
Contact Patriot Business Coaching P.O. Box 6945 Shallotte, NC 28469 (910)575-1286
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Bob Stinson
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As business coaches, we help small and medium size organizations define and achieve their next level of success. Our practice helps them focus their resources on the priority issues affecting their growth. We would love to learn about your business and future plans.
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Greetings!
There are those who will tell you that the first step on the path to building a highly successful business is to develop a Strategic Plan. There is no doubt that in theory that is correct, but in practice some flexibility in developing the business is extremely critical. That is why, so often, a plan is developed for presentation to investors or other sources of finance and upon completion is filed away for some future date. One cannot minimize the importance of hiring the right people, proper financing, and the delivery of a quality product or service, but success starts with a marketing plan.
So often a business thoroughly understands its product or service, but must discover how to connect that product or service effectively with a group of customers in a manner which satisfies the customer's needs and generates profit. The discovery of this essential business ingredient then becomes the starting point upon which a more extensive plan can be developed. This ingredient is embodied in a Marketing Plan
The following articles illustrate a few of the issues to be considered within a plan. We hope they begin to stimulate your thought process.
Patriot Business Coaching
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Seven Marketing Mistakes to Avoid When Promoting Your Business
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Many people rush into business thinking it will be easy to run, but very soon they realize that it is not as easy as it looks. A successful business is a finely tuned machine. In order to keep your business running smoothly it is important to avoid making mistakes.
Here are the seven most common mistakes to avoid:
1. Not having clear objectives: Many business people start a business without clear objectives. They fail to set realistic goals for their marketing and consequently set themselves up for failure. It is important to make a list of goals and objectives based on a quarterly time line. If you do not have company goals and objectives you are like a car driving without a road map. Make sure all employees are briefed on company objectives. When your employees are not properly prepared you will not be able to achieve company objectives.
2. Neglecting to analyze your potential customers is a dangerous mistake. It can lead to many problems. When you do not analyze your customers wants and needs you do not know what products and services to develop for them. This will lead to targeting the wrong market and neglecting to understand your own niche market. It is important for any business to do their marketing analysis so that you can target your market and maximize your sales.
3. Not testing: By not testing your sales copy and places you advertise with split testing your advertising, you will be losing sales. Split testing is simple to do but many businesses fail to do this. This results in a lot of wasted time and effort. If you do not test your ad copy and marketing promotions you will not have a proper idea of the ads and promotions that are pulling and what is not working. It is simple to do by placing two ads for the same product in a publication or website etc. You can then see which one is performing the best.
4. Not budgeting: Budgeting is extremely important in business. Your business should never run out of money. This is especially true with your marketing and advertising ventures. It is important to have a monthly or quarterly budget for your marketing. Within that budget put aside money for each promotion you will be doing. Start small, test and then build on successes. This will allow you to always stay solvent and have enough for promotions.
5. Giving up too soon: Companies go out of business at an alarming rate these days. One of the reasons is that the owners give up too soon. Just when success might be just around the corner they give up and decide to close the business down. In exactly the same fashion marketing promotions can fail. You need to give your promotions at least three months before you decide to scrap them. Some promotions will take longer than others to bring results. As always, test all marketing tactics before you launch a larger promotion. Patience is one of the hallmarks of business and you need to implement it.
6. Poor sales copy: How often have you wanted a product but when you read the sales page you had serious doubts? Poor unprofessional ad copy will cost you sales. In fact without good sales copy you will not be able to sell effectively at all. It is critical to your business to get this right. If necessary get an experienced copywriter to do this. It is worth the investment, as you will see returns when you make sales.
7. Not screening your employees carefully: To handle the extra load for your company's peak season you will need to hire new employees. It is very important not to rush into this. There is no dearth of people needing employment but you need to screen them carefully before hiring. One rude customer service agent can cost you customers. Do not take this type of risk. You want to preserve the integrity of your company at all times and screening employees is the way to achieve this. You will then be able to build a core of loyal professional employees that will be an asset to the company.
The golden rule is to diversify. You should always use multiple forms of marketing promotions in your business. Do not just do one or two promotions and then wait for results. This will slow company growth and your business will stagnate. The last thing you need is to slow your marketing in your company's peak season. So remember to diversify and enjoy the increase in sales.
By avoiding these mistakes you will take your company to the success you deserve. You will be able to have year round success for your business and really be able to cash in on your company's peak season. So plan ahead and be careful not to make these common mistakes.
