By Michael Fleischner | Marketing Expert, Internet Marketing Secrets*
With the proliferation of websites, blogs, RSS feeds, podcasts, and other communication tools, consumers are bombarded with marketing messages, new products, unbeatable offers, and other opportunities on a daily basis. Marketing professionals are challenged with finding new ways to reach consumers despite ever increasing promotional noise and clutter.
So many of today's marketing executives and product development professionals still believe that building a good product, is all you need - consumers will seek them out on their own. However, nothing could be further from the truth. In today's marketplace, having a good product or service is simply the cost of entry. And unfortunately, because of clutter, may never get noticed even if a prospect is looking for it.
Marketing made simple.
Although one could argue that the traditional pillars of marketing (product, place, price, and promotion) are still required for the effective marketing and selling of products or services, they alone are not enough to cut through clutter. The only true weapon against clutter is relevancy. When a product or service is seen as being relevant to the specific needs of a prospect, then you've successfully overcome the clutter that prevents consumers from taking notice of your product or service.
How to make your marketing relevant.
To be relevant, you must first have a firm understanding of your audience. Ask yourself, "Who is my prospect? What does he or she need? Want? How does he or she like to be communicated to?" It's only after you have a deep understanding of your audience that you can begin to shape promotional marketing messages that can consistently differentiate your offering and be seen as unique in a sea of noise and sameness.
Once you've gotten a grasp on your audience, you need to apply an ongoing approach of refining your marketing message, offer(s), and campaign timing. If you apply just a little discipline towards testing and measuring the effectiveness of these marketing components, you can quickly determine the best formula for reaching your prospective audience regardless of competing noise. After you become relevant, deliver an experience.
Now let's assume that you've been paying attention and you have accomplished the need to be relevant, what then? In order to take a prospect that final few inches, to where they try or purchase your product, you must be capable of describing or delivering the experience you can provide. In an increasingly commoditized world, prospects differentiate the products or services they chose by the experiences they can or do create.
Keep in mind that giving a consumer a positive experience goes beyond the obvious. Be sure to take a customer centric approach and work towards an incredibly positive user experience. This will set you apart from your competition and help you build your brand.
* Michael Fleischner is a marketing expert and the president of MarketingScoop.com, the Internet’s biggest source of marketing information and free marketing resources. He has more than 12 years of marketing experience and has appeared on The TODAY Show, Bloomberg Radio, and other major media.
Thursday, November 30, 2006
The Processes Of Product Development
by: Mario R. Churchill
Product development may be defined as the process of conceptualizing and marketing a product. And this product can be something new to the market or something new to an individual company, or it could be a product which already exists and has just undergone improvement.
Why is product development important? Well, it's not just important. It's a critical process to retain and maintain customer loyalty and be able to contend in the today's financial service situation. With an effective product development, customers and providers gain essential insights from the interaction and this helps the provider in better realizing the desires of its customers.
All product development undergoes a parallel planning process. Although the process is continuous, it is imperative that companies pause and weigh up each step to see whether the product to be developed is worth the effort and investment. The company should have a specific array of criteria from which to base its assessments.
In product development, creativity is a valuable plus point. The company must be imaginative in coming up with ideas for the business. It must be able to develop fresh ways of attacking marketing problems. The company must secure these ideas and assess if they are worth spending more time and energy in.
When ideas are already available, the next segment in the process is to define the concept. This is how the company turns the idea into an actual business opportunity with the projection of required investment and estimated return. The company must set specific standards and purpose to base from to decide whether it must pursue the investment. Questions like "Is the idea technically feasible?", "What are its effect to existing products?", "How will it affect the market competition?" must be answered.
The next stage in the product development process is the development of the concept. Usually, the initial step of this stage involves the definition of the requirements of the clients. Then, the transformation into some structure of channel or model service follows. The idea is to translate the recognized customer needs into probable response to these needs. In the actual application, the development and design of the product will carry on into subsequent processes as the product is polished and can be released to the marketplace.
The testing and finalization of the concept then follows. This stage involves a controlled release of a product for manufacturing; support and sales organizations are then done to test and improve the product. In this process, the company would determine whether the concept was erroneous, the target market is frail, and the product must discontinue considering the anticipated cost of releasing it into the market.
When the product has been approved in the testing stage, it is now ready for its full launch. This is perhaps one of the most arduous and costly stages. This chapter includes the development of the market, the right channels, the support of the product, and the building up of the volume of production.
Finally, management of the life cycle must be worked out. Usually, it is not recommended to handle a product that is waning in the market, or lengthen its life with a "kicker". When this action is not properly planned, the call for the development of new products is frequently prompted by declining sales. If this happens, the company may not have ample time to have new products developed.
About The Author
Mario Churchill is a freelance author and has written over 200 articles on various subjects. For more information checkout http://www.ideacenter.com and http://my-updates.info.
Product development may be defined as the process of conceptualizing and marketing a product. And this product can be something new to the market or something new to an individual company, or it could be a product which already exists and has just undergone improvement.
Why is product development important? Well, it's not just important. It's a critical process to retain and maintain customer loyalty and be able to contend in the today's financial service situation. With an effective product development, customers and providers gain essential insights from the interaction and this helps the provider in better realizing the desires of its customers.
All product development undergoes a parallel planning process. Although the process is continuous, it is imperative that companies pause and weigh up each step to see whether the product to be developed is worth the effort and investment. The company should have a specific array of criteria from which to base its assessments.
In product development, creativity is a valuable plus point. The company must be imaginative in coming up with ideas for the business. It must be able to develop fresh ways of attacking marketing problems. The company must secure these ideas and assess if they are worth spending more time and energy in.
When ideas are already available, the next segment in the process is to define the concept. This is how the company turns the idea into an actual business opportunity with the projection of required investment and estimated return. The company must set specific standards and purpose to base from to decide whether it must pursue the investment. Questions like "Is the idea technically feasible?", "What are its effect to existing products?", "How will it affect the market competition?" must be answered.
The next stage in the product development process is the development of the concept. Usually, the initial step of this stage involves the definition of the requirements of the clients. Then, the transformation into some structure of channel or model service follows. The idea is to translate the recognized customer needs into probable response to these needs. In the actual application, the development and design of the product will carry on into subsequent processes as the product is polished and can be released to the marketplace.
The testing and finalization of the concept then follows. This stage involves a controlled release of a product for manufacturing; support and sales organizations are then done to test and improve the product. In this process, the company would determine whether the concept was erroneous, the target market is frail, and the product must discontinue considering the anticipated cost of releasing it into the market.
When the product has been approved in the testing stage, it is now ready for its full launch. This is perhaps one of the most arduous and costly stages. This chapter includes the development of the market, the right channels, the support of the product, and the building up of the volume of production.
Finally, management of the life cycle must be worked out. Usually, it is not recommended to handle a product that is waning in the market, or lengthen its life with a "kicker". When this action is not properly planned, the call for the development of new products is frequently prompted by declining sales. If this happens, the company may not have ample time to have new products developed.
About The Author
Mario Churchill is a freelance author and has written over 200 articles on various subjects. For more information checkout http://www.ideacenter.com and http://my-updates.info.
Monday, November 13, 2006
18 Ways to Create Marketing Buzz
By Elizabeth Gordon
Are you looking for ways to get people talking about your brand? An increasing frustration with traditional media has driven businesses and marketing firms to start employing more creative means of getting customers attention beyond the traditional media outlets. You may hear this referred to as viral, word-of-mouth or buzz marketing and this method is attaining broad popularity as an inexpensive and highly effective marketing method.
What is Viral Marketing, Word-of-Mouth, or Buzz Marketing?
