Posted by marianchapman on November 11, 2010 under Marketing, SME News | 
Why would I want to own it?
A feature is:
• Physical size
• A 75 horsepower motor
• A new type of mattress
A benefit is
• Small enough to fit in your jacket pocket
• A mower that takes the work out of gardening
• A restful night’s sleep
Features are generally easy to describe but benefits can be trickier because they are often intangible.
Emotional appeal
The most persuasive benefits are those that provide emotional or financial rewards. So, it is not the brighter smile that the toothpaste offers that is its benefit; it is what the smile might bring you (friends, a better job).
Emotional Location First Clover Leaf Bank rewards can cover the whole spectrum of emotions but basically allow the buyer to feel better in some way. For example, sending flowers to a friend or family member allows the buyer to express love. Buying products made from recycled materials offers the buyer the chance to be environmentally responsible.
Financial appeal
Products that deliver financial rewards allow the buyer to:
• Save money (a discount for multiple purchase)
• Make money (accounting software for managing a home-based business)
• Gain convenience and time (microwaveable meals).
In your customer’s shoes
To identify your product’s benefits, you need to consider the customer’s viewpoint. One way of achieving this is to talk to or survey them asking them to tell you why they like your product.
Purchasers might see benefits in the product that you had not considered – alternatively they may not be seeing the benefit that you had designed it for.
Look at the customers who have purchased your product in the past. What does that customer profile tell you about your product’s benefits? If you don’t have that information you might set up a few systems to develop and track the following information:
• Ask customers for suggestions for improvement
• Pay attention to customer complaints and prospect inquiries
• Listen to what your customers say
• Train and reward employees for listening to customers and prospects
• Watch your competitors. Do the changes in their product offerings suggest desired product benefits?
Analyse and learn from this input and you will able to list your product or service’s benefits and know exactly what is in it for your customers.
This will start you off in the right way towards creating marketing messages that people want to read…and act upon.
Next month we will continue to study the creation of effective marketing messages.
Free Resources
Marketing-Simply – A Guide to Marketing for SMEs –
Business Plan Template – Cashflow Template – Start Up Guide
Guide To Strategic Planning – Small Business Guide
www.ukba.co.uk
Posted by marianchapman on October 17, 2010 under Business Planning, Marketing, Strategic Planning |
How to find your way around the marketing maze
On an average day we are all bombarded with marketing from all directions. Advertising messages on trucks, vans, cars, roadside hoardings, bus stops, posters in shop windows, radio and TV ads, text messages promoting products, marketing via email and in the post, every item with labeling we pick up is marketing something. Then there are ads on supermarket trolleys even on the floor in the aisles! Look up and you can sometimes see promotions on balloons and blimps, then there are all the ads via search engines and on websites and ads in online and printed directories, magazines and newspapers and even inserts into publications. The humble business card is also a form of marketing.
Just about the only way advertisers cannot get to you is in your sleep it seems. Wonder how long it will be before someone works out a way to sell advertising via our dreams?
All this adds up to a huge amount of opportunity – potentially – but most business owners find it actually adds up to a huge amount of confusion. Often meaning that it is easier to do nothing rather than risk spending money and time doing the wrong thing.
Of course some businesses know exactly where their business comes from but for the rest of us…
Why, who, where and when
So what is the answer? The start point is not where to advertise but why and to whom. First work out:
• What your business needs to achieve, this might be as simple as sell more to existing customers or sell more to new customers. Could be both. That’s the why. Put some numbers in this part of the plan either as percentages, turnover or profit.
• Then determine who your best prospects are, try to develop a feel for them as people (a brief pen portrait can help) including what they might read, look at, listen to. If you have good relationships with existing customers ask them.
• This will help you determine which channel(s) to use for your marketing. At this stage you will have to accept that nothing is guaranteed and a period of test and learn is fine (so long as you set up tracking methods so you do learn).
That brings us to where and when:
• The work you’ve done to determine who to aim your marketing at will give you a good indication of which channels to use and your testing will refine that. Often more than one channel works well for example ads in the local press coupled with a mailing and follow up by phone will get your brand known and the direct mail contact (but only if followed up) will gain you meetings at which to close the sale. Or maybe a PR campaign with regular Tweets will reach your target audience.
• When is relatively Location Premier Bank easy – your business may have in-built seasonality or quiet periods. Plan your marketing activity accordingly or consider fairly continual marketing such as networking or pay per click ads.
We have not covered one of the most important aspects of marketing in this blog – the messages. We will cover that next time.
In the meantime you could start on your plan but bear in mind that marketing is not a tap you turn on and out pours business however if you have a plan – and stick to it – over time (sometimes a short time) it will deliver return on investment and help you meet your business goals.
