1 Issue 10 Volume 3 August 2015
Marketing PROVIDING A RANGE OF TIPS, IDEAS AND STRATEGIES
focus
FOR THE SMALL BUSINESS OW NER
Helping you achieve your business goals in 2015 Well, where has it gone?
A company is only as good as its people, their ability to deliver, and the promises they keep.
As a business owner, you are probably aware of where your business could improve. Sometimes business owners want to improve their business, but are not sure how to start the process.
We are almost half-way through 2015, and it seems like only last week that we were celebrating Christmas 2014. However, the main question arises: are you on track with your 2015 business goals?
And the first step to improving your business is recognising that your business needs to improve or change.
The economists are still claiming that consumer confidence is on a long-term low and with that comes tightened belts and people tend to be far more accountable for their money. So have you given any thought at all to what will be the trends and ideas that will continue to shape your sales strategies for the rest of 2015?
Before you start implementing changes to improve your business, it's a good idea to make sure you have a full understanding of the factors impacting on your business success. These factors may include your current business practices, market trends or changes to the wider environment in which you operate.
MARKET WATCH FOR 2015 Does Your Marketing Strategy Need a Revamp? As we surge into the second half of 2015 have you looked lately at your marketing strategy? Did you implement all of the marketing plans that you intended to do in the first half of 2015, or have you still not managed to get around to doing it? Perhaps you could use this little note as a reminder to refresh your business, revamp your marketing and tie up loose ends. Ph: +61 0451 184 599
Email: dennis@marketingmeansbusiness.net.au
Web: www.marketingmeansbusiness.com
2 Dennis Chiron Marketing Means Business +61 0451 184 599 www.marketingmeansbusiness.com dennis@marketingmeansbusiness.net.au
Do I Need A Marketing Plan?
One of the most important, yet often overlooked areas for the small business owner is the development of a marketing plan. In reality, it’s unlikely that any business makes a conscious choice NOT to have a marketing plan. However, it’s also a stark reality that many small business owners, once they start operating their business, start to think along the lines that a marketing plan is really for BIG BUSINESS, not for me. Larger corporations also have the internal resources and have the knowledge and the staff to develop a rock-solid marketing plan, But that’s no reason why a smaller business can’t benefit from a similar approach. An effective marketing plan will act as a reference document to help you to execute your marketing strategy. A marketing plan is your guide to successfully promoting and growing your business. A good marketing plan will help you answer some key questions about your business: How will you position your company in the market? How will you differentiate from your competitors? How will you reach your customers? What are your sales goals? Where will you advertise? All of these are important questions that as a business owner and Ph: +61 0451 184 599
entrepreneur, you need to be able to answer. It will also help you to develop a methodical approach to creating services and products that satisfy your customers’ needs. When writing a marketing plan you need to be clear about your marketing objectives and how you’re going to achieve them. A good marketing plan sets realistic and measurable objectives; includes budgets and action plans, and allocates responsibilities. Your marketing plan should include the following elements: A summary of your marketing plan Background analysis of your business and market Marketing objectives and strategy of your business Your marketing mix Action plans and budgets Organisational implications and contingencies Evaluation and monitoring strategies Supporting documents And keep it up to date Planning your marketing should be an ongoing business activity. As the market conditions and your business change, you will need to revisit many of the ideas and strategies outlined in your marketing plan. By referring to your plan regularly, you will ensure that your business keeps heading in the right direction.
Email: dennis@marketingmeansbusiness.net.au
When developing your marketing plan, you should also consider the following:
1. Gather
together your key business documents. This includes business plans, budgets, resumes, forecasts and registration documents. Having the right information on hand will mean you can be more accurate in your forecasts and analysis as you move through the marketing plan template.
2. Take your time and consider your specific needs. Work through the template at your own pace. Start by deciding which sections are relevant for your business and set aside the sections that don’t apply. You can always go back to the other sections at a later date. 3. Decide on your audience. It’s also important to consider your audience when writing your marketing plan. Will the plan be used internally? Or will you be sharing it with others? Deciding on the purpose of the plan can help you target your answers appropriately. 4. Ask for some assistance. If you aren’t confident in completing the marketing plan yourself, you can enlist the help of a professional (i.e. business adviser or accountant) to look through your plan and provide you with advice. Web: www.marketingmeansbusiness.com
3 Dennis Chiron Marketing Means Business +61 0451 184 599 www.marketingmeansbusiness.com dennis@marketingmeansbusiness.net.au
Skype: dennis.chiron2
Stay In Touch With Your Network Maintaining relationships within your networks can be a job in itself; this is why you should schedule it if you have to. As the old saying goes “your network is your net worth”. Often, some people go on a networking campaign when they first start up and fall off once they open shop, when it really should be an ongoing exercise. Segment your network, keep all your online profiles up-to-date, and stay in touch. Measure and Manage Your Customer’s Experience This is one of the most important things to continuously measure and manage. Mastering the customer experience can inspire return business, encourage word of mouth referrals, and help inform business decisions. Consistent brand experience throughout your business operations is good for employees, customers, and ultimately revenue. A Safe Work Environment As a small business owner, you have a responsibility to ensure a safe work environment. Creating a safe space for both employees and customers can make your business more appealing to a diverse group of employees and a growing market of consumers. While commonly identified with large corporations, small businesses also focus on making workplace safety part of their business model. Fostering an all-inclusive and friendly and safe business environment is a way to attract and Ph: +61 0451 184 599
retain employees, as well as help you break into corporate supply chains, having a reputation of safety and high morale within your business.
are in the business of trying to capture and maintain the attention of their target customers. Want Better Staff?
