by Bert Shlensky | Sep 28, 2017 | Marketing
There is value in proper planning and execution, especially related to “Marketing & Sales.”
Yet, how many times have we heard successful business entrepreneur share their success (after many failed attempts) when they didn’t plan on it?
In this post, I will explore how “Not Overthinking and Just Doing” can also be a useful strategy for growing business. This technique can be employed by all businesses, yet it is the small business owner who holds the advantage of this strategy, as resources are more flexible. In addition, the absence of tiered staff and bureaucracy allows for more inspired and engaging strategies to be implemented faster and adopted as needed.
I will share two examples of how “SHOOT FIRST… ASK QUESTIONS LATER” has served my clients with great success.
SURPRISE SALES” CAN LEAD TO “SURPRISING RESULTS”
DROP PRICES TO INCREASE LEADS
(15% versus the usual 25-30%)
My client “Jane,” a small business owner, has found her sales success to be based on regularly introducing new products. With each new product, she would carefully plan the new rollout, developing marketing, pricing, and communication strategies for few months at a time. During her last product launch, she got antsy, and just posted an introduction on her web site with a very modest sale.
The result was the best single email and ad in a few years.
GO WITH YOUR GUT
Her usual product launches involved strategy, analysis, and tiered introduction of the products. With this GUT INSTINCT, to just post a modest sale to her new product, the timing and response was just perfect in her category, giving her more exposure, in addition, with Amazon and other retailers (as timing was perfect).
RIGHT PLACE – RIGHT TIME
Had she waited few more weeks or months for all marketing research and strategy to be concluded, she would have missed the “RIGHT TIME.”
This new success has found her a new strategy that she employs regularly now with success. Online business and internet sales now allow us to “test” and “analyze” strategies faster and adapt to the changing market trends.
SPENDING MONEY ON MARKETING & NOT GETTING RESULTS?
Our second client case review is about a service-based business that has failed repeatedly, even though the offered services were very useful to the target audience. Where did they fall short? Having hired numerous marketing experts to conduct testing, analysis, and creating “ads” and other related marketing tools to drive “traffic,” each marketing project tapped into their budget with no results.
TO DO …OR NOT TO DO?
Market research requires an allocated budget, and implementation time can take months (which small business usually don’t have, as they need sales to keep there doors open). The down side of “Expert Market Research & Planning” for small businesses is that, if the result of all the research and planning was unsuccessful, their budget can be exhausted, and repeated action of the same approach will delay immediate actions that could be taken.
DON’T JUDGE THE MESSENGER
Small business have an advantage, as they can easily test the techniques that work best faster than larger corporations. After many failed attempts, and many marketing experts later, the company programmer had an idea. With the ease available now to make websites, and all the templates available, he suggested, “Lets create a few mini test websites,” and drive traffic via cost efficient ways. Use “Google Adwords,” and test which style will resonate, and best convert the traffic into leads.
In the company’s prior approach, each website change involved a lot of research and planning. This new strategy allowed them, in real time, to test multiple styles. They could focus on the successful ones, and adapt the others based on what they learned. Best of all, this can be done quickly and inexpensively.
MULTIPLY YOUR TESTING
This technique of utilizing your resources to create test sites and other “POP UP-like” sites for your business will allow you to get immediate feedback on what works and what doesn’t, without months of planning each strategy, and waiting for results, only to adjust again later. In a few days, you can get preliminary feedback on almost anything and develop further tests. You can also do simple AB testing, to make the tests even more valuable. Google Adwords can be tested and quickly modified, based on results.
SUGGESTIONS HOW TO “SHOOT FIRST & ASK LATER”
- Develop, test, measure, and adapt. Think outside the box – create pilot test programs you can utilize with your business NOW – without over-planning. This will allow for the gathering of more data faster, and help you find what works best.
- Focus on winners. Find your winners, and expand on those techniques.
- Less talking, more action. Understand what you know, what you learn, and what you don’t know. In particular, reduce endless conversation about alternatives, where there is little empirical evidence, but lots of opinions. At the same time, learn from your test results, and execute for your success quickly.
- Details matter. Examine the integration of variables and success. Presentation, details, marketing, and pricing can all affect the success of a program. “What did you do that made it work?”
