Posted by: SBA Blogger | January 25, 2012

New Business Success Secret #1: Hit the GO Button

  The Best Way to Expand Your Business is to Get into the market and test your products and services ASAP.

Don’t make the classic entrepreneur’s mistake and wait too long to enter your market. Or it’s likely you’ll likely refine yourself out of the market and miss the boat. In other words your target market may move away from you.

Find out the actual [likely] demand for your products and services, and Then assess the quality and relevancy of your offering or proposed offering. Adapt based on market feedback!

One of our clients has been developing a particular type of software – a Web 2.0-based online entertainment portal. Sounds very exciting to us, Except the founder has been developing this software for 4 1/2 years. His beta test worked very well and his Relatively Small focus group of 7 people loved the product. What else would you expect (though the gang did make some recommendations for refinements and enhancements).

BUT, the founder has yet to launch the platform and therefore has No realistic sense of how many people will join. Yahoo is in this space and so we know there’s a viable market, but we can’t really assess how many people will adopt my client’s product. He’s sunk his life savings into this venture, even mortgaged his house and tapped his retirement accounts. This case may be or sound a bit extreme But it’s true.

Either way, don’t fall in love with your products and services.
-Let the market decide.
-Conduct tests.
-Launch your products and services as soon as you can or at least begin the marketing process as Early as you can.
-Get candid and relevant feedback
-Then adapt and upgrade your offering smartly, wisely, eagerly and quickly.

Please contact the Small Business Advisor so we can help you be more successful. I look forward to hearing from you and helping you grow your business.

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Posted by: SBA Blogger | January 18, 2012

Blog Marketing Secret #1

  Internet marketing pros and pundits today almost always urge us to Blog, at least Three times every week.

We would probably all agree that blogs are a Very important way to establish one’s business on the Web and attract customers across the globe. In addition, if you’re like us it’s more than likely that you’re overloaded–pressed for time–working on building your business and making money. As a result it’s likely you don’t have a ton of free time to write blog posts.

That’s where The Small Business Advisor can help You succeed and establish your Spot on the Internet.

Top Celebrities work with ghost writers to write books. Why not you!

The Small Business Advisor’s premium-perfect Ghost Blog Writing Service is right on target, professional, unique, innovative and cost-effective. Just let us know your themes, mission, target market and desired spin (slant) and we’ll do all the rest. You can give us some topics and subjects to get started or we can do it all.

Our professional staff of researchers and writers will articulate your message, capture your tone and establish your voice in your marketplace. While you grow your business, we’ll handle all the work and effort, happily! Fresh, customized blogposts, handcrafted Especially for You.

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Posted by: SBA Blogger | January 11, 2012

The Crucial Customer Message: Remind Your Customers

  Be sure to Remind Your Customers About Your Product/Service Offering – Especially your Old & Cold (Existing) Customers.

This may seem like a simple and routine tactic but I can’t count how many of my [new] clients who overlook this easy yet powerful sales and marketing strategy.

Never assume that your customers are familiar with Your Entire line of products and services.

And, I write ‘Entire’ on purpose;

How many products and services do you offer?
1 or 2? 4? 8? 15? 159? 1,500?

How many products and services do your typical customers purchase?
How many products and services do they see?

By reminding and informing your customers about your offering Every Now and Again, you’re providing useful information. And you’ll help unclutter their minds and make your offering stand out.

Don’t overdo it, but don’t be bashful either.

You Never know when your customer (buyer) is ready to buy or when they become Open to you and your message/offering. Often, a correspondence will trigger some thoughts, ideas and needs. And ring your cash register.

Here’s why it’s so important to keep your customers informed about your business, products and services:

–They may have forgotten
–You may have expanded or changed direction
–Businesses change
–Times change
–Circumstances change

–Employees come, employees go
–People’s needs change
–Buyers (customers) quit; new ones arrive
–Companies merge or are spun off, etc.; they create divisions and enter and exit markets
–Maybe you signed this customer years back and have had little interaction since.

Can You Really afford not to keep your customers informed about your offering?

Assuming that your products and services are of High Quality, Your customers will likely appreciate the ‘heads up.’

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Posted by: SBA Blogger | January 4, 2012

Customer Service Revisited: The Little Things That Count

  The other day, my toilet broke and I visited a nearby hardware store.
I explained my problem to the owner who said “You’ll find replacement parts in Aisle 8.” Lovely.

His tone [to me] was somewhat stern and definitive – in other words, “I’m not accompanying You to Aisle 8. . . You can find Aisle 8 and the items you want – do it yourself .”

Off I went. I did in fact find the parts I needed in Aisle #8. Although I bought the wrong part so had to return again. Joyous.

Why didn’t this proprietor (small business owner) accompany me to Aisle 8 and take the time to explain the parts and selection? True I didn’t bring the broken part with me so I had to guess which part I needed, but So What! Who knew there are 47 different varieties of toilet stoppers and floats?

I visited This hardware store because it was closer to my house than Home Depot or Lowe’s.
For me, This store is the Hardware Store of last resort.