Viral Marketing is a way of capturing attention of consumers and the media to the point where talking about your brand becomes interesting conversation. Generating a buzz is based on either customers’ personal experience with brands or what other people have told them about these brands. When this experience becomes interesting, your brand and what your company is doing become a source of entertainment, and your brand becomes newsworthy. Basically it's unconventional, it's economical and it's powerful. Buzz marketing is capturing the attention of consumers and the media to the point where talking about your brand becomes entertaining, fascinating, and newsworthy. Buzz marketing is about starting conversations. In a nutshell, buzz marketing is about getting people talking and getting the media writing about your brand. With Buzz Marketing you stop talking at consumers, and start talking to them.
Why does buzz work?
Today’s noisy advertising environment has forced marketers to become more creative and some say even slightly devious with their methods. Consumers are subject to constant information overload and are wary and distrustful of companies due to scandals and scams they have heard about or been victims of in the past. All of that buyer’s remorse from past bad purchase decisions has built up and created a wall of sales resistance that they psychologically throw up whenever faced with something that appears to be a marketing message or sales pitch. Conversely, consumers like to rely on friends and peers for product and service recommendations and will do less shopping around and are more apt to act based on recommendations of people the know. This has long fueled efforts to increase customer referrals for companies. Another way to enter a customer’s mindshare is through buzz marketing, which is simply the process of sharing information through the natural social networks of your target market that helps them in the decision-making process. That way, instead of coming from a faceless and distrusted corporation, the marketing message instead seems to emanate from the most powerful endorser possible: your coolest friend.
How is it different than traditional advertising?
Most marketing, advertising, and PR employs a push strategy, where you push your message out into the marketplace at people, typically when they are not seeking it. Many people do not enjoy or appreciate this approach. Good marketers know that using a pull strategy to market their products and services can result in close rates at least twice as high as a traditional push strategy. Doubling your marketing effectiveness is certainly worth paying attention to. Buzz marketing is powerful because it gets customers to seek you out.
Why is this a good time for Buzz?
Marketing today is in a state of turmoil. Industry leaders say traditional marketing campaigns, based on mass media advertising, are not working anymore. And the facts back them up. A 2004 study into advertising effectiveness by Deutsche Bank in the US consumer packaged goods sector found that only 18 percent of television advertising campaigns generate a positive return on annual investment, while the Harvard Business Review reports that for every dollar invested into traditional advertising for consumer packaged goods, the short-term return on investment is just 54 cents. Marketing in the business-to-business sector fares no better. An astonishing 84 percent of B2B marketing campaigns actually result in a fall in market share and brand equity. Word of mouth connections are highly influential. A 2004 UK survey of 10,000 consumers by consultants CIA:MediaEdge found that 76 percent cite word of mouth as their main influence on their purchasing decisions, compared with traditional advertising's mere 15 percent. In the US, NOP (now GfK) research shows that 92 percent of Americans cite word of mouth as their preferred source of product information. Studies show that when it comes to generating excitement about products, word of mouth is 10 times more effective than TV or print advertising. Younger consumers, who are still forming their brand preferences, are among the most coveted by marketers. These days they spend less time planted in front of the tube and are more skeptical about the messages they receive there. Therefore a recommendation for a product or service from a trusted friend is more memorable and convincing than the cleverest television ad and more likely to be turned into action.
What are the benefits?
Many are saying that buzz represents the future and will surpass traditional ads in regards to maintaining consumer brand-interest. If I can involve one person really deeply in my brand in 50 cities, vs. 50 people in one city, I'll take the former every time, says Mark Hughes, author of Buzzmarketing: Get People to Talk About Your Stuff. Jon Berry of research company Nop World, and author of The Influentials, argues that word of mouth is worth more than twice what it was in the 1970s in affecting consumer purchases, and it's 150 percent more influential than newspaper and magazine advertising or articles. Another benefit of buzz marketing is the ability to break through customers’ natural defense mechanisms that they typically have up when receiving marketing messages. Customers think of you more like a friend and less like a business trying to sell them something, and that is a great place to be.
You’re speaking face–to-face, which gives you attention and mindshare. Another reason word of mouth works so well is credibility. When your friend, neighbor, co-worker or a family member tells you about a great movie, product or service you believe them. They’re not being paid to pitch the item and so you give them full credibility. That’s why having a great product matters so much: If you can really wow people, they will tell their friends and neighbors. Such face-to-face attention creates superior memory retrieval. In a study of two groups presented with advertising information with the brand removed, only 49 percent of people recalled advertising based on a visual cue, while 70 percent recalled advertising from a thirty-second musical cue. Given the right context of attention, audio stimuli can be far superior to visual.
Buzz marketing is one of the hottest trends in marketing today. By applying these 18 techniques in your business you’ll see people buzzing about your brand.
Here’s how to do it:
1. Start with your initial or existing base of satisfied customers. While enrolling new consumers, a successful buzz marketing strategy bases itself on the impact these consumers could have on the next potential customer. Providing a positive customer experience establishes trust. This trust is rewarded with consumers acting as buzz marketing agents, literally working for brands free of charge. The consumers who are first to climb aboard and become evangelists of your brand.
2. Pick a target market you can find. Where does your target market hang out? If you’re selling hot pink lipstick you might find that your main customers are at the corner of Pine and Main Street wearing stilettos and pleather. Make them easily definable and be able to name the specific areas where they go so you can target your target market.
3. Find the thought leaders. Every social culture has its thought leaders. Building a successful buzz campaign hinges on finding the right carriers for the message: influencers who are obsessed with staying one step ahead of their peers. You must find, connect, and collaborate with the people who influence your brand, lead opinions, and spread word of mouth. Look for opinion-leading individuals who frequently offer or are elicited for category-related advice. Thought leaders are the 10percent of society that help influence the majority of all purchasing decisions. They are not necessarily the customers who spend the most money with you, but they are the most important people you can reach because your target market takes their advice. They hold a social power that will amplify the affect of your word of mouth campaign.
After finding influencers, make sure that you develop ongoing, two-way relationships with them from giving them a trial before the product is available to the mass market, to going back a step and getting them involved in your research and development. Try to give them experiences that exceed expectations. This will generate goodwill and advocacy that will go a long way toward kick-starting positive word of mouth and wider interest in your product, service, or campaign.
4. Again, find the influences and give out freebies. Think outside of the box. Rather than blitzing the airways with expensive TV commercials, give out freebies to select people who are trendsetters. Targeting the influential people you will get more visibility for your product or service by others who are their friends or assistants and who will buy based on the trendsetters. It is worth it to give out what you can for free that will allow customers to experience how great your brand is.
5. Use fake shoppers. One way to get closer to your customers is to show up right under their noses without them even seeing you. Often buzz marketers cover their tracks, at least initially. Slip into the conversational pathways of the target market and those who heavily influence their peers.
6. Work at a grassroots level. Get out there and hit the streets. Buzz requires manpower, whether its volunteers, paid representative, or evangelists that just can’t stop talking. Create a culture around your brand, something that people can stand for, support and be proud of. Get into their neighborhoods. The most successful buzz marketers start on the streets, in the places people live, eat, work, socialize, etc..
7. Piggyback off an existing trend or cause. Look for a trend that your target audience is currently interested in, such as environmentalism. If you can show them that you are interested in the same things that they are, you’ll make fast friends and get them talking.
8. Go to the point of sale. Stage an impromptu demonstration, create a display that will attract your customers or have actors put on a show around your product. If you are going to get people talking, get them talking as close to the point of purchase decision as possible.
9. The more unusual and shocking the better. Traditional ad campaigns have lost some of their punch while quirkier campaigns have generated huge grassroots followings for their brands with laughably low marketing expenditures. Use what people naturally like to talk about by creating a messages that contain one or more of these 6 elements.
The taboo (sex, lies, bathroom humor, etc.)
The unusual
The outrageous
The hilarious
The remarkable
Secrets (both kept and revealed)
10. Be completely believable. When you have your consumer do marketing for you, it is credible, less expensive and enormously believable.
