Marketing Know-How

What is PR?

2007-12-16T15:19:00.000-06:00

It is very common for people to confuse marketing with public relations. The term marketing is used broadly to define all the activities involved with reaching your target audience and converting them into sales. Public Relations is a form of marketing used to get exposure from various media outlets and/or events that cater to your target audience. Have you ever wondered how a local business got featured on the morning news show? Well, most likely they, or their publicist, sent a press release to the TV station and pitched a great story around that business. With PR, you typically do not pay to get the exposure unlike another form of marketing called advertising. Typical public relations activities include, getting articles written about you or your product in a publication or website, being asked to be an expert guest on a show, hosting an event, or sponsoring a non-profit organization.

As I mentioned, marketing involves various activities; for example, paying for advertising to promote your products, developing a website to increase sales and traffic to your store, establishing a customer loyalty program to retain existing customers, sales promotion on items, and sending surveys to get feedback on how your product is performing to name a few. To determine which activity is best for you think about the goal you want to achieve. Do you want people to be aware that your store exists, prompt people to take action and buy, or generate revenue? List your top three marketing goals for the holiday season and then review some of the marketing activities I mentioned. Determine which activities will help you achieve these goals. For example, if your goal is to generate revenue during the holiday season you might consider some advertising and sales promotion. If you want to get some free media attention you could set up an Angel Tree in your store and offer a discount to those who purchase an item from your store for the Angel Tree.

The challenges of finding the right mix of marketing activities can be overwhelming and confusing. Most business owners have questions about how to implement marketing programs, but can't find the answers they need without paying a consultant. Now, you have a chance to ask a marketing expert those burning marketing questions and receive free advice. The Marketing Lady provides her free expert advice and opinions for you. You can email your questions to tmarketinglady@yahoo.com or simply post them to this blog.

Self Promotion

2007-11-13T17:34:00.000-06:00

Getting noticed among thousands of customers can be difficult when hundreds of competitors are going after the same target audience. But, some can make sure they stand out from the crowd by doing "self-promoting". Establishing a strong brand is the first step to making self-promotion a lot easier and more effective. Your brand consists of the key marketing message you want your target audience to hear and the image (logo, symbol, personal image) you want portrayed.

While creating a buzz for yourself through public speaking, your brand must be communicated effectively so that customers think of your products first when they need your type of service. You are promoting the fact that you can deliver an experience better than anyone else. When promoting by developing partnerships, they should know what your product stands for through your words, symbols, messages, or concepts. It makes it easier for them to refer business to you and spread the word about your products. During self-promotion, you should deliver a powerful message and shape the customer’s perception. Customers should be able to quickly identify with your brand. Tell them why your products and services are right for their needs.

Other ways to promote yourself is through your accomplishments. Be sure to list any awards or nominations you have received. If you have not received any, ask your best customer to nominate you when the time comes. List any success stories you can share on your website and newsletter; this helps to establish creditability and shows off your experience. Don't be afraid to call yourself an expert. If you have the knowledge, skills, and experience, you are an expert - so let everyone know. Establishing a strong brand for your company or product by communicating a clear message and image you want to promote is key to effective self-promotion.

The Marketing Lady offers more strategies on self-promoting and branding on her website at www.themarketinglady.com. Click on free resources and download a copy.

Low Cost Ways to Promote Your Business

2007-10-06T19:49:00.000-05:00

Low Cost Ways to Promote Your Business

Promoting involves: all the tools available to communicate that your product or service exists. There are tons of methods you can use, some require a lot of money, but you don't have to break the bank to get the word out about your company.

Develop A Promotional Plan

Define objectives
To support sales increases
To encourage trial
To create awareness
To inform about a feature or benefit
To remind
To create an image
To change attitudes

Evaluate the different low cost tools

Business Cards/Flyers/Brochures
Use when you have special offer, pass out during events, post to bulletin boards, etc. Be sure they all have your logo, tag line, website, phone number.

News Releases
The media only want releases that have a clever angle or a hot topic. For example, if your salon just opened and you want the media to cover your grand opening, come up with an a catchy angle like, "New Salon Gives Makeovers to
Make You Look 10 Years Younger."

Networking
Networking is your opportunity to build relationships, and promote what you have to offer. Attend events or organizations where your target audience will be.

Public Speaking
Contact local organizations offer to speak about a topic you are knowledgeable in. If you'd rather jump out of an airplane than speak publicly, then join your local Toastmasters. Toastmasters will help you get over that fear and become a polished speaker. The cost to join Toastmasters varies with chapters, but you can expect to pay under $50.00 per year.

