Think you can’t afford to implement any effective marketing tactics? Here are five ways to make a splash on a shoestring budget.

1. Talk to your clients.
2. Creatively package your marketing campaigns.
3. Get the word out with publicity.
4. Leverage existing relationships.
5. Commit to e-mail marketing.

While these methods make take some time and work, the potential returns far outweigh the costs.

Source:
Entrepreneur.com

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Branding is an integral part of the business building process. Large corporations spend hundreds of millions of dollars building their brands, and there’s a reason:

• Brands enable customers to remember your product-service.
• Brands build customer loyalty and lead to repeat purchases.
• Brands make it easier for current clients or customers to refer you to others.
• Brands send a message as to what your customers can expect.
• Brands convey an emotion.
• Brands add value.

We use brands as shorthand to make our trips to the grocery store easier; we use brands to reassure us about our purchasing decisions; we even use brands to define ourselves in society.

Remember: a brand is a promise. With a brand, you set customer expectations. When someone buys your product or service, they count on those expectations to be fulfilled.

Source:
The News-Press

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Persuasion is often used to describe a derogatory action. Persuasion is not pushing someone to do something. Pushing creates resistance and resentment. Persuasion feels more like pulling them to a positive point.

Follow these steps to further entice your customers:

1) Understand your product by understanding what it can do for others.
2) Ask well-thought-out questions.
3) Persuade others to act by appealing to emotions.

Source:
BizJournals.com

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As a continuation from last Tuesday’s post, Benefits of Market Research, here are three common barriers to small business marketing success.

1) No clear definition of success
At what point can you call your marketing campaign a success? Will your success be based on profits, sales, or customer satisfaction?

2) Not clarifying who your ideal clients are
Before you even start your campaign, find out who your clients are and what they want. What are the demographics and characteristics of your ideal clients?

3) Not spelling out your unique value
Can you offer your clients something that the competition cannot? What makes your product or service better than the others available? Why should people choose you to do business with?

Answering these questions will give you a strong foundation of knowledge for a successful marketing campaign. Your campaign will be leaner, meaner and more efficient. Not only will you save money but will likely increase profits.

Source:
WebProNews.com

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1) If it ain’t broke, don’t fix it.
2) Measure your results in order to determine what works best.
3) Marketing isn’t just about the numbers.
4) If it sounds too good to be true, it probably is.
5) It’s always OK to try something new; just make sure not to discontinue the marketing you’ve been doing that gets results.
6) Wait 3 days to decide.

Including new ideas in your marketing plan is a healthy practice, just make sure you fully understand the implications and the chance for success in each plan. In other words, have a plan for the plan.

Source:
WebProNews.com

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Researching your market prior to entering is a sound decision for any business owner. Unfortunately, it’s often overlooked and ignored. The results can be loss of revenue and a slow start.

What are the benefits of market research?

1) Will help you better communicate.
Learn about your potential clients — who they are and what they want the most. Nothing improves communication skills better than a little person to person contact.

2) Will help identify opportunities.
Check the competition. Are they missing something you can capitalize on? What can you do better than they can? Are you clients in need of something nobody else is offering?

3) Will minimize risk.
Just like any situation, if you come prepared you will be less likely to loose and more likely to win.

4) Will create benchmarks to help you measure progress.
How well are you doing? By setting the standard high from the start, you will be in a better position for sustained growth.

Source:
WebProNews.com

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Face it — in today’s vicious corporate jungle, making a good first impression is crucial. There are no second chances. Instant assumptions are made and you’ve sealed the deal one way or another.

The reception of business cards are just one of the many areas where many people take the inconsiderate route:

Act as though you have received a gift. Upon accepting a card, you have the opportunity to repeat the name and be corrected on pronunciation. You should also ask any questions that the card itself may bring to mind and comment on the design if practical.

The idea is to show interest in any contact’s card, which will make them more likely to be interested in yours. Then respectively tuck it away in a safe place like a $100 bill. Your actions won’t be forgotten.

Source:
Toronto Sun

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“There is a belief in this country that ‘I don’t need to deal with money management because I hardly have any money’. Many young people engage in “short-term thinking,” like expecting to save money only after they graduate from college or professional school.”

Unfortunately the topic of saving and investing money is not taught in our schools unless you specialize in the subject. It doesn’t matter how much money you make. Take the time to find a good financial planner Springfield Mo that will guide you in the right direction.

I recently took the step and I can personally tell you it was an extremely good feeling.

Source:
The New York Times

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Earnout - An arrangement in which sellers of a business receive additional future payment, usually based on future earnings.

“As many as half of all small business acquisitions involve earnouts, which generally last from two to four years and range from 15% to 30% of the purchase price (though 50% is not unheard of). Earnouts are particularly common in acquisitions of high-growth companies and those with unproven products. Takeovers of service businesses, in which the entrepreneur’s relationships with clients are crucial, are also likely candidates for earnouts.”

Earnouts can be a very risky transaction. It takes all of the power (and accomplishments) you hold in your company and hands it over to the corporation who purchases the rights. Don’t get starry-eyed by the initial payoff. Negotiate for all you and your company are worth.

Here’s how to protect yourself:

1) Get a lawyer.
2) Get the largest up-front payment you can.
3) Negotiate the targets for the earnout.
4) Fight for sliding-scale rather than all-or-nothing payments.

Source:
BusinessWeek.com

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In yesterday’s post, Avoid Legal Trouble I wrote about switching from sole-proprietor to LLC in order to protect personal assets. Taking things a step further, you can create a C or S corporation.

Both types of corporations have advantages and disadvantages. Have a knowledgeable tax professional at your side to ensure compliance.

