Understanding the Marriage of Technology and Human Behavior

 

Jan. 12, 2012

Whether you’re selling products, services or both – your marketing/sales future depends on whether you’re up-to-date on technology. That’s because it’s so intertwined with human behavior.

An interesting article in Ad Age is a timely reminder.

It’s entitled, “CMOs Explain Why They’re Flocking to Vegas for CES.” The article explains why thousands of advertising and marketing professionals consider the annual Consumer Electronics Show in Las Vegas a must-attend event.

The obvious conclusion: CES is vital for their job security. On a macro level, marketers attend CES to stay abreast of technology and the resulting human behavior – how people connect with brands.

They understand the importance of profiting from emerging human behaviors.

Not to criticize, but that’s why it’s so puzzling that Microsoft ended its 15-year association with CES as the anchor sponsor. Yes, I understand the reasons given by Microsoft. But when you own a franchise, you don’t give it away. You’ll never recoup it. And CES is the go-to tech event at the start of every year. Like soft drinks and Coke, Microsoft needs to be synonymous with new technology.

Further, it’s a chance to meet face-to-face with thousands of influential people and to stay abreast of technology. And as each year passes with new evolving technology, CES becomes more important.

From the Coach’s Corner, here are marketing resource links to keep up with your competitors –

How Small Businesses Can Capitalize on Cyber Strategies for Profit

Why B2B Marketers Like Content Marketing – Study

Best Practices to Optimize Your Brand, Manage Your Web Reputation

“Many of life’s failures are people who did not realize how close they were to success when they gave up.”

-Thomas A. Edison

__________

Terry Corbell is a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

11 Sales Strategies to Outsell Your Big Competitors

 

Big companies have obvious advantages over small businesses. Their brands are well-known. They can afford sales training, sales-support staff and customer-relationship management software.

On the other hand, there are good reasons why Cyber Monday has become big. Yes, many online customers do it to save money on sales taxes. The other salient reason – poor customer service by many companies. Yes, their Achilles heel – poor customer service.

So don’t let such advantages dissuade you from doing the necessary footwork for success. Remember size doesn’t matter but image, professionalism count.

Here are basics you need to put into practice:

1. Know your strengths and capitalize on them. Differentiate your business in quality, convenience, and service. Don’t forget to highlight the quality of your people. Practice the eight best practices in small business marketing.
2. Know your weaknesses and capitalize on them. Smallness is a quality. It means you’re more mobile, and it takes less time for you to provide solutions – there are no out-of-town committees making decisions. You provide more value. You don’t waste money – your customers won’t have to pay for expensive facilities for your business-lunch entertainment.
3. Make cold calls. Here’s more on the lost art – how and why to use cold-calling for higher sales.
4. To grow, remember two concepts – “Act as if…” and “fake it till you make it.” Even if you are apprehensive but if you do your best to speak to prospects with conviction, they will feel your passion.
5. Know when to cut your losses. That’s an adage from economics 101. If you’re making sales calls but sense you’re getting nowhere, focus on your other prospects. On the other hand, there’s another adage – “The longer they keep you waiting, the more they want you.” Some prospects might be interested but they’re too busy to act, or they might be waiting to see if you’re stable and going to be around for a long time. I’ve had many likeable vendors call on me, but they give up too soon before I’m ready to buy.
6. Understand that you are the company. First impressions are critical. Be mindful – of your appearance, enthusiasm, empathy, talent and commitment– to provide solutions.
7. Remember your time, service and products are valuable. Providing added value can be helpful. But don’t let customers take advantage of you. When you’re asked to do something for free, look for opportunities to capitalize on the request. Get something in return. Make certain such customers reciprocate. Use the 22 do’s and don’ts for successful negotiations.
8. Make certain you cater to appreciative clientele. Make certain you get a thank you. If they don’t show gratitude, ask for it in a subtle way (“So you like our product?” Or, “You like the way we handled the problem?”)
9. Know which customers are profitable. Be congenial. But don’t break your back for a customer who expects you to repeatedly bend over backwards. In any economy, know what drives your profit.
10. Make certain each employee understand sales and customer service. See profit drivers – how and why to partner with your employees.
11. Make the right investments for selling and serving your customers. That means cost-effective technology, and customer service and sales training for your employees. Learn how small businesses can capitalize on cyber strategies for profit. Here are 8 tips for cold calling by e-mail and telephone.