11. Make it personal. Using the viral strategy on a humdrum product category, will not yield your best results. Buzz marketing still seems to work best for the relatively narrow range of products and services that consumers care deeply about because of their physical intimacy, technical complexity or status-enhancing potential.
12. Create a sense of scarcity. Lure those key consumers with coveted items--whether hot news, loaner cars, or cool gadgets--that are in short supply, and let the buzz begin.
13. Be bold and extreme. Companies that play on the extremes of being either totally authentic or blatantly unoriginal are memorable and different. Although a buzz campaign may have fictional elements, the premise should be true to the brand. Make sure your buzz campaign fits with your overall ad strategy. Similarly, being totally irreverent can get people talking as well; just make sure consumers don't feel duped. Be sure to test your humor out on a sample of your target market first.
14. Leverage the internet and buzz with blogs. From large corporations such as GM and Microsoft to entrepreneurs, businesspeople of all kinds are using blogs as a tool to connect with customers and internal audiences in new ways. They're generating unprecedented buzz, and exponentially amplifying word of mouth marketing. A single successful blog can attract tens or even hundreds of thousands of visitors. Done right, they can give back loyalty, goodwill, and valuable feedback. The best part is they often spread that message to others within their sphere of influence through blogs, instant messenger or e-mail.
15. Don’t overlook quality and customer service. Make sure that your product, service or brand is of a quality level that stands out next to competitors. The last thing you want is to have all this talk you generated turn into complaints. Customer service should be given extra attention while you are working a buzz campaign. Good service and superior quality are so unique they create an inherent buzz of self-propelling word of mouth and customer recommendations.
16. Do something innovative. Buzz is great for anything new and innovative, but if your product is not innovative in itself, then put extra creativity in the execution to generate that buzz.
17. Measure as much as you can. Connected marketing is not about control; it’s about management. You cannot manage what you cannot measure. The initial contact may look spontaneous, but it's anything but, and the back end of your campaign should be meticulously planned and the results carefully measured. Marketers are even attempting to quantify how often their message will be passed along and how many downstream consumers they need to influence before a fad is born. Obviously, using online capabilities will make this kind of measurement more easily and precisely monitored. At the very least it will show you whether or not your efforts paid for themselves, best case scenario you can determine the exact ROI. Figure out what types of data do you want to collect, the measurement of recommendation rates, what specific actions should be taken post-measurement, and what influences the recommended rate and how marketers improve recommendation rates.
18. Integrate the campaign with the overall marketing strategy. It is time to develop internal and external connected marketing strategies that integrate product development and marketing activities in innovative ways, enabling consumers and businesses to connect and collaborate with each other as respected partners in order to achieve mutually beneficial outcomes. Don’t fall into thinking that if you get buzz you don't need any marketing. Buzz marketing should be one part of an overall integrated marketing communications plan. Good buzz is the best thing you could wish for. But, in most cases, distribution, advertising, promotion and other traditional concepts are essential to translate the goodwill surrounding your product into sales. The focus should be not on whether something is classified as traditional or guerrilla, mainstream or viral—but on whether it works. Focus on results, and don't get caught up in any single marketing ideology. It is best to start little fires in lots of places and fan them afterwards.
Implement these techniques and watch the buzz get started. For more information about how you can create a marketing buzz, visit www.flourishingbusiness.com.
Elizabeth Gordon, founder and President of The Flourishing Business, LLC, is a visionary leader who has a passion for helping others achieve their entrepreneurial dreams and enjoy more of the best in life. With a vast and diverse background in many business arenas, Elizabeth regularly has the opportunity to share her business acumen with clients, large and small. She currently serves on the Board of Directors of the National Association of Women Business Owners (NAWBO), Atlanta and the Board of Directors of the American Association of University Women (AAUW) Atlanta. She is an Accredited Executive Associate of the Institute for Independent Business (IIB) and a certified Life Coach.
Are you looking for ways to get people talking about your brand? An increasing frustration with traditional media has driven businesses and marketing firms to start employing more creative means of getting customers attention beyond the traditional media outlets. You may hear this referred to as viral, word-of-mouth or buzz marketing and this method is attaining broad popularity as an inexpensive and highly effective marketing method.
What is Viral Marketing, Word-of-Mouth, or Buzz Marketing?
Viral Marketing is a way of capturing attention of consumers and the media to the point where talking about your brand becomes interesting conversation. Generating a buzz is based on either customers’ personal experience with brands or what other people have told them about these brands. When this experience becomes interesting, your brand and what your company is doing become a source of entertainment, and your brand becomes newsworthy. Basically it's unconventional, it's economical and it's powerful. Buzz marketing is capturing the attention of consumers and the media to the point where talking about your brand becomes entertaining, fascinating, and newsworthy. Buzz marketing is about starting conversations. In a nutshell, buzz marketing is about getting people talking and getting the media writing about your brand. With Buzz Marketing you stop talking at consumers, and start talking to them.
Why does buzz work?
Today’s noisy advertising environment has forced marketers to become more creative and some say even slightly devious with their methods. Consumers are subject to constant information overload and are wary and distrustful of companies due to scandals and scams they have heard about or been victims of in the past. All of that buyer’s remorse from past bad purchase decisions has built up and created a wall of sales resistance that they psychologically throw up whenever faced with something that appears to be a marketing message or sales pitch. Conversely, consumers like to rely on friends and peers for product and service recommendations and will do less shopping around and are more apt to act based on recommendations of people the know. This has long fueled efforts to increase customer referrals for companies. Another way to enter a customer’s mindshare is through buzz marketing, which is simply the process of sharing information through the natural social networks of your target market that helps them in the decision-making process. That way, instead of coming from a faceless and distrusted corporation, the marketing message instead seems to emanate from the most powerful endorser possible: your coolest friend.
How is it different than traditional advertising?
Most marketing, advertising, and PR employs a push strategy, where you push your message out into the marketplace at people, typically when they are not seeking it. Many people do not enjoy or appreciate this approach. Good marketers know that using a pull strategy to market their products and services can result in close rates at least twice as high as a traditional push strategy. Doubling your marketing effectiveness is certainly worth paying attention to. Buzz marketing is powerful because it gets customers to seek you out.
Why is this a good time for Buzz?
Marketing today is in a state of turmoil. Industry leaders say traditional marketing campaigns, based on mass media advertising, are not working anymore. And the facts back them up. A 2004 study into advertising effectiveness by Deutsche Bank in the US consumer packaged goods sector found that only 18 percent of television advertising campaigns generate a positive return on annual investment, while the Harvard Business Review reports that for every dollar invested into traditional advertising for consumer packaged goods, the short-term return on investment is just 54 cents. Marketing in the business-to-business sector fares no better. An astonishing 84 percent of B2B marketing campaigns actually result in a fall in market share and brand equity. Word of mouth connections are highly influential. A 2004 UK survey of 10,000 consumers by consultants CIA:MediaEdge found that 76 percent cite word of mouth as their main influence on their purchasing decisions, compared with traditional advertising's mere 15 percent. In the US, NOP (now GfK) research shows that 92 percent of Americans cite word of mouth as their preferred source of product information. Studies show that when it comes to generating excitement about products, word of mouth is 10 times more effective than TV or print advertising. Younger consumers, who are still forming their brand preferences, are among the most coveted by marketers. These days they spend less time planted in front of the tube and are more skeptical about the messages they receive there. Therefore a recommendation for a product or service from a trusted friend is more memorable and convincing than the cleverest television ad and more likely to be turned into action.
What are the benefits?
