Branding a small business is a must if you want to succeed in a competitive world. The importance of branding a business disregarding its size is based on not only real benefits, products and services that your business possesses, but also an image concept that all businesses should keep in mind.
From color business cards to global business identity, depending on how effectively you brand your business, the more or the less opportunities of success will knock at your door. The reason why large companies brand their businesses is because they know this is the best way to differentiate their products and services from their competitors while creating a corporate image.
Many small business owners believe it is not necessary to development a corporate image, particularly those whose business integrate just a few individuals as staff, or even when they own a one-man business, using the internet for selling or promoting their professional services. However, even a small business should utilize the same principles as the large enterprises to brand their business.
Furthermore, if your business has business cards, stationary and other branded elements along with a matching website, you will not only create a corporate image, but also loyal relationships with your customers and prospective customers, who will find more reliability with a small business with these characteristics, than others without a professional look and feel.
Because you only have the opportunity to impress new customers once, you should make sure that this impression is a positive and lasting introduction and handshake, only possible if you brand your business conveniently and professionally. There is no need to spend thousand of dollar to achieve it, but do not go to the other extreme using uneven elements.
Small businesses should be aware of the elements that will make their brand unique and recognizable, including consistency between online and printed elements, such as your logo, signage, business cards and even a slogan that helps people understand at a glance your business's mission statement.
Effective branding must achieve these goals; be consistent and never differing, carrying the same logo, colors, slogans and statements through to every element of your business, all of them always visible and unique, hence the need to avoid elements that anyone can find anywhere such as free or cheap clipart.
Creating your brand, whatever your budget requires a business plan to have a solid appreciation on whom your customers will be and what can you do to serve them. This is not only a matter of elegant stationary or catchy business cards; it is the most important deployment of a small business for an eventual growth in future terms.
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Showing posts with label Small Business. Show all posts
Showing posts with label Small Business. Show all posts
Wednesday, April 24, 2019
Tuesday, April 16, 2019
Unlocking the Value of Your Customers
One of the greatest thrills in business is acquiring a new customer. Many businesses are too caught up in the excitement of acquiring new customers that they do not spend enough time or money on unlocking the value of their existing customer base. It surprises me how often business fail to regard their existing customers as one of their most valued assets.
There may not be the same excitement in getting orders from existing customers, BUT this is where the real profits are made. It is generally accepted amongst most marketing experts that it costs at least five times more to acquire a new customer than it does to get an order from an existing customer. There are many ways that you can unlock the value of your existing customer base and in this article, I will explore some of those ways with you.
The first thing a business needs to do is develop the mindset that their customer base is their most valuable asset. Customers need to be treated like gold because that is what they are to your business. Responding to the needs of your existing customers must take priority over prospecting for new customers.
To unlock the value of your customers requires that you have a range of products that will fulfil their needs. Products should be carefully chosen to ensure they are of the right quality and will meet customer needs. Your customers will often tell you what they need if you listen to them carefully and with respect. This can save you a lot of time and cost in market testing of new products.
Stay in contact with your customers. There are a variety of ways to do this and the Internet provides a cost effective means to do so. A regular newsletter for customers providing them with useful information is the most common way. However, you need to know what your customers want to make this truly effective.
Gather the preferences of your customers and monitor their buying habits. This can provide you with very valuable information. To get valuable ideas, look at some of the things Amazon does. For example, Amazon allows people to subscribe to updates on various different types of books and products. That way, they are able to provide information on a regular basis that the customer is interested in.
Amazon also had an author update service. You tell them who your favourite authors are and, whenever there is anything new by that author, you receive an email notification. They also have a facility that suggests other titles or products you may be interested in. This is based on what you are considering purchasing and what others who purchased the same item also purchased.
Do these features generate more sales from their existing customers? You bet they do! How can you use these concepts to unlock the value of your customers?
