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Tips For Your Business

Growth ability :
Starting out in business is one thing, growing the business to be more than it currently is another… And for many business people the idea of growing the business seems strange, they have a fear of change it seems, and don’t want to go any further, unless pushed.

The problem is multi fold but lets take a basic view, the business operates and costs go up for supplies, the rent goes up on the lease… but without a growth strategy they are stuck paying more with the same amount in their pocket… when they do put the prices up they are apologetic about it to customers, and start to sound more like victims than business people.

Therefore the business needs to be the type that can be grown readily so that these (and other growth related challenges) can be handled easily.

To grow your business make room in your business plan for it, flag it for discussion with your business coach, accountant and partners. Explore your target market and look for ways to expand on what you have to offer.

Growing your business does not automatically mean you have to take on more staff, you may be able to find ways to delegate some tasks to sub contractors outside your business, like bookkeeping, virtual admin services and so on.

success tips for small businesses

Definitions of marketing are plentiful. For small business owners, most would agree that marketing is about generating sales opportunities so that your businesses can grow.

Concepts such as brand building and customer relationship management may seem slightly more nebulous in terms of immediate impact on revenue, but it is this type of activity that will assist in achieving customer loyalty. Loyal customers generate invaluable Word of Mouth (WoM) referrals and provide repeat business, reducing your cost of sale.

Whatever the size of your business, successful marketing relies on a combination of long-term strategy and a short-term plan of action. Here are some top tips for marketing success:

1. To fail to plan is to plan to fail

Creating a marketing plan is an essential starting point. Once you have a plan, this should become a manual for marketing activity and should be reviewed and updated regularly. Start with a ‘top-down’ approach. Establish a clear vision for your business; define your brand values and your messages from the outset. Once this is clear, all your campaigns should fit with the overall image and messaging that you want to portray.

2. Knowledge is power - get market savvy

Before you can decide where you want to go, you need to know where you are starting from. Define your market, whether geographically or in terms of products/services, establish who your key competitors are and their strengths and weaknesses, consider what your customers views are of your company and other stakeholders such as press and industry commentators.

3. Know your competitors

Keeping one eye on the competition is an essential ingredient for success in any marketing strategy. Marketing campaigns, news, changes in pricing or policies by your competitors can have a direct impact on your customers’ perceptions. Stay one step ahead of the competition, pre-empting and reacting to their news where appropriate.

4. Set clear objectives

Setting clear goals is crucial to ensure that marketing activity is focused and measurable. Be specific about your objectives, set a timeline for achieving them and make sure they are realistic.

5. Talk to your customers

Building a rapport with your customers will not only help you to create a loyal, customer fan base, but will also ensure that any occasional glitches in service delivery are forgiven. In today’s consumer age, an opinion, good or bad, is only a click away, so make sure that you provide customers with regular news and updates and provide an open channel for communication.

6. Establish clear messages

Once you are clear about who you are targeting and what they are looking for, decide exactly what is you want to say to them that will convince them to choose your company. Make sure that the message is consistent across all marketing activity for maximum impact.

7. Advertising, email or PR? Which tactics work best?

Promotional tools such as advertising, direct mail and e-marketing are what most people identify as ‘marketing’, but really they function as the delivery mechanism for your messages.

The key to choosing the right mix is in understanding and profiling your target market; that will provide you with the best idea of which methods and vehicles (eg which websites they are likely to log onto, magazines they might read or events they might attend) will be most likely to reach them. You then need a creative campaign to spur them into action.

8. Set a budget

The type of activity you select will also be affected by how much you can afford. Clearly, we all look for keeping costs to a minimum. If you have a good story, such as a new product or interesting customer case study, PR with trade magazines or local press and radio can be great for raising awareness at low cost, and online listings and articles can boost your web presence significantly.

9. Measure your success

Whatever activity you choose, set targets to measure the impact of your actions. It might be monitoring enquiries from a direct mail campaign, increasing hits to a website or increasing sign-up for your customer newsletter.

10. Feedback and keep going – marketing is an ongoing process

The key to successful marketing is to analyse, review and adjust. It is an ongoing process and should be tweaked, tailored and updated regularly.

 

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