The Millionaire Mind Support Network

Our SBDC small business marketing case studies continues with,

“I can’t start marketing; my website isn’t done yet.”

Pleiades Publishing Services produced its first client-funded website in 1994. Marketing a business online wasn’t a common practice until the turn of the last century. Pre-millennium (late 90’s) businesses managed to successfully market their products and services, with old-school media.

When did we all buy into the notion that having the PERFECT, Search, Engine Optimized website is a rigid requirement for a successful business launch?

This does not mean I think a company website is superfluous. I’m passionate about the advantages a great Internet Marketing economic model. However, if you don’t have a fully functional business site yet, do not go into marketing fetal position and wait for delivery. There is some marketing steps you can take today. Go do them.

Yes Virginia, eventually you do need a really outstanding website

The more I’ve studied the Insider Secrets to Marketing Your Business on The Internet, the more I have become convinced that the company website(s) must be developed with passive sales in mind. Professional service providers need to think differently about their business and look to developing information products that will give them residual and passive income streams. But I digress that is an another day(s) blog topic.

Once you have worked with your business customers over a period of time, and had a few real sales conversations, you’ll have a better idea about what potential clients want to know and what motivates them to use your products or services. With that information and insight, you’ll compose a much better website.

Until your business website is up and active use email to give your prospects additional information about you and your business. Convert your existing company marketing literature to PDF- files (Adobe’s Portable Document Format) and attach them to your email correspondence.

Baby Steps and Back to Basics

Powerfully written, beautifully designed brochures, eye-catching Ads, sales letters, and websites are all valuable, powerful and informative sales tools; but, please don’t let your business marketing be put on hold because you haven’t yet found, or approved, the ‘perfect words’ or images. In the process of marketing your goods and services, actions really are much more important than the perfect words.

With the exception of the Internet Marketing economic model, basic business marketing hasn’t fundamentally changed over this past decade. Most business is about personal contact. This is especially true for professional service providers.

In the beginning was the Word — word of mouth — clients come from pre-existing personal connections — folks the business owner knows, or the friends and colleagues these personal acquaintances. There’s no need for an initial web presence to bring clients such as these, to the business.

I’m a very capable marketing technician. I’ve been trained to know what to do, and why, to what probable result. Over the years I’ve had lots of practice and plenty of lessons learned. Joe Vitale, however is a “Guru status, marketing maven. He knows all of the above and executes with panache. Any marketing book by Joe is a good business investment.

As a retired SBDC counselor, I know where to find business-related information — both online and IRL. In this case my marketing source Is years and years as a business counselor and mentor. For individual business support with any aspect of your business contact the nearest SBA-sponsored Small Business Development Center.

Millionaire Minds Love to Market!

Copyright © Millionaire Minds, LLC 2007
All writings here are copyrighted. You may not use them without written permission but you may link to the posts or give out a link to the posts. And remember, You Have a Millionaire Mind!

The Fearless Trade Show Warrior
And the the Enchanted Perfect Sales Letter

“The Industry trade show was really worth the expense, the customer response was great; but I can’t follow up on these leads yet because my sales letter isn’t ready.”

OK this statement rates a double “WHAT??”

I sometimes refer to this as “Spanky and the Gang” marketing. “Hey kids, lets do a show.” Enough people have famously pulled this off this gambit, to make it an almost irresistible lure. Entrepreneurs see an annual Industry Show as the perfect way to show case the marvelous WIZBANG-2007.

Sometimes the gamble is worth it, IF you follow up.

In April of 1977, Jobs and Wozniak did not have the perfect sales letter to follow up the debut of the first personal computer at West Coast Computer Faire. But they followed up every sales lead that trade show floor generated, by phone and in person…an started an industry or two.

The Enchanted Perfect Sales Letter

The quest for the enchanted perfect sales letter often finishes the mighty entrepreneurial enterprise before it really starts. The lack of this fabled marketing tool stops many of us from reaching out to prospective clients.

IS there such a thing as the Enchanted Perfect Sales Letter –the one that results in eager clients clamoring for your product; filling your email, voice mail and inbox with orders as soon as they receive it? That would be a no.

Forget marketing’s holy grail — the Enchanted Perfect Sales Letter. Just contact your leads before they grow stale. Time is never on the side of small business. When Joe Vitale says money loves speed, he is not using a metaphor. He is being perfectly serious. The faster small business owners move, the more money they make.

