Newsletter date September 2009—October 2009
Volume 1 Issue 2
Monumental Partners Limited
Special points of interest:
Monumental Report
Networking-The Consultant’s most valuable Weapon You might hear the term networking and wonder exactly what does it mean? Since Social Networking websites are now a big thing, the term ‗networking‘ when it comes to business, is also a big thing. The word networking has become a new catch phrase in corporate Jamaica and of late the concept is being pushed as a new marketing tool thus being publicised by every business executive as a creative way of marketing ones product. In reality, networking has been a mainstay in the Jamaican business arena and throughout overall Jamaican business culture.
success in the market place. A familiar client or friend is much easier sold by another friend than a total stranger pitching a product or service proving one‘s popularity is always an advantage in the world of business.
b y Ka hl il Ha r r is
of networking today has watered down the skill and networking sessions have become nothing but parties being attended by the same people to talk and socialize on a regular basis thus losing the essence of the exercise as a constructive business tool.
Consultants are no different and networking may be even It has always been said that more important to a consultant, Jamaicans love a good party considering jobs are mostly Continued page 2 based upon referrals.
Networking The consultants most valuable Weapon Business Development in a new environment Recession Marketing Business Strategies Finding Financing for your Business
While this art form is very important and possibly the most imporThe popular saying ―it‘s not what tant tool a you know, but who you know‖ is marketer has held true in Jamaica due to fact in his arsenal, that networking is one of the main the overfunctions necessary to achieving whelming use
Upping the Ante on Creativity As management consultants, most of us no doubt secretly enjoy being portrayed as the ―smart people‖ who get called in to fix client problems. The real reason management consultants get a seat at the table is that we bring a fresh perspective
on
how
to solve
thorny problems—or to find where they may be lurking— and the experience to turn that new perspective into a better reality. But the question is this: Can we make ourselves more creative? The short answer is ‗yes‘— absolutely. But before saying how, let me first make an im-
Inside this issue: by Luc de Brabandere
Networking - The Best Weapon 1 – 2
portant distinction Both relate to a ―Gestalt change‖ Astonish ideas. The difference between Yourself into Creativity-I sug-
Upping the Ante on Creativity
1-2
Loan or Investor?
3
The Masters
4
One Minute Entrepreneur
5
6 Steps to Business Success
6
12 Ways to double your profits
6
them comes down to how the gest that the best way to have ideas
are
born.
Innovations creative ideas is to have lots of
arise from looking at how things ideas. And to do that, we need are—existing business opera- to be astonished by what goes tions and processes, Creative on around us. And, perhaps thinking, on the other hand, even more so, by what doesn‘t. comes from stepping out of our The old saying is true: The world day-to-day reality and seeing is full of surprises. Only most of things from a drastically new us don‘t see them. The Talmud, perspective.
for
example,
tells
us
that
This radical change in view- we don’t see the world as it is; points allows us not to just rather, we see it as we are. tweak the system, but often to How many executives today, replace it wholesale with some- particularly in companies that thing that‘s dramatically supe- are doing well, bother to ask rior, Call it a ―paradigm shift‖ or themselves whether their entire
The Skinny on Radio Advertising 7 Embracing Rejection is stupid!
8
Page 2
If your business is to fulfil its potential, you've got to raise their business development skill levels
Monumental Report and I myself can attest to that, but when consultants attend a networking session it should be captivating, informative and most of all productive, rather than just a social gathering of party goers ―who dance the night away‖.
Here is a list of things to do in order to get the best out of your networking session: Keep in mind that networking is about being genuine and authentic, building trust and relationships, and seeing how you can help others.