From the Coach’s Corner, for consulting and service firms, here are three resource links:

Consultants / Service Firms: Why Hourly Billing Isn’t Best

60 Ground Rules for Effective Client Service

Your Dream is to be a Consultant? Here’s How to Develop Your Vision Plan.

“Remember, you only have to succeed the last time.”

-Brian Tracy

_________

Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

8 Tips for Cold Calling By E-mail and Telephone

 

Since the advent of the digital age, cold calling went out of vogue. But in the lingering downturn – whether you’re in advertising or staffing services – cold calling has become the logical tool to use to generate clients or business customers.

For most businesspeople, cold calling isn’t the easiest route but it is a proven way of getting clients and customers. It gets easier and more fun with practice – using your value propositions.

Once you get some results, it will actually create a domino effect. A little bit of footwork leads to some business, which leads to even more business.

So it’s all about attitude – an attitude of gratitude and providing a valuable service to your prospects.

Here are eight tips:

1. Make certain all online references about you – social media, Web site and press releases – are professional. Once a prospect is interested in you, the person will search your name on the Internet. So do the footwork now.
2. Remember you’ll only get a brief moment to pique the person’s interest in a phone call. Develop a tantalizing phrase for your subject line, if you’re e-mailing. Know your elevator pitch before you start the sales process – benefits that differentiate you. Your initial goal is just to get face time to lay the foundation for a possible relationship. Don’t try to sell your products or services. Go for a single instead of a home run.
3. After you’ve identified the right prospects, also target centers of influence – people and organizations that can direct business your way. That means a business association, chamber of commerce or the news media using press releases.
4. The best time to make contact via e-mail or telephone is early in the morning. If you get the person’s assistant or receptionist, indicate you’d like to call back. Try to learn the best time to try again. But try never to allow an employee to forward a message to the person for you.
5. Engage the prospect by setting up a dialogue by asking open-ended questions. The best salespeople listen 90 percent in such conversations.
6. Demonstrate that you care about the person and her/his business, and that you listen. Follow up with a handwritten thank you note – or an e-mail, if you must. Include a restatement of the prospect’s concerns, an appropriate value proposition with additional information, and a statement to prevent buyer’s remorse.
7. Unless you are able to schedule an appointment in the initial contact, allow five business days before you follow up. Remember your image — you want to earn the business, but you don’t “need” it.
8. Be patient and persevering. Only a small percentage of the contacts will turn into prospects or sales. It often takes five positive contacts before a person buys. Make sure you’re not committing the seven deadly sins of selling. So use the best selling techniques, the seven steps to higher sales.

From the Coach’s Corner, here’s another resource link: The Lost Art – How and Why to Use Cold-Calling for Higher Sales.

“If you don’t take a chance, you won’t have one.”

 

__________

Columnist Terry Corbell is a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

How Small Businesses Can Capitalize on Cyber Strategies for Profit

 

Yes, it’s become important for small businesses to capitalize on cyber strategies for profit.

Small and even regional retailers should be cognizant of three realities. Potential customers probably think that national chains have easier-to-shop Web sites with lower prices. This also means that until a national Internet sales tax is passed, many consumers will prefer to shop online.

So, with all retailers depending so heavily on Q4 sales to stay in the black and record numbers of shoppers continuing to buy online each Cyber Monday, cyber strategies are increasingly important.

Nonetheless, a cursory search on the Internet in every sector shows many small retailers and professional service firms, especially law firms, don’t have a strong Web presence.

Many suffer from the following:

• Many have only simple landing pages
• Most don’t have social media acumen
• Even those with Web sites are difficult to navigate
• Poor SEO – search engine optimization

By comparison, large companies have terrific e-commerce sites and display good judgment in social media.