If the owner had made me feel welcomed, that he cared about me and my problem I’d probably buy more things there. But since he made me feel like he was doing me a favor by stocking the items I needed, Forget It.

Look in the mirror and analyze Your customer’s experience. Make a realistic assessment.

Is the same old, same old working for you?
What can you do to improve, enhance the customer experience and build customer loyalty?

Consider using “Mystery Shoppers.” These people will pose as shoppers and visit your office, store or premises and make a purchase. They will interact with your employees, rate your customer service quality and describe the customer experience. This will give you excellent insight into the typical customer experience. Then you can explore ways to improve.

 

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Posted by: SBA Blogger | December 28, 2011

Crucial Customer Message Issues

  Here’s a new example about The Crucial Customer Message…

There’s an old story about Henry Ford (founder of Ford Motor Company) who played golf with his friends.

One day, Henry mentioned that he had purchased a big life insurance policy.

His golfing buddy exclaimed, “Henry, we’ve played golf regularly for several years now, And you bought the insurance policy from my competitor.”

Henry replied, “I had No idea you offer insurance. I would have preferred to purchase the policy from you.”

Ouch!

Btw, That’s why we like Ezines (or Email Magazines) so much.

Ezines give you an excellent opportunity to keep in touch with your customers, leads and prospects, and let interested people know what you’re doing.

In this post, we also illustrate the Crucial Customer Message:

We buy auto and homeowner’s insurance for years.

–Did You Know That. . . State Farm Insurance offers Certificates of Deposit (CDs)?

We didn’t.

Okay, so you don’t care; and actually we won’t lose sleep over this either;

But, we happened to discover to this ‘New’ offering by accident.

We were working on a marketing program for our longstanding State Farm insurance Agent Rose.
As we were discussing the business and creating a forecast, she told me that they want her to sell 4 CDs every month.

I stopped taking notes and blurted out, “Since when do you offer CDs?” and by the way, the interest rate was very attractive.

The funny thing is I typically call the office (telephone) to pay my auto insurance bill by credit card.

So, At Least Twice a Year the agents have a Perfect opportunity to describe their CDs and ask for the sale.

But Rose’s colleagues Wasted this Outstanding Opportunity Several Times Now. I did ultimately buy a CD though…but who knows how many other CDs I (or their other clients) would have purchased from State Farm, if they had only floated the idea…

And the employees earn a $25 bonus for each new CD they close.

Again, Explain Your Offering often enough so Your Customers are familiar with your line of products and services.

I actually AM interested in investing in CDs now, and I had NO idea that State Farm offered this product.

I can’t recall whether:

1) I ever heard that they offer CDs, or

2) I had heard and forgotten, or

3) I had received their brochure and

a) Put it aside to read later; or

b) Read it and forgot about it; or

c) Tossed their brochure into the trash.

Either way, they lost a sale.

Never Assume that Your Existing Customers Know or Remember Exactly What You Do.

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Posted by: SBA Blogger | December 21, 2011

More About The Crucial Customer Message

  Here’s another example of the Crucial Customer Message in Action; take advantage of every opportunity to promote your products and services!

This month we happened to receive a number of bonus reports from ezine and magazine publishers.

We were Amazed that these folks did NOT bother to throw in a:

–Letter (hello, thank you, or otherwise)
–Introduction, or
–Guide that explained how to get the most out of the Bonus Guide and the publication.

I was keenly interested in one particular Bonus Report, so they had my Complete and Undivided attention. I would have been happy to open my wallet to make a purchase, But They Wasted this outstanding opportunity.

Oops.

Last Christmas, we crafted a “Year in Review” holiday letter for one of our marketing clients.

That year, the client’s company had acquired two new companies and landed three marquis contracts.

These milestones Materially Expanded their business.

In the letter, which was sort of like a press release (”Newsy” style), we described each milestone in one or two sentences.

At the end of the letter, we invited them to contact the Company President if they wanted additional information.

No hard sell there. Just a “You Should Know.”

Some people consider this to be bragging. We don’t.

But consider this: customers [People] like to associate [do business] with leaders. They want validation that they made the right buying decision. And sometimes, good news will tip the scale and encourage a prospect or customer to make a purchase.

This Company (my client), by sharing its successes and achievements, was [in a nice way] telling their customers that this Company Was a leader.

As a customer, when I learn good things about my vendors and business partners, I feel like I made a Smart Purchase Decision.

What about You?

What could you do to increase your customer contact, strengthen your customer relationships, and land more business?

Don’t waste another minute.

By the way, the client pitched my letter into the trash.

They had never used such a device before so were anxious about bothering their customers. Yikes. At least they paid my fee.

Hint: get help with Ask the Advisor today and finally get on the right track, the track to success!

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Posted by: SBA Blogger | December 14, 2011

Sales Dilemma: How Much Free Work is Right

  Recently, a number of our clients have asked us to help them evaluate what is the Right amount of FREE work…In other words, how much FREE Before FEE. This can be a delicate balance (depending on your field).