IN SHORT…
We frequently spend too much time analyzing what we don’t know. Allow for some uncertainty and for more testing, especially on the Internet. Make it fast and inexpensive. Most importantly, test to identify real winners, and then, reconfirm, and expand as fast as possible.
Dr. Bert Shlensky, president of www.startupconnection.net, is a graduate of Sloan School of Management at M.I.T. He served as the president of WestPoint Pepperell’s apparel fabrics business and President and CEO of Sure Fit Products. Having provided counseling to over 2,000 clients, he focuses on working with select start up and small businesses.
by Bert Shlensky | Aug 9, 2017 | Marketing
There’s a common misconception out there regarding marketing strategy — that traditional advertising is dead, and that online marketing is the BEST. I’m going to go against the grain here and upset probably a large portion of newer-age advertisers here — traditional advertising is very much alive, and online marketing is just a fad…. However….
The Best Marketing Strategy Out There Shouldn’t Be About the TRENDS, But
Rather the BRANDS
Yes, the Internet has revolutionized how we market a product or service. But when it comes to your marketing strategy, focusing on all channels makes for a great comprehensive approach ensuring success. In other words: don’t simply focus on what trends. Focus on what works. And believe it or not, the standards out there still work!
Here are five factors to keep in mind, though:
- The Internet — It’s faster, central, and cost-effective. Traditional print media is dying as a result. Just look at Wal-Mart, for instance, a million-dollar business growing substantially to $1B in less than 20 years (from 1962 to 1980). Today Wal-Mart’s valued at an alarming $400B, commanding up to 20% of category retail sales. Compar
e that, though, with the super retail giant online timidly known as Amazon: a business that has grown from $1MM to a staggering $135B from just 1994 to 2016! And Amazon’s growing much faster than Wal-Mart to this day. Your method of advertising will, no doubt, stay the same — but, undoubtedly, the medium of advertising has changed drastically. Make note of it. It’s the big gorilla in the room, one not to be ignored.
- Pricing, Stock, Forecasting, Value — Marketing used to not be like this at all. Thanks to the ability to reach customers in remarkable ways, you have to consider all of these as part of your plan.
- Product Expectations and Customer Service — You’re a brand. People expect a certain kind of quality out of you based on your target demographic. Always keep that aligned with your goals.
- Develop, Test, Measure, Adapt — This is actually the scientific method for a Lean Startup Strategy, and thanks to the Internet you can do all of this really quickly.
- Have Strategic Goals — Set your budget. Focus on a profit goal. Best practices show that you spend up to 20% of a marketing budget in the first year.
Now take traditional advertising, for example, in relation to newspapers and magazines. Go to a Barnes & Noble. You might find a few of them. And just about all of them will have the traditional ads in them. Take note — while you won’t see this medium much in comparison to online formats, guess what: the brands out there also target those online formats just as much! That should tell you something:
Traditional advertising hasn’t changed at all — but the way it’s presented has.
In other words: online marketing pretty much rules the business stratosphere these days, but the traditional advertising behind all of it still exists at its core. Without the simple methodology that’s been around for almost a century, online marketing wouldn’t be what it is today.
Which Is Why When Considering Your Marketing Strategy, Consider EVERYTHING
Yes, the internet and social media are today’s marketing buzz words, but don’t forget that traditional marketing still has its place. It’s just that rules and processes are changing.
- Printed materials like business cards, signs, posters, and brochures need to speak to your audience; they must be brief, but tell your story. Local radio, newspapers, not for profit events can all offer ways to be in your audience’s line of vision. These are supplemented by a web site . Social media and emails etc.
- Media is becoming more creative despite their decline. Special advertising sections, testing, cable TV and package deals, can all make print or TV affordable. Make sure to constantly test, measure, and then adapt your marketing efforts
- New options like Craigslist, QVC, videos, and sponsored events are examples of new methods to promote products or services.
- Handwritten notes to your best customers can keep a personal line of communication going.
Look at all of it. Test. Focus on those mediums that work the most, not based on trends, but on principle. When you’ve got the principle down, you know those sales will show up like clockwork!