Not taking anything away from those who have planned Ask yourself what your goals are in participating in and coordinated valuable networking meetings (where networking meetings so that you will pick groups that will help you get what you are professionals have gained tremendously and developed looking for. positive business relationVisit as many groups as possiships which could last a lifeble that spark your interest. Do time) but these networking the people sound supportive of events should not be hinone another? Does the leaderdered or caused to be blindship appear competent? sided by those who offer an Hold volunteer positions in inferior product, which is in organizations. This is a great turn ends up costing money way to stay visible and give back and more importantly time. to groups that have helped you. Ask open-ended questions in Although the blame may be networking conversations. This misplaced because we as means questions that ask who, consultants should probably what, where, when, and how . take up the baton and host This form of questioning opens more structured networking up the discussion and shows sessions based on the theme or niche to which we are listeners that you are interested in them. catering. For us as consultants, networking has to be Become known as a powerful resource for othseen as the life blood of our profession and as such we ers. This keeps you visible to them. should put more effort into ensuring that each networkHave a clear understanding of what you do and ing session is effectively managed/ worked to the benewhy, for whom, and what makes your dofit of the firm. ing it special or different from others doing Most firms or companies cannot afford to host networkthe same thing. In order to get referrals, you ing sessions, especially in our present economic state, must first have a clear understanding of what but then the consultant should be then able to attain you do that you can easily articulate to others. the best out of every networking mingle or party they Be able to articulate what you are looking for attend. and how others may help you.
Upping the Ante on Creativity
Astonish yourself into new perceptions , and you seed the ground for creative ideas.
cont pg 1
business might be vulnerable? something Next, there is as-
At the end of the day, clients pay us to
Probable answer: Not many.
something
bring fresh, creative perspectives to bear
For example Ken Olsen, the that has always—or long—
on their problems. And it‘s what we tell
former CEO of Digital Equipment been, but that you have never
them we can do. Awakening our power of
Corporation, was confident (in noticed until now. The third
astonishment is the best way to deliver
1977) that there was no reason kind of astonishment happens
on that promise.
people would ever need to have when something, or someone,
Astonish yourself into new perceptions,
a computer at home. The under- that has always been there no
and you seed the ground for creative
lying problem was a lack of as- longer is.
ideas. Be astonished—at what is, what
tonishment—an inability to be The fourth kind of astonish-
always has been, what has changed, and
surprised by an idea and capti- ment is perhaps the most
at what could be. Learn to question
important of all for today’s
what‘s behind your newfound surprise,
Fortunately, we can cultivate our executive to cultivate: aston-
and you will be a long way toward gener-
ability to be astonished by taking ishment at what is not. Several
ating the ideas that you and your clients
a second look at something fa- low cost airlines are currently
need.
vated by its potential.
tonishment
over
miliar, by exposing ourselves to booming because some peodifferent viewpoints, by question- ple were surprised that there ing our questions.
wasn‘t a more efficient alterna-
The Varieties of Astonishment
tive—an insight that enabled
There are (at least) four kinds of them to go out and create one. astonishment, they are.
Paving the Way for Creativ-
First, there is astonishment over ity…and Happier Clients
Page 3
Volume 1 Issue 2
Monumental Report
Should You Take Out a Loan or Look for Investors for Your Business? Article by Ronda Levine This article compares the advantages of taking out a loan with those of looking for business investors - which is right for different types of businesses? Read on and find out. Let's face it, when you're starting out a business, unless you are independently wealthy or manage to be lucky and win the lotto, you are going to have to find a way to raise funds. You'll need money to rent a space, to pay employees, and to acquire the necessary supplies. There are two ways to do this: take out a business loan or look for business investors. Which is better? A big part of this depends upon your business, your goals, and your personal collateral In order to help you decide what is best for you and your business, let's first look at the advantages and disadvantages of each option. Advantages of a Business Loan: 1. You will retain all rights and ownership of your business and of your business equipment 2. You will not have to split your profits with anyone 3. Managing money will be easier – with a loan you have a fixed payment over time. 4. There will be more motivation to make your business work (imagine having to pay back $5,000,000.00 when there are no customers or clients lined up. 6. You can use the money as you like for your business Disadvantages of a Business Loan: 1. You may not be able to pay it back on time if your business does not perform 2. You have to pay interest on the amount borrowed 3. You may have some asset set against the loan as collateral 4. It may be difficult to obtain a business loan if you have a poor or nonexistent credit history
5. Even with on-time payments, if your business fails, you may still have payments that you will be responsible for. Advantages of Looking for a Business Investor: 1. If you need a large amount of money, business investors can sometimes provide more than a loan can 2. You will have others interested in the success of your business 3. If you are new at running a business, there is a good mentoring opportunity available 4. It may be easier to get money through other sources for your business Disadvantages of Looking for a Business Investor: 1. Investors can create a very complex process when it comes to running your business's finances
If, on the other hand, you plan to have a small business that will not grow, or if you do not want outside interference on the decisions you make for your company, a business loan is a better choice. Yes, you will have to pay the loan back (with interest), but you will have complete control over what your business does. Examples of businesses that will work better with a small loan include house painting, plumbers, maintenance shops, etc. Whether you decide to look for investors or take out loans is a personal choice that should be carefully thought out. Take a look again at the advantages and disadvantages of each option. Write down a few venues where you could fulfil that option. With a little background research, you can decide what is right for your business.
