of tools your business can consider to incorporate into your strategic marketing plan.
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