It’s important to understand how marketing has developed in the digital age.

True, traditional media is important. But it’s vital to do something about online consumer trends. A McKinsey study indicates more than four out of five Americans use the Internet to search for information or to buy products.

The Internet has given them more control over their spending with reviews, enhanced abilities for comparison shopping and for moving from an advertiser’s monologue to a dialogue with prospective customers.

Small businesses must create a marketing strategy for a strong presence on Google, which has a 66 percent market share in the U.S. and 90 percent worldwide.

So understand Google’s reasoning for best Web site rankings. Here’s a checklist with 14 Strategies to Rock on Google.

However, in my experience, strategies for optimizing your Web site’s presence on Google also work on Bing and Yahoo.

Expertise in mobile marketing is becoming increasingly valuable for small businesses. Use of smartphones by shoppers is becoming widespread. So make sure your site is compatible for mobile marketing.

Facebook pros and cons

Not to mention the impact of social media playing a role. There are 11 ways to make money on Facebook. However, beware that Facebook can cannibalize and make losers out of small business Web sites.

Further, there are 8 tools to optimize sales with social media, but beware of a red flag.

So, small businesspeople should remember that the key to internet dominance is to think integration.

That often doesn’t include advertising with daily deal sites. They don’t work for substantial numbers of small businesses. Beware of daily deal sites and pricing principles – what’s sustainable and what isn’t.

Meanwhile, the evolving Internet also means it’s important to take safeguards to protect your brand’s image. Poor customer reviews and public relations can kill a company. So understand the best practices to optimize your brand and manage your Web reputation.

Success in sales depends on trust.

To build trust with Internet users, here are three key reminders:

1.       Be transparent. List a description of your business including contact information, products, services, location and the names of company principals. That includes your telephone ID numbers for when you make outgoing calls, and disclosing your customer-service policies.

2.       Privacy policies are necessary. If you sell online, take every security precaution, respect customer contact preferences, and don’t share customer information.

3.       Develop an online media kit. An online media kit is helpful to dialogue with advertisers, clients, customers, journalists and prospects. To make it easy for Internet users to learn about your business, explain your company using the five Ws – who, what, where, when, why and how.

Depending on your sector, there are probably other principles to heed and utilize, but these are the basics for on how small businesses can capitalize on cyber strategies for profit.

From the Coach’s Corner, here’s another resource link:

Why B2B Marketers Like Content Marketing – Study

“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.”

-Peter F. Drucker

__________

Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

 

Frustrated in Looking for Clients or Job? Soften Your Approach

 

Nov. 26, 2011

Is the holiday season a misnomer for you? It probably is if you’re overwhelmed looking hard for income — either for clients or in  job hunting. Take heart, there are options for a new approach. 

These days if you have desperation in searching for clients or a job, it doesn’t feel like a holiday season. So turn it into one. 

Yes, this can be an unnerving time. So don’t try so hard. 

Aside from family and close friends, this is a season for reconnecting with longtime business associates and pals. Use the holidays to your advantage. 

Sure, continue your quest, but spend the majority of your time building your network. Meet for coffee. Take someone to lunch. Connect with past associates or people with whom you’ve done some profitable business. 

Out of sight, out of mind – too often , that’s true. So rekindle your relationships. Your acquaintances will remember your commitment to excellence and skills. 

Don’t forget to get your exercise. 

Oh, now’s a good time to brush up on the 22 Do’s and Don’ts for successful negotiations or to get a head start on New Year’s resolutions to recover from the Great Recession. 

And if all else fails, look around for someone less fortunate to help. Believe me, these folks are out there. Volunteerism will put a smile on your face. You’re more apt to get some deserved attention. 

You don’t have to feel frustrated in looking for clients or job. Soften your approach.

From the Coach’s Corner, whether you’re searching for new clients or job hunting, here are more resource links: 

Business Got You Down? Tips for a Morale Boost 

Discouraged in Job Hunting? Powerful Tips for the Best Job 

Job Hunting? Tips to Land Your Dream Job with Style, Substance 

“Celebrate the happiness that friends are always giving, make every day a holiday and celebrate just living!”