Many are saying that buzz represents the future and will surpass traditional ads in regards to maintaining consumer brand-interest. If I can involve one person really deeply in my brand in 50 cities, vs. 50 people in one city, I'll take the former every time, says Mark Hughes, author of Buzzmarketing: Get People to Talk About Your Stuff. Jon Berry of research company Nop World, and author of The Influentials, argues that word of mouth is worth more than twice what it was in the 1970s in affecting consumer purchases, and it's 150 percent more influential than newspaper and magazine advertising or articles. Another benefit of buzz marketing is the ability to break through customers’ natural defense mechanisms that they typically have up when receiving marketing messages. Customers think of you more like a friend and less like a business trying to sell them something, and that is a great place to be.
You’re speaking face–to-face, which gives you attention and mindshare. Another reason word of mouth works so well is credibility. When your friend, neighbor, co-worker or a family member tells you about a great movie, product or service you believe them. They’re not being paid to pitch the item and so you give them full credibility. That’s why having a great product matters so much: If you can really wow people, they will tell their friends and neighbors. Such face-to-face attention creates superior memory retrieval. In a study of two groups presented with advertising information with the brand removed, only 49 percent of people recalled advertising based on a visual cue, while 70 percent recalled advertising from a thirty-second musical cue. Given the right context of attention, audio stimuli can be far superior to visual.
Buzz marketing is one of the hottest trends in marketing today. By applying these 18 techniques in your business you’ll see people buzzing about your brand.
Here’s how to do it:
1. Start with your initial or existing base of satisfied customers. While enrolling new consumers, a successful buzz marketing strategy bases itself on the impact these consumers could have on the next potential customer. Providing a positive customer experience establishes trust. This trust is rewarded with consumers acting as buzz marketing agents, literally working for brands free of charge. The consumers who are first to climb aboard and become evangelists of your brand.
2. Pick a target market you can find. Where does your target market hang out? If you’re selling hot pink lipstick you might find that your main customers are at the corner of Pine and Main Street wearing stilettos and pleather. Make them easily definable and be able to name the specific areas where they go so you can target your target market.
3. Find the thought leaders. Every social culture has its thought leaders. Building a successful buzz campaign hinges on finding the right carriers for the message: influencers who are obsessed with staying one step ahead of their peers. You must find, connect, and collaborate with the people who influence your brand, lead opinions, and spread word of mouth. Look for opinion-leading individuals who frequently offer or are elicited for category-related advice. Thought leaders are the 10percent of society that help influence the majority of all purchasing decisions. They are not necessarily the customers who spend the most money with you, but they are the most important people you can reach because your target market takes their advice. They hold a social power that will amplify the affect of your word of mouth campaign.
After finding influencers, make sure that you develop ongoing, two-way relationships with them from giving them a trial before the product is available to the mass market, to going back a step and getting them involved in your research and development. Try to give them experiences that exceed expectations. This will generate goodwill and advocacy that will go a long way toward kick-starting positive word of mouth and wider interest in your product, service, or campaign.
4. Again, find the influences and give out freebies. Think outside of the box. Rather than blitzing the airways with expensive TV commercials, give out freebies to select people who are trendsetters. Targeting the influential people you will get more visibility for your product or service by others who are their friends or assistants and who will buy based on the trendsetters. It is worth it to give out what you can for free that will allow customers to experience how great your brand is.
5. Use fake shoppers. One way to get closer to your customers is to show up right under their noses without them even seeing you. Often buzz marketers cover their tracks, at least initially. Slip into the conversational pathways of the target market and those who heavily influence their peers.
6. Work at a grassroots level. Get out there and hit the streets. Buzz requires manpower, whether its volunteers, paid representative, or evangelists that just can’t stop talking. Create a culture around your brand, something that people can stand for, support and be proud of. Get into their neighborhoods. The most successful buzz marketers start on the streets, in the places people live, eat, work, socialize, etc..
7. Piggyback off an existing trend or cause. Look for a trend that your target audience is currently interested in, such as environmentalism. If you can show them that you are interested in the same things that they are, you’ll make fast friends and get them talking.
8. Go to the point of sale. Stage an impromptu demonstration, create a display that will attract your customers or have actors put on a show around your product. If you are going to get people talking, get them talking as close to the point of purchase decision as possible.
9. The more unusual and shocking the better. Traditional ad campaigns have lost some of their punch while quirkier campaigns have generated huge grassroots followings for their brands with laughably low marketing expenditures. Use what people naturally like to talk about by creating a messages that contain one or more of these 6 elements.
The taboo (sex, lies, bathroom humor, etc.)
The unusual
The outrageous
The hilarious
The remarkable
Secrets (both kept and revealed)
10. Be completely believable. When you have your consumer do marketing for you, it is credible, less expensive and enormously believable.
11. Make it personal. Using the viral strategy on a humdrum product category, will not yield your best results. Buzz marketing still seems to work best for the relatively narrow range of products and services that consumers care deeply about because of their physical intimacy, technical complexity or status-enhancing potential.
12. Create a sense of scarcity. Lure those key consumers with coveted items--whether hot news, loaner cars, or cool gadgets--that are in short supply, and let the buzz begin.
13. Be bold and extreme. Companies that play on the extremes of being either totally authentic or blatantly unoriginal are memorable and different. Although a buzz campaign may have fictional elements, the premise should be true to the brand. Make sure your buzz campaign fits with your overall ad strategy. Similarly, being totally irreverent can get people talking as well; just make sure consumers don't feel duped. Be sure to test your humor out on a sample of your target market first.
14. Leverage the internet and buzz with blogs. From large corporations such as GM and Microsoft to entrepreneurs, businesspeople of all kinds are using blogs as a tool to connect with customers and internal audiences in new ways. They're generating unprecedented buzz, and exponentially amplifying word of mouth marketing. A single successful blog can attract tens or even hundreds of thousands of visitors. Done right, they can give back loyalty, goodwill, and valuable feedback. The best part is they often spread that message to others within their sphere of influence through blogs, instant messenger or e-mail.
15. Don’t overlook quality and customer service. Make sure that your product, service or brand is of a quality level that stands out next to competitors. The last thing you want is to have all this talk you generated turn into complaints. Customer service should be given extra attention while you are working a buzz campaign. Good service and superior quality are so unique they create an inherent buzz of self-propelling word of mouth and customer recommendations.
16. Do something innovative. Buzz is great for anything new and innovative, but if your product is not innovative in itself, then put extra creativity in the execution to generate that buzz.
17. Measure as much as you can. Connected marketing is not about control; it’s about management. You cannot manage what you cannot measure. The initial contact may look spontaneous, but it's anything but, and the back end of your campaign should be meticulously planned and the results carefully measured. Marketers are even attempting to quantify how often their message will be passed along and how many downstream consumers they need to influence before a fad is born. Obviously, using online capabilities will make this kind of measurement more easily and precisely monitored. At the very least it will show you whether or not your efforts paid for themselves, best case scenario you can determine the exact ROI. Figure out what types of data do you want to collect, the measurement of recommendation rates, what specific actions should be taken post-measurement, and what influences the recommended rate and how marketers improve recommendation rates.
18. Integrate the campaign with the overall marketing strategy. It is time to develop internal and external connected marketing strategies that integrate product development and marketing activities in innovative ways, enabling consumers and businesses to connect and collaborate with each other as respected partners in order to achieve mutually beneficial outcomes. Don’t fall into thinking that if you get buzz you don't need any marketing. Buzz marketing should be one part of an overall integrated marketing communications plan. Good buzz is the best thing you could wish for. But, in most cases, distribution, advertising, promotion and other traditional concepts are essential to translate the goodwill surrounding your product into sales. The focus should be not on whether something is classified as traditional or guerrilla, mainstream or viral—but on whether it works. Focus on results, and don't get caught up in any single marketing ideology. It is best to start little fires in lots of places and fan them afterwards.
Implement these techniques and watch the buzz get started. For more information about how you can create a marketing buzz, visit www.flourishingbusiness.com.