So instead of focusing so much on the content of your sales letters, put your emphasis on repeat contacts using multiple channels over time. Place a call, then send a note, call again, and then send an e-mail. You could make contact with a prospect four times over a two-week span in less time than it takes you to write and rewrite one “perfect” letter. A series of action steps like this will have much more likelihood of resulting in a live conversation than almost any letter you could write.

Our SBDC small business marketing case studies continues Aug 31st with, “I can’t start marketing; my website isn’t done yet.”

I’m a very capable marketing technician. I’ve been trained to know what to do, and why, to what probable result. Over the years I’ve had lots of practice and plenty of lessons learned. Joe Vitale, however is a “Guru status, marketing maven. He knows all of the above and executes with panache. Any marketing book by Joe is a good business investment.

As a retired SBDC counselor, I know where to find business-related information — both online and IRL. In this case my marketing source Is years and years as a business counselor and mentor. For individual business support with any aspect of your business contact the nearest SBA-sponsored Small Business Development Center.

Millionaire Minds Love to Market!

Copyright © Millionaire Minds, LLC 2007
All writings here are copyrighted. You may not use them without written permission but you may link to the posts or give out a link to the posts. And remember, You Have a Millionaire Mind!

Marketing 101 — The Basics, started as a cautionary tale…

I wanted to stress the importance of doing some marketing immediately. Small business owners must market daily even if all the pieces of your marketing plan are not yet in “perfectly” place. Think Joe Vitale… he markets his books for pre-sale months before they are available at stores and on-line booksellers.

Why am I stressing the “early and often school of marketing” to the point of repetition?

Because, everyday, businesses with wonderful products, that fill a need in the marketplace, go out of business, before they make their first sale.

Why?

They ran out of money before their ‘perfected marketing’ plan was fully implemented. All business has a bottom line and the statement is always the same:

Nothing Happens until SOMEBODY sells SOMETHING and GETS PAID for it…a lot and often!

NEVER! EVER let your self be hypnotized into inaction by the shiny sheen of perfection.
If you have a product or service, a business card and a phone, get out there and sell; and after you have pitched, close the sale, after you have taken ‘yes for an answer’, deliver and take the money. Repeat often.

As SBDC counselor, I saw too many clients, too late. They came to the office for help after they had blown through their start-up capital. Many were trying to arrange a second round of funding through the SBA 7(a) guaranty loan program. Some were the walking wounded who had no idea how they had burned through so much capital so quickly. I’ve held so many business post mortems, I feel like I should have a flack jacket with CSI on the back.

Here are a few composite SBDC case studies.

Cranky SBCD Client

“I spent thousands of dollars on this brochure, and I haven’t gotten a single client from it.”

If spending money guaranteed marketing success, I would not have seen so many “Oncepreneurs™” in my SBDC office wondering what happened to their startup capital. Business marketing is more prudent persistence, than ad agency art and hot media placement.

Buying Print Media

The printing industry calls them ‘leave behinds’ — business cards, rate cards, coupon specials, brochures, trade shows flyers, product spec sheets, capability statements, proposal sheets, sales letter follow-ups and the pocket folder that holds any and all of the above.

These materials are just an introduction to you your company’s products and services. They are sales-tools. Tools require someone to use them. You or your sales person need to follow-up and close the sale.

There is so much to share about how to buy and use print media. If our Millionaire Mind Support Network™ members indicate an interest we’ll do a series of blogs about how small businesses can use print media effectively to build customer interest without breaking the budget.

Our SBDC small business marketing case studies continues Aug 29th with The Fearless Trade Show Warrior and the Enchanted Perfect Sales Letter.

I’m a very capable marketing technician. I’ve been trained to know what to do, and why, to what probable result. Over the years I’ve had lots of practice and plenty of lessons learned. Joe Vitale, however is a “Guru status, marketing maven. He knows all of the above and executes with panache. Any marketing book by Joe is a good business investment.

As a retired SBDC counselor, I know where to find business-related information — both online and IRL. In this case my marketing source is years and years as a business counselor and mentor. For individual business support with any aspect of your business contact the nearest SBA-sponsored Small Business Development Center.

Millionaire Minds Love to Market!