-Amanda Bradley

 

_________

Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

 

12 Tips for Profits to Keep Your Business Dreams Alive

 

Most businesspeople agree the economy continues to be challenging. Signs of a lingering downturn are everywhere. Business activity is slow. Governments at all levels report low tax revenue and are restructuring, and not spending. Customers want you to cut prices.

With a high level of oversupply in many industries, high unemployment and reduced customer spending, many businesspeople face a highly competitive environment.

To keep your dream alive in this downturn, you must find ways to adapt and do it quickly. That means re-examining business plans, strengthening risk management initiatives, retaining top talent, and making internal changes and restructuring to increase efficiency and profitability – all while looking for new opportunities for growth.

How to improve your business position:

1. Be defensive. Protect your turf by taking the best possible care of your best customers. You can invigorate sales with customer retention strategies. Find out what they think of your company, and make necessary improvements. You might consider jettisoning high-maintenance customers. Upon careful review, you might find they’re not profitable for you. You don’t want to be in a position where you’re just moving money around.
2. Expand your customer base. By surveying your best customers, you’ll probably get some compliments. That’s a perfect opportunity to ask for referrals. Find low-cost ways of rewarding them for referring their associates, relatives and friends to you. Here are sales and networking strategies to build strong relationships.
3. Invest in your future. Keep your productive marketing going. Train your workers. Take advantage of innovations in technology. Consider the 11 strategies to keep your business floating above water.
4. Develop an employee-loyalty program. Make it a fun working environment. Even if you can’t give raises, learn how other businesses are successful in retaining their best employees.  Learn which employees are most-likely to quit. Be transparent with them. Explain your challenges and how they can help, especially in processes and with customers. Note the strategies if a valued employee wants a raise, and money’s tight.
5. Fine-tune your branding. The Eight Best Practices in Small Business Marketing. The key to remember – customers want value. Think 1930s for business success. Consumer attitudes are changing.
6. Give back to the community. Did you know that cause-related marketing can increase sales by double digits?
7. Review your pricing strategy. Determine how to get more return on your sales. There are eight simple strategies to give you pricing power.
8. Use best practices in managing your financials. If you’re struggling, here are the step-by-step solutions for a company turnaround.
9. Be creative in your receivables. If collections are a challenge, here’s how to ease debt-collection headaches.
10. If you’re small, make it work for you. Remember  size doesn’t matter but image, professionalism count.
11. Do your best for the environment. Eco strategies work with customers. Here’s a checklist for branding, selling your biz as green.
12. Become an innovator. You must constantly evolve. Here’s how successful companies innovate. Once you are running on all cylinders, consider buying your competitors – providing, of course, you can manage them.

From the Coach’s Corner, if you’re really in a survival mode, here’s a six-part series with tips on “Surviving Economic & Industry Downturns” for your Downturn Survival.

“Nobody talks of entrepreneurship as survival, but that’s exactly what it is and what nurtures creative thinking.”

-Anita Roddick

 

_________

Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

Top 11 Tips for a Great Elevator Pitch

 

Whether you’re looking for a job or trying to land more customers for your business — whatever you’re trying to sell – one skill you definitely need is a great elevator pitch.

You need to prepare for any opportunities that come your way after diligent research and prospecting. Don’t be caught off guard. Create an introduction describing the value you provide, be concise, customize it for your target audience, and really know it – so you can deliver a flawless elevator pitch.

You have to be prepared to quickly answer the basic marketing 101 “so what” question – that all prospects subconsciously ask themselves.

To pique the interest of your prospective employer or customers, it’s important to succinctly summarize the benefits you provide. That’s the purpose of an elevator pitch – whether you’re seated for a formal appointment in an office or actually riding an elevator when you suddenly have an opportunity with a key decision-maker.

Here are 11 tips:

1. Know your talents. Take an hour or two to analyze and write down your strengths.

2. Forge a benefit statement or value proposition for each of you or your company’s strengths – a minimum of five reasons to buy from you. Then develop a succinct overall summary – less than 10 seconds – of the value you provide. Set the table so you get another 60 seconds of dialogue – you’ll want a green light that shows the prospect wants to hear more.

