Monday, February 18, 2008

MARKETING CREATIVITY

Where creativity came from ?

The answer was revealed by asking the same question to artists, dancers, writers, musicians, poets, engineers, and architects. All gave the same answer to the question. They said that creativity comes from knowledge. The more knowledge you have, the more creative you can be. Applying creativity to the arts has the purpose of human enjoyment. Applying creativity to your business has the primary purpose of generating profits. If it doesn't generate profits, it's not creative.

Don't ever go down the garden path of beauty and creative expression in marketing. Sure, it's a plus if your audio and visual materials look and sound great. But that's not their job. Generating profits is their job. Get your artistic kicks in the concert hall. There's no place for them in the boardroom.

The Knowledge You Need
Direct your creativity towards the accumulation of knowledge you need. The path to that knowledge is illuminated by research, the start-up point for the start-up guerrilla. That training as well as your own adventures as a marketer starts with information you've really got to have. Much of it is published on the internet. Lots of it is yours for free at your local chamber of commerce. Bookstores and libraries are bulging with just the information you need, and professional associations and groups will share it with you.
There's only one thing that accessible information lacks--specific information about your customers. It's laden with data about groups, but as a marketer, you're more interested in data about individuals.

Research Your Consumer
The best way to get that data is to get it yourself. Do your own research. Prepare customer and prospect questionnaires (a different one for each group) that ask a lot of questions. Have a notation at the top of the questionnaire that you're sorry to ask so many questions, but the more you know about them, the better service you can be to them.

Ask Specific Questions
Ask questions with answers that open new doors, such as what is your favorite sport? Favorite rock group? Favorite baseball team? Do you have a hobby? Do you have any pets? The answers to these questions can help you add immense power to your e-mail and website. There is an old proverb: "It is better to know something specific about your spouse than know everything about marriage." The same holds true for buyer-seller relationships. The "something specific" is what you get with research and the way to switch a start-up marketing campaign into a higher gear.

If you want a place to exercise your creativity, it's in your customer questionnaire. Most business owners know most of the right answers. Business owners also know most of the right questions. Knowing the right questions to ask and then asking them is one of the arts of the start-up your marketing campaign.

Examine the Answers
Processing what you learn is what it's all about because that's where the action begins taking place. You notice a great number of customers in three zip codes. That spurs a mailing to those codes. You must be doing or saying something right. What can it be?

Naturally, a marketer view of research begins with research into his own customers. Important as they are, there are still many other areas deserving of further exploration. First on that list are your prospects, those people who for some silly reason haven't yet purchased from you. Hey! Hold on a second. Maybe it wasn't a silly reason. Maybe it was you doing a silly thing or missing an important detail in customer service. Always look at it like this: If your prospects aren't your customers, there's got to be a reason. Find out what that reason it and then correct it. Be relentless. Be pig-headed and single-purposed, but do everything you can do to transform all of your prospects into customers. That may not happen exactly. But your efforts won't go unrewarded.

The best marketing builds confidence and invites a purchase. Best and most unique of all, the best marketing gets through to people. That's why knowing a lot about your prospects will help you stand apart from your competitors and shine in the minds of your prospects and customers.

Once you've learned all you can about your customers and your prospects, what's the next area worth researching? A smart place to focus is your own industry. Research that industry and get a feel for what the winners are doing, the latest trends, and for signs of any competitors you might have.

Look at Industry Winners
One of the secrets to market domination is knocking yourself off. NOT cloning yourself, but creating a new unique selling proposition in the same market.

That's why Toyota created Lexus. It's why McDonalds started Chipotle. It's not just big companies either; it's just as true with "little" guys on the internet. In some of the most competitive markets imaginable, you see 11 real ads on the first page, and most people don't know that two parent companies might be responsible for five or six of them.
Hey, if you've successfully gained a foothold in one market--and you understand that market deeply--and want to grow your business why go to the trouble of learning a brand-new niche? Do something in the one you're already in. Create a new offer that's so appealing, it takes its place along with the other top dogs: New product, new website.

Don't ever forget that on the any search term there's a whole spectrum of tastes and desires that the keyword represents. One website and one ad can only cater to a handful of them. There are still others you're not serving. But you can.