Elizabeth Gordon, founder and President of The Flourishing Business, LLC, is a visionary leader who has a passion for helping others achieve their entrepreneurial dreams and enjoy more of the best in life. With a vast and diverse background in many business arenas, Elizabeth regularly has the opportunity to share her business acumen with clients, large and small. She currently serves on the Board of Directors of the National Association of Women Business Owners (NAWBO), Atlanta and the Board of Directors of the American Association of University Women (AAUW) Atlanta. She is an Accredited Executive Associate of the Institute for Independent Business (IIB) and a certified Life Coach.
Targeting Your Customers
by Patricia Fripp, CSP, CPAE
From my conversation with marketing/PR expert Gary Purece.
Successful marketing means that you identify prospective clients and position yourself in the market so they choose you over your competition. When I sit down with clients who want to position their marketing, I seek the answers to four basic questions:
1. WHO IS YOUR POTENTIAL CLIENT? Who wants to buy or could be stimulated to want to buy? Who is in a position to buy what you sell? What geographical and financial factors affect this ability?
A good way to identify future clients is to listen -- really listen -- to those you have now. Their comments, especially negative ones, will help you tailor both your product and your approach to other prospects.
2. WHY WILL THEY WANT TO BUY? What emotional and physical factors will influence them? I just worked with an east coast psychiatrist who ran a practice with ten other psychiatrists and wanted to position herself. Our conversations quickly disclosed that her community was predominantly upwardly mobile professionals. Many of the women had delayed having children. Due to fertility drugs, a high percentage of families had twins, triplets, or more. We decided to focus her practice on these families, the first practice in the area to do that.
How did we do this? First, we realized her potential audience was geographical, that is, in her community rather than regional, national or international. These prospects had distinctive demographics. By appealing to a unique aspect, we hit on her core group. She's now hugely successful in her practice.
3. WHAT ANGLE SHOULD YOU TAKE? How is your product or service unique? Why is it perfect for your target audience? How is it different from everyone else's? How will it fulfill your core group's needs in a way that no one else can?
This is positioning yourself in the market. (Remember how Avis advertised, "We try harder.") As an example, when other advertising consultants do presentations, they talk about budgets, print versus TV, soft versus hard sell. I position myself by emphasizing that you start by targeting your audience, positioning your product, and creating distinctive selling propositions. Lots of mom-and-pop businesses, confronted by super stores, can't compete or even survive unless they find a unique niche to fill.
4. HOW ARE YOU GOING TO SELL IT? We all know people with great ideas, products, and inventions. They spend a fortune developing this product, but it sits there because they have no idea what to do with it. Is there a system in place to put your product in the customers' hands and return their money to you? Or do you need to create one?
Market to your core group, and position yourself among the competition. That's million-dollar marketing!
(479 words)
--------------------------------------------------------------------------------
Patricia Fripp, CSP, CPAE is a San Francisco-based executive speech coach, sales trainer, and award-winning professional speaker on Change, Customer Service, Promoting Business, and Communication Skills. She is the author of Get What You Want!, Make It, So You Don't Have to Fake It!, and Past-President of the National Speakers Association. She can be reached at: PFripp@Fripp.com, 1-800 634-3035, http://www.fripp.com
We offer this article on a nonexclusive basis. You may reprint or repost this material as long as Patricia Fripp's name and contact information is included. PFripp@Fripp.com, 1-800 634-3035, http://www.fripp.com
From my conversation with marketing/PR expert Gary Purece.
Successful marketing means that you identify prospective clients and position yourself in the market so they choose you over your competition. When I sit down with clients who want to position their marketing, I seek the answers to four basic questions:
1. WHO IS YOUR POTENTIAL CLIENT? Who wants to buy or could be stimulated to want to buy? Who is in a position to buy what you sell? What geographical and financial factors affect this ability?
A good way to identify future clients is to listen -- really listen -- to those you have now. Their comments, especially negative ones, will help you tailor both your product and your approach to other prospects.
2. WHY WILL THEY WANT TO BUY? What emotional and physical factors will influence them? I just worked with an east coast psychiatrist who ran a practice with ten other psychiatrists and wanted to position herself. Our conversations quickly disclosed that her community was predominantly upwardly mobile professionals. Many of the women had delayed having children. Due to fertility drugs, a high percentage of families had twins, triplets, or more. We decided to focus her practice on these families, the first practice in the area to do that.
How did we do this? First, we realized her potential audience was geographical, that is, in her community rather than regional, national or international. These prospects had distinctive demographics. By appealing to a unique aspect, we hit on her core group. She's now hugely successful in her practice.
3. WHAT ANGLE SHOULD YOU TAKE? How is your product or service unique? Why is it perfect for your target audience? How is it different from everyone else's? How will it fulfill your core group's needs in a way that no one else can?
This is positioning yourself in the market. (Remember how Avis advertised, "We try harder.") As an example, when other advertising consultants do presentations, they talk about budgets, print versus TV, soft versus hard sell. I position myself by emphasizing that you start by targeting your audience, positioning your product, and creating distinctive selling propositions. Lots of mom-and-pop businesses, confronted by super stores, can't compete or even survive unless they find a unique niche to fill.
4. HOW ARE YOU GOING TO SELL IT? We all know people with great ideas, products, and inventions. They spend a fortune developing this product, but it sits there because they have no idea what to do with it. Is there a system in place to put your product in the customers' hands and return their money to you? Or do you need to create one?
Market to your core group, and position yourself among the competition. That's million-dollar marketing!
(479 words)
--------------------------------------------------------------------------------
Patricia Fripp, CSP, CPAE is a San Francisco-based executive speech coach, sales trainer, and award-winning professional speaker on Change, Customer Service, Promoting Business, and Communication Skills. She is the author of Get What You Want!, Make It, So You Don't Have to Fake It!, and Past-President of the National Speakers Association. She can be reached at: PFripp@Fripp.com, 1-800 634-3035, http://www.fripp.com
We offer this article on a nonexclusive basis. You may reprint or repost this material as long as Patricia Fripp's name and contact information is included. PFripp@Fripp.com, 1-800 634-3035, http://www.fripp.com
10 Leadership Lessons From The World's Greatest Leaders
by Laurence Winmill
(c) Laurence Winmill. All Rights Reserved.
http://www.BookShaker.com
===========================================================
Since the beginning of mankind every one of us needs and
benefits from leadership, whether it's religious, social,
family, educational, governing, professional or business.
The fact is that without leadership there is simply no
direction or path for us to follow.
Typically when you mention the word leader, historical names
spring to mind. Political or Governing leaders include
Winston Churchill, George Washington, Adolf Hitler, Julius
Caesar, William Wallace, Lenin, Mandela, Gandhi, Thatcher,
Kennedy, the list goes on.
All of these names have left their mark in history -
they have inspired millions to follow their example,
in some cases with magnificent results and in others
quite catastrophic.
But what all leaders seem to have in common is summed up in
a quote by Vance Packard (The Hidden Persuaders) -
"Leadership appears to be the art of getting others to want
to do something you are convinced should be done".
You see whether we talk about Jack Welch and General
Electric, Winston Churchill, Nelson Mandela or whoever,
there are a number of key leadership strategies or
principles that you can take on board and implement to
benefit your own organization:
1. Become a great communicator - you may have a great idea
but unless you can convince the masses your unlikely to
succeed.
2. Understand and learn about the people your leading -
Differentiate between Delegation, Coaching, Directing and
Supporting people within your organization. You must
identify who falls into which category.
3. Be prepared for Criticism - but stick with your core
values and beliefs.
4. Stay Focused - Do what you do best - Focus your
energies on your core business.
5. Become an Expert in your field - Learn to do what you
currently do even better - Own your niche.
6. Cut Cost and waste - eliminate unnecessary waste and your
profit margins will improve.
7. Focus on Time Management - Spend your time working on
those projects or initiative that yield the highest
return.
