Three Ideas to Maximize Your Marketing

Three Ideas to Maximize Your Marketing

As a small business owner, marketing is one of the most important things you do to keep your business growing. Don’t rely on guess work and speculation when putting together a marketing strategy; with thorough preparation, you can spend your marketing dollars wisely and get the best return possible on your investment. Here are three ways to maximize your marketing budget and efforts.

Do research on clients first, and then use targeted ads and personal messaging. You should know exactly who is patronizing your business. Create a detailed profile of your typical client, including economic and social demographics. The more specifics you include, the better able you’ll be to target your efforts toward your intended audience. Once you’ve researched your clientele, create ads targeted to that specific population. Reach out to prospects on social networks with a professional message that peaks their interest in your business. For example, an independent nutritionist and mother of four, “Cheryl,” seeks to attract clients much like herself: busy moms who want to provide healthy and convenient meals for themselves and their families. She finds that most of her clients are working moms who have the extra income to spend on such a service, so she targets her ads to this population. To maximize this strategy, she also reaches out to certain personal contacts on her Facebook page, specifically people who have posted status updates about starting a new diet or workout regimen. By researching her clientele, Cheryl can focus her time and money in places where they will not be wasted.
Promote the value of what you are selling. The best way to promote value is to emphasize the versatility of a product or service and how it is the solution to a problem. Cheryl the nutritionist knows that her services can be costly, but in her marketing, she stresses the value of modeling a healthy lifestyle and instilling lifelong healthy eating habits in our children. She offers a sample grocery list to show potential clients how they can actually save money at the grocery store by buying fresh produce to make multiple meals that are easy to cook and will last the week. Her goal is for clients to see the value of a good education about what we put in our bodies. When it comes to our children, it’s a safe bet that most people will do whatever they can to establish good nutrition.
Be social, fun, and unexpected. Don’t make the mistake of relying on electronic and print ads to connect with your potential customers. Socialize in person and tap into your fun, spontaneous side. Cheryl threw a party to welcome a new neighbor to her street, and provided snacks and a meal from her personalized menu. Anytime someone complimented her on the food, she had an open introduction to point out how easy it was to prepare and how nutritious it was. Find ways to incorporate some personal flair into your business.

The goal for any marketing campaign is to spend your money wisely so as to increase revenue as much as possible. Research your clientele, focus on value, and have fun with it.

What other ideas would you add to our list? Please share them in the comments section below!

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Seven Ways to Energize Your Business

Seven Ways to Energize Your Business

When you have been doing something for a long time, it’s easy to become stuck in a rut. Routine is comforting, but it also has its downside. Sticking with the same routine for too long can cause you to become complacent and stop you from seeking continual improvement. In times like these, it is important to energize your business. Review the list below to find ways to refocus your efforts and keep your business on the path to success.