The IRS plans to examine 5,000 randomly selected S corporation returns from the 2003 and 2004 tax years. The audits will start later this year, and should all be completed within two to three years

S corporations are attractive to shareholders because they offer the same liability as traditional C corporations without double taxation.

The IRS is looking to see whether employee shareholders are forgoing a salary or reporting artificially low pay in favor of a big dividend. Some shareholders have done so to reduce or even eliminate self-employment taxes; that’s against the law.

Why not just simplify the tax system and eliminate the IRS altogether?

Source:
Associated Press

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Being a new small business owner, I was recently forced to re-evaluate my company’s legal position. As a sole-proprietor, I learned that ALL of my personal assets were at risk of being taken if there were ever a legal dispute against my company.

Immediately, I visited a lawyer and formed a Limited Liability Company. Taxes are figured exactly the same, but now the assets I’ve worked so hard for are better protected.

“Operating a business as the sole proprietorship puts the owner in a vulnerable position. A better choice would be to start your company as a limited liability corporation. This means your company is a separate entity that must deal with its own legal issues and you are not personally held liable.”

Source:
WebProNews.com

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Finding the contact information for a small business owner is amazingly easy, no matter if your business is online or not. Here are two of the latest and most dangerous scams that are affecting business owners across the country:

The “We Just Need Your Checking Account Number To Confirm Your Creditworthiness” Scam

This scam allows the culprit to record your checking account number in order to write demand drafts payable from your account. Not only do they not require a signature, but they require no action by the checking account holder.

The “Please Cash Our Check For $4.23″ Scam

This scam is much more brilliant and extremely sneaky. The scammer sends a legitimate check made out to your company. If you cash or deposit that check, your account information is printed on it. The check is returned to the scammer with your account info present allowing him to begin writing demand drafts against your account.

What to do:

Keep an eye on your account. I check mine daily. If any withdraws (large or small) show up that you aren’t familiar with, contact your bank immediately. If your bank doesn’t offer online account access, find one that does.

Source:
Entrepreneur.com

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Go ahead… relax on the beach without a care in the world. Not so fast! What’s happening back home? Is your business being run correctly? Are you still making money even though you aren’t there?

These are questions an entrepreneur must face when deciding to take that much needed vacation.

Veterans of vacation angst say they’ve found ways to make it easier to take time off. They’ve set up their companies so the business can run without the boss there. They’ve armed themselves with plenty of technology to stay in touch — although that can lead to a tug-of-war between enjoying a trip and taking care of business.

Taking a vacation can actually benefit your company by helping you evaluate the method by which you run the business. If something goes terribly wrong while you are gone, you know have a weak link in the system.

A well-run company will easily survive its owner’s absence.

Source:
MSNBC.com

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Starting a new business isn’t just about marketing and advertising your new product or service. Creating a solid foundation for the business to function on should be priority #1.

Here are some tips from Mary Ellen Martelli, a professional business consultant:

1. Have a Written Business Plan.
2. Begin Your Business Branding Immediately.
3. Get a Business Website.
4. Advertise with Consistency.
5. Get Your Business Publicized
6. Network - Network - Network
7. Assess and Redirect Along the Way

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Exposition organizers often start planning their shows months in advance, and smart exhibitors begin their planning shortly thereafter. By not waiting to the last minute to reserve your spot, you can put yourself in a prime location.

Once you’ve reserved the best possible location at an expo, these 9 easy steps can help make your next trade show experience a success:

1. Read your pre-show materials
2. Meet your deadlines
3. Set up early
4. Plan your booth
5. Utilize the right people to work your booth
6. Make people remember you
7. Capture qualified prospects
8. Reconnect with existing clients
9. Follow up

Source:
New Hampshire Business Review

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Trade shows can be a great way to showcase your products or services to a large number of people at one location. These gatherings also allow for excellent networking opportunities.

Forward planning is the key to trade show success.

1. Market prior to the show
2. Create an eye-catching booth
3. Provide promotional materials
4. Train your staff to market for you.
5. Create an appealing giveaway
6. Follow up on leads

Source:
MoreBusiness.com

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“Wireless networks transmit data over radio waves, which can potentially be intercepted. As a result, an unprotected wireless network is like an unlocked door–and too many small businesses are leaving their doors wide open.

By year’s end, about 75 percent of businesses with 1,000 employees or less will have wireless networks, according to research firm Gartner. Only half of all wireless networks are protected.”

You don’t have to be a “techie” to be concerned about security. The hacking of wireless networks is real. As wireless technology becomes more popular, the potential for abuse and crime will rise with it.

Here are steps you can take to secure your wireless network:

• Change your device’s default password.
• Change the default SSID.
• Don’t broadcast the SSID.
• Use encryption.
• Give off-site users a virtual private network (VPN) connection.
• Keep your wireless hardware’s firmware updated.
• Enable MAC address filtering.
• Set a wireless policy.
• Get help if you need it.
• Stay up to date.

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When it comes to business, a little face-to-face contact goes a long way. For those of you running a home based business, it’s especially easy to rely on technology to make contact with people.

“Not only are you missing out on potential revenue by staying at home, you’re also robbing yourself of continuing education, moral support, industry intelligence, personal fulfillment, and the serendipitous business opportunities that only arise when you take a few moments to meet someone new.”

Before you set out to meet with potential clients, equip yourself with the tools and knowledge you need to succeed. Take a pocketful of business cards with you and follow up strategically with the prospects you meet.

“When you invite someone to a structured meeting or lunch, spend time beforehand outlining what it is you want to accomplish, how you will present your business succinctly, and what the benefits are of doing business with you.”

Source:
BusinessWeek.com

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