8. Embrace change - don't fear it.
9. Become a leader, act like a leader - source new ideas
encourage innovation and make sure it spreads
throughout the
organization.
10. Earn respect and give respect to everyone who
shares your vision and values.
=======================================
Who else wants to boost their personal
influence? Become an influential leader
when you buy Laurence Winmill's books at
http://www.BookShaker.com
=======================================
(c) Laurence Winmill. All Rights Reserved.
http://www.BookShaker.com
===========================================================
Since the beginning of mankind every one of us needs and
benefits from leadership, whether it's religious, social,
family, educational, governing, professional or business.
The fact is that without leadership there is simply no
direction or path for us to follow.
Typically when you mention the word leader, historical names
spring to mind. Political or Governing leaders include
Winston Churchill, George Washington, Adolf Hitler, Julius
Caesar, William Wallace, Lenin, Mandela, Gandhi, Thatcher,
Kennedy, the list goes on.
All of these names have left their mark in history -
they have inspired millions to follow their example,
in some cases with magnificent results and in others
quite catastrophic.
But what all leaders seem to have in common is summed up in
a quote by Vance Packard (The Hidden Persuaders) -
"Leadership appears to be the art of getting others to want
to do something you are convinced should be done".
You see whether we talk about Jack Welch and General
Electric, Winston Churchill, Nelson Mandela or whoever,
there are a number of key leadership strategies or
principles that you can take on board and implement to
benefit your own organization:
1. Become a great communicator - you may have a great idea
but unless you can convince the masses your unlikely to
succeed.
2. Understand and learn about the people your leading -
Differentiate between Delegation, Coaching, Directing and
Supporting people within your organization. You must
identify who falls into which category.
3. Be prepared for Criticism - but stick with your core
values and beliefs.
4. Stay Focused - Do what you do best - Focus your
energies on your core business.
5. Become an Expert in your field - Learn to do what you
currently do even better - Own your niche.
6. Cut Cost and waste - eliminate unnecessary waste and your
profit margins will improve.
7. Focus on Time Management - Spend your time working on
those projects or initiative that yield the highest
return.
8. Embrace change - don't fear it.
9. Become a leader, act like a leader - source new ideas
encourage innovation and make sure it spreads
throughout the
organization.
10. Earn respect and give respect to everyone who
shares your vision and values.
=======================================
Who else wants to boost their personal
influence? Become an influential leader
when you buy Laurence Winmill's books at
http://www.BookShaker.com
=======================================
About the Author
Laurence is a motivational speaker, trainer and author. He specialises in Customer service, sales and marketing. During his career he has sold a diverse selection of products & services with significant results. Laurence has managed at the highest level and built, dismantled and rebuilt some of the very best sales teams in Newspapers, Advertising, Insurance and Pharmaceuticals.
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Event Marketing – How To Plan An Event
by: Akhil Shahani
Are you in charge of arranging an event, but have no clue of how to go about it? Don’t panic, we are here to help you with the basics of planning an event marketing program. And we bet you will be successful if you consider the following points.
No matter how large or small, every event marketing activity needs to be properly planned. While each event is different, there are some general guidelines for the way you can plan all of them. Follow these tips when you organize that special day.
1. Get a clear understanding of the purpose of the event marketing promotion. An organizational event needs to be clearly defined, in order to focus all efforts towards the desired goal. It’s important to know the significance behind the event and the anticipated outcome. For example, is it meant to create awareness, induce trial or promote sales? Analyze the actual results of the event marketing activity against these objectives.
2. Set the key deliverables for your event. How many people do you expect? What do you wish attendees to gain from the event? If it’s a regular event, are you trying to get a larger turnout than last year? The answers will help you plan things better.
3. Set your event budget. This should be a top priority. Set a strict working budget, plus have some extra money put aside in case something unexpected comes up. Keep in mind how much you are willing to spend and potential revenue generating factors, like a registration fee.
4. Select the date and location of the event. Always keep options open and visit a couple of sites before you take a decision. This will help you plan the entire event depending on the availability of room and other facilities such parking, lighting, computer and internet access etc.
5. Set up a project timeline and work backward from the date of your event marketing program. Decide deadlines for each activity, such as the first announcement of the event, preparation of promotional materials, finalization of seating arrangements, recruitment of vendors for food, entertainment, decorations… and the list goes on…….
6. Some events need special permission or licenses to host them. This could be for anything, such as permission to use recorded music, providing security or maintaining traffic control. All this should be done very much in advance, without pushing it till the last moment.
7. If you are publicizing the event then what is the medium of reaching the targeted audience? This might include distribution of pamphlets, pre-printed invitations, mail, announcements or any other media.
8. Plan for emergencies. Write down all the fire exits, and have an evacuation plan on paper ready, in case of emergency. Accidents rarely warn in advance; hence hope for the best, but prepare for the worst.
It’s important to prepare a check list and follow up with vendors on regular intervals. Take time and jot down all the important points and make sure you don’t compromise on the quality in order to hack down your budget. We are sure you now know a lot more on how to plan that event marketing program.
About The Author
Hi, I am Akhil Shahani, a serial entrepreneur who wants to help you succeed. Over the years I have run many successful businesses & made many mistakes on the way. I have created http://www.aykya.com to help you benefit from all I've learned on my journey. Please visit us & download our special 'Freebie of the Month' as a thank you for your visit.
Are you in charge of arranging an event, but have no clue of how to go about it? Don’t panic, we are here to help you with the basics of planning an event marketing program. And we bet you will be successful if you consider the following points.
No matter how large or small, every event marketing activity needs to be properly planned. While each event is different, there are some general guidelines for the way you can plan all of them. Follow these tips when you organize that special day.
1. Get a clear understanding of the purpose of the event marketing promotion. An organizational event needs to be clearly defined, in order to focus all efforts towards the desired goal. It’s important to know the significance behind the event and the anticipated outcome. For example, is it meant to create awareness, induce trial or promote sales? Analyze the actual results of the event marketing activity against these objectives.
2. Set the key deliverables for your event. How many people do you expect? What do you wish attendees to gain from the event? If it’s a regular event, are you trying to get a larger turnout than last year? The answers will help you plan things better.
3. Set your event budget. This should be a top priority. Set a strict working budget, plus have some extra money put aside in case something unexpected comes up. Keep in mind how much you are willing to spend and potential revenue generating factors, like a registration fee.
4. Select the date and location of the event. Always keep options open and visit a couple of sites before you take a decision. This will help you plan the entire event depending on the availability of room and other facilities such parking, lighting, computer and internet access etc.
5. Set up a project timeline and work backward from the date of your event marketing program. Decide deadlines for each activity, such as the first announcement of the event, preparation of promotional materials, finalization of seating arrangements, recruitment of vendors for food, entertainment, decorations… and the list goes on…….
6. Some events need special permission or licenses to host them. This could be for anything, such as permission to use recorded music, providing security or maintaining traffic control. All this should be done very much in advance, without pushing it till the last moment.
7. If you are publicizing the event then what is the medium of reaching the targeted audience? This might include distribution of pamphlets, pre-printed invitations, mail, announcements or any other media.
8. Plan for emergencies. Write down all the fire exits, and have an evacuation plan on paper ready, in case of emergency. Accidents rarely warn in advance; hence hope for the best, but prepare for the worst.
It’s important to prepare a check list and follow up with vendors on regular intervals. Take time and jot down all the important points and make sure you don’t compromise on the quality in order to hack down your budget. We are sure you now know a lot more on how to plan that event marketing program.
About The Author
Hi, I am Akhil Shahani, a serial entrepreneur who wants to help you succeed. Over the years I have run many successful businesses & made many mistakes on the way. I have created http://www.aykya.com to help you benefit from all I've learned on my journey. Please visit us & download our special 'Freebie of the Month' as a thank you for your visit.