Free Resources
Marketing-Simply – A Guide to Marketing for SMEs –
Business Plan Template – Cashflow Template – Start Up Guide
Guide To Strategic Planning – Small Business Guide
www.ukba.co.uk
Posted by martinparry on October 5, 2010 under Business Planning, Marketing, Sales, SME News, Start Ups, Strategic Planning |
20 Years of marketing management in such corporate giants as Rover Group, AT&T and ntl: taught me little about the marketing and development needs of SMEs. The objectives and imperatives of such companies are light years away from the focus and immediacy displayed by small companies who rarely have a clear view of their objectives and strategies preferring to move forward on a day to day basis. This lack of clarity and simplicity however was not totally new to me. Before my marketing career among the corporate giants I had owned and managed business within the Travel, Leisure and Computer Services sectors and was very aware for the need to generate profitable sales at minimum investment in cash and time based on clear and simple objectives.
The size of business and market sector however has little impact on the essential truths of business marketing. All need to deliver the right products competitively but profitably priced; backed up by effective promotion and communication and supported by everyone in the business to deliver the best possible customer service and positive messages. It is therefore vital to remember that marketing is not the responsibility of a single part of the business tasked with generating enquiries. Marketing, like quality, is the responsibility of everyone. There is no point in investing thousands of pounds in websites, brochures and advertising if the installation engineers are scruffy and unhelpful!
This holistic marketing approach is reflected in a number of projects on which I have worked. The first example is a business that imported and distributed electric and woodworking tools to hobby modellers. Distributing via a team of sales agents to the retail industry my client had a respectable and profitable turnover of circa £3m. Family owned, the problem was that the business was not thriving. It hadn’t grown in years and chairman dad wanted to retire and was pressuring CEO son to deliver the growth that would enable him to do so.
The whole business was flabby! Dispatch from the warehouse was slow; sales unremarkable; too many customers buying too little. The company lacked direction, strategy and meaningful targets. Working with the board we undertook a complete review of the business resulting in a re-organisation of the sales team; a sharp knife taken to the retail customers cutting out those who failed to reach sales targets, focussing on those willing to respond positively to a new retail incentive scheme. As far as delivery was concerned, we invested in the distribution centre reducing average dispatch from 5 days to 1 thus allowing us to improve customer service; speed invoicing and improve cash flow by cutting stock and debtor days. All this activity was underpinned the identification of management criteria and reporting available at management meetings and ensured that senior management took responsibility for their delivery.
As a result sales revenue grew; profitability improved and morale throughout business recovered rapidly. Since the completion of this project the business has been successfully sold for a good sum; dad has retired and son is a senior director of the new expanded business.
A second project involved a larger business, circa £10m revenue working in motor components. They manufactured suspension systems for manufacturers like GM, Land Rover and Scania. Their problem was simply despite having a number of successful product lines they had identified a product gap during 2011 – 2012 and wanted to develop a product to fill it. The excellent management team had discussed this on several occasions but had failed to agree. And it is true to say that my suggestion to ask the staff was met with a degree of scepticism. However I was given a team made up of machine operators and junior supervisors and we set to work.
Our task was to make new product recommendations that would make maximum use of existing skills and resources within the company. Three days was spent brainstorming the project and undertaking detailed SWOT and PEST examinations of each idea put forward. After hard work from all involved I was given 10 product ideas to put to the leadership team. Of these, three were adopted by the business for initial development and my team were asked to be heavily involved in programmes that ultimately delivered two new and profitable products for the business.
My purpose in selecting these two case studies for discussion was simply to demonstrate the truism that marketing is not websites, brochures or social networking. Marketing works at a strategic level within businesses to deliver high quality, profitable products and services by a trained and motivated team of people led by those who have a clear commitment to the company’s objectives. Lack of sales is often blamed on the web site or the sales manager. As advisors and consultants we should be prepared to look much deeper than that!
Sc: martin.parry@mgba.co.uk
Free Resources
Marketing-Simply – A Guide to Marketing for SMEs –
Business Plan Template – Cashflow Template – Start Up Guide
Guide To Strategic Planning – Small Business Guide
www.ukba.co.uk
Posted by John Alves on September 21, 2010 under Business Planning, Marketing, Sales |
Many businesses are still using 20th century sales methods in 2010 !
Cold calling: This has always been ineffective but has now become even less productive. The Corporate Telephone Preference Service (CTPS) makes it illegal to call the many businesses who have registered with them. Most of the others will not take sales calls. Widespread use of voice mail makes it almost impossible to get through to a real person. Even if you are lucky and reach the decision maker what is the probability that they actually need your product or service at this time?