Discount coupons and giveaways
Discount coupons or giveaways can be used as incentives to get potential customers to try your services.

Online
1. Can't afford a website yet? Get a Myspace page.
It's free and a great way to showcase pictures of hairstyles, post tips, share information, and get potential clients from invited friends.
2. Blogging, forums and pod casting. More free tools to communicate your brand and connect with your target audience. Give advice and/or post comments.
3. List your website in free directories.

Email marketing and articles
Add a sign up link on your website or a sign up card near your reception area. Write articles on your areas of expertise and contact the editor of the local paper
and pitch your article.

Car advertising
For under $100 bucks you can purchase a magnetic plate to advertise your business on your vehicle.

Your business will likely show significant revenue increases in just a few months time with minimal effort and budget to promote. Without exposure, growth is limited.

For more "Low Cost Promotional Ideas" call The Marketing Lady at 469-287-1127 or visit her website.

Women Entrepreneur Resource

2007-08-26T20:17:00.000-05:00

I found this great resource for women entrepreneurs. The Bootstrapper.

What's missing from your marketing?

2007-08-01T15:39:00.000-05:00

I was recently speaking at a networking event in Dallas, TX when a small business owner approached me and asked, "what's missing from my marketing". This person owns a boutique women's clothing store that is not getting enough customer traffic into the store. I asked her what does she do in terms of marketing and promotions at the store. She responded with, a weekly coupon mailer, weekly newspaper ad and yellow pages listing.

My response:

If you are implementing marketing strategies on a monthly bases and not getting your expected results, it's time to do two things. First, start measuring the amount of customers your are getting from each activity to determine if you are getting a return on your investment. Do this by counting the number of coupons that customers bring in each month. It's hard to tell how many customers you are getting from your yellow page or newspaper ad unless you have a special phone number or coupon code.

Evaluate the number of households, location and other demographic information of your coupon mailer program. Be sure that the right type of customer is receiving the coupon. For example, if you sell clothing at a high price point, consider sending the coupons to households with women in high income brackets. In the weekly advertisement, add a statement to mention the ad and get a discount. What this does is provides an incentive for the viewer to come into your store and shop. It's also a way to track how well the program is doing. Evaluate your ad size and its location within the paper. Talk with your sales representative and let them know of your concerns about your ad with them. It is most likely, they will assist you in developing a more effective campaign.

The second thing you want to do is consider where your store is located. Are you in a strip mall, free standing building or a kiosks inside of a facility? What kind of customer traffic comes to that location? Are other retailers experiencing low traffic as well? Take an hour or so and evaluate your store's location. Evaluate the following areas:

The stores next to you - being next to a store with steady customer traffic is best.
General area traffic - if the overall traffic of your location is slow you might want to consider moving.
Accessibility - can customers easily get to your store? is there adequate parking?
General appearance of the area - your store might be in good shape but the shopping mall, parking lot, or surrounding buildings might not.

After re-evaluating these four areas, determine whether moving to a new location would help boost the sales and traffic you need. If all else fails, hire a marketing consultant to develop a marketing strategy to help you grow.

http://www.themarketinglady.com/

Promoting a Service

2007-06-05T11:49:00.000-05:00

I was recently consulting someone who launched a new concierges business where she will run errands for busy executives and business professionals. She is working on her website and marketing collateral, and wanted to know what else she should do to promote her services.

Here's my response.
You are headed in the right direction by establishing a web presence and printed marketing collateral. Promoting a product means getting customers to buy an organization’s product and, in most cases, to remain a loyal long-term customer. To communicate effectively, you need to understand the elements of the promotion mix which include advertising; used to build up a long-term image or get quick sales. Just starting out you may not have the budget right away to do a lot of advertising, but the greatest benefit of using advertising is the ability to reach a larger audience and repetition. Sales Promotion could be apart of your promotion mix. Use this to get a quicker buyer response or to boost sales during slow periods. Sales promotions are attention getters, incentive to buy, and an invitation to take action.

Public Relations is another way to promote your concierges service by using press kits, speeches, charity events, sponsorships, media, events, community relations. With PR you can build your credibility and get free media coverage. In your line of business you will be doing a lot of personal selling. This involves doing sales presentations, offering sales incentives, attending trade shows. You will use personal selling to establish long term relationships that lead to long-term customers. Start with establishing your objectives. Is it to increase sales, create an image, or create awareness? Once you have an idea of your objectives, and then evaluate the different promotional tools and chose the optimum mix of promotional methods. The final step would be to integrate it into your overall marketing communication program.