1)
2. Business investors will often be unwilling to work with small businesses 3. Investors will want to be part of a board of directors 4. You may find that your control over your business is threatened should the investors not agree with your business practices. What option is best for you? In the article, "The Basics of Venture Capital for Small Businesses" by Rosemary Peavler, it is stated that investors look for companies that promise a high return on the investment. Because of this, they aren't as interested in small businesses that intend to stay small. If you are planning on starting a business that you will eventually turn into a large business, or a corporation, perhaps looking for investors is a good choice for you. Examples of businesses that may want to look for investors are computer software development, product development, a store you plan to one day franchise, etc.
2)
3)
4)
5)
6)
Books to read when seeking financing How to Get the Financing for Your New Small Business: Innovative Solutions from the Experts Who Do I t E ver y Da yAuthors : Sharon Fullen Financing Your Business Made Easy by Ralph Alterowitz (Author), Jon Zonderman (Author) Financing Your Business with Venture Capital: Strategies to Grow Your Enterprise with Outside Investors by Frederick D. Lipman (Author) Where to Go When the Bank Says No : Alternatives For Financing Your Business by David R Evanson (Author ) Financing Your Business Dreams With Other People's Money: How and Where to Find Money for Start-Up and Growing Businesses by Harold R. Lacy Financing Your Business (Run Your Own Business) by Iris Lorenz-Fife
Monumental Report Staff Creative Director Kahlil Harris Editor in Chief Tanya Sue Brice Business Development Consultant/Contributing Writer Christopher Goulbourne Marketing Consultant Terry McNeil Accounting Consultant Wayne Parcells
.Whether you decide to look for investors or take out loans is a personal choice that should be carefully thought out
Examples of businesses that will work better with a small loan include house painting, plumbers, maintenance shops, etc.
Page 4
Monumental Report
Ken Blanchard on The One Minute Entrepreneur
Ken Blanchard changed the language of management with his groundbreaking book, The One Minute Manager®, which is one of the most successful business books of all time. Since then, he‘s helped countless organizations across the globe. He is also the bestselling author of more than forty books.
. Four Pillars of Business Success Sales Must Exceed Expenses: Without profit, there is no business. Collect Your Bills: Don‘t be a banker for your customers. Take Care of Your Customers: Listen to your customers. Their ideas can make your business more successful. Take Care of Your People: Nurture your people. They make it all happen. Adapted from: The One Minute Entrepreneur
We asked Blanchard about his latest book, The One Minute Entrepreneur, which lays out a strategy for making any new business venture flourish. McLaughlin: What prompted you to write The One Minute Entrepreneur? Blanchard: Many people don‘t realize that about 90 percent of the companies around the world are small businesses. And the data show that a lot of them fail, so the advice in the book is widely relevant. Monumental Partners I see two main groups of people who are very interested in entrepreneurLimited ship. One is the younger folks who watched their parents work hard and be loyal to their employers, only to be Phone: 876-944-1881 downsized, right-sized, or outsized E-mail: right out of their jobs. Our research shows that people in this group are info@monumentalpartners.com technologically adept, and they would like to have their own companies within five years. The other group is the Baby Boomers, and it looks like they really don‘t want to retire. We have a guy on our Board who worked for Procter & Gamble for thirty years and now he‘s started a company with his son. The worst thing is to be We‘re seeing a lot of that. successful at doing something McLaughlin: What’s your view on you don’t really want to do. the role and impact of a company’s mission statement? Blanchard: What we need is more rallying calls. The old-style mission statements are maybe okay for your Board of Directors, but you need something that will excite everyone else. I was working with a bank a while back and I asked the clients to send me their mission statement. Later, I got up in front of the President and the Chairman and said I appreciate you sending me your mission statement because I‘ve slept much better since I got it. I put it next to my bed and if I can‘t sleep at night, I read it. The statement said we‘re in the fiWould-be entrepreneurs believe in what I call the fatal assumption: that knowing how to do the technical work means you know how to build a business.