Advertising in printed directories and the press: Very few people still use printed directories to find a supplier and press advertising is only effective if you have a large budget and a wide target market. You can almost certainly spend this budget more effectively on web and email marketing.
Web sites that don’t work for you: If you do not have a web site you are invisible. If you have a web site which prospective customers cannot find you are still invisible. Most businesses have a web site which does little to generate sales. Before you go to web designer you must have a clear marketing plan which defines your target market, their problems/needs and exactly how you are can solve these. You should also know how your web site is going to generate responses. Choose your web designer with care – effective web design requires many skills.
Traditional sales techniques: Many sales people have been trained in traditional methods which are now seen by prospects as the “hard sell” and serve only to increase sales resistance. The moment you attempt to use any variation of traditional selling to convert prospects into paying customers, they will sense that you are focusing on what YOU want (the sale) and not what THEY want (to solve their problem).When did your sales people last receive sales training? Remember everyone in your company is in sales!
Using the wrong message: Speak to the prospect in their language, not yours. All your marketing messages must address your prospect’s needs. Tell them how you can help them solve their problems, not what you do.
Selling to the wrong people: Sales calls are expensive and your time is valuable. Do not waste it on people who are not willing or able to buy. Identify people who have a need, a budget and authority to buy, then focus your sales effort on them.
Not using today’s technology: Keep in touch with prospects by sending a regular email newsletter, this costs very little except time and effort. Track your sales process using software tools (CRM). Use social networks (Twitter, Facebook etc) .
Networking and Referral Marketing: These are the current fashion for finding customers and they are very important and useful tools, but only if you know how to use them effectively. “Networking or Not Working?” – that is the question. There are some simple ways to make these techniques work better for you.
I will be covering these topics in more detail over the next few weeks - make sure you do not miss anything by signing up here to receive Boost Your Business blog updates.
John Alves
john.alves@ukba.co.uk
Free Resources
Marketing-Simply – A Guide to Marketing for SMEs –
Business Plan Template – Cashflow Template – Start Up Guide
Guide To Strategic Planning – Small Business Guide
www.ukba.co.uk
Posted by martinparry on June 13, 2010 under Business Planning, Marketing, Sales, SME News, Social Networking |
| Social networking is not a new phenomenon. It has been used as a business marketing tool to develop tighter customer relationships and spread brand awareness but it also has the ability to directly impact on a company’s profits. In June of last year Dell announced $3 million in revenue from using Twitter. This success was not immediate and 18 months after launching on twitter the revenue stood at $1 million. Once their following was established the revenue continued to build more quickly. It is not only large companies that are using this medium successfully. Many smaller businesses have found great success marketing in this environment where the main investment is that of time rather than cash.There are now so many websites that give you the option to become a Fan of their Facebook page. So how could this work for you? The way these tools are used is going to vary massively by your business area and the clients you work with. The key to success seems to be providing value and interest to the clients you interact with. Offering exclusive discounts, valuable information, details of up coming events, photos, videos etc. Links to these sites can be promoted on email footers, in store, on websites or business cards. |
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| Many companies are now using Facebook, Twitter, My Space, You Tube or other business focused websites such as Linked In as marketing tools. Do you know if your competitors are marketing in this way already? Do your clients use social networking as part of their marketing approach? In today’s business world there are relatively few opportunities for free marketing. Social networking sites are an area where this opportunity still currently exists and where some companies have found great success. It could be well worth investigating!Sc: www.wallacestein.co.uk
Sc: www.ukba.co.uk |
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Free Resources
Marketing-Simply – A Guide to Marketing for SMEs –
Business Plan Template – Cashflow Template – Start Up Guide
Guide To Strategic Planning – Small Business Guide
www.ukba.co.uk
Posted by martinparry on June 1, 2010 under Banks, Business Planning, Finance, Marketing, Operations, Sales, SME News, Tax |
Two pieces of good news for business at last. Firstly, UK gross domestic product (GDP) has been revised upwards for the first quarter of 2010, according to the latest figures from the Office for National Statistics (ONS). The economy grew by 0.3% compared to the previous quarter, which has been revised upwards from the original estimate of 0.2%. The growth in the economy has been driven by the manufacturing industry. High industrial output boosted the economic growth, but some economists warn that Government spending cuts and the eurozone debt crisis could affect sustained growth.
Secondly, the level of business investment in the UK rose by 6% during the first quarter of 2010 compared to the previous quarter, according to figures from ONS. However, the level of business investment is still 11% lower compared to the same period a year ago. The rise in business investment is due to increased capital spending by private sector, non-manufacturing industries.