Dr. Bert Shlensky, President of The Startup Connection, directs all small business clients toward maximum sales and profit thanks to his 40 years of high-quality experience. He does this through technological, social, and online integration, supercharging your business success into the next level, so don’t hesitate to sign up for a free consultation RIGHT NOW.
by Bert Shlensky | Aug 4, 2017 | Marketing
We know you know why your brand will be a success. But do your customers know? Not yet, obviously. That’s why when you’re branding your business , you not only need to convey your image representing your vision, mission, and distinctiveness, but also what your product or service can offer to a potential client. Sounds easy, but you might be missing the point when fleshing out what you’ve got to offer — in other words, the product/service doesn’t have to just be good, it has to be good for your customers, and even more importantly, you have to prove it to them.
Now That Doesn’t Sound as Easy, But Thankfully We’ve Broken It Down for You — Into 3 Key Benefits to Branding Your Business
Keep these three things in mind when breaking down your product and service, and you’re that much closer to sealing the deal in nailing a portion of your industry. Your customers will see that your products or services aren’t just good — they’re most likely better than the rest, and something they should have:
- Quality — How would you describe this? Is it about the way the product looks? What it’s made of? How it works? What the results are? How does it compare to the competition? Identify this, know how to communicate it, and you’re well on your way to targeting the sale.
After all, IKEA may be great utilitarian products optimally priced, but they’re not made to last a lifetime. Quality matters.
- Convenience — In this day and age, if you’re not offering some sort of ease of use or accessibility, you’re dead in the water. So try and angle your brand to offer some sort of convenience — easy payment and delivery, easy contact (24/hr customer service), offering efficiency for your customer in some way.
Heck, even the little stuff we take for granted — remembering customer names, follow-up sales calls, developing personalized solutions — matter way more in terms of convenience than those horrible tip cups you find at the fast-food restaurants.
- And Lastly, Value — It’s one thing to nab the customer…. But to keep them coming back? That’s the golden ticket. Your product or service can’t be just a 1-time thing. It has to be a many-time thing. It’s called customer retention; keep them coming back, and you’ve got guaranteed revenue. The question is how you get them to come back. What’s the value of your brand? Go beyond the features of the “right now” of what makes your business so awesome. Think beyond and ask yourself how your product/service will benefit the same customer you sold last year.
Think Nieman Marcus, Costco or Amazon, for example: you’ve got uniqueness with each, yet the value‘s all the same. Especially with those free samples from Costco!
All else being equal, you just make sure you have this trinity of aspects in branding your business.
Truly, Your Brand Could Be Anything — as Long as You Focus on Quality, Convenience, and Value
Simply ask yourself how is my brand good, can my customers get my brand, and will they come back over and over again. It’s a magic formula. You now have the ingredients.
Dr. Bert Shlensky, President of The Startup Connection, directs all small business clients toward maximum sales and profit thanks to his 40 years of high-quality experience. He does this through technological, social, and online integration, supercharging your business success into the next level, so don’t hesitate to sign up for a free consultation RIGHT NOW.
by Bert Shlensky | Jul 31, 2017 | Marketing
Truthfully, your business logo — or even better, your image — is the crux, the starting point, the light bulb, of what your business is all about. Why? Because we’re visual creatures. We identify by what we see first before knowing. That’s why some of the best global brands out there are so recognizable, even by people who’ve never bought the product or service of the brand.
But you can’t just have any cool image as part of your logo. Do that, and you’ll have a disconnect. Potential customers will love the image, but won’t make the connection to your brand, and they’re still not won over. The idea of having the right business logo involves creating that bridge — you want them to identify with your business.
And These Are the 3 Aspects of a Business Logo You Should Always Keep in Mind:
- Your Vision — What is the idea of your company? Your brand? Your product? Your service? Focus on your goal. Your hope. What are you aiming for? Simply put, if your image doesn’t convey exactly what your vision is for the future of your company, your company won’t technically be seen at all by the masses.
- The Mission — This is the action. This takes the vision and puts action to it,
outlines exactly what you want to accomplish. You have your goals — now what do you need to do to accomplish it? Think about that, creatively brainstorm on what it’s going to take to get your success under your belt.
- Your Distinctiveness — And lastly, your image has to be unique. Something you don’t
see anywhere else. Because if a customers sees it anywhere else, it makes it that much harder to identify with your business. We’re getting into the whole trademark infringement, legal stuff, which is why there are so many cases in that field.
Seems easy — but only when you do it. Sit down, get a pad and paper. Start creating. Once you get down to it, you’re rollin’ (and just to put it in perspective, the three logos you see there are from three top small businesses ranked by Forbes.com — yes, that publication).
That’s how your business gets built, starting from the ground up.