Establish priorities. There are likely many projects you’d like to tackle or new policies/products/protocols you’d like to implement. Getting started can be an overwhelming endeavor because it can be difficult to know where to begin. Establish your priorities by making a comprehensive list of everything you would ideally like to accomplish. Once the list is complete, choose one or two things that you can get started on right away. Choose wisely; what can be of most benefit to your business immediately? Prioritizing a list like this takes the stress off and allows you to focus on one thing at a time with the comfort of knowing where you will go from here.
Be as efficient as possible. For example, if you are in the midst of a project and have to stop to email a colleague for more information in order to continue, don’t waste the time you have waiting for the response. It’s tempting to take those few minutes to browse your Twitter feed or whittle the time away on Pinterest. Instead of giving into distractions, keep a running list of other tasks that you can work on. Is there a prospect that you could follow up with? A filing cabinet that could use some organizing? Although it is important to work in some down time, it is just as imperative that you maximize your time by working efficiently.
Combine your work with different areas of your life. This isn’t always possible, but when it is, build your life around your work. If there is a weekend-long industry convention you’d like to attend, consider making it a long weekend and taking your family with you. This way, you can attend the workshops and get in some networking. Once your work is finished, you have a day or two to enjoy the area with your family. When you can do this, you are less likely to feel pulled away from your home life by work and vice versa.
Actively manage your time and stop wasting it. For some, this comes easily. For others, it’s a constant struggle. If necessary, make a daily or weekly agenda for yourself. Expect to not be able to stick to every scheduled minute, but with a basic outline of how you want to spend your time, you’ll be better able to stay on track.
Commit to learning new things. Professional development is an investment of both money and time into your business. Without continuing your learning, you are missing out on what could be valuable tools to run your business successfully. It doesn’t always have to be a formal workshop or convention either; commit to listening to an industry expert’s audio book once a month or reading some small business blogs once or twice a week. Always be on the lookout for new learning opportunities. These will keep your ideas fresh and your business moving forward.
Don’t sweat the small stuff. There are going to be many bumps in the road, but learn how to cope with minor inconveniences in a different way from how you cope with major setbacks. The more you let the small things roll off your back, the easier it will be for you to handle major decisions and more important stressors.
Laugh more. Hopefully, you enjoy what you do. Take the time to be grateful for what you have built, enjoy the people you do business with, and laugh when something is funny! Finding the humor in everyday life makes for a happier person.

How have you gotten yourself out of a rut and energized your business? Please share your ideas below!

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Getting Your Best Customers to Promote Your Business

Getting Your Best Customers to Promote Your Business

Promoting your business is a continuous job that often requires a great deal of creative energy, time, and money. However, it is important to keep in mind that you have a wonderful resource in your clientele; your clients can not only promote your business for free, but their stories are often more meaningful and effective than any marketing strategy or sales incentive. The following is a list of ways to get your best customers to promote your business.

Create excellent products/services your customers need. Without this basic tenet of sound business practice, any of your efforts to promote your business via customers will be meaningless. You should strive for the utmost quality in your products and services, as well as in your customers’ experience patronizing your business. This will lay the foundation for satisfied clients who want to spread the word about your business to anyone who will listen. Would you recommend to a friend a restaurant whose food and service was not up to par? Of course not! But if you had eaten one of the most delicious meals imaginable and your server was attentive, you’d be telling everyone you know to eat there as soon as possible.
Give clients what they want so they get excited about sharing their experiences with others. Once you’ve made sure you have quality products and excellent customer service, the next step is to find out what clients want that you may be lacking. When you can deliver on a customer demand, your chances of customer promotion are even greater. For example, listen carefully and take to heart when a customer asks you a question such as, “Do you carry a cleaning kit made specifically for this camera?” or “Where can I buy the conditioner you used on my hair? I love the way it smells!” When customers can get all their needs met while having a great experience, they will want to share that with others.
Seek out a loyal customer with a good story to tell who is eager to share it with his or her network of friends. As happy as many customers may be with your products and how you conduct your business, most of the time, they won’t exactly volunteer to become informal spokespeople. Take the initiative to find a customer you know has a good story to share about his or her experience with your business. Ask the person to share the story with friends and family. If you’ve picked the right person, he or she will be happy to do so.
Look for genuine stories that customers want to share; do not pay for testimonials. Paid testimonials are less meaningful to potential clients than authentic ones. Think about how many times you’ve read customer reviews on sites like Amazon or Yelp that have influenced your decision to buy a certain product or use a certain company. If you knew some of these reviews were paid for instead of written genuinely and voluntarily, it would most likely change your decision. Besides, if you are doing all the right things to satisfy your clients’ needs, you won’t need to pay for customer promotion anyway.

Don’t let your customer base remain an untapped resource. Authentic stories from satisfied and eager customers are more valuable than any paid advertisement. Strive for excellence so your customers will want to share these stories.

How do you get your customers to promote your business? Please share your comments below!

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Three Ideas to Keep Your Business Growing

Three Ideas to Keep Your Business Growing

When planning for the long term success of your business, your focus should be on moving forward with such things as industry trends and customer demands. You’ll want to make sure you’re planning to grow your business in a realistic way. Without a focus on improvement, your business becomes stagnant and will not grow. The following ideas are simple adjustments you can make for yourself to keep your business growing.