3. Avoid trite, over-used buzz words. See: The Best and Worst Business Buzzwords, Jargon, and Cliches.

4. If you mention data or statistics, keep it simple. Very simple.

5. Rehearse your pitch but don’t appear robotic or wooded, as we broadcasters used to say. You want to have a natural, smooth presentation. How you introduce yourself is just as important as what you say.

6. Keep your branding fresh and up-to-date for the changing marketplace.

7. Be flexible. Be prepared to switch gears if your prospect divulges valuable information regarding a need you think you can fill. It’s all about problems and solutions.

8. Don’t focus on giving your ideas to the prospect. Focus on your value.

9. Do your best to have a presence in the room before your pitch. In other words, develop a strong image online and in the community. That will enhance your chances in making your pitch.

10. Watch for cues to listen. The most persuasive people talk 10 percent of the time and listen 90 percent. If the prospect says something, treat like it’s an event for you and listen intently.

11. If you get an objection, be sure to respond effectively.

Here are the three steps to overcoming objections:

• Get the person to restate her/his concern. Then repeat the person’s words, for example: “If I understand you correctly, you feel…?”
• Empathize: “I can see how you feel that way”…or “You know, someone said the same thing last week.”
• Overcome the objection with facts.

From the Coach’s Corner, here are related resource links:

Job Hunting? Tips to Land Your Dream Job with Style, Substance

Are You Committing The Seven Deadly Sins of Selling?

The Seven Steps to Higher Sales

“Your premium brand had better be delivering something special, or it’s not going to get the business.”
-Warren Buffett

__________

Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

Timely for Q4 Sales: Latest Trends in E-mail Marketing

 

Sept. 20, 2011

Just in time for holiday e-mailing campaigns, three recent published reports show the latest developments in e-mail marketing.

The Website Magazine reports show the most popular e-mail venues, e-mailing’s value, and tips for Q4 e-mail marketing.

E-mail trends. A new study by Litmus indicates the development of three trends in e-mail marketing over the past year (Study Reveals Email Viewing Habits).

Litmus, an e-mail research company, says the trends from July 2010 to July 2011, include:

• Most e-mails continue to be read via Outlook (37 percent of readers).
• Mobile e-mail is increasingly read by the target audience (15 percent).
• Web and desktop e-mail use is decreasing.

Trailing Outlook are Hotmail readers (11 percent), and Yahoo Mail and iPhone (10 percent), and Apple Mail (8 percent).

E-mail’s value. Website Magazine compares the marketing potential of Web sites and social media to the value of e-mailing (Picture Proof of Email’s Value).

There are 3.3 billion daily searches on the 463 million Web sites.

Facebook has more than 800 million members worldwide, of which there are 60 million updates daily.

Twitter has 300 million members who tweet 140 million times per day, but more than 50 percent of the accounts aren’t active.

Google + has more than 25 million users with 1 billion shares by the users each day.

But e-mail accounts, worldwide, total 2.9 billion – 42 percent of the planet’s inhabitants – with 188 billion e-mails sent daily. No wonder the U.S. Postal Service is in trouble.

In other words, e-mail is more promising for mass marketers because it represents the highest volume of traffic in communication.

E-mail marketing is king if it executes by accomplishing three goals: 1. The right message. 2. The right audience. 3. The right time.

Tips for Q4 marketing. John Murphy, the president of Chicago-based ReachMail, offers his strategies for retailers to achieve their goals in their all-important fourth quarter (Five Steps to a Successful Holiday Email Campaign).

Mr. Murphy starts by cautioning against sending repeat e-mails in the same category to a consumer who has already made the purchase. Subscriber preferences need to be taken into account.

In essence, his points:

1. Audit Your List – Don’t keep sending to inactive subscribers.
2. Update Preferences – Give options to your audience from which to select.
3. Audience Segmentation – Use the consumer’s history as a basis for sending the right offer.
4. Test Subject lines – Keep it simple and test different subject lines.
5. Offer Early Deals – Mr. Murphy suggests sending a “special messaging during October.”