Copyright © Millionaire Minds, LLC 2007
All writings here are copyrighted. You may not use them without written permission but you may link to the posts or give out a link to the posts. And remember, You Have a Millionaire Mind!

“Marketing 101 —Review of the Basics…continued”

Establishing a Web Presence

When we started this marketing journey at the beginning of the month, we were discussing action steps — the need to take steps every day, even ‘baby steps’ to reach our business goals. For many of us, the need for the “perfect something” meant that “Nothing” went out the door.

It is critical to those of us who aspire to create wealth through our business, understand that ‘good enough and out’, to be improved upon next time, is better than ‘not at all.’

I cautioned new business ventures not to hold up on marketing their products and services just because their website wasn’t ready. Unless your business model is completely internet-based — an internet marketing business that has a publishing or training product that can ONLY be sold on a website — you do not need a website to START marketing. That does not mean your website isn’t a critical aspect of your business marketing plan, every business needs a URL-home in the Wild, Wild Net.

Lets visit the need for PERFECT again. Your first website does not have to the website of your dreams, immediately. Your site can continually evolve and improve as time and budget allow. Even if you choose not to sell your goods or services online, a business web site can be a virtual marketing brochure that you can update on demand with little or no cost. Your presence on the Internet can be a useful marketing tool by providing richer pre-sale information or post-sale support and service. This might temporarily differentiate your product or service from your competitors’. E-marketing has lessened the disadvantage that small businesses have faced for years when competing with larger businesses.

eCommerce has redefined the marketplace, altered business strategies, and allowed global competition between local businesses. The term “electronic commerce” has evolved from meaning simply electronic shopping to representing all aspects of business and market processes enabled by the Internet and other digital technologies. Today’s business emphasis is on ecommerce – rapid electronic interactions enabled by the Internet and other connected computer and telephone networks. Rapid business transactions and unparalleled access to information is changing consumer behavior and expectations.

Many small businesses assume that the Internet has little value to them because they feel that their product or service cannot be easily sold online, but inexpensive information processing and electronic media can help most small businesses provide better, faster customer service and communication.

Many of you have expressed an interest in how Internet Marketing can be used to expand passive income opportunities for your current business venture. There is a great deal of information to share about Internet Marketing so ’ll pursue it as a separate blog string. Thanks for the feed back.

Do you have any marketing tips and trips that have worked for your business. Please share them on our blog or forum.

I’m a very capable marketing technician. I’ve been trained to know what to do, and why, to what probable result. Over the years I’ve had lots of practice and plenty of lessons learned. Joe Vitale, however is a “Guru status, marketing maven. He knows all of the above and executes with panache. Any marketing book by Joe is a good business investment.

As a retired SBDC counselor, I know where to find business-related information — both online and IRL. In this case some of my marketing source is a SBA publication (National Women’s Business Center, Washington, D.C., 4/97). The balance is just years of experience. For individual business support with any aspect of your business contact the nearest SBA-sponsored Small Business Development Center.

Millionaire Minds Love to Market!

Copyright © Millionaire Minds, LLC 2007
All writings here are copyrighted. You may not use them without written permission but you may link to the posts or give out a link to the posts. And remember, You Have a Millionaire Mind!

Marketing 101 — Brief Overview of Opt-in eMarketing

E-mail marketing is one of the most effective ways to keep in touch with customers.

It is generally cost-effective, and if done properly, can help build brand awareness and loyalty. At a typical cost of only a few cents per message, it’s a bargain compared to traditional direct mail at $1 or more per piece. In addition, response rates on e-mail marketing are strong, ranging from 5 to 35% depending on the industry and format. Response rates for traditional mail averages in the 1 to 3% range.

One of the benefits of e-mail marketing is the demographic information that customers provide when signing up for your e-mail newsletter. Discovering who your customers really are – age, gender, income, and special interests, for example – can help you target your products and services to their needs.