It’s What People Will See Even Before “Getting in Your Door”
Your brand. Your image. It’s right there in a sign. A visual cue. You conjure these emotions, or other images in their head, and they start connecting the dots. This is who you are. If you can do that with just imagery, that’s half the battle of building the brand and making your a household name.
Dr. Bert Shlensky, President of The Startup Connection, directs all small business clients toward maximum sales and profit thanks to his 40 years of high-quality experience. He does this through technological, social, and online integration, supercharging your business success into the next level, so don’t hesitate to sign up for a free consultation RIGHT NOW.
by Bert Shlensky | May 22, 2017 | Marketing
Most of us understand basic marketing concepts and the importance of differentiating ourselves from commodities. This differentiation is generally accomplished by various actions including creating brands, quality, packaging, social and web marketing. This article argues there are other strategies and operations that can be more effective, less expensive, and simpler methods of differentiation for you and your company.
However, I find clients are frequently excellent at describing their perceptions of how they are different. Phrases like “better people,” “expertise,” “higher quality,” “better service,” etc. My suggestion is to eliminate these words as much as possible and consider new approaches to differentiation.
Product or Service
The weakest aspect of many client programs comes in the form of competitive analysis, market research, marketing plans, and distribution plans. These general business tools do little to determine your customers’ attitude. There are, however, three areas you can focus on differentiation to achieve greater success:
- How are you different?
- Do enough customers care about your difference?
- How can you communicate your difference?
Analyze prices and costs and develop new ways to package your offerings to provide better value and more profits. Topics like free shipping, providing great customer service, buying in volume, and catering to consistent customers are great places to start. A more specific example is how Costco compares to Neiman Marcus is a way to provide less traditional customer service but more value. One retailer bases their marketing on selection and quality, while the other on value and price; both have satisfied customers.
Risk and Probabilities
Individuals and companies often get caught up in the probability of failure and are too afraid to take more risks, even with reasonable probabilities of success. The economy is growing, unemployment is down, both, capital and the stock market is up which means there are lots of opportunities. Some famous quotes on this issue:
“You miss 100% of the shots you don’t take.” -Wayne Gretzky
“Because the People who are crazy enough to think they can change the world are the ones who do.” -Steve jobs
“What would you do if you weren’t afraid?” — addressing the self-doubt that still holds many women back. Sheryl Sandberg, “If you limit yourself to what’s comfortable, you’ll deny yourself of what’s possible.”
Probability and research can greatly reduce risk. Considering these issues can greatly improve our comfort in taking some risks. For example, there is a huge difference in predicting results where there is significant and consistent historical data. However, predicting results for new programs or with little or inconsistent data becomes much more difficult. This uncertainty can be reduced by a number of tools like more research, focus groups, or examining alternative models and their probabilities.
Consider, more attention to the process of decision making… How good is our information? What are the consequences of mistakes and how much risk can we afford? I frankly believe, with the exception of issues like safety, we can afford more risk. We generally are overly concerned with the consequences of mistakes than the potential opportunity.
Process
Empower your staff and management. Empowerment requires that you trust your employees and staff. This requires hiring and training good people, giving them the authority they need to do their jobs well, and understanding that they will make mistakes at times. Remember the United Air Lines fiasco earlier this year was largely a result of antiquated rules and little flexibility.
Create a more open and honest culture which encourages open communication and collaboration. Informal communication and social interaction can be great ways to foster a better environment and evaluate more alternative solutions.
Develop reliable resources outside your company. Don’t go to Uncle Buck, or Auntie Mae. They love you too much to tell you the truth, nor will they truly understand your business’ needs. Visit websites like Shopify, publications like Entrepreneur, social media groups that target your niche, your library, and incubators for networking opportunities.
Get to know your business and customers inside and out, make friends with financial statements and the Internet. (Visit places like www.startupconnection .net , BPplans.com and Score for lots of information and free tools.
Finally, be as personal as possible. Saying “please, thank you, and, how are you?” are free and can be the most effective tools possible. Understand and relate to your customers and their needs rather than using some universal sales pitch. This is where lifetime customers are found.
In summary, I refer you back to the beginning of this blog and encourage you to consider more about how to differentiate yourself more in our changing environment. However, I also suggest improving the tools and culture to encourage better success and considering more risk. My best observation is “if you aren’t making mistakes you aren’t trying hard enough “
About Bert Shlensky
Bert has over 30 years of executive experience as a results-driven executive leader, along with, a strong track record of achieving growth and operating successful businesses.