Reward yourself for positive results, not for effort. You may feel as if all the hours and creative energy you put into running your business deserves its own Nobel Prize. While it’s definitely commendable that you devote yourself so fiercely to the business, hold off on rewarding yourself until you actually see positive results. For example, you’ve spent countless hours researching how to design the most efficient online ordering system and even more hours implementing it. Now you’re ready to take that long-awaited holiday weekend trip. But instead of laying out lots of cash, the smarter approach would be to reward yourself with a latte, and then await the results that come from this new system. By doing so, you ensure your physical presence if there are unforeseen problems and you maintain your focus on quality and efficiency. Once you’ve gotten positive feedback and that increase in orders you were hoping for, then you can pack the car and head out of town.
Be flexible; that’s why you have your own business. Being your own boss has allowed you to create your own work schedule and everyday operating protocol, hand-pick your team, and run this business in a way that works for you. Keep this in mind when things don’t go as planned. Your flexibility is crucial to staff morale, customer satisfaction, and the overall success of your business. One recently retired photo lab owner spent most of his career and gathered much of his success by running the lab efficiently and being knowledgeable about each photo processing machine. However, when the industry went digital and photo processing started to become a thing of the past, it was time for him to modify his whole business model to compete with big business processing chains and the at-home photo printing and scrapbooking revolution. By adjusting to these new ideas and thinking creatively, he was able to spend the final years of his career in the business that he loved, instead of shutting down like so many of his counterparts had to do.
Pay yourself fairly, but not too much. You may have a pre-conceived notion about how much you want to make each month or year, but make sure this is a fair amount based on the financial state of your business. There will be times when your profits fall short of those expectations, so it may be necessary to take a pay cut. On the other hand, when business is booming, don’t be tempted to pay yourself too much. Plan for a rainy day by putting some money back into the business and/or by rewarding deserving staff with appropriate bonuses. It’s important to frequently assess your salary and adjust it accordingly.

You can keep your business growing and achieve your goals in low-cost or no-cost ways by being disciplined, flexible, and fair. Always strive for these qualities in yourself and your colleagues.

How do you keep your business growing? Please share your ideas below!

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Time for a Small Business Check-Up

Time for a Small Business Check-Up

When was the last time you performed a check-up on your business? It’s an important practice. Think of it like maintenance on your car: every three months or 3,000 miles, you change the oil, rotate the tires, and possibly top off the fluids and check the engine. Doing so will help you identify and correct small problems, in order to keep your car running smoothly for years to come. The same goes for your business. By regularly scheduling a review of your business activities, you can make sure you focus on the things that are helping your business grow, while correcting things that would hold you back.

When performing your small business check-up, here are some of the elements on which you should focus:

Review your finances, looking for ways to reduce expenses and maximize profits. For example, you’ve been purchasing your office supplies from the same distributor for many years. Do some research to make sure you’re still getting the best price. Furthermore, reduce expenses by eliminating non-essentials. Take note of what you use on an everyday basis for about a week to figure out where you might be able to cut back.
Use a third party to help you objectively assess risks and weaknesses. For any risks you have recently taken or are thinking of taking, seek a third party’s perspective. They may be able to help you catch a detail you have missed. For example, one local children’s boutique owner is thinking about changing locations to gain more space for her expanding product line. She asked the opinion of a friend who lives in the area of the prospective location, who quickly informed her that although the location gets a good amount of foot traffic, most of the clientele is not her target market. This is a valuable piece of information that could have a make or break effect on the business.
Consider each of your business processes from start to end. What happens from the time a customer enters your business for the first time to the moment he or she leaves? Is the person greeted cordially, offered assistance and given it accordingly, served promptly, and treated with respect? Customer service is a major aspect of your business and its process deserves frequent review and improvement. Give the same attention to each of your processes when conducting your business check-up.
Review your overall strategy and make necessary adjustments. Is your strategy to reach the widest customer base possible? Do you strive to carve out a niche market and cater to a specific few? Whatever strategy you have laid out for the success of your business needs careful and frequent review. Create a list of what is working and what isn’t. Make adjustments where they are needed, and don’t be afraid to ask for feedback and help.