Often it’s customary to give free work to develop business or win the client. But, the difficulty is too much free often gives the client the perception that you are a Free resource and you provide little value. On the other hand, you may have to “give some to get some.” This is an art and not science…

In today’s economic climate, we’re seeing more and more prospective (new) clients ask for Free work to demonstrate a vendor’s skills and in other cases, work in exchange for equity in their company.

In some ways, equity in lieu of fees is the Ultimate form of barter. Value to be received is Tough to gauge, Especially for private companies.

While Some free work is fine, there’s a Limit. Only You Can Set Your Limit.

This week, one company asked us to do business development work in exchange for equity — a stake in the company. No cash fees. It’s a true story!

We declined this one. We did think this company had promise but We couldn’t get comfortable why we should spend a day or two for probably 6 months to a year without any cash fees.

While we do consider engagements that are success fee only, Not here.

This example may be egregious, but I doubt it. The CEO claimed he sunk his life savings into the company and had no money to pay our fees. This company was an R&D situation so we would be accepting product viability risk, marketability risk and technology risk; and who knows what competitors lurk in the wings. Extremely hard to assess!

The key is to evaluate the risk-return trade-off in each situation. Determine whether Your Likely Return (probability of gain or reward) Will Outweigh the Cost (investment).

Tough call often, but we’ve found that pursuing a bad project or accepting a bad deal has serious Negative consequences. We’ll share more war stories in upcoming posts.

If you have to provide some free services, set specific limits with the client; put the agreement in writing and get it signed; and stick to the limits. Consider accepting a deposit that if you meet the milestones they hire you and if they don’t you keep the deposit. Also, make sure you lock in what you’ll receive if you meet certain milestones. For example, if you do X, Y and Z for Free and you perform as agreed upon, then Client will hire you to do Such and Such at agreed upon fees. As the late economist Milton Friedman said, “There’s NO Free Lunch.”

Email us so we can help you expand your business. Ask the Advisor.

Hint: get help with Ask the Advisor today and finally get on the right track, the track to success!

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Posted by: SBA Blogger | December 7, 2011

The Crucial Customer Message

  Here’s one more Crucial Customer Message Insight that will help you build your business and advance your career:

When was the Last Time You Updated Your Bio?

This disguised ‘How-To’ is an Ideal way to reach out to people and let them know:

1) What you’re up to, and perhaps more important,

2) Where you want to go! In other words, you can use your bio to lay the groundwork to expand your business or career in a new direction.

Please, make sure you use these selling and promotion opportunities to the Fullest Extent possible and Contact us if we can be of assistance.

Be sure to post your bio on LinkedIn.com

 

Hint: get help with Ask the Advisor today and finally get on the right track, the track to success!

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Posted by: SBA Blogger | November 30, 2011

Raising Money Today and Venture Capital

  On Tuesday, I introduced one of our clients (Steve, CEO) to a Venture Capitalist, Joe.

Once Steve explained the business premise (business model) to Joe, Joe asked two key questions!

1. Will you meet your financial projections?

In other words, are you SURE in this economy that you will generate enough sales revenue and control your costs so you will achieve your target profit? In other words, How certain are you that we will achieve our target rate of return? How solid are your forecasts, financial projections?

2. How much of your net worth do you have in the company?

Turns out Steve had invested over 10% of his net worth in this company and he hadn’t taken a dime of salary in 2 years. Good solid commitment!

Also, this company happened to be Steve’s 5th start-up venture, so he had strong credibility.

The really exciting news is Joe’s fund IS investing in companies today. He did say that they are doing fewer deals [in other words, the deals/companies have to be more promising and well thought out business models] but they are investing.

So, revisit your business plan, control your costs and build your business.

 

Hint: get help with Ask the Advisor today and finally get on the right track, the track to success!

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Posted by: SBA Blogger | November 23, 2011

Sales Secret: How Showing Appreciation Wins New Business

Sure, one of the best ways to win more business is to deliver value, make the other person money and create win-win. But…

Add in Showing Appreciation.  Say ‘Thank You’ or send a ‘Thank You’ email or better yet note via snail mail.

The other day we sent Jan, our freelance graphic designer, a project. It was Tuesday before Thanksgiving and I knew she was Busy! I thanked her for helping us out. She said, “Goodie. I’ll be baking cookies late tonight. Now I can make money at the same time. Thank You.” Wow. I love it. I’m taking up her personal time but she appreciates the work! Her ingenuity, drive and appreciation are aces.

While we give her our graphic work because she does excellent work, we DO like the fact that she shows appreciation. Makes us All the More Interested and Happy to send business her way!

Make it EASY for people to do business with you. In today’s world of computers, automated telephone voice prompts, Skype and other terribly impersonal systems, when you operate People to People, mano a mano, you’ll stand out.

Show your customers, vendors, employees and colleagues sincere appreciation, regularly and consistently.

Btw, there’s No need to wait for Thanksgiving.

Hint: get help with Ask the Advisor today and finally get on the right track, the track to success!

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