Building a practical marketing plan doesn’t have to be complicated and here are 5 simple things that will get you started towards marketing success! +More
4 Practical Tips for Small Business Goals in the New Year
It’s almost January! Can you believe it? Seems like only yesterday I was setting goals for 2011 and now it’s time to see how I did and do it big for 2012.
For those who don’t have time to do the deep analytics and research to create those great strategic goals we see in all the text books, here are a few practical tips: +More
The Crazy Economy – Where’s It Going and What’s it Mean?
For all of us small business owners wondering about this economy and the roller coaster called the stock market, I caught up with John Stewart, Managing Partner of Vantage Economics and editor of The Vantage Times, an online economic newsletter. In short, there is still a lot of risk and uncertainty! In part one of this three part podcast, John explains where we’re at and his thoughts on the economy as we move through the holiday season and into the new year. He also discusses a few of the things to watch over the next few months that could impact your business!
The Crazy Economy Where is it Going and What’s it Mean – A Podcast with John Stewart
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What I Learned in the Navy – A Veterans Day Message
A few weeks ago a friend from my weekly networking group was sharing with me that her son was coming home on pre-deployment leave from the Army this Veterans Day weekend, next stop Afghanistan. As the scheduled speaker for our Veterans Day meeting, I noted her anxiety and decided to fore go the normal promotional message in favor of “What I Learned in the Navy, A Veterans Day Message”. As a parent I can only imagine the emotional battle others face seeing their young adults leave home for the military life – the pride of knowing they have chosen a good and honorable profession against the fear of a job that has daily risks even in peacetime. With this post I offer those parents a small nugget of encouragement, in that the military experience teaches positive lessons that last a lifetime.
Humility and Teamwork
Those who know me may disagree that I learned this lesson, but it was definitely taught! I grouped these lessons together because they are deeply connected. Teamwork is founded on two principles, putting the needs of the team over personal needs, and building trust. Take a moment to read any of the citations for a Medal of Honor Recipient and it’s clear that the military awards it’s highest honor to those who put the team first. Building trust is all about doing your job right, every time. As an Officer of the Deck on a nuclear submarine, I had to have complete confidence that the entire twenty-two man watch team was trained and ready to do their job in an emergency situation, because if they couldn’t, it would distract others from their jobs, leaving important, life-saving actions undone.
Out of the Box Problem Solving Process
A common perception is that military people are great at following orders, which can be falsely interpreted that they can’t think on their own. However, the best soldiers and sailors are the ones that realize following orders is a filtering process. You see, procedures and orders from trusted team members, the things that someone else has already thought through, lets you focus on the things that require deeper analysis. For every possible emergency on a submarine there are “immediate action” procedures. These are the ones that stabilize the situation as quickly and safely as possible, creating a calmer environment to look for other indications and start real problem solving.
The movie U-571 is one of my favorites. At one point in the movie the World War II American Submarine crew finds themselves on a deserted German U-boat that is under fire! After urgently working through their immediate actions, slightly modified for the foreign design, they started solving the bigger problems ahead, using the methodical troubleshooting and decision making process that military members use everyday, though typically for less dramatic situations. Many business managers never stabilize the situation. They make quick decisions with too little information in an environment that is still changing. In that reactionary state, it’s very difficult to develop solid, out of the box solutions to fix the problem.
Taking Responsibility
Unfortunately, in one of my first patrols on-board the submarine we ran aground. More accurately we were pushed onto a sandbar by a tug that was turning us around in a narrow channel. I was the topside deck officer during the event and could clearly see what the tugs had done, it’s not like the Captain drove us into the ground. However, our captain was fully expecting that his relief would be waiting on the pier when we pulled into port the following day, and he wouldn’t have questioned that outcome. As a military leader, when something goes wrong it’s your fault. The crew wasn’t adequately trained, the wrong people were in place or you trusted someone to make a decision they weren’t qualified to make. In the same manner, the military typically provides the authority and guidance that enables their leaders to be successful. Sure, things go wrong. But it is rare that you hear military leaders blaming others when it happens. Although our captain took responsibility, he was not solely at fault and fortunately was not relieved. It’s a strong leader that reflects on how they could have done better, then improves the organization to overcome their weaknesses.