Post your marketing questions to The Marketing Lady.

My Favorite Marketing Resources

2007-03-27T00:34:00.000-05:00

Here is a list of some of my favorite marketing resources. Feel free to submit your favorite marketing resource.

MarketingProfs.com
American Marketing Association
Marketing Sherpa
Sponsorship.com
Marketing Terms
Clickz.com
Market Leap
Search Engine for Marketers

Marketing on a Tight Budget

2007-02-19T21:32:00.000-06:00

Lack of funds to do marketing is a common one with small business owners. Marketing is a much needed expense, but when your funds are low it is difficult to find ways to promote your business. When I first started The Marketing Lady, I was on a really tight budget as well. I had to find creative ways to maximize my dollars. The most successful way for me has been Pay Per Click Search Engine Marketing. I budget an amount each month that I am willing to spend and each time someone searches Yahoo and Google with key terms related to my field, money is subtracted from my account with each click. While you may not have the budget for monthly radio, T.V. or print ads, there are several low cost to no cost ways you can promote your services.

Flyers and brochures are affordable and can be used as a direct mail piece, placed in your information packet, or used during a tradeshow. Creating a news release and sending it to the media when you have some news worthy information is a great way to get free publicity. Be careful though. The media only wants releases that have a clever angle or a hot topic. Networking is your opportunity to qualify prospective customers, build relationships, and promote what you have to offer; best of all it is Free!

An online directory is like the phone book, but online. It contains categories of topics with listings of products and services. Most directories are free and you can include a website link for an additional fee. An e-newsletter promoting your services is a very effective way to reach your target market as well as potential clients. You can choose to send the newsletter weekly, bi-weekly or monthly, but be sure to include any special offers or discounts that are available. Always get permission to send an email newsletter to a customer.

Well you have it. Several low to no cost ways you can promote your business. So if your budget is low or you’re just getting starting, consider some of these marketing tactics to get some exposure for your business.

The Marketing Lady welcomes all marketing related questions and comments. You can email your questions to tmarketinglady@yahoo.com. Your response will be posted here on this blog, so check back regularly to read your answer. Due to spam problems, The Marketing Lady recommends that you type Marketing Question in the subject line and begin your letter using the salutation Dear Marketing Lady. The Marketing Lady is a small business marketing coach and consultant. Her website is www.themarketinglady.com.

Make the Most of Your Tradeshow Exhibit with an Effective Strategy

2006-10-09T10:56:00.000-05:00

If you’ve been thinking about ways to get in front of potential customers who would purchase your products, consider becoming an exhibitor at an industry tradeshow. I love attending tradeshows because this is when I have the opportunity to meet face-to-face with qualified buyers. The tradeshow producers have done the leg work to target and assemble individuals with specific needs; leaving me the opportunity to put my best foot forward. Attending tradeshows can be an effective marketing strategy for many business industries.

Don’t get me wrong! Just because you attend a tradeshow does not mean you will walk away with tons of business. A tradeshow can be a very expensive marketing investment; but if done correctly you may end the event with enough sales to cover your vendor fee and maybe even a few new contacts. Developing a strategy to get the most return on your tradeshow investment will require a great deal of preparation, creativity, and energy.

Making the most out of a tradeshow starts with picking tradeshows where qualified buyers of your products will be attending. If you provide insurance for small businesses, then attend a tradeshow that will target those buyers would be helpful. Qualified buyers are those who are more likely to purchase your products and they are in need of your services. Contact the tradeshow producers and ask questions like, “What is your expected number of attendees, how are you promoting the event to them, and what industries and job titles will be represented at the tradeshow?” Asking these simple questions will help you determine if you will meet some qualified buyers.

Once you’ve decided you should attend the event, there are pre-conference marketing activities you can implement if you have the budget. For example, get an ad in the pre-conference journal or on the tradeshow producer’s website. See if you can purchase the list of pre-conference registrations and send them a direct mail piece with your booth number to encourage them to stop by. Pick the best location possible for your display. I recommend close to the entry way and the front center aisles.