nancial services business and we provide this and that service. What it had to say wouldn‘t motivate a flea. I said if I was your potential Many people don‘t realize that about 90 percent of the companies around the world are small businesses.
customer, I would prefer you to be in the peace of mind business. If I give you my money, I want to have peace of mind that you will take care of it and maybe even grow it. Wouldn‘t you all rather be in the peace of mind business? We worked with PETCO Park, the baseball stadium they built for the San Diego Padres a few years ago. The clients wanted to remake the image of the Park and better serve their customers. They decided that they were in the major league memory business. Their mission was to create good memories for their fans. That makes for a powerful mission statement, and I think that entrepreneurs need to follow that example. What are you doing for your client or customer? What can you do to excite the people you want to work with? Figure that out and put it in your mission statement. McLaughlin: When an entrepreneur starts to put together a team, what are the common pitfalls that he or she should look out for? Blanchard: The biggest problem is that you tend to hire people who are all like yourself. That compounds your weaknesses. You really need to find people who bring skills to the party that you don‘t. For instance, if you‘re a visionary and a good thinker, you need somebody who can and will take ideas and apply them. When my wife and I started our company, we knew a lot about people management but we didn‘t know anything about financial management. We couldn‘t even balance our own check books. So we had to get people on our team who knew
something about finances. McLaughlin: One point you’ve made is that strength taken to extremes can become a liability. What do you mean by that? Blanchard: Well, take me, for example. I have an entrepreneurial mind, and I get new ideas almost every day. If they left me to run wild in our company, I could burn the place down. The worst day to work for me would be Monday because I would have had all weekend to think. I would come in and say, today we‘re going to go in this direction, and everybody would run with that. The next day, I would take everyone in a completely different direction. In our company, my wife heads up what we call the Office of the Future, and any new ideas go there. They study the idea before they present it to anybody in our operation. That onetwo punch is really important because we have a lot of creative people and they could send the organization into a tailspin. Maybe you have somebody who is a great administrator. But if that person takes things too far, you might end up with a big bureaucracy. Someone else might be adept at involving people in decision making, but you can overdo that too. Then everybody becomes super followers who check with someone else before they do anything. Any strength taken to the extreme can
There are two main reasons that companies go out of business: They are lousy at financial management or at people management. be a weakness. That‘s why you need a balanced team. You also need people you can trust to tell you when you‘re off base. If everybody‘s telling you everything‘s great, even when it‘s not, you‘re going to be in trouble. McLaughlin: Are there other common mistakes you see entrepreneurs make? Blanchard: There are two main reasons that companies go out of business: They are lousy at financial management or at people management. You have to cover those two areas. It sounds silly to have to spell it out, but you have to make sure that your sales exceed your expenses. I see a lot of people starting companies and
Page 5
Volume 1 Issue 2
Monumental Report
Ken Blanchard on The One Minute Entrepreneur they want a fancy office and expensive stationery; they want to do all kinds of research on their product, but they don‘t have any customers yet. You have to build your business. Another mistake is not collecting from your customers. Many people go out of business with customers owing them money. You have to keep track of your receivables. I was at lunch yesterday with a great entrepreneur who has owned all kinds of companies. Thirty years ago, he took me and my wife for a walk and said there are only three things to remember to be successful as entrepreneurs: cash, cash, and cash. When it comes to managing people, it‘s a mistake if you don‘t recognize that none of us is as smart as all of us. If you start thinking that you‘re the only bright