Points to consider when creating your e-mail newsletter:

• HTML vs. Plain Text: Response rates for HTML newsletters are generally far higher than plain text, and graphics and colors tend to make the publications look far more professional. The downside is that HTML e-mail is slower to download, and some e-mail providers may screen out HTML email.
• Provide incentive to subscribe: To get customers to sign up for your newsletter, advertise the benefits of receiving your newsletter, such as helpful tips, informative content, or early notification of special offers or campaigns.
• Don’t just sell: Many studies suggest that e-mail newsletters are read far more carefully when they offer information that is useful to the customers’ lives rather than merely selling products and services. Helpful tips, engaging content, and humor are often expected to accompany e-mail newsletters.
• Limit questions: As each demographic question you ask may reduce the number of customers signing up, it’s best to limit the amount of information you solicit or give customers the option of skipping the questionnaire.

Do you have any marketing tips and trips that have worked for your business. Please share them on our blog or forum.

I’m a very capable marketing technician. I’ve been trained to know what to do, and why, to what probable result. Over the years I’ve had lots of practice and plenty of lessons learned. Joe Vitale however is a “Guru status, marketing maven. He knows all of the above and executes with panache. Any marketing book by Joe is a good business investment.

As a retired SBDC counselor, I know where to find business-related information — both online and IRL. In this case some of my marketing source is a SBA publication (National Women’s Business Center, Washington, D.C., 4/97). The balance is just years of experience. For individual business support with any aspect of your business contact the nearest SBA-sponsored Small Business Development Center.

Millionaire Minds Love to Market!

Copyright © Millionaire Minds, LLC 2007
All writings here are copyrighted. You may not use them without written permission but you may link to the posts or give out a link to the posts. And remember, You Have a Millionaire Mind!

“Marketing 101 —Review of the Basics…continued”

Special Events and Outreach

• Get a booth at a fair/trade show attended by your target market.
• Sponsor or host a special event or open house at your business location in cooperation with a local non-profit organization, such as a women’s business center. Describe how the organization helped you.
• Give a speech or volunteer for a career day at a high school.
• Teach a class or seminar at a local college or adult education center.
• Sponsor an Adopt-a-Road area in your community to keep roads litter-free. People that pass by the area will see your name on the sign announcing your sponsorship.
• Volunteer your time to a charity or non-profit organization.
• Donate your product or service to a charity auction.
• Appear on a panel at a professional seminar.
• Write a How To pamphlet or article for publishing.
• Produce and distribute an educational CD-ROM or audio/video tape.
• Publish a book.
• Publish an e-book and offer as free download on your company website

Sales Ideas

• Start every day with two cold calls.
• Read newspapers, business journals, and trade publications for new business openings, personnel appointments, and promotion announcements made by companies. Send your business literature to appropriate individuals and firms.
• Give your sales literature to your lawyer, accountant, printer, banker, temp agency, office supply salesperson, advertising agency, etc. (Expand your sales force for free!)
• Put your fax number on order forms for easy submission.
• Set up a fax-on-demand or e-mail system to easily distribute responses to company or product inquiries. DO NOT BECOME A SPAMER — Send emails and Faxes ONLY to those contacts who have specifically “Opted IN” to your marketing/Information programs.
• Follow up on your Opt-In direct mailings, email messages, and broadcast faxes with a friendly telephone call.
• Try using the (Opt-In) broadcast fax or email delivery methods instead of direct mail. (Broadcast fax and email allows you to send the same message to many locations at once.)
• Use broadcast faxes or email messages to notify your (OPT-IN) customers of product service updates.
• Extend your hours of operation.
• Reduce response/turnaround time. Make reordering easy – use reminders. Provide preaddressed envelopes.
• Display product and service samples at your office.
• Remind clients of the products and services you provide that they aren’t currently buying.
• Call and/or send mail to former clients to try and reactivate them.
• Take sales orders over the Internet. Upgrade your website to secured e-commerce site so clients can place orders at their convenience.

We will continue “Marketing 101 —Review of the Basics” in the August 22nd Blog

I’m a very capable marketing technician. I’ve been trained to know what to do, and why, to what probable result. Over the years I’ve had lots of practice and plenty of lessons learned. Joe Vitale however is a “Guru status, marketing maven. He knows all of the above and executes with panache. Any marketing book by Joe is a good business investment.

As a retired SBDC counselor, I know where to find business-related information — both online and IRL. In this case some of my marketing source is a SBA publication (National Women’s Business Center, Washington, D.C., 4/97). The balance is just years of experience. For individual business support with any aspect of your business contact the nearest SBA-sponsored Small Business Development Center.

Millionaire Minds Love to Market!