Training for the Task
A culture of challenge and training – that’s how I would describe the Navy way. Sure there is honor and integrity, but even those are a result of training! When I was at the Naval Academy there was an unfortunate tennis racket accident that resulted in a sharp cut above my left eye. I still have trouble talking about the incident…. My friend John, who I was beating at the time, jumped over the net and ripped the sleeve off his shirt to stop the bleeding while he led me to the on site medical clinic. At the clinic the 2nd class medical corpsman, who was maybe twenty-two, was guiding his much younger and less experienced apprentice through his first sutures. I wasn’t too anxious until I heard the “older” one calmly say, “now try to be careful and neat, because eyebrows don’t grow back over scar tissue.” Ahhhhh! In the navy everything is a training opportunity and they are very good at it. The importance of continual training has impacted my parenting, coaching, management style and, of course, my business. The military seems to instill a sense of forward movement and continual improvement that most veterans convert to a lifelong learning philosophy. Doing your best at your current task, but always training for the next opportunity!
In Conclusion
My military experience lasted about ten years, including my time at the academy. When people ask me about the experience I tell them that I have no regrets, it was a great time of my life. Those ten years were a learning experience that had me leading a team of men responsible for driving a multi-billion dollar submarine at the age of 26! You don’t get that type of experience in most corporate training programs. For those parents who have watched their kids choose a career serving their country, I can only say this – there is tremendous opportunity for them to come away as a better person, for the rest of their life.
For my veteran readers, I’d love to have you comment about the lessons that you learned while serving this great country!
Is Your Constant Contact Marketing Effective or Annoying?
Like many great marketing and sales tools through history, email marketing is being threatened by the few who grossly misuse it by choice or by ignorance. Constant Contact is a great tool for small businesses to get their email marketing going quickly and I’ve seen some really great starts. But, for many Constant Contact novices a good start is to make sure they aren’t annoying!
Recently, I received an email from a local business that prompted the title of this post! First, I have no idea who the sender is or how they got my email (I asked them and they didn’t know either). Second, it was THREE THOUSAND NINE HUNDRED AND SEVENTY-FIVE WORDS! With probably 30 pictures. Third, the subject line was lame. I opened it because as a Constant Contact Local Expert, I open everything. However, many times the sender will get a reply with suggestions for improvement:-)
Excellent email marketing takes a lot of expertise, time and consistency, but here are a few quick tips from somebody who opens your emails and thinks about how they could be better:
1. Utilize an Opt-In Strategy
A person thinks one of three things when they receive an UNSOLICITED email from a business:
“Wow, this is great! I have been longing to hear from this business and they finally blessed me with their highly valuable email newsletter!” Note to small business owners – Believe it or not, this doesn’t happen as often as most of us seem to think.
“Man, another email newsletter to delete every week! At some point I need to take the time and unsubscribe to all these.”
“I am so sick of people grabbing my email and just assuming that I want to be added to their stupid list!” Unfortunately, this is the first thought before they even give you a chance to see if it’s something they might find useful.
When people opt in to your email list, they aren’t surprised to see that email. Not only are they more likely to open it, they will also pay closer attention to the contents. Even if you gather email addresses from a trade show registrant list (they may not have visited your booth), we recommend an introduction email to that list that explains how you got their email, thanks them for participating, tells them that they have been added to your list with the associated benefits and mentions the ability to unsubscribe if your valuable content no longer applies to their needs.
2. Match Length and Frequency for the Media
In general, the longer the email, the less frequent is the distribution. A weekly email should be very short and to the point with one or two articles or points. Monthly emails can be a little longer. The length certainly contributes to people’s time commitment, but it also plays into the overall marketing strategy.
Constant Contact is aptly named because it promotes frequent touch points with valuable content to an opt-in audience. Don’t deliver 3,000 words in a monthly email, use 6 weekly emails of 500 words instead. If each segment provides its own value and supports a captivating headline, you will be better off. Also, those 3,000 words would serve you much better in a blog. A blog on your web site is a great way to increase search rankings with key word enriched content. I’ve become a big proponent of a short excerpt with a link to the blog article on your web site. And, getting them to your web site was probably one of the email objectives to begin with.
3. Write a Great Email Subject Line
In the language of online marketing, “Monthly Email Newsletter” translates to “I can read this when I have more time”. Question, when was the last time that you had more time and decided to go back and read all those email newsletters? How many magazines have you seen in the grocery line with the lead cover story – “Monthly Magazine”. It just wouldn’t do well next to the picture of the perfect woman who just lost 800 pounds and figured out men! There is too much clutter from all those unsolicited emails to waste your time with a poorly written headline. Here is a good article on email subject lines from CopyBlogger.