bulb in the whole pack, then you don‘t listen to your people, don‘t respect or trust them, and don‘t empower them. After a while, they quit and stay, which is much worse than just quitting. McLaughlin: Do you have any advice on how professional service providers can grow their businesses with existing clients? Blanchard: Recognize that satisfied clients are not enough. If you want to do more business with your present clients, you need a strategy for how you can blow them away. You want your clients to say wow—the service we get from these people is unbelievable, so why would we want to go anywhere else? When we bought our first house in California, our real estate agent came over and made it fun to fill out and sign all those crazy legal forms. So we recommended that agency to a number of people because they‘re fun to deal with and great with the minutia. That‘s what you need to do—build relationships that draw clients back to you and make them want to send you other business. Then, your clients become part of your sales force. McLaughlin: Last question: If you could give an entrepreneur just one piece of advice, what would it be? Blanchard: I would say, recognize that it‘s not all about you. While you will start the enterprise, you‘re going to need others to get your idea out the door and bring in business. Don‘t think of yourself as a one-man band and the rest of your people as hired hands. Let them bring their brains to work and be part of your dream. You need people from the beginning to catch the wave and ride it in with you. McLaughlin: Thanks for your time.
Books by Ken Blanchard
Who Killed Change?: Solving the Mystery of Leading People Through Change
Kenneth Hartley Blanchard (born May 6, 1939) is an American author and management expert. His book The One Minute Manager (co-authored with Spencer Johnson) has sold over 13 million copies and has been translated into 37 languages. He has co-authored over 30 other best-selling books, including Raving Fans: A Revolutionary Approach To Customer Service (1993), Leadership and the One Minute Manager: Increasing Effectiveness Through Situational Leadership (1985), Gung Ho! Turn On the People in Any Organization (1997), Whale Done! The Power of Positive Relationships (2002) and Leading at a Higher Level: Blanchard on Leadership and Creating High Performing Organizations (2006). Blanchard is the "chief spiritual officer" of The Ken Blanchard Companies[, an international management training and consulting firm that he and his wife, Marjorie Blanchard, cofounded in 1979 in San Diego California Among many accolades, Blanchard has been honoured as one of the top 10 Leadership professionals in the international Leadership Gurus survey for 2007 and 2008. The ― Leadership Gurus survey‖‖ award, by Global Gurus International identifies the top and most influential Leadership professionals in the world by merit and public voting. Blanchard is a Cornell University trustee emeritus and visiting professor at the Cornell University School of Hotel Administration He and his wife were named Cornell Entrepreneurs of the Year in 1991.
4th Secret of the One Minute Manager Know Can Do!: Put Your Know-How Into Action Leading at a Higher Level The Simple Truths of Service
The On-time, On-target Manager The Secret! Discover What Great Leaders Know -and Do Heart of a Leader: Insights on the Art of Influence The 3 Keys to Empowerment:
Putting the One Minute Manager to Work
Monumental Partners Limited Phone: 876-944-1881 E-mail: info@monumentalpartners.com
Do You Have a Plan? - 6 Steps to Small Business Success By Carlos Rosario In the news today all you hear about are people losing their jobs, stock market and real estate crashes and now....you want to start your own business? Well, at least you're not just waiting around for something to happen. Being proactive in times like this is probably a testament of the natural innate human will to survive. There is nothing like some pressure and stress to see what you're really made of. Being proactive in and of itself is not going to get you extremely far. You also have to plan. See lack of planning is what got most of us into this mess in the first place.
crucial in terms of success or failure. Planning helps us to deal with this change and to effectively w or k wi t h i n t h i s d ynamic. Basically, the message that's trying to be conveyed here is...Do you have a plan. If not then let's at least create a simple one here that can be used as a guideline. This can be modified and built upon as one sees necessary.