Fair Work Commission Introduces Changes to Annual Leave A review of annual leave award provisions has resulted in a range of changes, including new capabilities for employers to direct employees to take paid annual leave when the worker is accumulating a excessive amount of leave. Other changes include: employees on an EFT means of payment can be paid in their usual cycle during paid leave, as opposed to prior to leave commencing; employers can now grant leave in advance; and employees, assuming their employer agrees, can now cash out a portion of their leave – subject to some conditions. Don’t Forget Traditional Marketing In a world of social media and online marketing, sometimes small business owners forget about tried-and-true, traditional marketing methods, such as promotional products. But with winter now upon us, now is a good time to take advantage of the power of winter promo items to spread the word about your business. The Importance of First Impressions The time it took you to read this sentence is roughly the length of the average consumer attention span. That’s right, the average human attention span has been timed at eight seconds. This poses a significant challenge for many enterprises who
Email: dennis@marketingmeansbusiness.net.au
If you want to have better staff, which in turn, increases productivity, morale and overall performance, then you might need to become a better manager. Effective people management has a clear and positive impact on your bottom line. Far from a "fuzzy" activity, managing your people well can reap rich rewards. Simply put, managing your staff poorly leads to higher staff turnover. Research by Australian recruitment firms shows that having a bad manager is one of the top 3 most commonly quoted reasons for employees leaving their last workplace. Being a good manager makes for happier employees - and happy employees perform better, take less ‘sickies’, and generally want to stay in the job. The Power of Business Networking Business Networking is structured to make sure you have a chance to expand your professional network and develop new, genuine contacts and relationships. Business Networking is about win/win. Find the help your business needs and also help others to find what they are looking for, and in return gain new connections, respect and credibility. Web: www.marketingmeansbusiness.com
4
Fine-Tuning Your Business Identity Previously, I have discussed the proposition that in order to succeed, businesses must establish relationships with customers. The strong, lasting relationships that will ensure your success are built on:
Establishing trust and rapport Understanding customers' needs Providing real benefits
In many ways, these three imperatives all rotate around one central concept: The relationships between successful businesses and their customers depend on careful understanding and reliable fulfillment of human needs. The successful business owner understands what people need, and does everything he or she can to meet those needs. Now, let's add another layer to that proposition: In order to build a strong relationship with customers, a business must be able to communicate what benefits it offers in one short, powerful statement. Your “Elevator Pitch” or Mission Statement Do you have such a statement? If not, it's time to put one together. This statement might be called your elevator pitch. (It should be short enough that you can explain your business in the course of an elevator ride from the first to the sixth floor.) Alternately it could be called your mission statement. Either way, the statement should answer four key questions: 1. What does your business (or product) do? 2. What is the core benefit you provide?
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K EEP Y OUR
C USTOMERS H APPY
3. Who is the recipient of that benefit? 4. What is your unique selling proposition? Example Say you have a business called FamilyAlbum.com.au. To construct a mission statement for your business, you'd need to answer each of the four questions above, then fold the answers into one brief, compelling statement. Let's take a look at how this works:
What does your business (or product) do? It offers an easily accessible, private, web-based site for posting family photos, movies, news and other significant information.
What is the core benefit you provide? Families stay in closer touch.
Who is the recipient of that benefit? Families who live in distant locations and who have web access.
What is your unique selling proposition? There are several options here. FamilyAlbum.com.au could offer several months free access, or they could offer services such as digitizing photos on site then returning them to the owners, while waiving start-up fees. Based on these answers, FamilyAlbum.com's elevator pitch might read something like this:
Sixty eight percent of customers who leave do so because they feel unappreciated, unimportant, and taken for granted.
services you sell will match these benefits will help you craft a marketing message that reaches your target customers, and promises them something they really want! … ….and that, of course, is the first step toward building a lasting relationship with them. So, If you're trying to be everything to everyone, you're probably setting yourself up for failure. “The only products or services that succeed are those that offer a benefit to consumers that is greater than their cost.” -- Jay Levinson, The Guerilla Marketing Handbook
FamilyAlbum.com gives families their own private corner of the Internet to share photos, news, recipes and family history, get automatic email reminders of birthdays and other events, or send alerts in case of a family emergency. Staying in touch has never been so simple!
Instead, what you need to do is identify the market segment or segments that you want to reach, figure out how the products or services you offer match the needs the consumers in that market have, then craft a short statement that explains your benefits to that particular audience.
Understanding how the products or
Email: dennis@marketingmeansbusiness.net.au
Web: www.marketingmeansbusiness.com