Do Field Research
As lush and fascinating as the internet may be for research, we can't help but point you in the direction of trade shows where you'll not only get a state-of-the-moment feel for your industry but you'll also get a lot of inside information not yet published online. The networking at these shows may be more valuable than anything on the trade show floor.

The product or service you offer also merits abundant research time. The better you know your offering, the better equipped you'll be to talk about it, understand it, market it. Eventually, you'll be called upon to prepare a benefits list, that actual in-writing list of the benefits people gain by buying from you. Put a lot of effort and creativity into this list because it's what you'll be communicating to your prospects and customers. They'll then make their decision to purchase (or not to purchase) based upon the benefits you do (or don't) convey.

Understand Your Competitor
Your next point of research will be your competitor, which you'll already know pretty well because of your forays into studying your industry and your product. Learn what they say and where they say it. Maintain vigil here because they'll tip their hand frequently by how they adjust their message and their media. You don't want to copy them but you do want to be aware of what they're up to. You can be sure that they're checking up on you. You might even buy the product of the leader in your industry. Get to see firsthand its sales presentation, display, packaging, follow-up, and product itself. Learning from leaders is an added strength for you.

Explore Media Opportunities
Don't fail to research life outside your own industry. Get to know the media, online and offline available to you. Get to know the internet on an intimate basis within your industry. Start-up your research by half hour surf through the internet everyday to catch the best that's online--in and out of their industry. The research you put in looking for media opportunities for your company will pay off every time.

Study the Latest Technology
That research should include researching the latest technology that might empower your business. The move in entrepreneurship is toward automation. Happily, automation is not expensive. Your company can give off the vibes of a huge, lavishly funded corporation with a constantly busy staff, when the truth is it's just little old you pushing the right button on your automated customer profitability center. Technology can help you in the areas of marketing, production, finances, distribution, and a whole lot more. Skip it if you don't need it, but don't miss it if it can contribute to your profitability. It probably can. More people earn money while they sleep than ever before.

Friday, February 15, 2008

USING TECHNOLOGY FOR BUSINESS

Spend money on technology as an investment , not as a cost.

You spend money on insurance. You probably have a lawyer and an accountant. However, when it comes to spending money on technology, many of you only do so when absolutely necessary. You don't spend money on technology that you think you don't need. This is a mistake.

If you're building a business that's meant to last, you must think of your technology spending as an investment in how technology can help your business grow. You should spend money on technology that will help you now and in the future. The right investments in technology will help you save money and time, do more with less and grow your business.

Don't think of where your business is now, but think of where your business will be in the next five years and invest in technology accordingly.

Many of you, like me, use Microsoft Outlook as the core foundation of your business. You use it to manage your e-mail, tasks, notes and calendar. But if you want to increase sales to your current customers and know everything you can about each customer, you should know of how to use it correctly. When a customer buys from you, chats with your sales rep and maybe returns a product, a good system can help you mine this data and use it to know more about your customers.

You've heard about Facebook, MySpace, LinkedIn and a few dozen other social media tools that help you connect with others. Many websites also enable you to comment, upload your own videos and share your insights. This is what Web 2.0 is about. It's more than you giving a sales pitch to someone, which is a one-way conversation. It's about having a conversation with customers and letting them have a conversation with each other--about you.

You need to have a great website with quality navigation and content. You need an e-mail newsletter to reach people. You should have a blog to foster more conversation and boost your websites rankings in search engines. The next step is to ensure visitors to your site can communicate with you and with each other using Web 2.0 technologies.

Mobile technology can boost productivity. If you and your staff are sitting at desks all day, you may not need mobile technology. But if you travel, you need to implement mobile technology solutions. This means you can access your office through e-mail, faxes, files and more , wherever you are. There's no reason to tell a customer they have to wait until you get back to your office. There's no excuse for telling a partner you haven't received a fax someone sent you or missed a voice mail because you weren't in the office.

Outsource your technology. You don't need to manage and implement technology on your own. You may be an expert in what you sell, but you probably aren't an expert in network security, data backup or mobile technology. The only way you're going to maximize technology is to outsource your use and implementation of it. Technology isn't all that you need to outsource. If you find that you're scanning business cards, answering phones and faxing proposals, you need to hire someone to do these tasks for you. Whether you're a one- or 50-person business, you need to manage your company and concentrate on its growth. Hire someone else, such as a smart virtual or in-person assistant to help you.