Consider ways that you can make it easy for your customers to re-order. Simple things such as not having to fill in all their details again on the order form help. That way, customers only need to advise you of changes to their details and the order process is a lot quicker.
Regularly review your customers' buying habits. This can reveal information on offers that you can make that meet their needs. Providing them with a solution to their problem will lead not only to further sales but also strong goodwill.
Customer service can be one of your strongest weapons in the battle to retain your customers. Make every effort to personalise responses to customer enquiries. Do not send standard form emails if you can avoid it. While this will take more time, the rewards will be far greater.
Be quick to honour guarantees. This will show that you mean what you say and will build strong credibility. Too often, tardiness and slow responses lead to lost credibility and lost future value of a customer. When you are treating your customers as the most important people to your business, they will find the experience rewarding and will return often.
Each business is different and has its own specific ways that can generate greater value from their existing customer base. Through this article, I hope I have helped you to start thinking more about how you can unlock the value of your customers.
Remember, the more you put into looking after your business's major asset, the more profit you will make. A side benefit is that your customers may even refer their friends and associates to your business resulting in a steady flow of new customers with a very small customer acquisition cost.
There may not be the same excitement in getting orders from existing customers, BUT this is where the real profits are made. It is generally accepted amongst most marketing experts that it costs at least five times more to acquire a new customer than it does to get an order from an existing customer. There are many ways that you can unlock the value of your existing customer base and in this article, I will explore some of those ways with you.
The first thing a business needs to do is develop the mindset that their customer base is their most valuable asset. Customers need to be treated like gold because that is what they are to your business. Responding to the needs of your existing customers must take priority over prospecting for new customers.
To unlock the value of your customers requires that you have a range of products that will fulfil their needs. Products should be carefully chosen to ensure they are of the right quality and will meet customer needs. Your customers will often tell you what they need if you listen to them carefully and with respect. This can save you a lot of time and cost in market testing of new products.
Stay in contact with your customers. There are a variety of ways to do this and the Internet provides a cost effective means to do so. A regular newsletter for customers providing them with useful information is the most common way. However, you need to know what your customers want to make this truly effective.
Gather the preferences of your customers and monitor their buying habits. This can provide you with very valuable information. To get valuable ideas, look at some of the things Amazon does. For example, Amazon allows people to subscribe to updates on various different types of books and products. That way, they are able to provide information on a regular basis that the customer is interested in.
Amazon also had an author update service. You tell them who your favourite authors are and, whenever there is anything new by that author, you receive an email notification. They also have a facility that suggests other titles or products you may be interested in. This is based on what you are considering purchasing and what others who purchased the same item also purchased.
Do these features generate more sales from their existing customers? You bet they do! How can you use these concepts to unlock the value of your customers?
Consider ways that you can make it easy for your customers to re-order. Simple things such as not having to fill in all their details again on the order form help. That way, customers only need to advise you of changes to their details and the order process is a lot quicker.
Regularly review your customers' buying habits. This can reveal information on offers that you can make that meet their needs. Providing them with a solution to their problem will lead not only to further sales but also strong goodwill.
Customer service can be one of your strongest weapons in the battle to retain your customers. Make every effort to personalise responses to customer enquiries. Do not send standard form emails if you can avoid it. While this will take more time, the rewards will be far greater.
Be quick to honour guarantees. This will show that you mean what you say and will build strong credibility. Too often, tardiness and slow responses lead to lost credibility and lost future value of a customer. When you are treating your customers as the most important people to your business, they will find the experience rewarding and will return often.
Each business is different and has its own specific ways that can generate greater value from their existing customer base. Through this article, I hope I have helped you to start thinking more about how you can unlock the value of your customers.
Remember, the more you put into looking after your business's major asset, the more profit you will make. A side benefit is that your customers may even refer their friends and associates to your business resulting in a steady flow of new customers with a very small customer acquisition cost.
Use Your Business Entities to Brand Yourself!