Choosing an exhibit stand depends on your budget, but you should always have eye catching display items. You will only have a few seconds to get someone’s attention as they walk by. All your marketing material and display items must have a clear and concise message so passer byes will quickly read your marketing message. Most attendees go to the exhibit hall to pick up free stuff or visit a particular vendor table. I remember a recent tradeshow exhibit hall I attended where the vendor had lounge chairs, computers, and TV monitors at their booth.

First, the chairs caught my eyes because my feet were killing me from all the walking; then it was the nicely laid out display area. Now, you may not have the budget to do all of this, but you can do creative things like having a magician, massage therapist, impersonator, games, prizes, or drawings to get someone’s attention. Drawings are great ways to gather customer information for future use. Maybe they won’t buy that day, but get permission to add them to an email list to be notified of future offers. You never know, they may become a customer soon after.

Depending on the size of the event, bring someone along with you to man the booth as you walk the aisle handing out flyers about special offers – for this event only. Please be respectful of other vendors and don’t steal people away from their tables. Tradeshows give you an opportunity to learn more about your competition. Walk the floor, visit their booths and pick up some of their literature. Ask them about what they offer. Be up front with them as to who you are because they are just as curious about your company as you are theirs. Pay attention to what kind of traffic their display gets and what activities they use to draw people to their table.

After the tradeshow is a pivotal time for follow up on the contacts you’ve made during the event. Go through all those business cards that were left at your table and send them letters in the mail thanking them for stopping by your table. Extend a special offer on your products to encourage them to buy. If they gave you permission to email them, request that they sign up for your newsletter to receive additional deals. Don’t forget to make follow up calls to those hot leads (people who said they would like a meeting or detailed discussion about your services).

You can make the most out of a tradeshow with an effective strategy. Just take the time to do a little research, creative thinking, and budgeting to get the most return on your investment.

Sign up for the Marketing Know-How bi-monthly newsletter to receive more tips and resources to grow your business. Visit my website at www.TheMarketingLady.com.

Image is everything! What’s your customer’s perception?

2006-05-09T11:03:00.000-05:00

When was the last time you took a long hard look at your company’s image? When customers visit your place of business or contact customer service, is your image something they take with them? Your company’s image is important to establishing repeat customers and loyal buyers. By definition, company or corporate image refers to how a company is perceived. It is a generally accepted image of what a company "stands for".

The image starts with brand identity. This consists of your logo, slogan, images, and colors that differentiate your company from competitors. When you see those golden arches, you should think of McDonald’s. The “M” and yellow and red colors are consistent throughout McDonald’s packaging, building, and decor. Another example of brand identity is the phrase “Just Do It” by Nike. The phrase appears on almost all advertisements. These all help establish a mental picture of your company to your customers and will help them remember your company first. Marketing collateral is a critical part of your company’s image and should be easily recognized by your customers. From your website to your business cards; the style, colors, message, and symbol should be consistent.

Good or bad customer service will have an effect on your company’s image as well. At Wal-Mart when you walk through the door, you are immediately greeted by someone and handed a basket. Customers know they can always expect a friendly face to greet them at the door. Customers will keep coming back if they receive great service. Bad customer service experiences will spread to others like wild fires. If potential customers hear bad things before they even experience the company’s products/services, the company will have a poor image. From the employee that answers the phone to the sales reps that visits potential buyers, the customer service level will establish an image. Your product itself must reflect your corporate image too. For example, if you sell high quality silk shirts for women, you will most likely be perceived as an upscale retailer.

Think about the last time you visited a website that did not look professional, did you want to buy from them? When you picked up the phone to call a plumber and heard a dog or laughter in the background, did you use their service? How about when you were at the last networking event and someone approached you with a wrinkled suit or worn out shoes, did you return their call?

A consumer will develop a set of beliefs about your company and its products and services. A company image should be consistent with the company's products and services. If it is not, potential customers may become confused about what the company stands for and will tend to reduce sales.

How to Establish an Effective Website

2006-04-24T19:53:00.000-05:00

Build it and they will come! That’s what most small business owners think when they put up their first website. Having a website will not get you clients unless you are making it work for you. If you want a return on your investment, you must establish a more effective web presence.

Now a day, having a website is as essential as having a business card or a listing in the Yellow Pages. A website can give you exposure to millions of people surfing the net or searching for products and services to purchase. Your website is a vital component in your marketing strategy and it does not have to cost an arm and a leg for you to use as a marketing tool.