Don't "technologize" a bad business process. I'm sure you run a very good business and do your best to manage its various processes, however if some aspects aren't running as well and you think technology is the sole answer, you're wrong. Hire employees who love service and then use technology to manage and enhance the customer service experience.

Monday, February 11, 2008

BUILDING A BRAND

A "brand" is difficult to quantify.

Perhaps this is why it is classified as an intangible asset. This is why large multinational billion dollar companies invest heavily in their brand and take copyright and infringements very seriously. At the end of the day, a brand is the "halo" around your product or service and a representation of your vision.

When creating your brand, it is important to consider the following key points :

Define your vision
Brainstorm key words and adjectives you want your brand to stand for. Think about these words and use them to create a brand positioning statement. Your statement should include what you stand for, what the consumer should expect from your brand and why it is "relevant" for them.

Use inspiration
Before creating your brand, look for other companies that have been successful in key attributes you want your brand to project. Collect their brochures, marketing material, advertising, packaging and use these as inspiration. They will also help when it comes time to discuss your vision with your designers.

Invest in trademarking
Once you have your name and logo, it is critical to invest in getting the name and image trademarked. The process is fairly a straight forward. It is also a good resource to check availability of a name before you begin developing it. You don't want to spend time and energy on a name and logo to find out it is already registered by someone else.

Website worth remembering
In today's Internet age, your website is a key gateway for your brand. It should be simple to remember and straight forward to spell. It is also important to get the ".com" version since people will assume it is ".com" and if you have another suffix such as ".net" it will be harder for customers to find you.

Be consistent
Once you have the building blocks of your brand and brand identity, be consistent in how you use them. Key elements such as your logo, font, colors, images should be repeated so consumers learn to look for them in the same place. For example, if your logo is on a blue background on your packaging, use that same blue for your other promotion and marketing materials. Don't choose a different color to "mix it up," you want to reinforce that blue and have it identified with your brand.

Evolve and improve
A new brand is a learning brand. Once consumers interact with it, you will get feedback on what is working and what is not. Take those learning and evolve the brand. As a new brand, you don't want to completely change something when it hadn't had a chance to take hold, but make small changes to improve as you build on the core foundation that was inspired by your vision.

A brand is an intangible asset and if it is properly channel and being capture in the mind of customers, the impact will be tremendous.

Monday, February 4, 2008

TURNING SHOPPERS INTO BUYERS

There's nothing more painful for a new business owner than seeing a shopper walk in the door and walk out empty-handed.

The sale goes up in smoke as does the potential for turning that shopper into a repeat customer. It's like having all the bases loaded in a ballgame and then having an inning-ending out. You're in position, but you don't score.

For a startup, every sale counts. You don't have customers flooding your phone lines or swarming your showroom, so you have to make the most of those who do turn up. If you have 100 inquiries and close only 10 of those sales, your batting average will be dismal as will your bottom line.

It's not just from the lost sales alone. You invest time, energy and money into promoting your business with ads, door hangers, direct mail coupons and marketing tools. The fewer shoppers you convert into buyers, the higher your cost per customer acquisition.

The first step in increasing sales is to calculate your actual conversion rate. For a brick-and-mortar business, this is a relatively simple matter of comparing the number of callers or store visitors to the number of actual sales. For an internet-based business, web analytics software does the trick.

The optimal conversion rate will vary with the business. It will be higher if you're peddling running shoes than if you're pushing Ferraris, for example. But knowing the ratio is important because many businesses vastly overestimate the figure. Seeing the actual numbers usually alerts the business to focus on improving sales techniques. It also helps you measure the success of any changes you make.

Once you've determined your conversion quotient, you're ready to tackle the challenge of improving it. These basic strategies can help you close more sales.

Stress your unique selling proposition.
Figure out what makes you different from the competition and deliver that message loud and clear. For example, one wedding/event facility touted the credentials of a new head chef they had hired from the best restaurant in town, pushing its conversion rate from 60 to 73 percent.