For small business email marketing can be a great way to build a relationship with potential customers. But if you start by being annoying, you’ll have to dig your way back to level ground just to start the sales process. Sigma College of Small Business provides focus workshops in many areas of business, including Constant Contact email marketing.
What are the things that annoy you about email marketing and how do you add value to your emails?
Social Media Marketing Starts with “Networking”
Recently, I had the opportunity to present a Career Building event at Strayer University in Manassas, VA. My friend Amelia Stansell, a VP with BB&T, joined me in presenting a topic on professional networking and using social media to leverage your network. My next few posts will work through that presentation, highlighting Amelia’s principles for networking and then relating those principles to techniques for social media marketing.
Thanks to Jennifer Durand at Strayer University for inviting us to speak and to the students who participated with some great comments and questions!
The Enigma We Call “Networking”
Amelia begins her presentation by defining the enigma we call networking as “person to person relationship marketing. She emphasizes that it is taking the time with each individual to know them as a person and build a relationship. It’s these relationships that can help lead to either closing a sale with that person or getting a referral from them.
Social Media is a new technology that leverages proven networking techniques. The resulting value is that you can grow and manage a much larger network. Use tools like Facebook and LinkedIn to follow the lives and careers of your network, interact with them through posts and comments, and refer them through sharing and recommendations. These methods make it easier to interact with each person in your network between the meetings and phone calls. Try it and notice how your face-to-face conversations change from “how have you been” to “did your son get off to college ok?”. It’s a much deeper start to what will be a more productive conversation.
It’s About Getting More Referrals
Professional networkers will tell you that it’s all about the referral because it is more likely that you will get new business from a referral by your network than directly with someone in your network. Therefore, it’s important that your network trusts you, sees you as an expert and understands your business enough to recognize situations where they can make the referral. In traditional networking the process begins with the “elevator pitch” and initial meeting, then continues with follow-up meetings, networking groups, phone calls and promotional materials.
Social Media leverages these techniques by enabling you to post your basic information in online “profiles” and “info” pages. These provide the base background information about you and your business. Build trust and credibility online is a continual process of listening to your network by reading their posts, interacting with comments and questions, and consistently posting valuable and informative content for your audience.
Relationship Selling, Not Broadcast Advertising
Many business people approach their social media marketing as a broadcast advertising channel, a free way to reach more people with their message. For some businesses that have a huge fan base, it can certainly be used in that way. However, for most of us who count on sales through personal relationships and word-of-mouth, the approach needs to mirror solid networking techniques more than basic advertising principles.
Sigma College of Small Business Social Media Services help customers use Facebook, LinkedIn, Twitter and Blogging to promote their business and themselves.
What are some tips and recommendations that you have for how to leverage social media to build your professional network?
Setting Your Goals – Yes, We Know It’s July
An important part of setting goals is figuring out how to know they are complete. Although this is a topic typically reserved for December or January, July is actually a great time to talk about goal setting because your 2011 goals are old enough to evaluate, but still new enough to be accomplished. Here are 4 methods for measuring goals that should be considered as you are refining for 2011 and moving into initial planning for 2012.
The Go, No-Go Goal Measurement
When I was in telecommunications sales, a common annual objective was to get products lab tested and approved for sale into major accounts. Customers would provide a lab approval notice that gave the go, no-go for the “lab approval” objective. The good thing about these types of goals is that they are very easy to measure, it’s either done or not done.
However, there is a down side, especially when using it for performance payment. Sometimes your goal becomes impossible a few months into the year – losing a specific RFP or landing a specific client, and at that point you have a goal with no hope of accomplishment. It’s ok to have one or two of these, but be careful not to have a bunch of goals that are impossible by the fourth month of the year.
The Simple Goal Measure
Revenue is a great simple measure, as is profitability. These are things that are already being measured and typically have a history of performance so that a realistic number can be set for achievement. If you can set goals for things you already measure that also accomplish the things you want, it’s a great goal. But many times, you want to accomplish things that aren’t already being measured….
The Not-So-Simple Goal Measure
Many times you want to set goals on things like customer satisfaction and brand awareness, things that are measurable, but ones that you probably aren’t currently measuring. It might be a new goal that just needs to be set up for measurement or one that previously escaped your means to pay for measurement. Many times it helps to figure out a cheaper and easier way to measure something indirectly. Using a well designed web site and Google Analytics can go a long way in measuring certain results, especially things like advertising effectiveness.