Step 1 - Summarize your core advantages over your competitors. What products or services do you offer and why should people buy them from you? Do you have a business plan? Do you know what you're going to be doing? You What is being said here is not should have this blueprinted meant to diminish the overall and written down somewhere. importance of action. Action is probably valued to account for Step 2 - Consider your target around 70% of the success market and how you will reach equation. The part that a lot of them. Are you going to adverpeople fail to take into ac- tise on the web, radio, tv or in count, however, is the impor- print? Are you going door to tance of the remaining 30%. door? Are you advertising at This 30% can be the most all? What are your competi-
tors doing? Are they successful? What does it cost to get started? What's your back up plan if it fails? You have to get the word out. Without a customer base you don't have a business. Step 3 - Make some specific realistic goals and include yearly monetary objectives that can be broken down further (monthly, etc). You should also consider how much you need to sell in order to meet these goals. Step 4 - Think about and plan your daily activities - make certain that these daily activities are all income producing and are inline with your goal objectives. Follow this daily activity plan. This is so that when you actually start doing the work you will know that what you are working towards will most likely happen. You can then feel confident that you WILL ultimately reach your goals. This minimizes the "let's see what happens" type of thinking.
Business Development Consultants
Phone: 876-944-1881 E-mail: info@monumentalpartners.com
Step 5 - Practice your pitch, learn to overcome common objections, and once you gain a customer make a follow up plan.
Make some specific realistic goals and include yearly monetary objectives that can be broken down further (monthly, yearly etc
Continued on page 8
12 Quick Ways to Double Your Profit at Half the Cost! - By Christopher Goulbourne What if there was a really great way to double your profits for sure real fast? How much would you spend 2. Get all your clients full contact information. (There are to get your hands on that kind of information? 3 ways to easily do this.) Suppose you could get the information at half the cost 3. Contact them often. (There are 5 ways to do this. you are now spending each month to market your busi- Some cost pennies a day.) ness? How much more would you desire it then? 4. Treat them the way they want to be treated. (There They say that the best way to learn something is to are 8 simple ways to do this.) actually do it. What if you were told what to do, when and how to do it as well as given all the resources you 5. Give them what they want. (There are 13 ways to do needed to do it? Would that help? this.) Well there are over 10 extremely easy to implement, inexpensive techniques you can use to grow and market your business very fast. It is suggested that you attempt to learn and implement just one of the techniques each month in order to reap the maximum benefit.
6. Get them to visit or contact you more often. (There are over 10 ways to do this.) 7. Get them to spend more, each time they visit or contact you. (There are 4 ways to do this, fast.)
8. Get them to tell you precisely how to improve your Each technique in itself can grow your business by a business. (There are 9 ways to do this.) minimum of 8.2% and a maximum of 87.9% so conceivable just 3 of these techniques could easily double 9. Get them to help you market your business. (There your profits. are 6 ways to do this.) The reality is, it may end up costing you a lot less than half the cost you currently incur to market your business. You don't need to have any specialized knowledge to implement these techniques and you will need about 2 - 3 hours each week to implement each technique. T h e y a r e s i m p l y : 1. Attract and keep more clients. (There are over 50 sure-fire ways to do this.)
10. Help every member of your staff (especially those that have direct contact with your clients) to become better salespeople for less than $1,000 per person. (There are over 100 ways to do this really, really, fast.) 11. Learn to sell 24-hours each day. (There are 3 FREE and 6 inexpensive ways to do this.)
Continued on page 8
Each technique in itself can grow your business by a minimum of 8.2% and a maximum of 87.9% so conceivable just 3 of these techniques could easily double your profits.
