We are back to discussing sales or more specifically, your market. A key part of any business plan is the marketing section. The plan lays out the exact market your business operates in both functionally and geographically. Your target market is defined and a good marketing section will have detailed planning for how to reach that target market. Also defined is your competition and how your business compares listing both strengths and weaknesses. We like to do a SWOT analysis with a TOWS matrix whenever possible when creating a business plan to help us define the businesses strengths and weaknesses as well as the competitions. If you aren't sure what a SWOT analysis is with a TOWS matrix, check us out next week!
While most small businesses define their target market and examine their competition at start-up, not all continue the process. We think it is very important for you to take a fresh look at who your target market really is each year as opposed to who you thought they would be. Sometimes the target market shifts and sometimes your assumptions as to who they will be turn out to be wrong. Knowing who is buying your products now is very important when determing how to reach new customers. It is also important to look at your competition on a regular basis and see what changes have occurred with them.
Major corporations devote a significant amount of time and money each year in strategic planning and small businesses should commit some time and money to this endeavor as well. Understanding who you are selling to and who else is offering the same products and services is very helpful when planning your marketing and your operations.
Showing posts with label marketing. Show all posts
Showing posts with label marketing. Show all posts
Monday, November 7, 2011
Thursday, September 30, 2010
10 Tips for Working a Room
Networking is an essential part of every Marketing Strategy. Learn how to do it well and make it a productive use of your time.
1. Plan ahead. Put not only the event on your calendar, but block off time the following day to follow up and connect with the people you met.
2. Prepare. Dress appropriately, wear your name tag (on the right side!), have your business cards ready, plan your introduction.
3. Brush up on your small talk. Know the main news topics and have a few anecdotes, interesting books or articles, something on your reading list in your head.
4. Put on your smile, practice a good handshake, and remember to be focused on one person at a time. People want to talk to people who are pleasant and have a welcoming attitude.
5. Position yourself. Notice the flow of traffic and position yourself in a place that allows you to see who is coming and going and to be seen by others. You are not having a romantic dinner, so do not allow yourself to disappear into the corners of the room.
6. Know your goal. It is never my goal to gather as many business cards as possible. Instead, I make a point of meeting 2-3 new people and having a meaningful conversation with them and then reconnecting with 2-3 people that I already know.
7. Be customer focused. Ask questions about them. Get a conversation going, not a one-way monologue. Try to identify their needs. Figure out how you can help them.
8. Don't monopolize their time. 10 minutes is plenty of time to have a discussion and move on politely.
9. Introduce people. Everyone is at a networking event for the same reason, so introducing people is another way of being helpful. Think of yourself as a host in this respect.
10. Follow up with your new contacts. Connect on social media, set up a lunch, follow through immediately on any promises that you made. Meeting someone new is the initial goal. It is the follow up that begins the process of building a meaningful relationship.
Anything you would add to this list?
1. Plan ahead. Put not only the event on your calendar, but block off time the following day to follow up and connect with the people you met.
2. Prepare. Dress appropriately, wear your name tag (on the right side!), have your business cards ready, plan your introduction.
3. Brush up on your small talk. Know the main news topics and have a few anecdotes, interesting books or articles, something on your reading list in your head.
4. Put on your smile, practice a good handshake, and remember to be focused on one person at a time. People want to talk to people who are pleasant and have a welcoming attitude.
5. Position yourself. Notice the flow of traffic and position yourself in a place that allows you to see who is coming and going and to be seen by others. You are not having a romantic dinner, so do not allow yourself to disappear into the corners of the room.
6. Know your goal. It is never my goal to gather as many business cards as possible. Instead, I make a point of meeting 2-3 new people and having a meaningful conversation with them and then reconnecting with 2-3 people that I already know.
7. Be customer focused. Ask questions about them. Get a conversation going, not a one-way monologue. Try to identify their needs. Figure out how you can help them.