These are all excellent points. Good luck!

From the Coach’s Corner, the only suggestion I’d add is maximize your message by including videos:

Need a Game-changer? Try a Good Video for More Credibility

E-Mail Marketers Plan to Greatly Increase Use of Videos, New Study

“Email is the greatest thing.”
-Wally Amos

_________

Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

Need PR, But No Budget? Here’s How to Leverage News Media

 

Social media is OK for promotion. But if you need blockbuster publicity, use best practices in marketing. Play a trump card — leverage the news media for public relations.

Yes, it’s true that increasing numbers of adults – especially the Millennial Generation – are using social media for their news and information, and for making buying decisions. However, don’t be misled.

In marketing terms, the media is still the most powerful center of influence on the planet. You, too, can benefit from PR in the media – just like Microsoft or Starbucks.

If you can’t afford a $5,000 monthly retainer for a public relations person or firm, you can still use the media as a powerful and economical resource to help you brand your business, and get your sales message published – with ultimate credibility and authority. That starts with a press release.

Salient elements of a press release:

• In journalism parlance, include details about who, what, when, where and why.
• Include contact information – telephone number, address, Web site address, e-mail address and name of the person you want contacted.

Use empathy

Like all marketing, PR is a marathon. Journalists are busy and it’s hard to get their attention. Mid-week – Tuesdays, Wednesdays, and Thursdays – are best to approach them.

For print, learn and use the name of the feature or city editor. If you’re contacting radio or television station news departments, contact the assignment editor or news director.

Print and electronic mediums have different deadlines, so be cognizant of them and contact editors at the right time.

Many big-market media outlets prefer to be e-mailed. However, when I was in broadcast journalism, I noticed that personable PR people, who had deep media-relationships, hand-delivered their releases with success. So, that’s my approach for clients. Yes, with security guards screening visitors at media outlets, it can be difficult. However, I believe in doing the footwork – literally. Sometimes it’s been a successful strategy in achieving PR for my clients.

For success in print or on-air headlines, don’t mask mundane ideas as news. It must be newsworthy and transparent. If it is, you will also probably benefit from word-of-mouth advertising.

Hint: Journalists have egos. In some cases, it’s best to single out one medium to approach. Journalists often pride themselves on exclusive stories.

If your published item attracts the attention of Associated Press, other newspapers, radio and television stations will join the bandwagon. This means your submission will also be inserted on their Web sites, which might result in search-engine headlines. Presto, you will have hit a grand slam.

Feasible story angles to submit to journalists:

1. Promotions and retirements. Newspapers might print the item as a story. If not, they often have a category for promotions and retirements in their business section. If you have all-news radio stations in your market, don’t overlook them. If you’re a major employer, your odds are good, too. 
2. New or unique products or services. That’s especially true if you’re providing value to businesspeople or consumers. Include a product sample and pictures. If it’s a revolutionary tech or green product or service, it’s almost a fait accompli for PR.
3. Expansions or renovations. If your business is making big changes, include pictures and relevant data. Creation of jobs often constitutes a PR opportunity. 
4. Free products and services. Such announcements benefiting the public – especially, kids, senior citizens and veterans – almost always yield coverage. 
5. Contests. You might be able to create a contest for marketplace buzz. 
6. Events. A free how-to seminar or workshop is usually a winner. For less serious creative events, the keys are to have fun and be relevant.
7. Cause-related marketing. It’s one of my favorite PR approaches because cause-related marketing can increase sales by double digits via word-of-mouth. Plus, most journalists like a good cause. Even pro bono work yields good recognition. Just be careful so it doesn’t appear to be shameless self-promotion. When feasible, collaborate with the nonprofit to contact the media instead of you. Just make sure you get adequate mention in materials. When I worked full-time in the media, I loved cause-related marketing because it alleviated my stress amid all the negative-news stories. Civic-minded companies that help charities usually deserve attention.  
8. Scholarships. Another favorite approach of mine is to form a foundation to fund scholarships. It will effectively show your deep involvement in education and your community.