The long-term success of your business will only happen if you tend to the details on a regular basis. Some areas may need more attention than others, but reviewing these aspects often will help you avoid potential setbacks, and focus on the growth of your business.

How do you check up on your business? Please share your ideas below!

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Being Opportunity Minded

Being Opportunity Minded

A successful entrepreneur has many characteristics: ambition, good work ethic, and strong leadership skills to name just a few. One often overlooked quality, however, is always being on the lookout for opportunity. Whether things are going well or could use improvement, by looking at situations as possible opportunities, you’re paving the way for further learning experiences and long-term success.

Here are some ways to keep yourself open to opportunity:

Focus not just on working harder, but working smarter. If you find yourself putting in endless hours but you’re still not able to stay on top of your responsibilities, it’s a good idea to re-evaluate how you’re spending your time. Maximize efficiency by eliminating distractions, prioritizing responsibilities, staying organized, and being proactive. For more on this, see: Balance Without Sacrificing Business (How to Make Your Business More Efficient)
Consider “no” as “not yet.” The reality is that you are going to hear that dreaded word, “no,” over and over again. The key is to not let it discourage you. Instead of interpreting it as “no,” think of it as, “not yet.” This will keep you from prematurely closing the door on a potential opportunity. Although “no” sometimes really does mean “no,” keeping your mind open to the possibility that a “yes” may happen eventually will ensure you don’t miss out on a future opportunity.
Have a long term outlook for your business. Where do you see your business in five years? Ten? Creating a long term plan for your business gives you direction and allows you to continue moving forward. Competition increases, technology evolves, and customers’ needs change. Always stay on top of current business and industry trends so that you aren’t left behind.
Network and explore new social groups. Networking should be a constant in your business. Look to expand your network not only at formal events like industry conventions, but also within your community among people you meet and people you already know. Consider stepping out of your comfort zone and exploring new social groups. Join a book club or volunteer at the local hospital. You’ll find that you are not only meeting new people, but enjoying yourself at the same time.
Establish and maintain a great reputation. Strive for excellence in all areas to establish a stellar reputation. Once you have done so, make it clear to your staff that maintaining your reputation is a top priority. Unfortunately, all it takes is one incident to cast doubt on your abilities and tarnish your good name. Practice integrity and consideration for others in all you do. Your reputation will speak for itself and open doors to new and exciting opportunities, such as professional partnerships and word-of-mouth referrals.

Adopting a positive attitude and being on the lookout for opportunity will increase your chances of professional success. Seek help when you need it and help others as well.

How do you keep your mind open to opportunities? Please share your thoughts below!

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How To Take Risks

How To Take Risks

While playing it safe can occasionally bring some peace of mind, sometimes it’s necessary to take a risk. Don’t let your fear of failure prevent you from venturing out into uncharted territory; as long as you adequately prepare, your risks can pay off. When deciding whether or not to take a risk, this list may help you evaluate whether or not you’re prepared.