There are a few factors you should consider when establishing a website. First, you must consider your website visitors. Because the internet is 24/7, you may have people coming to your website after business hours. Therefore, they should be able to find the information they need without having to call your company. Or, your visitors should be able to request for additional information directly from your site. Website visitors are either looking for information or they are ready to purchase your products. High speed is becoming the top choice among internet users. If your website is heavy with graphics or flash, it may take a visitor more than 5 seconds to load. You may lose visitors because of slow down time.

Website content is the next factor to consider. Information overload is very common because of how easy it is to access information on the internet. Your website’s content should be simple and briefly describe what you have to offer. If your website is optimized for search engines, be sure to include your main key words in the content pages of the site. Keep your content as current as possible. Visitors like to have something new and interesting to read. This can be done by simply posting company news, articles of interest, or recent testimonials from your customers.

Site navigation is how easy or hard it is to move around your website. I’ve been to many websites and clicked through the pages and found myself frustrated and lost. A difficult to navigate site will cost you sales or customer inquiries. Some sites with lots of information may need several navigational areas. This is o.k. as long as it flows well.

Finally there is functionality. This means special functions or features that help the visitors obtain the information they need and keep them coming back to your site. Examples are things like search features, online forums, downloadable documents, online transactions, call to action buttons, and refer a friend. These are just a few things to keep in mind when you are working with a web designer on the creation of your site. To learn more about effective websites, contact Tarsha Polk at www.themarketinglady.com.

Image is everything! What’s your customer’s perception?

2006-04-24T19:40:00.000-05:00

When was the last time you took a long hard look at your company’s image? When customers visit your place of business or contact customer service, is your image carried throughout? Your company’s image is important to establishing repeat customers and loyal buyers. By definition, company or corporate image refers to how a company is perceived. It is a generally accepted image of what a company "stands for".

The image starts with brand identity. This consists of your logo, slogan, images, and colors that differentiate your company from competitors. When you see those golden arches, you should think of McDonald’s. The “M” and yellow and red colors are consistent throughout McDonald’s packaging, building, and decor. Another example of brand identity is the phrase “Just Do It” by Nike. The phrase appears on almost all advertisements. These all help establish a mental picture of your company to your customers and will help them remember your company first. Marketing collateral is a critical part of your company’s image and should be easily recognized by your customers. From your website to your business cards; the style, colors, message, and symbol should be consistent.

Good or bad customer service will have an effect on your company’s image as well. At Wal-Mart when you walk through the door, you are immediately greeted by someone and handed a basket. Customers know they can always expect a friendly face to greet them at the door. Customers will keep coming back if they receive great service. Bad customer service experiences will spread to others like wild fires. If potential customers hear bad things before they even experience the company’s products/services, the company will have a poor image. From the employee that answers the phone to the sales reps that visits potential buyers, the customer service level will establish an image. Your product itself must reflect your corporate image too. For example, if you sell high quality silk shirts for women, you will most likely be perceived as an upscale retailer.

Think about the last time you visited a website that did not look professional, did you want to buy from them? When you picked up the phone to call a plumber and heard a dog or laughter in the background, did you use their service? How about when you were at the last networking event and someone approached you with a wrinkled suit or worn out shoes, did you return their call?

A consumer will develop a set of beliefs about your company and its products and services. A company image should be consistent with the company's products and services. If it is not, potential customers may become confused about what the company stands for and will tend to reduce sales.

Who Needs Coaching?

2006-03-02T15:04:00.000-06:00

Business owners are the perfect candidates for business coaching. Why? Because running a business or selling independently is no easy task. If you're human, you know that there are challenges you will face within yourself and your organization that must be overcome.

The most common reasons to work with a coach:

To set better goals - Set the best goals that will reflect your true values.

To reach your goals faster - By partnering with a business coach, you can reach your goals faster and with less stress.

To make significant changes - Sometimes we now a change has to be made or what changes need to happen, we just don't know how to do it.

To become more financially successful - Most people want to get their business on a strong financial track or come up with ways to fund a start-up. A business coach has knowledge about applying the concept of adding value, which can be the source of financial stability.

To get ahead professionally - Getting ahead is easier with professional guidance. Whether you need to improve your leadership skills or learn how to negotiate, a coach can help you get there.

To make better decisions - This is most important with business owners and professionals. Everyday we have tough choices to make. Coaching can help you learn how to make the best decisions for you.

To have someone to collaborate with - When you need someone to brainstorm with or toss a few ideas around, coaching can help you expand your thinking.

To increase revenue - Seeking to build your business? Coaching can help by supporting you to craft a business or marketing strategy to do so.