Wednesday, November 01, 2006
Your Profitable Business: THE 7 Essentials for Setting Up A Successful Enterprise
By AnaMaria Herrera
So you have decided to start your own business… Congratulations! You’re excited to be your own boss, bring in more income and have more time for your family or your own pursuits.
Enthusiasm and excitement are definitely needed for launching any enterprise. But laying down a foundation from which to build a solid business is not only important: it’s crucial. The following are what I call the 7 Essentials that every business owner must do to create a profitable and enjoyable business.
1. EMOTIONAL Whys
Write down the reasons why you chose to start a business. Your list might include:
To be at home with your kids or have more time with your spouse/significant other
Have more time for other projects or continue your education
Creating something that is uniquely yours
Make a substantially larger income
While writing your list of whys, make sure your list includes the situations or items you no longer want in your life. For example:
Commuting daily
Working for another person’s dream and goals
Being around negative people at your workplace
Letting a boss/company decide your net worth
It is crucial to become clear with your internal motivations to start your own business. Why is this important? Invariably you will have the challenges in your business. In those times, getting in touch with the reasons why you started your enterprise in the first place will excite and compel you to keep going!
Tapping into what you desire to create as well as what you are moving away from are two powerful forces of drive and motivation.
Also be sure to list all the reasons why you chose the particular service/product and company/association for your home based business. Hopefully, you have done your due diligence on the product, company and industry you are entering in. (For more information on this topic please refer to my article entitle: Home Based Business Seekers: You Must Read This Before You Choose Your Business!)
2. ESTIMATE income and expense
Remember, this is a business not a hobby! Listing your projected monthly expenses and desired income is crucial so you can plan for a steady progression toward your financial goals and to monitor your results.
Estimating Expenses
Here are some basic costs to consider:
Advertisement
How will you advertise your business? Internet or newspaper ads, buying leads, mailing out flyers or postcards, etc.
Marketing materials
Business cards, brochures, website, etc.
Operational expenses
Utility bills, equipment such as a new computer or fax machine, registering your business name, etc.
Estimated Income
I suggest estimating your income by month for the next 12 months. I recommend asking several people in your business what their income is. This is not to determine what you will make, but give you a rough idea of what others are generating in your specific industry.
3. ESTABLISH your operation
Especially if you are transitioning from a current job, it is important for you to establish when and where you will conduct your business. If you have children, will you work when they are in school or after you put them to bed at night? If you currently working a full time job, will you set aside a half an hour of your lunchtime to market the business, or reserve some time on your days off? Also determine where you will work the business and, if possible, designate a specific area in your home. This could be a home office, or perhaps a corner of your bedroom. Communicate your needs with your family members or housemates and establish boundaries of your ‘do not disturb’ times when you are working, so that you can receive the support and cooperation you deserve.
4. ENVISION your ideal business
Get in touch with what your strengths and talents are so that you can create a business that reflects yourself as an individual, and therefore will be natural and enjoyable. How do you do that? One fun way is to sit down in a quiet spot and write down what an ideal day in your business would be.
Do you see yourself talking with people in person? Or are you one of those persons who feel more comfortable talking on the phone to prospects in your bunny slippers and robe? Maybe you’re a natural at speaking in front of groups, or you want to market your business through writing informative articles on your product and services.
What are the traits of your ideal client? (ie: timely for appointments, professional, communicative, positive, etc.) Perhaps you feel drawn to focus on a specific group of people, such as stay-at-home-moms, retirees who want to generate more money, or other like-minded entrepreneurs.
What ideas come to mind? For this exercise, don’t worry about how it will be accomplished, just let your ideas flow. Feel free to come back to this list for inspiration and add to it from time to time. If you really let yourself explore ideas you should feel a sense of excitement!
5. ELECT your board of directors
Many home based businesses, networking and multilevel marketing groups in particular, offer motivational speakers as a part of their training. For a moment, imagine a football team. These trainers would be the cheerleaders, who are important in the initial phase of starting your biz as well as when you find yourself wanting a boost about your business. However, like any great team, you need more than cheerleaders. You need coaches, people that will offer you objective feedback, brainstorm new strategies with you and give practical advice.
Firstly consider the person that introduced you to the business (in network marketing groups, your upline or your director) as well as others that are in your team. It is also imperative to find guidance from others that are not affiliated with your company/association. Remember you want objective feedback. So try joining a local networking or leads group, or your Chamber of Commerce. There are also online business organizations that offer forums and resources for professional assistance. We are in the land of free enterprise, and there are many resources and professionals out there to help you succeed.
6. EVALUATE your business
Plan to evaluate. In my opinion, many businesses fail to execute this important step. This includes short term as well as long term evaluations. I suggest a 3 month, a 6 month and a end of year evaluation.
Have a simple system previously set up, in order to evaluate regularly. First, write what success would mean for you in different areas. Remember that profits are just one way to measure success! So besides financially (what you want to earn), include areas like emotionally (how you want to feel), growing in product knowledge, developing effective communication skills, etc. Then, use a scoring system of numbers 1 to 10 to gauge your progress: 1 is no progression at all, 5 you are midway at manifesting your goal and 10 being you have achieved your goal. With this technique, you can easily see the areas that require attention while also acknowledging your achievements and growth.
7. ENJOY the process
Yes, Enjoy! While having your own business requires discipline and diligence, it doesn’t mean that you can’t have fun! Celebrate your wins! Calling your first set of leads, getting a press release in a local paper, placing your first newspaper or internet ad, your first sale, deciding on your business name, these are all milestones in your enterprise! Give yourself a well-deserved pat on the back, share your accomplishments with others and reward yourself for your achievements, however big or small they appear.
Discovering your unique way of doing business is a process, so relax and enjoy the journey! Know that with each action you take, you are one step closer to creating the business of your dreams.
AnaMaria Herrera is an entrepreneur and writes articles on business and travel. She is the owner of AMH Wholesale Travel, specializing in showing clients how to vacation at wholesale prices. For more information, visit her website at http://www.AMHWholesaleTravel.com. This article is copyright (c) 2006 by AnaMaria Herrera, and may be reprinted in its entirety as long as this byline and copyright statement is included.
Article Source: http://EzineArticles.com/?expert=AnaMaria_Herrera
So you have decided to start your own business… Congratulations! You’re excited to be your own boss, bring in more income and have more time for your family or your own pursuits.
Enthusiasm and excitement are definitely needed for launching any enterprise. But laying down a foundation from which to build a solid business is not only important: it’s crucial. The following are what I call the 7 Essentials that every business owner must do to create a profitable and enjoyable business.
1. EMOTIONAL Whys
Write down the reasons why you chose to start a business. Your list might include:
To be at home with your kids or have more time with your spouse/significant other
Have more time for other projects or continue your education
Creating something that is uniquely yours
Make a substantially larger income
While writing your list of whys, make sure your list includes the situations or items you no longer want in your life. For example:
Commuting daily
Working for another person’s dream and goals
Being around negative people at your workplace
Letting a boss/company decide your net worth
It is crucial to become clear with your internal motivations to start your own business. Why is this important? Invariably you will have the challenges in your business. In those times, getting in touch with the reasons why you started your enterprise in the first place will excite and compel you to keep going!
Tapping into what you desire to create as well as what you are moving away from are two powerful forces of drive and motivation.
Also be sure to list all the reasons why you chose the particular service/product and company/association for your home based business. Hopefully, you have done your due diligence on the product, company and industry you are entering in. (For more information on this topic please refer to my article entitle: Home Based Business Seekers: You Must Read This Before You Choose Your Business!)
2. ESTIMATE income and expense
Remember, this is a business not a hobby! Listing your projected monthly expenses and desired income is crucial so you can plan for a steady progression toward your financial goals and to monitor your results.
Estimating Expenses
Here are some basic costs to consider:
Advertisement
How will you advertise your business? Internet or newspaper ads, buying leads, mailing out flyers or postcards, etc.