Trust yourself. You’ve already taken one of the biggest risks of all, which is starting your own business. Now that you’re up and running, trust that you have the knowledge and skills to pursue your ultimate vision. If you find that you lack the self-confidence, identify your weaknesses and work on improving them through practice, research, and professional development. Others will find it hard to trust you if you don’t first trust yourself.
Think creatively. Creative thinking comes more easily for some than it does for others. No matter where you fall on the creative spectrum, you can always push yourself to think outside the box. Sometimes all you need is a tiny nugget of an idea to inspire a completely original thought. Observe how others operate, take stock of what could be improved about your business, and being to formulate ideas from what you already know. Creative thinking takes practice, so work on it often.
Know your field and product/service. A risky decision can quickly become an unwise one if you aren’t completely in the know about your industry as a whole or about the products/services you are offering. This is where the importance of professional development really comes into play. Attend industry conventions and workshops, conduct research, take a class at the local college, or consider finding a mentor. The more knowledge you have about your business, the more prepared you’ll be to assess your level of risk and decide whether or not to move forward.
Implement a support system and seek expert advice. It’s always wise to bounce your ideas off other people. A fresh perspective may be all you need to consider a possibility you hadn’t previously thought of before. It’s also important to have people that believe in you, and are rooting for your success no matter what. So surround yourself with loyal and successful people in whom you can trust to give you smart advice and encouragement.
Show courage. At the end of the day, it may just come down to whether or not you have the nerve to take a risk. Once you have done all the necessary preparation, tap into your inner hero. Take the calculated risk, knowing that you have done all you can to prepare, and with your eyes wide open. Showing courage in how you conduct business is a good leadership skill as well.
Never give up. Took a risk that didn’t quite work out the way you had planned? Don’t just scrap it and move on. Analyze why it didn’t work out, how you could do it differently, and what is involved in starting over. Who is to say you can’t give it another shot? Persistence is an excellent quality to adopt as an entrepreneur.
Don’t listen to negatives. Negative talk can undermine your self-confidence and ability to think clearly. If those negative comments are coming from others, separate yourself from such people. If this isn’t an option, make a conscious decision not to discuss your ideas with them. Sometimes negative talk comes from inside our own heads. Counteract negative self-talk by reading motivational books or making daily affirmations to build up your self-confidence. A healthy dose of self-esteem will improve your chances of success.

When contemplating taking a risk in your business, do your homework! Use your existing strengths and understand the potential benefits and challenges that come from taking the risk. Prepare yourself for worst-case scenarios and seek help when necessary. You may find that risk taking is the best thing you can do for your business.

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How Your Business Can Solve Real Problems

In order to maintain a long-term, thriving business, it is important that you offer a solution to real problems that people face. To do this, take the time to find out what these problems are, what solutions have been tried and failed in the past, and how your product or service can fulfill that need. The following is a basic list of suggestions for how to solve real problems with your business.

Look for a need. This is especially important in over-saturated industries where a great deal of competition exists. For example, a metropolitan suburb with a bustling downtown area is home to several different restaurants on every block. The reason each one is successful is because its owners have satisfied a need. Local residents want the convenience of city life while maintaining the quiet, more laid-back, affordable lifestyle of living in the suburbs. Their downtown area is like a prized possession, especially because of the shopping and dining that exists. Each restaurant offers something different, whether it’s a specific type of cuisine or a particular ambiance Without these options, local residents would have to travel into the city to find unique dining options, so these restaurants together fulfill a need for a convenient alternative.
Provide good value. At a time when everyone is watching his or her pennies more than ever, it is crucial to provide a good value. Is your product or service versatile? Is it reliable? Don’t forget to factor in those elements when deciding on price points. People are willing to pay more for something that is of high quality and can be relied upon. Another key aspect of value is the level of customer service you offer. When customers know that you genuinely care and that they can trust you, the value of your product increases.
Make sure your product or service is for long-term use. Have you ever bought something that needed to be replaced shortly thereafter? How likely were you to purchase from the same company again? Only offer products that will last a reasonable amount of time and services that can be used for the long term. That Bluetooth headset you sell should last a customer longer than his or her cell phone contract does. Similarly, those students who pay you for private voice lessons should be taught techniques that can be used in any style of music at all levels. Repeat customers mean long term success.
Seek out client feedback. This should be a top priority. Asking for feedback can be done informally through casual conversation or in writing on a survey card provided at checkout. Whatever strategy you use, listen carefully and adjust accordingly. You may have customers that swear by your products but aren’t being provided quality customer service by your staff. If this is the case, wouldn’t you do everything necessary to change that? Your clients are the backbone of your business, so listen to what they tell you.
Make improvements that benefit clients. Based on feedback you receive and other observations you make about how your business operates, make improvements that benefit the client first. For example, the owner of a small fitness studio wants to make renovations to her outdated space. As much as she looks forward to a lobby with a more efficient layout and an exercise area with new padded flooring and a state of the art sound system, she can’t afford to make all these renovations at once. The improved flooring will benefit her clients the most, as it will be easier on their joints and more pleasant to exercise in general. Make decisions with your customers in mind.