To be a better leader - Coaching can help you strengthen your leadership or entrepreneurial skills.

Business Coaching provides support to people who need assistance with identifying and reaching business and/or professional goals. In coaching, the client and the coach collaborate to achieve these goals. Coaching is an affordable solution for the entrepreneur who wants expertise and guidance through the planning process. Learn more about coaching at

Make Time for Marketing

2006-03-02T14:54:00.000-06:00

Most of the time we " find time” to do the things we know must be done. There's only 24 hours in a day, so the time you'll find will be taken away from sleep, family, or me time.
I don't know about you, but my list of things to do grows bigger everyday. But, what I've learned is to prioritize and make time for those things that are necessary to business growth.

Let’s first talk about managing your time. You can spend most of your day dealing with customer or employee issues and when you take a breath; the whole day has slipped by. Multi-tasking is an important skill to learn when you are a business owner. Having the ability to juggle a variety of things at one time will help you accomplish tasks quickly while allowing time for other things.

To manage your time more effectively, review the “to do” list and pick out the items that are urgent, necessary, and will generate revenue. Once you have done that, it will be clear how to prioritize your list. Marketing should be included in the category of generate revenue and you would want to generate revenue everyday if possible.

So, now that you have your priorities straight, here’s how you can make time for marketing. Hire interns from your local college to come in and help you with a specific marketing project. Students are eager to get experience in the field they are studying and sometimes it is for college credit. Think outside the box. You don’t have to dedicate an entire day to marketing. You can conduct marketing activities throughout the day.

When you go to the dry cleaners to drop off your clothes, ask the manager if you can leave business cards or flyers on the counter. Before or after a PTA meeting, inform attendees when your store is having a big sale. While on the phone with a customer, ask him or her if they know of someone else who may need your services. And of course, you can hire a marketing expert to implement marketing activities for you.

These are just a few ways you can make time for marketing while you are doing other things. I’d like to hear from you some ways you have made time for marketing. Post your comments here.

Do I Need a Business Plan?

2006-01-11T22:24:00.000-06:00

Do I need a business plan?

By Palo Alto Software, Inc.

Not everyone who starts and runs a business begins with a business plan, but it certainly helps to have one. If you are seeking funding from a venture capitalist, you will certainly need a comprehensive business plan that is well thought out and demonstrates sound business reasoning.

If you are approaching a banker for a loan for a start-up business, your loan officer may suggest a Small Business Administration (SBA) loan, which will require a business plan. If you have an existing business and are approaching a bank for capital to expand the business, they often will not require a business plan, but they may look more favorably on your application if you have one.

Reasons for writing a business plan include:

Support a loan application

Raise equity funding

Define objectives and describe programs to achieve those objectives

Create a regular business review and course correction process

Define a new business

Define agreements between partners

Set a value on a business for sale or legal purposes

Evaluate a new product line, promotion, or expansion

What's in a business plan?

A business plan should prove that your business will generate enough revenue to cover your expenses, but a business plan may vary depending upon whom your audience is. If you are writing a plan for your colleagues and partners, for example, to expand an existing business, then the focus of that plan may be more operational than financial. Yes, you are going to show your partners how this expansion will mean more revenues, but they are going to want to know the nuts and bolts of how this new venture is going to be implemented.

If you are writing a business plan for a bank, your bank manager will want to see that your ideas are well thought out, but the most important aspect to him or her will be your financials. Are your assumptions realistic? And will the cash flow of the business be enough to ensure that you can make the monthly payments for the loan that you have requested? If your business is making $1,000 a month and your payments are $1,200 a month, the bank is likely to turn you away.

When considering an investment opportunity, most venture capitalists look at the obvious trends and market niches. Transcending the business elements, however, the most important factor in a decision to invest in a company is the quality of the people. In real estate, the three biggest criteria are "location, location and location." The venture capital axiom is "people, people and people." VCs will ask, how experienced are the people that are going to run this business? Do they have knowledge of the industry? Have they started successful ventures in the past?

What makes a successful business plan?

Presents a well thought out idea

Contains clear and concise writing

Has a clear and logical structure

Illustrates management's ability to make the business a success

Shows profitability

Bringing it all together...

Your business plan is like your calling card, it will get you in the door where you'll have to convince investors and loan officers that you can put your plan into action. You want your calling card to look impressive, so make sure your business plan is printed out on good quality paper, you have checked the spelling and grammar and that your numbers add up. Anyone who sees errors while reading your plan will wonder whether you are going to make similar errors in running your business.