Building a Solid Foundation for Marketing Success It's a burning question. One asked by every business owner (and would-be business owner) on a regular basis. What's the question? "How do I effectively market my online business?"
and much more! Target Audience Analysis When you analyze your target audience, you'll want to find out the answers to questions such as the ones listed below. Fill in the blanks with your product/ While the actual methods may vary, there are service or area of expertise. certain fundamental things that simply must be in What _________ products/services do you curplace before any marketing attempts will be successful. So before you begin spending hundreds rently buy? or thousands of dollars, take a moment to be Why do you buy your current brand? sure your marketing foundation is solid. What do you like about it? Know Your Target Audience This is the cornerstone of all your marketing What could be improved? efforts. It is also, without a doubt, the one fatal If you could recreate the product/service, how mistake most marketers make. Rather than tak- ing the time to prepare an in-depth outline of would you change it? their preferred customers, they guess. This gen What Web sites do you frequent? erally results in a target audience definition , That is simply too vague and will inevitably result What ezines or newsletters do you receive via in a giant waste of both your money and time email? when it comes to marketing effectively. Basically, Sex?/ Age? /Annual income?/ Occupation? it makes for a very shaky marketing foundation. Rather than guess. find out for sure! Do some Title? /Are you a business owner? research, and get a firm grasp on who it is you'll Obviously, there are many more questions you could be selling to. When you do, you'll be able to add to the list depending on your specific product or make qualified and accurate decisions on: service. This list, however, gives you a good starting point. Once you create a list of questions, it's time to the type of copy to write, gather information. the best mediums for advertising, Getting the Info what benefits your audience is most inter- There are several ways to gather information in order to analyze your target market. Talk with people oneested in, on-one or in a group. Conduct an online survey. Sur their preferred payment and shipping meth- veyMonkey.com offers an excellent (and free) online
Business Development Consultants
Phone: 876-944-1881 E-mail: info@monumentalpartners.com
survey tool. Make use of online forums. Place a form on your site; if visitors fill out the information, enter them in a contest to win a prize. Use your imagination. Find an "information collection" method that works well for you. But don't neglect to get the details about your future customers. A firm grasp of your target audience is the entire foundation of your marketing plan. Be very sure yours is solid so your promotional efforts will deliver a high return!
TH E S K I N N Y O N R A D I O A DV E RTI S M E N T !! From meagre beginnings in 1920, radio has grown with us to be a major player in advertising. The radio industry says they get about 8 percent of all advertising bucks. Not bad when you consider the many ways to hawk your service or product They get their fair share because radio works. With over twenty radio stations in the country, the music and news they broadcast is everywhere.
Here are my tips for buying radio ads
Always use 30 second ads. If you can say the whole Lord's Prayer in 20 seconds, 30 is enough for your business (no matter what the media person says)
Buy advertising on the stations that reach your target customers, not the ones you like. Just because you listen doesn't mean everyone Radio is the mobile medium. Few cars have TV‘s does (especially if you like Classical Music) up front, and few drivers can read the Gleaner or Buy ads on two or more stations if possiObserver while driving (safely). The advertising on radio targets you passively. You don't have to be ble. Few markets have one radio station so dominant that it reaches all the listeners. looking at it or reading it to get the message. Radio‘s strength is drive time. The times of the day Buy one week on one station, the next when most people are in their cars driving to and week on the other, back and fourth. Limit your from work. You can sound like a pro when you call buy to 4 weeks in any month, two on each sta‗em AMD and PMD. tion. 48 weeks per year gets the same impact of 52 and saves 4. AMD is morning (AM) drive time, typically 6 to Buy at least 12 ads a week (18 on each if 10am. AMD is traditionally the most expensive radio time because that‘s when more people listen. you can afford it) and advertise every other PMD is afternoon (PM) drive and is considered to month. be 4 to 7pm. Insist on no overnight or evening ads. Ask for a Other radio slots are DAY which represents 10a to package that puts you in AMD and PMD at a discount. Like the newspaper inches commit4p period and EVE, 7 to midnight. ment, you are talking about over 400 ads per Most radio stations offer two ways to buy ads. Spe- year per station. cific placement (I want to be on Ronnie Thwaites – Remember the media salesperson is interested Independent Talk) and ROS (Run of Station) a in selling ads, not improving your business. It is formula that spreads your announcements into all up to you to be the expert and make the inday parts, including late night and overnight. Of formed decisions. course there are specials and sponsorships, too.