Step outside of your role as a small business owner and take an honest look at how you can solve real problems with your business. Evaluate your products, talk to your customers, and make improvements accordingly.

How do you solve real problems in your business? Please share your answers below!

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Why You Procrastinate

Procrastination is a challenge we all have from time to time. Perhaps there is a fear of failure, being overwhelmed by a complex project, or too many distractions in our daily lives. The good news is that there are several effective ways to combat this problem. If procrastination gets the better of you, ask yourself the following questions.

Are you settling for less? Procrastination may be caused by a lack of passion. If you are settling for less, then whatever it is that needs to be done feels unimportant, and the result is procrastination. So, make sure you understand why you want to achieve your goal and make it meaningful. Realize that action is required to reach what you want, and it is necessary to put forth your greatest effort each time to achieve success.
Do you have a clear goal or plan of action? Lack of direction is a common reason why people procrastinate, especially when tackling a long-term project. Set an objective that includes your desired outcome, and then break it down into smaller, manageable parts. If you need to redesign your company’s website, for instance, decide why it should be done and what will come of it. Your objective might be: Redesign the company website to improve customer navigation, increase internet visibility on search engines, and reach a broader customer base. Now that you have laid out the reasons why you are tackling such a project, you can more easily break it down and focus on just one step at a time.
Do you have a support system, such as a mentor, role model, or advisory group? When you are self-employed, it may seem like the weight of the world is on your shoulders since everything about the business depends on you. Don’t carry this burden alone. Instead, seek out others to guide and support you along the way. Is there a former employer you trust to give you sound advice? Are other local entrepreneurs interested in creating an informal support group for small business owners? You will be much more motivated to act when you surround yourself with like-minded people who truly want to help and support each other.
Have you set your priorities? The list of goals we want to achieve or tasks we want to accomplish can become so long that we don’t know where to begin. Start by prioritizing your goals or tasks in a way that works for you and your business. Some people find that a daily to-do list is the best way to stay focused. Each day contains a list of tasks that either must be completed or canwait until the next day. Implementing such a system will prevent important tasks from being overlooked.

Don’t beat yourself up for procrastinating; it is a common problem, especially in today’s world filled with distractions and personal obligations. Do make the choice, however, to be proactive. Procrastination can prevent you from achieving your goals, so take charge of your business and be passionate in the actions you take.

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Happy New Year! A Free Gift for You from the DSEF

Happy New Year! A Free Gift for You from the DSEF

The New Year is a time for reflection, focusing on where you are, and where you want to take your business moving forward. It is helpful for business owners to take time to write down these insights, for they can help you create a road map for your business. Rather than simply “going through the motions” of the day to day tasks your business requires, you can give your business strategic direction that moves you in the direction of your goals.

With that in mind, we at the Direct Selling Education Foundation have put together a free gift for you. It’s a 30-day reflection journal called “Reflections on Success” and you can download it from our Facebook Page by clicking here. This journal helps you focus on success habits and your goals, helping you build the business you want in the coming year. We encourage you to take some time each day to focus on the daily thought, in order to develop the habits that will help you build a thriving business.

We hope that you will use this free book to build your business, and pass this link along to your friends and colleagues as well: http://on.fb.me/VHcVB3

You’ll find all 3 free ebooks we’ve offered this year at this link, so if you haven’t yet taken advantage of our “Business Owner’s Roadmap to Success” or “Creating Your Success Mindset” ebooks, you’ll be able to download those as well.

We wish you much success in the coming year! Happy New Year!

Your Friends at the DSEF