Patriot Business Coaching will facilitate you through a process to help identify and prioritize your defined measurements for success and help you develop a specific plan of action through questionnaires, assessments, and goal achievement. Contact us to learn more.
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Four Marketing Myths that Steal Sales
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How many times has bad advice gotten you into trouble? Everybody's saying and doing it, so you jump on the band wagon ... and guess what ... you get the same results as they get. Maybe it's a comfort to know that you're not the only one who played the part of the fool. When it comes to marketing, you may not have enough leeway to count the loss and go on.
There sure are a lot of ideas out there about what will and what won't skyrocket sales numbers and profit margins! And to be truthful, a lot of those ideas are just a bunch of bunk. Yep, you've got to be on your toes and know the truth about marketing tales. Here are a few of the lines of misinformation that you've probably heard before:
You've Got to Have the Cheapest Prices in Town to Be Competitive Let me ask you this: Do you always buy the cheapest product on the shelf, or always shop at the store that has the lowest prices? No, I don't either. What you and I know that these people don't is, that value counts for a lot. Sure, there are a few people out there who only buy the cheapest things in town, but most of us understand that the cheapest isn't always the best buy for our buck.
How does this apply to you? Here's something you can try to see just how true this myth is. Find a low-cost way to enhance the perceived value of your product or service, then raise the cost a little. See what happens! Don't be surprised if your sales and profits shoot up!
Advertisements Need to Be Changed to Keep The Public from Becoming Bored This one reminds me of one of my cousins. He's famous for breaking things that are fixed. He'll go out and buy a perfectly good running car, but every time you see him, he's under the hood tinkering with something. Before long the car won't run and has to go to the garage for repairs.
It makes no sense to run a business like Cousin Jim and his cars. Hey, if it's working why try to fix it? Think about it ... what's the goal for advertising? Yeah, to attract new customers. Once the new customer comes through the door, the advertisement has effectively done its job. Does that customer need to be affected by the same ad? No, so let the ad do its job for the rest of the people out there who haven't seen it yet.
Now, I'm not saying that you should never change your advertisement ... just never abandon a winner midstream. A good rule of thumb is to spend 80 percent of your advertising money on proven methods, and to risk 20 percent on experimental advertisements. Keep the tried and proven working for you, while you test the waters for new ideas that might work even better.
The More Choices a Customer Has, The More Likely He Is to Buy They say variety is the spice of life and all that, but too many choices can lead to procrastination. We all know what happens when we procrastinate. Yep, we never get back to it!
Do you know what happens when a customer can't decide? You lose a sale that you already had in your pocket. Yep he came in to get it, saw more options, stopped to make up his mind, then walked out still thinking about it ... maybe to never return.
A tip for the wise marketer-limit your customer's decisions to either yes or no. Let them decide either yes, I'll buy or no, I won't buy. Don't risk confusing them and losing the sale.
Everybody Needs My Product/Service So I Don't Need to Advertise Building a business is a lot of hard work! There aren't many free rides along the way. Chances are, your potential customers need to be convinced that they NEED to choose your service/product. Yep, finding the customer, convincing him to use your service/product, then closing the deal is a process that can't be easily bypassed. Don't be fooled into thinking you're any different! It could be hazardous to your profits.
A friend of mine owned the only dog grooming shop in her town. Hey, no competition means you don't need to advertise ... right? After an initial announcement of her grand opening, this lady did no advertising. Business slowly trickled in and barely covered the overhead. Finally in a desperate attempt to get business off the ground she began putting flyers in all of the local veterinarian clinics and ads in the local newspaper. Bingo! Business began pouring in ... and most of the people said, "I didn't even know you were here!" or "Fifi's been needing to be groomed for quite some time. When I saw your ad, I decided to go ahead and get it done."
Let's face it, people are often lazy. They don't always go out of their way to find the phone number to contact you, even when in the back of their mind they know they need to do something. Yeah, advertisements are often the little prod they need to get motivated. Don't shortchange yourself by neglecting to advertise.
How about you? Have you ever driven by a business for a long time without even noticing it? Yep, we all get too busy to pay attention sometimes.
Hey, you've learned a few of the misguided marketing myths that many people are fooled by. Now you can apply the REAL marketing concepts to your own advertising campaign and watch the results!
Patriot Business Coaching offers a comprehensive, concise process that will help develop a skilled, successful sales professional. Contact us to uncover a system that will lead to higher levels of achievement.
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You may also direct your comments and questions to: bob@plangoals.com
or call us at (910)575-1286.
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