| As a business consultant working with clients from | | | | one out. In reality, the message speaks to |
| all walks of life there are definite similarities in | | | | nobody and falls on deaf ears. |
| most every small business with which I work. | | | | Marketing is very expensive, time consuming and |
| More often than not, entrepreneurs are at the | | | | difficult to measure. Its imperative that the |
| end of their rope when they enter my office. | | | | message is hitting its market precisely for the |
| With few resources and little hope, they arrive | | | | benefits to be realized. |
| desperate. They need money and they need it | | | | 4. Establish the right price, immediately. Many |
| yesterday. Having been referred to me by | | | | businesses don't conduct research before setting |
| someone they trust implicitly, I am frequently | | | | prices. They use information that shouldn't enter |
| their last ditch attempt at making their business | | | | into the equation to determine rates. It's |
| work. My charter is to provide rapid results and | | | | important to get them right from the beginning, |
| stimulate lagging revenue. | | | | because they are more difficult to adjust later. |
| Entrepreneurs by nature are action oriented, | | | | Customers lose confidence when prices change |
| usually attributing their success to hard work, | | | | frequently. |
| most prefer doing to strategy. My challenge is to | | | | The most dangerous aspect of setting prices |
| get them to stop moving long enough to think | | | | without research is there is no solid break-even |
| long term. Its a difficult yet necessary task, | | | | point. Often entrepreneurs engage my company |
| without which we have no idea of the destination. | | | | to help them increase sales through marketing. It |
| Before making any strategic decisions I insist we | | | | all sounds good at first, but we soon discover |
| set direction by establishing goals. | | | | that the amounts charged are not based on any |
| Frequently overlooked and oftentimes ignored, | | | | concrete data and it is actually costing them |
| the following areas are usually where the trouble | | | | money to sell their products. A successful |
| lies for the business. I examine these first. By | | | | marketing campaign would probably put them out |
| focusing on each in turn a business owner can | | | | of business more quickly. By setting the right |
| usually make the changes necessary to realize | | | | price the first time you'll have an important |
| significant financial gains in a short period of time. | | | | competitive advantage. |
| 1. Brand it. Having a brand will pay for itself over | | | | 5. Don't go it alone. Develop and maximize |
| and over. Surely an expense but not nearly as | | | | partnerships with other businesses that have |
| expensive as not having one. Business owners | | | | brands that are cohesive with yours. Consider |
| jump in and start their business, thinking a brand is | | | | co-marketing with companies that have similar |
| optional or worse yet, that a brand is a logo. | | | | target markets. While the opportunities are |
| Many decide to wait till they have made some | | | | virtually endless, some easy ones to take |
| money and can afford the cost of creating a | | | | advantage of are: |
| brand. What they don't realize is their best chance | | | | - Host events together |
| for success actually comes from the branding | | | | - Pair complimentary products from a variety of |
| process. Its invaluable to work through the Q and | | | | establishments in marketing, advertising and PR |
| A exercises. The questions offer insight into areas | | | | efforts |
| of importance while the answers supply directional | | | | - Barter services with each other |
| guidance without which a business will almost | | | | - Share purchases of equipment, bulk supplies and |
| surely fail. | | | | employee training |
| 2. Know your market. Understand exactly who | | | | All of these tips offer significant cost savings while |
| your target audience is and what they are buying | | | | driving a business forward. Its a good idea to try |
| from you. Its easy to say your market is | | | | to align with companies that have a large, current |
| "everyone" but this is a major misconception. Not | | | | customer list. Not only will you get a bigger bang |
| understanding what customers are REALLY | | | | for your buck, you also have a terrific chance to |
| buying is another serious mistake. Business | | | | increase your own database. |
| owners focus on the product when the emphasis | | | | While it seems time consuming to work through |
| should be on the problem the product is solving. | | | | these tips and come up with strategies that |
| Both of these mistakes are expensive drains on | | | | address them, with a solid program it won't take |
| time, money and opportunity costs that most | | | | long. The tip that requires the most time is # 5. In |
| businesses simply can't afford. | | | | order to speed this one up, I rely heavily on |
| 3. Market to your specific audience. Many business | | | | preexisting relationships. Long established and |
| owners try to speak with large and diverse | | | | based on a strong foundation of trust, these |
| population segments at once. Their concept is to | | | | relationships offer opportunities that provide |
| create a message that is all-inclusive, leaving no | | | | substantial benefits for all parties. |