Always use 30 Second ads. No matter what the media person says
W h y " E m b r a c i n g R e j e c t i o n " I s S t u p i d ! by Jill Konrath Every once in a while, I read something that a socalled sales expert says that really ticks me off. Here's just a taste of this lunacy… "In sales, the results are in the rejections." "Every time a contact results in a rejection, your salespeople can view the rejection as making money." "The secret is for each salesperson to realize how much rejection is necessary for success.'" "Sales managers must coach their teams to embrace rejection." This is the stupidest advice you could ever get. Think about it. Can you ever imagine yourself saying this: "Hallelujah! I've made 66 calls today and actually connected with 24 people. But of that number, 23 of them were total failures. Those decision makers blew me off as fast as they could. But one person asked me to send a brochure, so it was really a great day. With all those rejections, I'm well on my way to success." Let me tell you why it's even stupider than you might think. Guess what happens if you embrace rejection as a part of the job and quickly move on to make the next call. You're doomed to repeat the same mistakes over and over. What do I recommend? In my opinion, a rejection is a failure. It's a sales call that did not result in a desirable outcome. If you want to get better at selling, it is imperative to analyze your failures and find a different approach that will yield a better outcome. There is NO other way to improve in this profession. To be successful, you must take a serious look at all aspects of the interaction that were within your control. This includes:
Your word choices How you positioned your company
How much you said: too little, too much Your tone, pace, and sound. Each one of these can be changed to potentially improve the end result. So where do you start? I suggest you pay close attention to the specific obstacles you encounter. What are your prospects saying: too high price, maybe next year, currently satisfied with the status quo? All these are indicators that you need to rethink your approach. When you encounter these obstacles, mentally replay what you said just prior to hearing the objection. Most likely the words preceding the client's comments are key offenders. My point is that rejection is data. Simply data. It can be analyzed to determine trends, frequency, and even specific sales behaviours. When you think about it this way, you can experiment with various approaches. You can simulate conditions by listening to your presentation from your buyer's perspective. You can get input from colleagues to see if what you say would sound interesting if they were the prospect. You can check with other sellers to see what strategies they use. Stop listening to those sales gurus who tell you to "embrace rejection." They're spouting old-style selling techniques that won't get you in the door of major corporations. They don't have a clue what it takes to succeed in today's marketplace.
Do you Have a Plan? 6 steps to success (continued from page 6) Step 6 - Customer Follow up - think about maintaining a customer list that you can market to again for more and easier profits. A customer that has bought from you is more likely to buy from you again if they know you and like you. These are just 6 steps that you can but this should give you enough to get the brain juices flowing and get you off on the right path. Planning is simply laying down the foundation for doing something efficiently and effectively. To properly affect your foray into the entrepreneurial world, similar thinking should be taking place. Don't just run, run, run. Not until you have a game plan...then by all means, go for it. It has been said that every journey starts with the first step, but don't take the first step unless you know that you're headed in the right direction. The plan is the pre-step. Plan your attack...then attack.
Business Development Consultants
The sequence of what you said
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Stop listening to those sales gurus who tell you to 'embrace rejection.'
12 Quick Ways to Double Your Profit at Half the Cost! (Continued from page 6)
12. Streamline and automate your Marketing efforts. (There are 5 ways to do this.) continued You may have heard of many of these Techniques... but have you ever tried some or properly implemented even one of them? Simply knowing what the Techniques are is not enough, you need to know how to effectively implement each technique and you also need the correct resources to help you successfully implement each and every one of them. You can find all the techniques and resources online... One quick way would be to subscribe to 5 or 6 great marketing blogs and do searches on each specific topic. Another quicker way would be to go to YouTube.com and search on the topic of marketing, small business, and sales. The key is to have an effective multifaceted marketing system and in this economy, you needed to have started long ago. If you are not where you what to be yet... do not give up hope. Just put a few of these techniques into action and you will be amazed at the results you will get.
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