How do you establish an effective brand? Branding--creating a distinctive corporate identity for your business--is critical to your success as an entrepreneur. You can, and must, use the process of setting up and managing your business entities to establish your own distinctive brand.
The world's greatest companies have mastered this art of branding. You don't need even need to to see the name of the company to recognize the Mercedes or MacDonald's logo, so effectively have these companies imprinted their identity into the minds of the consumer.
But branding is not just about a logo. It's also about making sure that you have a consistent identity, one that is reflected in your website, your stationery--all communications with the public. Individual entrepreneurs often use a haircut, accessories, even style of dress-as the "Man in Black" Johnny Cash did--to imprint their identity into the minds of the public. Even a small business owner doing business on eBay will profit from having a consistent, memorable image as an established, reliable firm associated with expertise in its niche.
You can use the process of structuring your business (see our newsletter) to start building a strong brand. Whether you are establishing an LLC or a corporation or other entity, you will want to follow a number of steps to make sure that your structures will build a strong foundation for your brand.
I recommend that you follow the sequence below:
1. Make a list of several possible names for your company that reflect your area of expertise and your USP--"Unique Selling Proposition". Number them 1 to 5 or even 10 in order of priority.
2. Check with the U.S. Patent and Trademark Office ( http://www.uspto.gov/main/trademarks.htm (or the Intellectual Property Office in the country where you live if you live outside the United States) to make sure that you have not selected a name, one you might soon be using in a potential trademark, that is already taken. Running a search is an easy matter on the internet. If you find that the name or mark is already taken by someone engaged in a line of business close to your own, make a note of it and move on to check the next name on your list.
3. Conduct a similar search on the web site of your state's or province's authority for establishing corporations--in most cases, the Secretary of State. If you are considering setting up a Nevada corporation or LLC, be sure to do the same both in Nevada (https://esos.state.nv.us/SOSServices/AnonymousAccess/CorpSearch/CorpSearch.aspx) and in your home state or province. You can find the appropriate authority in your state easily by doing a search on Google.
Make sure that you check both the LLC and the Corporation databases. There could be a corporation with a very similar name to the one you want to use for your LLC that your sate authorities might not catch if the corporation and LLC divisions are separate. Too close a similarity with the name of an entity of a different type will cripple your efforts to establish a distinctive brand and could cost you in the long term. Years ago the Body Shop did not bother to do this checking outside of California, and ended up being forced to change their name when challenged by a more successful business started earlier with a similar name years later.
4. Next, conduct a search on the fictious names (or DBA "doing business as") registry of your county or other local jurisdiction. Once your make a decision on a name for your entity, if you are using anything other than your own name or a name that clearly indicates exactly what you are doing (something other than Mary Jones Plumbing, for example) or if you add something like "Associates" to your name, you will need to file a fictitious name statement with the County Clerk. There is usually a nominal fee associated with doing this, but Don't think of this as an annoyance. It is actually an effective way establish your exclusive claim to the use of your DBA.
By the way, you'll also need to check with your municipal government to see if you need to register to do business in their jurisdiction. This will no doubt cost something, but it is an essential part of doing business. I prefer to think of it as yet another opportunity to brand myself in the mind of the public.
5. Check with a web domain registrar (such as LuckyRegister.com) to see if your preferred name or names are available. If your first choice is not available as a .com or .net or other common domain type, you now have the option of setting up a .ws (for web site) domain. You can do that at: http://www.azurpacific.ws. Or, you can choose a variant like xxxxxonline.com or xxxxxxlive.com. Go ahead and purchase the domain names that correspond to your preferred business name. Even if you don't use it, domain names are valuable virtual real estate these days--you might be approached to sell one of the names you've purchased later and make a tidy profit!
6. Select your preferred name and reserve it with your state authority. Sometimes the entity formation process can take longer than expected, and you want to be sure that the name is reserved exclusively for you long enough for your structure to be put in place. The reservation is good for a certain period of months or days.