Copyright © Millionaire Minds, LLC 2007
All writings here are copyrighted. You may not use them without written permission but you may link to the posts or give out a link to the posts. And remember, You Have a Millionaire Mind!

“Marketing 101 —Review of the Basics…continued”

Customer Service and Customer Relations

• Ask your clients to come back again.
• Return phone calls promptly.
• Set up a fax-on-demand or email system to easily respond to customer inquiries.
• Use an answering machine or voice mail system to catch after-hours phone calls. Include basic information in your outgoing messages such a business hours, location, etc.
• Record a memorable message or tip of the day on your outgoing answering machine or voice mail message.
• Ask clients what you can do the help them.
• Take clients out to a ball game, show, or another special event – just send them two tickets with a note.
• Hold a seminar at your office for clients and prospects.
• Send handwritten thank you notes.
• Send birthday cards and appropriate seasonal greetings.
• Photocopy interesting articles and send them to clients and prospects with a hand-written FYI note and your business card.
• Send a book of interest or other appropriate business gift to a client with a handwritten note.
• Create an area on your Web site specifically for your customers.
• Redecorate your office or location where you meet with your clients.

Networking and Word of Mouth

• Join a Chamber of Commerce or other organization.
• Join or organize a breakfast club with other professionals (not in your field) to discuss business and network referrals.
• Mail a brochure to members of organizations to which you belong.
• Serve on a city board or commission.
• Host a holiday party.
• Hold an open house.
• Send letters to attendees after you attend a conference.
• Join a community list-serve (e-mail list) on the Internet.

Advertising

• Advertise during peak seasons for your business.
• Get a memorable phone number, such as 1-800-WIDGETS.
• Obtain a memorable URL and email address and include them on all marketing materials.
• Provide Rolodex® cards or phone stickers preprinted with your business contact information.
• Promote your business jointly with other professionals via cooperative direct mail.
• Advertise in a specialty directory or in the Yellow Pages.
• Hire a professional bilingual writer who and develop an ad in another language to reach the non-English-speaking market. Place the ad in a publication that market reads, such as a Hispanic newspaper.
• Distribute advertising specialty products such as pens, mouse pads, or mugs.
• Mail bumps – photos, samples, and other innovative items to your prospect list. (A bump is simply anything that makes the mailing envelope bulge and makes the recipient curious about what’s in the envelope!)
• Create a direct mail list of hot prospects.
• Consider non-traditional tactics such as bus backs, billboards, and popular Web sites.
• Project a message on the sidewalk in front of your place of business using a light directed through words etched in a glass window.
• Consider placing ads in your newspaper’s classified section.
• Consider a vanity automobile tag with your company name.
• Create a friendly bumper sticker for your car.
• Code your ads and keep records of results.
• Improve your building signage and directional signs inside and out.
• Invest in a neon sign to make your office or storefront window visible at night.
• Create a new or improved company logo or recolor the traditional logo.
• Sponsor and promote a contest or sweepstakes.
• Sponsor a local sports team

We will continue “Marketing 101 —Review of the Basics” in the August 20th Blog

As a retired SBDC counselor, I know where to find business-related information — both online and IRL. In this case some of my marketing source is a SBA publication (National Women’s Business Center, Washington, D.C., 4/97). The balance is just years of experience. For individual business support with any aspect of your business contact the nearest SBA-sponsored Small Business Development Center.

Millionaire Minds Love to Market!

Copyright © Millionaire Minds, LLC 2007
All writings here are copyrighted. You may not use them without written permission but you may link to the posts or give out a link to the posts. And remember, You Have a Millionaire Mind!

Marketing 101 — Reviewing the Basics

Pricing and Payment

• Analyze your fee structure; look for areas requiring modifications or adjustments. Establish a credit card payment option for clients.
• Give regular clients a discount.
• Learn to barter; offer discounts to members of certain clubs/professional groups/organizations in exchange for promotions in their publications.
• Give quick pay or cash discounts.
• Offer financing or installment plans.