Subjective Goal Measurement
Once, I was interviewing a new client, a restaurant owner, and asked how they measured a successful day. I was looking for a revenue number or even a number of customers, but they looked me in the eye and said, “It just feels like everything is going well. Customers seem happy, the orders are moving and the wait staff is smiling.” In the end there are some things we want to accomplish that either can’t be measured or we can’t afford to measure them and that’s ok. Just make sure you realize the shortcoming and do the best you can.
In the case of the restaurant, I definitely recommended they use daily revenue as a measure they were already tracking. But I also told them to count the number of days that things “felt good”, or even rate the good feeling on a scale of 1 to 5, and we could use that as a starting point. Sigma College of Small Business helps small and medium businesses with their business strategies and planning, including setting up goal measurements for the things that you just want to get done.
Tell Us – What is the biggest obstacle you face in setting and reaching goals!
THE Four, or Even Five, P’s of Marketing
Amidst all the new ways to market your products – social media, email, search engine marketing – it is still important to build your communications on a solid foundation of marketing basics. A good place to start is with the 4 P’s of Marketing! Product, Place, Price, Promotion
Product
Your product and product mix are a critical first step in the marketing plan. Here are some questions to ask periodically to make sure you are still relevant in the market place.
Market Need – Do your core products still meet the important market need?
Product Mix – Could you add products to more completely meet the need of existing customers?
Product Profitability – Is there a way to make your products more profitable by cutting material and manufacturing costs? (We’ll talk price in a minute)
Make sure your product mix is keeping up with a changing market need and that you are getting the most business possible from your existing loyal customer base.
Price
There are two basic approaches to pricing.
Cost Plus – Calculate the cost to provide our product or service and then mark it up enough to cover overhead and provide profit. This method can be safe and very effective in many situations. However, most small business owners under estimate their costs and leave money on the table.
Market Price – Market price is about selling to value, to the amount people are willing to pay. Businesses in markets where there are high quantities of similar sales can usually figure out a good market price and then adjust to their added value. Gas
stations are a great example. For the rest of us a good starting place is to compare purchase price to the cost of alternatives – buying this widget for $100 will save you $200.
Be careful not to undersell when you are getting started. Charge what you need to make to
be successful and then deliver the value.
Place or Distribution
Determining the best, pronounced “most profitable”, way to get your product to market is often UNDER analyzed by small businesses. Here are some things to consider for your product “Place”.
Sales Volume – independent distributors, network marketing or joint packaging can provide a very large direct sales resource that local retail would have trouble touching.
Most Convenient – it’s usually best to close a customer and get product in their hands quickly, without much effort on their part. Leverage the post purchase attitude.
Cost and Efficiency – many great product ideas are dragged under by a distribution plan that takes too much time, energy and cost.
Channel Competition – are you using retail distribution or independent agents for your product?
What is the impact on them if you start selling directly online? If you don’t coordinate closely you may lose a loyal sales force.
When it comes to distribution, beware of the statement or thought “Well, we’ll just….., shouldn’t be that difficult”, it’s usually more difficult.
Promotion
FINALLY! PROMOTION! For most people with no marketing experience or education, marketing is promotion. When I interview new clients to build them a marketing plan, or when I have students in my marketing classes, most think I’m there to talk about advertising. Where should I advertise? Should I be on Facebook? What about Twitter? My web site isn’t generating traffic!
It usually takes me some time to talk them through the importance of focusing on Product, Place and Price first, so that when we spend our Promotion money it isn’t flushed down the Pot!
A simple approach to every advertising, promotion or communication decision is to first determine the Audience, Objective and Message and then figure out the media that will be most effective.
Audience – a defined group of buyers and influencers that you want to reach.
Objective – awareness, attitude or action. What are you trying to accomplish?
Message – what is the right thing to say and the right way to say it to meet your objective with the target audience
Media – the communication tool or set of tools that will most effectively deliver the message
Persistence
OK, I made this one up as a fifth P, but it might be the most important. We could sit together for 15 minutes and come up with a multitude of ideas to market your business. That’s the easy part of marketing. The hard part, especially for the small business owner, is to consistently and repeatedly deliver your message patiently over a long period of time.
This takes money, marketing knowledge, resources and patience, not traits associated with the average entrepreneur!
Not getting the most from your marketing efforts or don’t know where to start with your marketing? Sigma College of Small Business provides marketing classes, marketing services and marketing consulting to get you going. We keep it practical and affordable to meet your immediate needs.