To read more on this story go to:
http://www.statistics.gov
http://www.statistics.gov.uk/pdfdir/oie0510.pdf
http://www.independent.co.uk/news/business/news/
manufacturing-pushes-up-economic-growth-1982837.html
compiled by www.ukba.co.uk www.mgba.co.uk
Free Resources
Marketing-Simply – A Guide to Marketing for SMEs –
Business Plan Template – Cashflow Template – Start Up Guide
Guide To Strategic Planning – Small Business Guide
www.ukba.co.uk
Posted by martinparry on May 5, 2010 under Business Planning, Marketing, Sales, SME News, Social Networking |
UKBA regional operator MGBA, based in the Midlands opened it’s summer marketing season with the first of a series of Food For Thought Dnners. This one, hosted by Hogarths Hotel, in Dorridge, was a great night. Twelve regional business leaders from around the region debated some of the key issues facing business leaders at the present. “Excellent, I would definitely come again” said Barron Laight of Academe Properties.
The next Food For Thought Dinner is to take place in Leamington Spa on 27th May. If you would like to know more email martin.parry@mgba.co.uk
Sc: MGBA
Free Resources
Marketing-Simply – A Guide to Marketing for SMEs –
Business Plan Template – Cashflow Template – Start Up Guide
Guide To Strategic Planning – Small Business Guide
www.ukba.co.uk
Posted by martinparry on under Marketing, Sales, SME News, Social Networking |
Yahoo Answers — by far the largest answer search engine on the web —says it passed the one billion answer mark within the past week. In today’s announcement, Yahoo has also shared several other interesting stats about the Q&A service, for example: Yahoo! Answers currently receives 823,966 questions and answers per day.
Also last December, Yahoo announced Answers has more than 200 million users around the world, with 350,000 new visitors per day.
Today’s Location Alliance Bank, N.a. post says Yahoo answers is “available in 9 languages across 21 countries.” But back in October, a Yahoo blog post said the service was “available in 26 markets and 12 languages.” Which is it I wonder.
Free Resources
Marketing-Simply – A Guide to Marketing for SMEs –
Business Plan Template – Cashflow Template – Start Up Guide
Guide To Strategic Planning – Small Business Guide
www.ukba.co.uk
Posted by martinparry on March 31, 2010 under Business Planning, Finance, Marketing, Operations, SME News, Social Networking |
The UKBA group in the Midlands(MGBA) are launching a season of
The Board Room
dinners for business leaders in the region. The events will offer an opportunity for entrepeneurs to get together in relaxed civilised surrounding and thrash out problems and issues that affect them all. The first dinner will take place at Hogarth’s Hotel and Restaurant on 27th April 2010.
Invitations are being sent out over the next few days and MGBA are looking forward to hosting a fascinating evening of debate, discussion and hopefully, some answers to the challenging questions and issues before the business community today.
Any business owners and leaders who would like to join MGBA on the night or would like details of future events email martin.parry@mgba.co.uk
Sc: MGBA, Midlands Group Business Advisors
Free Resources
Marketing-Simply – A Guide to Marketing for SMEs –
Business Plan Template – Cashflow Template – Start Up Guide
Guide To Strategic Planning – Small Business Guide
www.ukba.co.uk
Posted by martinparry on March 29, 2010 under Marketing, Sales, SME News, Social Networking |
After cutting operating costs to the bare minimum, many smaller firms are hiring sales staff, improving their websites and boosting marketing activities in an effort to tackle tough trading conditions. So says a business survey carried out by the FPB. They also found that business owners expect their efforts will pay off. More than half (56%) of those surveyed expect to increase their turnover in 2010 and 44% believe their business will grow.
The findings are the first of the FPB’s new ‘Economy Watch’ panel – a body of more than 350 members who are sharing their experiences as the economy heads away from recession. The panel is designed to provide an accurate and timely reflection of what small businesses are experiencing on the ground. Its findings will be released on a monthly basis.
The results of the first Economy Watch panel paint a generally positive picture, with firms expressing a defiant attitude to the downturn and only 13% concentrating on cutting costs. Perhaps surprisingly, 80% of those surveyed described the cost of borrowing as ‘affordable’. However, business owners expect to see continuing tough times ahead. A significant 60% of those surveyed expect to see the general cost of business to increase this year and an overwhelming 76% are anticipating tax increases.
Additionally, almost half (48%) of those surveyed had been required to provide personal guarantees for loans, while 26% had to secure loans, often on properties, in order to access affordable interest rates. Some members reported interest rates of more than 20% for unsecured borrowing.
Sc: http://www.fpb.org/news/2307/Recession_fighting_firms_focusing_on_sales_and_marketing__survey_finds.htm
Free Resources
Marketing-Simply – A Guide to Marketing for SMEs –
Business Plan Template – Cashflow Template – Start Up Guide
Guide To Strategic Planning – Small Business Guide
www.ukba.co.uk