To improve your Web site’s prominence, consider using an Internet press-release service. If you don’t have $40 to $800 for an Internet press release, there are companies that will do it for free.

Your release won’t be as well read, but it will improve your online presence with these provisos:

• Make sure the press-release company is authoritative.
• Verify that the vendor has a better Google page rank than your Web site.

Insert enough of these press releases, and your online presence will improve dramatically. Your goal should be to become No. 1 in your strategic key words. In my experience, the top three sites make the most income.

So leverage the news media to help brand your business. The media is still the most authoritative center of influence to send business your way. Journalists are always looking for good stories. They, too, have inventories to fill. Probably unlike your inventory, theirs are time and space, which are valuable commodities.

P.S. You might also want to consider trade-outs. Radio stations, in particular, will often trade advertising for products or services. My clients have catered parties and provided prizes for station contests. Additionally, I’ve worked at stations that traded advertising for equipment and vehicles, but special strategies were necessary for such expensive items. Radio stations need revenue, too.

From the Coach’s Corner, consider these resource links:

Marketing Essentials on a Shoestring Budget

Fast, Easy Ways to Create Buzz

Secrets to Success in Recessions: Expand Marketing

25 Best Practices for Better Business Writing

“If I was down to my last dollar, I’d spend it on public relations.”

-Bill Gates

_________

Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

 

In Any Economy, What Drives Your Profit, Really?

 

Who have the toughest jobs? Well, in my experience, single moms who work outside the home, have the toughest job of all. Entrepreneurs have the second-toughest job.

For profits, entrepreneurs must learn how to manage their financials and performance, which are difficult tasks. Savvy business owners know who their ideal clients or customers are.

Entrepreneurs realize financial benefits when their revenue from business exceeds their expenses and taxes. This results in a much easier task – deciding whether to save, spend or invest the profit back into the business.

Until employees and customers actually walk a mile in an entrepreneur’s shoes, they often think a small business owner is wealthy. That may or may not be true. In recent years, the odds are that many small business owners are struggling.

Smart, hardworking business owners enhance their chances for success — by completely understanding the critical factors that drive profits and they tirelessly focus on those profit-drivers.

The four basic drivers of profit:

1. Price
2. Variable costs (variable costs change as a result of revenue from the cost of sales)
3. Fixed costs (also known as overhead)
4. Sales

Which of the profit drivers have the most impact on an entrepreneur’s success Price. That’s because increases in price immediately add to any profit margin.

Many entrepreneurs make the mistake of focusing on sales volume without regard to price. Especially, in a sour economy, business owners are focused on selling to alleviate ageing issues.

The dilemma, however, is that sales increases are tied to increases in variable costs, which lead to less profit.

Conversely, decreases in variable costs increase profit margins, but total revenue will not increase.

Many business owners fail to realize that cutting fixed costs do not affect revenue, which means it has the least effect on profits.

The three biggest profit-mistakes of entrepreneurs:

1. Business owners are so focused on developing revenue from prospective customers, they fail to concentrate on their existing customer base.
2. They fail to build their brand image so they miss opportunities to increase prices.
3. When they cut good marketing and lay off employees to cut costs, most often they’re cutting their investments in their business muscle not fat.

To elaborate on mistake No.2 — missing brand-building opportunities to increase prices — successful entrepreneurs determine how much they can hike prices without losing profit.

True, you will most likely lose the 18 percent of customers who only buy products at the cheapest price. But depending on the amount of a price increase, you can still make a better profit.

Price-sensitive customers who do not appreciate value, most-frequently make the most-undesirable customers. They’re high maintenance, and demand the most service. They complain the most and most-readily return products.

The moral: Build your brand to maximize prices and target the best customers. That’s what leads to long-term profits – and success.

From the Coach’s Corner, here’s more: 8 Simple Strategies to Give You Pricing Power.

“I don’t want to do business with those who don’t make a profit, because they can’t give the best service.”

-Richard Bach

 

_________

Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

Next Page »