A great business plan is the best way to show bankers, venture capitalists, and angel investors that you are worthy of financial support. Make sure that your plan is clear, focused and realistic. Then show them that you have the tools, talent and team to make it happen.

Goals: First Steps to Success

2006-01-11T21:04:00.000-06:00

One of the most important things you’ll do for your business is establishing realistic goals. Most people don’t write their goals down or create action plans to achieve them, because they are afraid of failure or do not know how to attain them. With only a few weeks into the New Year, now is the time to sit down and think about how you can achieve business success. Creating your goals is not hard at all, but it may require some assistance from a coach or business consultant if you are not focused.

Webster’s dictionary defines goal as the end toward which effort is directed. Getting to that end involves some thinking and planning on your part. So, review your vision for your company and take a moment to reflect on the previous year. What didn’t you accomplish? What changes do you need to make? Who can support you to make these changes? Based on the vision you have for your company, list 3-5 goals you want to achieve. You should establish short-term and long-term goals. Short-term goals could be where you would like your business to be in 1 year and a more long-term goal would be in 5-10 years. Goals are important to set because they let you know what you are working towards and lets you know when you have gotten there.

Here are some things to consider when setting your goals.
Go for what you want to achieve. You may want to increase sales by 20% in 2006. Writing them down not only helps you remember, but allow you to track your progress throughout the year.

Organize your time and resources. Take a look at what takes up most of your time and how that may affect your planned goals. Small business owners especially, need to manage their time more effectively because of the many responsibilities they have daily. Most of us do not utilize the resources we already have available to help us achieve success.

Assign priorities. What goals where not achieved in 2005 that you need to work on in 2006? Put them at the top of your list. Determine which goals can be attained sooner and put those at the top of the list.

Leave distractions behind. It’s difficult to stay focus on your goals with so much going on in your personal and professional life. I’ve seen many business owners set goals and not take action because of distractions.

Stay S.M.A.R.T. Specific, Measurable, Attainable, Realistic, and Timely. Your goals should be well defined and you should know when they have been achieved. Goals that are way out of your reach my not be attainable because they are not within the availability of your time and resources. Finally, you should be able to achieve these goals within a reasonable amount of time.

There is no time like now to look back on last year and set some serious goals for success. Stop right now and get clear on what you want to accomplish. Achieving success is within your reach.

E-Marketing & The Microenterprise

2005-12-02T13:41:00.000-06:00

As an Internet Marketer, I feel it is my duty to inform micro to small business owners about the benefits of email marketing as part of your marketing strategy. But, before I get into some benefits, lets talk about a few things you should be aware of.

First of all, be familiar with CAN-SPAM. The CAN-SPAM Act of 2003 (Controlling the Assault of Non-Solicited Pornography and Marketing Act) establishes requirements for those who send commercial email, spells out penalties for spammers and companies whose products are advertised in spam if they violate the law, and gives consumers the right to ask emailers to stop spamming them. For more information click here. In a nutshell, this means, do not send emails to individuals/groups advertising or promoting your products and services unless you have permission to do so.

If you attend a tradeshow and collect several business cards from a drawing, make sure you also have a sign up sheet for those who want to receive your newsletter, coupons, ads, etc. Just because they left you their business card does not mean they want SPAM from your company. Get to know the terms opt-in/out. Opt in means that someone has signed up on your website or sign in sheet giving you permission to email them information about your services. Opt-out means they previously opted in, but no longer want to receive information from you.

Secondly, invest in a email newsletter service so that you can have professional looking HTML or Text-based email messages sent to your opt-in list. Services from Constant Contact is very affordable and starts at $20 per month. If you choose to use your outlook or other email service, be sure to send a blind email when sending to a distribution list. What is a blind email? Here's an example of an email I would send in outlook to 50 people:

To: tmarketinglady@yahoo.com
Cc:
Bcc: 1234@abc.com, 567@abc.com, 211@abc.com

By putting your own email address in the " To " line and the recipients in the " Bcc " line, this will avoid everyone on your list from seeing others email address. Not only is this thoughtful, but people will appreciate you protecting their privacy.

Now, the benefits of using e-mail marketing in your marketing strategy.