7. Be sure to register your preferred entity name as a DBA or fictitious name if required by your regional authority.
Once your entity is in place, you're ready to brand yourself by developing a memorable graphic logo, ordering your professional stationary, and getting your web site developed around your new corporate identity.
There is, of course, much more you can do to build your brand. Kim Castle's free BrandU newsletter is an excellent resource that I highly recommend. You can sign up for it free at <a href="http://click-here-4.info/?i=46693/">www.WhyBrandU.com</a>.
Copyright 2006 Azur Pacific Associates
http://admarket.sale
The world's greatest companies have mastered this art of branding. You don't need even need to to see the name of the company to recognize the Mercedes or MacDonald's logo, so effectively have these companies imprinted their identity into the minds of the consumer.
But branding is not just about a logo. It's also about making sure that you have a consistent identity, one that is reflected in your website, your stationery--all communications with the public. Individual entrepreneurs often use a haircut, accessories, even style of dress-as the "Man in Black" Johnny Cash did--to imprint their identity into the minds of the public. Even a small business owner doing business on eBay will profit from having a consistent, memorable image as an established, reliable firm associated with expertise in its niche.
You can use the process of structuring your business (see our newsletter) to start building a strong brand. Whether you are establishing an LLC or a corporation or other entity, you will want to follow a number of steps to make sure that your structures will build a strong foundation for your brand.
I recommend that you follow the sequence below:
1. Make a list of several possible names for your company that reflect your area of expertise and your USP--"Unique Selling Proposition". Number them 1 to 5 or even 10 in order of priority.
2. Check with the U.S. Patent and Trademark Office ( http://www.uspto.gov/main/trademarks.htm (or the Intellectual Property Office in the country where you live if you live outside the United States) to make sure that you have not selected a name, one you might soon be using in a potential trademark, that is already taken. Running a search is an easy matter on the internet. If you find that the name or mark is already taken by someone engaged in a line of business close to your own, make a note of it and move on to check the next name on your list.
3. Conduct a similar search on the web site of your state's or province's authority for establishing corporations--in most cases, the Secretary of State. If you are considering setting up a Nevada corporation or LLC, be sure to do the same both in Nevada (https://esos.state.nv.us/SOSServices/AnonymousAccess/CorpSearch/CorpSearch.aspx) and in your home state or province. You can find the appropriate authority in your state easily by doing a search on Google.
Make sure that you check both the LLC and the Corporation databases. There could be a corporation with a very similar name to the one you want to use for your LLC that your sate authorities might not catch if the corporation and LLC divisions are separate. Too close a similarity with the name of an entity of a different type will cripple your efforts to establish a distinctive brand and could cost you in the long term. Years ago the Body Shop did not bother to do this checking outside of California, and ended up being forced to change their name when challenged by a more successful business started earlier with a similar name years later.
4. Next, conduct a search on the fictious names (or DBA "doing business as") registry of your county or other local jurisdiction. Once your make a decision on a name for your entity, if you are using anything other than your own name or a name that clearly indicates exactly what you are doing (something other than Mary Jones Plumbing, for example) or if you add something like "Associates" to your name, you will need to file a fictitious name statement with the County Clerk. There is usually a nominal fee associated with doing this, but Don't think of this as an annoyance. It is actually an effective way establish your exclusive claim to the use of your DBA.
By the way, you'll also need to check with your municipal government to see if you need to register to do business in their jurisdiction. This will no doubt cost something, but it is an essential part of doing business. I prefer to think of it as yet another opportunity to brand myself in the mind of the public.
5. Check with a web domain registrar (such as LuckyRegister.com) to see if your preferred name or names are available. If your first choice is not available as a .com or .net or other common domain type, you now have the option of setting up a .ws (for web site) domain. You can do that at: http://www.azurpacific.ws. Or, you can choose a variant like xxxxxonline.com or xxxxxxlive.com. Go ahead and purchase the domain names that correspond to your preferred business name. Even if you don't use it, domain names are valuable virtual real estate these days--you might be approached to sell one of the names you've purchased later and make a tidy profit!