Bert has counseled over 1500 small businesses and currently serves as President of StartupConnection.net, (www.startupconnection.net) a consulting firm for entrepreneurs. Our focus is on understanding and analyzing the dilemmas and challenges to help entrepreneurs have better results. We empower clients to understand and balance the risks of failure and the rewards of success.
by Bert Shlensky | May 1, 2017 | Marketing
Experts frequently focus on their ideas and execution. However, understanding your market’s key concepts can be just as critical.
“If you don’t know where you are going any road will get you there. “ – Mark Twain
As a business owner, there’s just no getting around having clear definitions for both your market and segments. Many of my clients often hate the work necessary to understand their markets. Having the U.S. population, which is made up of about 300 million people, probably won’t get you’re the results you want. In most cases, using segmentation (selecting targets according to sex, geography, income, age, etc.,) can reduce your market to the 5-10 million level, which is a much sounder target to have. Taking the time to define and segment markets can both, save you time and money, and improve results.
Here are the key concepts to consider in evaluating your markets:
Changing Environment and Structures
We are in a state of constant change that requires new and flexible analysis. Labor force, baby boomers, technology, the Internet are all well-known factors affecting most markets. For example, I have been coaching potential high school entrepreneurs and their focus on cell phone opportunities is incredible compared to older consumer’s. A simple Google search of current market trends for your product will help you stay in the know.
Old Paradigms and Structures are Failing
Many of our largest and seemingly most powerful corporations have experienced no growth or minimal growth or, worse yet, failed over the last ten years. Traditional retailers, magazines and newspapers, coal, and lengthy hospital stays are dying. In contrast, the Internet, cell phones, e-retail, and cloud software are growing exponentially. This may happen even faster as automation and Artificial Intelligence become more accessible. To offset stagnation, when growth slows down, try switching your focus to profit.
Changing Demographics Call for Open Systems and Collaborative Models
The greatest need for change is a commitment to open systems and collaborative models; particularly, in an era of ever changing demographic trends. Open systems typically reject bureaucracy, authority, hierarchy, and closed decision making processes. Instead they encourage participation, diversity, new rules, and, to some extent, chaos. For example, social media has greatly expanded communication and equalized communication. United Airlines response to the recent events is a good example of ignoring viral messages online and their impact on a brand’s image.
One of the biggest outcomes from open systems is the collaborative decision model. As decisions become more complex, the need for diversity, internationalism, innovation, and expertise are expanded.
Defining Your Market is also Based on Understanding Operating Characteristics of your Effort
I frequently argue operations can be the most innovative and best marketing tool. These can include customer service, delivery, price, quality, packaging, costs, going green, distribution etc. Amazon, Uber and Airbnb are the best examples of operations creating new market segments. There are many great resources like Shopify for retail, Mailchimp for marketing, Freshbooks for accounting, and Ship Station for shipping are innovative resources to help manage your business. Researching and discovering which model best fits your business, is a great place to start.
You Need to Welcome Measurement and Feedback
Start by observing, understanding, sharing financials, operations report, and sales reports. Adopt a collaborative management style and incorporating more information, data and analysis into your decision making improves performance and reduces mistakes. Tools like Survey Monkey, Google Analytics, and Google search can facilitate the process.
Simple questions to help you understand your market
Start by answering the following question from your own perspective with a little research, rather than any extensive analysis and time consuming reports. Once you’ve completed your initial answers, conduct research, such as, surveys and revisit these questions for a more complete assessment:
- How are your company and its products or services truly different?
- Do enough customers care about these differences?
- How can you most effectively communicate your differences within budget?
Defining your market can identify significant opportunities and help reduce segments with little potential. In the end, you need to ensure that your offerings meet the needs of your consumer. Ignoring key concepts, such as demographics, market innovations, and operations, can put your business at peril. Similarly, understanding the opportunities in your market and needs of your customers can dramatically and positively affect results.
Dr. Bert Shlensky, president of www.startupconnection.net, offers experience and skills and a team devoted to developing and executing winning strategies for businesses of all kinds. This combination has been the key to client success. His book, “Passion & Reality for Small Business Success,” is available at www.startupconnection.net.