Low cost - using email marketing is less expensive then using print, radio, or TV advertising to promote your products.
Better metrics - it is sometimes difficult to determine if a customer coming to your store came in because of an ad, but with an email marketing program with built in tracking, you can see how many people opened your special offer, how many clicked on the coupon, and how many clicked through to your website or landing page.
DIY - you can do it yourself. Most all email marketing services come with built in templates you can choose from. All you have to do is type in your text and upload any images. If you do not have any of the templates or want the newsletter to look like your site, hire a web designer to make you a custom template and upload it to your email service.
Targeted information - with email marketing, you target each group with different messages. For example, your list may contain customers who purchased from you in the past and ones who have not. You can segment your list into 2 groups and send customer loyalty discounts to previous customers.

Now that was just a brief overview of e-mail marketing. Using it is not difficult at all, but if you do not have the time to manage your email campaign, hire a consultant like myself to work with you.

Tarsha
www.themarketinglady.com

Importance of Website Navigation

2005-11-26T14:13:00.000-06:00

When people hear the term “navigation” today, they usually associate it with GPS and that map display that comes with most systems giving you turn-by-turn directions and current location. Let’s face it; with most websites today this would come in quite handy.

Website navigation is the key to finding the information you need with ease. In a time where accessing information quickly has a direct correlation to repeat visitors, it is vital for a website to have good navigation, so that people will not become frustrated and leave the site. Simply put, users want an easy way of getting around to find what they need or learning about the site.

The navigation makeup of a site includes menus, hypertext links, icons, buttons, and search engines. These tools enable users to move about the site in search of information. The ultimate objective of great website navigation is to have a good idea of what the website is about without having to click through several pages. If the navigation is simple to comprehend, the user will probably stay on the site longer and return because of the ease of use.

If you’re objective is to travel from Los Angeles to San Francisco, you wouldn’t go through Texas to get there. This is exactly the scenario difficult navigation would yield. Users may perceive that a website is hard to navigate if it does not have a good flow. Flow means that the user has a seamless interaction with each click of the mouse. For example, if I click on shop, the page should display all options related to shopping and guide me by asking or giving choices. A good flowing website will allow you to go from one place to another without going back to the main page. Attention is also important to navigation. If a website has a lot of content and the user has to read it before knowing where to go, this might be perceived as complex.

Companies should consider how users would navigate through their site when creating the web pages. Remember, navigation is useful because it helps users easily move through a site. Easy navigation can save users time and frustration. To learn more about how website navigation can improve your website stickiness, click here.

Low Cost Marketing

2005-11-20T16:27:00.000-06:00

Many small business owners do little to no activities to promote their products and services. But, ask yourself this, "If I don't promote my services, how will people know what I have to offer?" We are all consumers and everyday we see or hear ads promoting ones product or service. Well, you may not have the budget for monthly radio, TV, or print ads; but there are several low cost ways you can promote your services.
The most common ways are:
Flyers & Brochures
News Releases
Networking
Public Speaking
Discount Coupons
Online Directories
Newsletter & Articles

Flyers & brochures - are affordable and can be used as a direct mail piece, used in your information packet, or used during a tradeshow. Sometimes this can run you a few hundred dollars if you hire someone to do them for you, or one of my favorite do-it-yourself service is from Vista Print.

News Releases-creating a news release and sending it to the media when you have some news worthy information is a great way to get free publicity. Be care though. The media only want releases that have a clever angle or is a hot topic. If your store just got a new arrival of silk shirts by a top designer, don't send out a news release mentioning it. Try to come up with an angle instead.

Networking - anyone who provides products or services should be networking; whether its at your local chamber or local organization. Networking is your opportunity to qualify prospective customers, build relationships, and promote what you have to offer.

Public Speaking-not many people have the guts to get up in front of a crowd and start talking about their business, but this is a low cost way to promote what you have to your target market. If you'd rather jump out of an airplane than speak publicly, then join your local Toastmasters. Toastmasters will help you get over that fear and become a polished speaker.

Discount coupons - you've seen them! On your door knob, on the counter at your local store, or in the mail. Discount coupons or offers can be used as incentives to get potential customers to try your products or come into your store.

Online directories - an online directory is like the phone book, but online. It contains categories of topics with listings of products and services. Most directories are free and you can include a website link for an additional fee. Here are some to consider: Open Directory Nati onal Directory
Newsletters and articles - create your own monthly newsletter promoting your services. Be sure to include any special offers or discounts that are available. Always get permission to send an email newsletter to customers. You can obtain permission by having a sign up link on your website or a sign up card near your cash register. My favorite is Constant Contact.