8. Don't monopolize their time. 10 minutes is plenty of time to have a discussion and move on politely.
9. Introduce people. Everyone is at a networking event for the same reason, so introducing people is another way of being helpful. Think of yourself as a host in this respect.
10. Follow up with your new contacts. Connect on social media, set up a lunch, follow through immediately on any promises that you made. Meeting someone new is the initial goal. It is the follow up that begins the process of building a meaningful relationship.
Anything you would add to this list?
Thursday, March 25, 2010
Social media for small businesses
Beth and I are in the process of updating our marketing plan including changes to our website and increasing our knowledge and abilities with social media. It is a sometimes frustrating and daunting task, but we feel it is important not only for our own business but also for us to be able to help our small business clients. We have been tweeting for a while, but with the encouragement of one of our clients who is a social media star, we have set up a Facebook Fan page. You can check us out at E&S Entrepreneur Advisors on Facebook http://bit.ly/9nYw6Q. We attended a great presentation on Twitter put on by Lisa Cruz of Red Shoes Pr so our tweeting skills should improve soon. If you are looking for a great primer on Twitter, check out Red Shoes blog at http://www.redshoespr.com/blog/
If any of you out there have any other best practices for social media, let us know!
If any of you out there have any other best practices for social media, let us know!
Tuesday, September 22, 2009
Social media for the small business owner
We just attended the New North’s Best Practices Panel Discussion about Social Media. The speakers were Heidi Strand, co-owner of Blue Door Consulting; Dana VanDen Heuvel, the Marketing Savant; and Margie Harvey, VP of Human Resources at Miles Kimball Company. Here are a few practical pointers taken from these experts to help the small business owner or entrepreneur get started on your social media journey.
First you need to develop a social media strategy. How will social media fit into your overall marketing strategy? What do you want to achieve from your social media interactions? Are you hoping to improve brand awareness or do you want to increase your sales? Once you have determined your goal, you need to consider who your customers are and where they are in the world of social media. You do not want to be concentrating on developing a Facebook Fan page if your customers are not on Facebook. How do you know what social media outlets your customers are using? Ask them. It can be as simple as that. While you are considering who your customers are currently, also think about whom you want them to be in the future. Good social media work can help pull in an entirely new customer stream.
Make sure that your foray into social media starts small. Chose one tool to begin with and focus on mastering it. Spend the time making sure that your content is relevant, useful and well executed, but don’t spend so much time trying to refine your efforts that you don’t get the job done. As Heidi Strand quoted, “Perfection is the enemy of done”. In the quick fire world of social media, some imperfection is expected and tolerated.
The final thing to remember is that you must commit some time and resources to your social media interactions to make them work. Schedule regular time into your week to blog, tweet, LinkIn or write your online newsletter.
If you are in the New North region, considering attending these quarterly presentations because they are always relevant and worthwhile.
First you need to develop a social media strategy. How will social media fit into your overall marketing strategy? What do you want to achieve from your social media interactions? Are you hoping to improve brand awareness or do you want to increase your sales? Once you have determined your goal, you need to consider who your customers are and where they are in the world of social media. You do not want to be concentrating on developing a Facebook Fan page if your customers are not on Facebook. How do you know what social media outlets your customers are using? Ask them. It can be as simple as that. While you are considering who your customers are currently, also think about whom you want them to be in the future. Good social media work can help pull in an entirely new customer stream.
Make sure that your foray into social media starts small. Chose one tool to begin with and focus on mastering it. Spend the time making sure that your content is relevant, useful and well executed, but don’t spend so much time trying to refine your efforts that you don’t get the job done. As Heidi Strand quoted, “Perfection is the enemy of done”. In the quick fire world of social media, some imperfection is expected and tolerated.
The final thing to remember is that you must commit some time and resources to your social media interactions to make them work. Schedule regular time into your week to blog, tweet, LinkIn or write your online newsletter.
If you are in the New North region, considering attending these quarterly presentations because they are always relevant and worthwhile.
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