6. Select your preferred name and reserve it with your state authority. Sometimes the entity formation process can take longer than expected, and you want to be sure that the name is reserved exclusively for you long enough for your structure to be put in place. The reservation is good for a certain period of months or days.
7. Be sure to register your preferred entity name as a DBA or fictitious name if required by your regional authority.
Once your entity is in place, you're ready to brand yourself by developing a memorable graphic logo, ordering your professional stationary, and getting your web site developed around your new corporate identity.
There is, of course, much more you can do to build your brand. Kim Castle's free BrandU newsletter is an excellent resource that I highly recommend. You can sign up for it free at <a href="http://click-here-4.info/?i=46693/">www.WhyBrandU.com</a>.
Copyright 2006 Azur Pacific Associates
http://admarket.sale
Tuesday, February 26, 2019
Advertising: Relationships vs Business Decisions
Successful businesses know the importance of building and maintaining good working relationships, whether it is with partners, employees, business or trade organizations, the government, media representatives, vendors, consumers, or the community at large. A business must carefully balance the benefits of these interpersonal relationships and should never allow these relationships to blind their judgment especially when it relates to what is in the best interest of the business's continued success and growth
Buying advertising media based on interpersonal relationships is a common mistake made by many small businesses. This strategy throws the business's strategic marketing plan into the winds of chance in exchange for the warm and fuzzy feelings that come with doing business among friends. However, when the smoke clears the business has made costly advertising expenditures with little or no results and the long term negative effects may not readily be seen. Simply, the marketing / advertising expenditures have been made, the budget may or may not be busted, and the results may be none to little measurable penetration into the business's target demographic market segment.
Is buying media from a friend in the business always bad? No, however in order to choose the most effective media channels a business must first consider the audience or customer it is trying to reach. Developing a strong sense of the target demographics' buying and shopping patterns, interests and hobbies, entertainment and media choices for example will lend itself a tremendous benefit to making informed media buying choices. Once the advertising business has developed a strong sense of what media channels may prove to be the most effective it should try each a little at a time carefully tracking the results of each. Once this is complete the business will be able to make an educated decision on where to invest its marketing dollars, prioritizing expenditures into the mediums that have proven results for the business.
It is true that strong interpersonal relationships skills and the ability to develop and maintain good working relationships with a variety of people, businesses, and other organizations are imperative in today's business environments. However, the importance of a well designed and implemented strategic marketing plan can not be understated and is paramount to the business's development and longevity never taking second seat to friendship.
Buying advertising media based on interpersonal relationships is a common mistake made by many small businesses. This strategy throws the business's strategic marketing plan into the winds of chance in exchange for the warm and fuzzy feelings that come with doing business among friends. However, when the smoke clears the business has made costly advertising expenditures with little or no results and the long term negative effects may not readily be seen. Simply, the marketing / advertising expenditures have been made, the budget may or may not be busted, and the results may be none to little measurable penetration into the business's target demographic market segment.
Is buying media from a friend in the business always bad? No, however in order to choose the most effective media channels a business must first consider the audience or customer it is trying to reach. Developing a strong sense of the target demographics' buying and shopping patterns, interests and hobbies, entertainment and media choices for example will lend itself a tremendous benefit to making informed media buying choices. Once the advertising business has developed a strong sense of what media channels may prove to be the most effective it should try each a little at a time carefully tracking the results of each. Once this is complete the business will be able to make an educated decision on where to invest its marketing dollars, prioritizing expenditures into the mediums that have proven results for the business.
It is true that strong interpersonal relationships skills and the ability to develop and maintain good working relationships with a variety of people, businesses, and other organizations are imperative in today's business environments. However, the importance of a well designed and implemented strategic marketing plan can not be understated and is paramount to the business's development and longevity never taking second seat to friendship.
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