Marketing Communications

• * Publish a newsletter for customers and prospects (it doesn’t have to be fancy or expensive). Develop a brochure of services.
• Include a postage-paid survey card with your brochures and other company literature. Include check-off boxes or other items that will involve the reader and provide valuable feedback to you.
• Remember, business cards aren’t working for you if they’re in the box. Pass them out! Give prospects two business cards and brochures – one to keep and one to pass along.
• Produce separate business cards/sales literature for each of your target market segments (e.g. government and commercial and/or business and consumer).
• Create a poster or calendar to give away to customers and prospects.
• Print a slogan and/or one-sentence description of your business on letterhead; fax cover sheets, and invoices. Develop a website.
• Create a signature file to be used for all your e-mail messages. It should contain contact details, including your Web site address and key information about your company that will make the reader want to contact you.
• Include testimonials from customers in your literature.
• Test a new mailing list. If it produces results, add it to your current direct mail lists or consider replacing a list that’s not performing up to expectations.
• Rather than sending direct mail in plain white envelopes, use colored or oversized envelopes to pique recipients’ curiosity.
• Announce free or special offers in your direct response pieces. (Direct responses may be direct mail, broadcast faxes, or e-mail messages.) Include the offer in the beginning of the message as well as on the outside of the envelope for direct mail.

Media Relations

• Update your media list often so that press releases are sent to the right media outlet and person.
• Write a column for the local newspaper, local business journal, or trade publication.
• Publish an article and circulate reprints.
• Send timely and newsworthy press releases as often as needed.
• Publicize your 500th client of the year (or other notable milestone).
• Create an annual award and publicize it.
• Get public relations and media training or read up on it.
• Appear on a local or Internet radio or TV talk show.
• Create your own Video program on your industry or your specialty. Post to UTUBE. Post to your company website. Market the show to your local cable station or public broadcasting station as a regular program, or see if you can air your show on an open access cable channel.
• Write a letter to the editor of your local newspaper or trade magazine.
• Take an editor to lunch.
• Get a publicity photo taken and enclose with press releases.
• Consistently review newspapers and magazines for possible PR opportunities.
• Submit tip articles to newsletters and newspapers.
• Conduct industry research and develop a press release or article to announce an important discovery in your field
• Create a press kit and keep its contents current.

We will continue “Marketing 101 —Review of the Basics” in the August 17th Blog

As a retired SBDC counselor, I know where to find business-related information — both online and IRL. In this case some of my marketing source is a SBA publication (National Women’s Business Center, Washington, D.C., 4/97). The balance is just years of experience. For individual business support with any aspect of your business contact the nearest SBA-sponsored Small Business Development Center.

Millionaire Minds love to Market!

Copyright © Millionaire Minds, LLC 2007
All writings here are copyrighted. You may not use them without written permission but you may link to the posts or give out a link to the posts. And remember, You Have a Millionaire Mind!

Marketing is all about satisfying customer needs

The following represents a comprehensive list of marketing ideas;
use it to help better understand customer needs and ways to satisfy those needs.

General Thoughts Concerning Small Business Marketing Plans

• Never let a day pass without engaging in at least one marketing activity.
• Determine a percentage of gross income to spend annually on marketing.
• Set specific marketing goals every year; review and adjust quarterly.
• Maintain a tickler file of ideas for later use.
• Carry business cards with you —all day, every day. (Keep extra cards in your car.)
• Create a personal name tag or pin with your company name and logo on it and wear it at high visibility meetings. (These can be ordered from any office supply store)

Target Market Research

We’ve discussed Target Marketing in previous blogs.
Here are a few more small business marketing research suggestions.

• Stay alert to trends that might impact your target market, product, or promotion strategy.
• Read market research studies about your profession, industry, product, and target market groups, etc.
• Collect competitors’ ads and literature; study them for information about strategy, product features, benefits, etc.
• Ask clients why they hired you and solicit suggestions for improvement.
• Ask former clients why they left you.
• Identify a new market.
• Join a list-serve (e-mail list) related to your profession.
• Subscribe to an Internet newsgroup or a list-serve that serves your target market.

Product Development

Product or new services development should be driven by your market research. Customer-centric product development is the holy grail of marketing. (A good rich and successful model is Steve Jobs and Apple product development – IPOD(s)/ ITUNES/IPHONE)

• Create a new service, technique, or product.
• Offer a simpler/cheaper/smaller version of your (or existing) product or service.
• Offer a fancier/more expensive/faster/bigger version of your (or existing) product or service.
• Update your services.