Identify bottlenecks in your sales process.
Analyze the steps required to get customers to buy from you and determine your weak spots. Let's say you're in the deck building business. To make a sale, you need to schedule an appointment, show photos of your work, take measurements, propose a design, price the job, provide references and so on. Do you need new photos for your portfolio? Does your proposal package need sprucing up? Are you failing to make follow-up phone calls? Fix the flaws, and sales will follow.

Use the magic question for telephone inquiries.
Never let a caller get away with simply asking for price information. Train your staff to say, "Thanks for your call. So that I can be of the biggest help to you, can I ask you a couple of questions?" This opens the door to engaging the customer. One tire retailer I know doubled his business by adopting this technique and coaching salespeople to ask about callers' driving patterns, typical number of passengers and preference for low-priced versus longer-lasting tires.

Outlaw "Can I help you?" on the retail floor.
Inevitably, the customer will answer "No thanks, I'm just looking" and end the conversation. Instead, instruct salespeople to ask, "Hi, have you been in our store before?" If they say no, the answer should be "Let me show you around." If they say yes, the response should be, "Welcome back, let me show you a couple of new things we just got in." That way, you don't give them an opportunity to say they want to be left alone.

Rewrite your sales script.
A lot of what goes wrong in selling can be traced to sending the wrong message. Consider the home security firm whose telemarketers introduced themselves by saying, "We heard there have been break-ins in your neighborhood, and we'd like to talk to you about installing a security system." After a business coach determined that approach was a turnoff and changed the script, the firm's conversion rates doubled overall and quadrupled for the strongest team members.

Adjust your sales pitch to the customer.
It sounds basic, but most people don't do it. Train your sales team to ask questions to flesh out the customer's needs and to cater to different buying styles. One method called DISC divides the public into dominant, influencer, stability and compliance buyers. This applies to sales scripts as well as face-to-face selling. One jewelry store boosted its conversion rate from 26 to 65 percent by using role-playing and other training methods to help the staff adapt to different customer scenarios.

Remember, marketing can help make the phone ring or bring people in the door, but you can't win the war unless you turn a high percentage of your "live" prospects into paying customers. Give your sales team the right tools, and you'll have a lot fewer shoppers getting away.

Saturday, February 2, 2008

CONVERT WEB TRAFFIC DATA INTO PROFIT

Understanding your Web site traffic will help you improve your site's usability.

More important, traffic data can improve your site's revenue-generating potential by telling you what kind of ads will work best on your site.

If you have ads on your site that are under your control (in other words, not Google Adsense, AdBrite, or other off-server ads), you can set pricing and content requirements as you see fit. Crunching the numbers on your traffic data will increase your understanding of how your users interact with your site, where they're coming from, and what search terms they're using to find you.

Potential advertisers will want to see traffic data. If your traffic data is telling you that 34 percent of your users are coming from a specific region, you can use that information to focus your ad sales efforts on businesses in that region. Understanding your search terms not only gives you a sense of how well your search engine optimization (SEO) efforts are working, it's further proof to advertisers that you're getting what amounts to prequalified sales leads.

Most advertising deals are dependent upon being able to guarantee a given amount of exposure, so knowing your traffic numbers can give you an advantage in negotiating advertising rates. Most traffic monitoring software tells you which URLs and IPs are sending you traffic. You can take that information to sites you want to link with and point out to them how an arrangement would be to your mutual benefit.

One note of caution in all of this: be careful who you give traffic data to and how much you give them. You don't want to compromise your users' privacy by selling their e-mail addresses unless they provide their explicit consent. Likewise, don't give away any information that might be of value to a competitor. That means knowing who you're talking to when you disclose traffic data. Similarly, don't undermine your position by giving traffic data that speaks of any weaknesses in your site. For example, you don't want to brag that you get 30 visitors a day if you're trying to establish a deal, even if those 30 people spend an average of 40 minutes on your site and each generates 300 clicks (not likely, but possible). Always look for the best reflection of your site.

Whatever you end up doing with your traffic data, keep an eye on it and learn the patterns so that you can pick up on anomalies, both good and bad. Traffic data is a goldmine of insight. Use it to your advantage at every opportunity.
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