Education, Resources, and Information

• Establish a marketing and public relations advisory and referral team composed of your colleagues and/or neighboring business owners (Mastermind); share ideas and referrals and discuss community issues. Meet quarterly for breakfast.
• Create a suggestion box for employees. (If you are a company of one, you still need a suggestion box. Once a week change hats, and read what insights ‘employee-you’ has to offer ‘employer-you’
• Attend marketing seminars.
• Read marketing books.
• Subscribe to marketing newsletters or other publications.
• Subscribe to a marketing list-serve on the Internet.
• Subscribe to marketing Usenet newsgroup on the Internet.
• Train your staff, clients, and colleagues to promote referrals.
• Hold a monthly marketing meeting with employees or associates to discuss strategy and status and solicit marketing ideas.
• Join an association or organization related to your profession.
• Get a marketing intern to take you on as a client; it will give the intern experience and you some free marketing help.
• Maintain a consultant card file (database) for finding designers, writers, and other marketing professionals.
• As soon as budgets available hire a marketing consultant (mentor) to brainstorm with.
  During vacations or business trips take some time for a creative journey around the city or county to observe and learn from marketing techniques used there.

We will continue “Marketing 101 —Review of the Basics” in the August 15th Blog

As a retired SBDC counselor, I know where to find business-related information — both online and IRL. In this case some of my marketing source is a SBA publication (National Women’s Business Center, Washington, D.C., 4/97). The balance is just years of experience. For individual business support with any aspect of your business contact the nearest SBA-sponsored Small Business Development Center.

Millionaire Minds Love to Market!

Copyright © Millionaire Minds, LLC 2007
All writings here are copyrighted. You may not use them without written permission but you may link to the posts or give out a link to the posts. And remember, You Have a Millionaire Mind!

Marketing 101 —Review of the basics

To succeed, entrepreneurs must attract and retain a growing base of satisfied customers. Marketing programs, though widely varied, are all aimed at convincing people to try out or keep using particular products or services. Business owners should carefully plan their marketing strategies and performance to keep their market presence strong.

Effective marketing is focused on the importance of customers to a business and has two important principles:

• All company policies and activities should be directed toward satisfying customer needs.
• Profitable sales volume is more important than maximum sales volume

Small Business Marketing Best Practices

A Small Business’ Market Research Goals

• Determine the needs of their customers
• Analyze their competitive advantages to develop a market strategy
• Select specific markets to serve by target marketing
• Determine how to satisfy customer needs by identifying a market mix

Principles of Effective Market Research

Successful marketing requires timely and relevant market information. An inexpensive research program, based on questionnaires given to current or prospective customers, can often uncover dissatisfaction or possible new products or services.

Market research will also identify trends that affect sales and profitability. Population shifts, legal developments, and the local economic situation should be monitored to quickly identify problems and opportunities. It is also important to keep up with competitors’ market strategies.

Marketing Strategy

A marketing strategy identifies specific customer groups, which a particular business can better serve than its target competitors. They can then tailor product offerings, prices, distribution, promotional efforts, and services toward those segments. Ideally, the strategy should address unmet customer needs that offer adequate potential profitability. A good strategy helps a business focus on the target markets it can serve best.

Target Marketing

Owners of small businesses usually have limited resources to spend on marketing. Concentrating their efforts on one or a few key market segments – target marketing – gets the most return from small investments.

There are two methods used to segment a market:

• Geographical segmentation: Specializing in serving the needs of customers in a particular geographical area. For example, a neighborhood convenience store may send advertisements only to people living within one-half mile of the store.
• Customer segmentation: Identifying those people most likely to buy the product or service and targeting those groups.

The August 13th blog will continue “Marketing 101 —Review of the Basics”

I’m a very capable marketing technician. I’ve been trained to know what to do, and why, to what probable result. Over the years I’ve had lots of practice and plenty of lessons learned. Joe Vitale, however is a “Guru status, marketing maven. He knows all of the above and executes with panache. Any marketing book by Joe is a good business investment.

As a retired SBDC counselor, I know where to find business-related information — both online and IRL. In this case my marketing source is a SBA publication (Ohio Women’s Business Network, Columbus, OH, 6/97). For individual business support with any aspect of your business contact the nearest SBA-sponsored Small Business Development Center.

Millionaire Minds Love to Market!

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