Marketing materials
Business cards, brochures, website, etc.
Operational expenses
Utility bills, equipment such as a new computer or fax machine, registering your business name, etc.
Estimated Income
I suggest estimating your income by month for the next 12 months. I recommend asking several people in your business what their income is. This is not to determine what you will make, but give you a rough idea of what others are generating in your specific industry.
3. ESTABLISH your operation
Especially if you are transitioning from a current job, it is important for you to establish when and where you will conduct your business. If you have children, will you work when they are in school or after you put them to bed at night? If you currently working a full time job, will you set aside a half an hour of your lunchtime to market the business, or reserve some time on your days off? Also determine where you will work the business and, if possible, designate a specific area in your home. This could be a home office, or perhaps a corner of your bedroom. Communicate your needs with your family members or housemates and establish boundaries of your ‘do not disturb’ times when you are working, so that you can receive the support and cooperation you deserve.
4. ENVISION your ideal business
Get in touch with what your strengths and talents are so that you can create a business that reflects yourself as an individual, and therefore will be natural and enjoyable. How do you do that? One fun way is to sit down in a quiet spot and write down what an ideal day in your business would be.
Do you see yourself talking with people in person? Or are you one of those persons who feel more comfortable talking on the phone to prospects in your bunny slippers and robe? Maybe you’re a natural at speaking in front of groups, or you want to market your business through writing informative articles on your product and services.
What are the traits of your ideal client? (ie: timely for appointments, professional, communicative, positive, etc.) Perhaps you feel drawn to focus on a specific group of people, such as stay-at-home-moms, retirees who want to generate more money, or other like-minded entrepreneurs.
What ideas come to mind? For this exercise, don’t worry about how it will be accomplished, just let your ideas flow. Feel free to come back to this list for inspiration and add to it from time to time. If you really let yourself explore ideas you should feel a sense of excitement!
5. ELECT your board of directors
Many home based businesses, networking and multilevel marketing groups in particular, offer motivational speakers as a part of their training. For a moment, imagine a football team. These trainers would be the cheerleaders, who are important in the initial phase of starting your biz as well as when you find yourself wanting a boost about your business. However, like any great team, you need more than cheerleaders. You need coaches, people that will offer you objective feedback, brainstorm new strategies with you and give practical advice.
Firstly consider the person that introduced you to the business (in network marketing groups, your upline or your director) as well as others that are in your team. It is also imperative to find guidance from others that are not affiliated with your company/association. Remember you want objective feedback. So try joining a local networking or leads group, or your Chamber of Commerce. There are also online business organizations that offer forums and resources for professional assistance. We are in the land of free enterprise, and there are many resources and professionals out there to help you succeed.
6. EVALUATE your business
Plan to evaluate. In my opinion, many businesses fail to execute this important step. This includes short term as well as long term evaluations. I suggest a 3 month, a 6 month and a end of year evaluation.
Have a simple system previously set up, in order to evaluate regularly. First, write what success would mean for you in different areas. Remember that profits are just one way to measure success! So besides financially (what you want to earn), include areas like emotionally (how you want to feel), growing in product knowledge, developing effective communication skills, etc. Then, use a scoring system of numbers 1 to 10 to gauge your progress: 1 is no progression at all, 5 you are midway at manifesting your goal and 10 being you have achieved your goal. With this technique, you can easily see the areas that require attention while also acknowledging your achievements and growth.
7. ENJOY the process
Yes, Enjoy! While having your own business requires discipline and diligence, it doesn’t mean that you can’t have fun! Celebrate your wins! Calling your first set of leads, getting a press release in a local paper, placing your first newspaper or internet ad, your first sale, deciding on your business name, these are all milestones in your enterprise! Give yourself a well-deserved pat on the back, share your accomplishments with others and reward yourself for your achievements, however big or small they appear.
Discovering your unique way of doing business is a process, so relax and enjoy the journey! Know that with each action you take, you are one step closer to creating the business of your dreams.
AnaMaria Herrera is an entrepreneur and writes articles on business and travel. She is the owner of AMH Wholesale Travel, specializing in showing clients how to vacation at wholesale prices. For more information, visit her website at http://www.AMHWholesaleTravel.com. This article is copyright (c) 2006 by AnaMaria Herrera, and may be reprinted in its entirety as long as this byline and copyright statement is included.
Article Source: http://EzineArticles.com/?expert=AnaMaria_Herrera
The Processes of Product Development
The Processes of Product Development
By Ross Lincoln
Product development may be defined as the process of conceptualizing and marketing a product. And this product can be something new to the market or something new to an individual company, or it could be a product which already exists and has just undergone improvement.
Why is product development important? Well, it's not just important. It's a critical process to retain and maintain customer loyalty and be able to contend in the today's financial service situation. With an effective product development, customers and providers gain essential insights from the interaction and this helps the provider in better realizing the desires of its customers.
All product development undergoes a parallel planning process. Although the process is continuous, it is imperative that companies pause and weigh up each step to see whether the product to be developed is worth the effort and investment. The company should have a specific array of criteria from which to base its assessments.
In product development, creativity is a valuable plus point. The company must be imaginative in coming up with ideas for the business. It must be able to develop fresh ways of attacking marketing problems. The company must secure these ideas and assess if they are worth spending more time and energy in.
When ideas are already available, the next segment in the process is to define the concept. This is how the company turns the idea into an actual business opportunity with the projection of required investment and estimated return. The company must set specific standards and purpose to base from to decide whether it must pursue the investment. Questions like "Is the idea technically feasible?", "What are its effect to existing products?", "How will it affect the market competition?" must be answered.
The next stage in the product development process is the development of the concept. Usually, the initial step of this stage involves the definition of the requirements of the clients. Then, the transformation into some structure of channel or model service follows. The idea is to translate the recognized customer needs into probable response to these needs. In the actual application, the development and design of the product will carry on into subsequent processes as the product is polished and can be released to the marketplace.
The testing and finalization of the concept then follows. This stage involves a controlled release of a product for manufacturing; support and sales organizations are then done to test and improve the product. In this process, the company would determine whether the concept was erroneous, the target market is frail, and the product must discontinue considering the anticipated cost of releasing it into the market.
When the product has been approved in the testing stage, it is now ready for its full launch. This is perhaps one of the most arduous and costly stages. This chapter includes the development of the market, the right channels, the support of the product, and the building up of the volume of production.
Finally, management of the life cycle must be worked out. Usually, it is not recommended to handle a product that is waning in the market, or lengthen its life with a "kicker". When this action is not properly planned, the call for the development of new products is frequently prompted by declining sales. If this happens, the company may not have ample time to have new products developed.
Ross Lincoln makes it quicker and easier for you to create profitable business ideas, develop your marketing strategy or start brainstorming on any topic. For a free trial of the ultimate innovation software, please visit http://www.ideacenter.com.
Article Source: http://EzineArticles.com/?expert=Ross_Lincoln
By Ross Lincoln
Product development may be defined as the process of conceptualizing and marketing a product. And this product can be something new to the market or something new to an individual company, or it could be a product which already exists and has just undergone improvement.
Why is product development important? Well, it's not just important. It's a critical process to retain and maintain customer loyalty and be able to contend in the today's financial service situation. With an effective product development, customers and providers gain essential insights from the interaction and this helps the provider in better realizing the desires of its customers.
All product development undergoes a parallel planning process. Although the process is continuous, it is imperative that companies pause and weigh up each step to see whether the product to be developed is worth the effort and investment. The company should have a specific array of criteria from which to base its assessments.
In product development, creativity is a valuable plus point. The company must be imaginative in coming up with ideas for the business. It must be able to develop fresh ways of attacking marketing problems. The company must secure these ideas and assess if they are worth spending more time and energy in.
When ideas are already available, the next segment in the process is to define the concept. This is how the company turns the idea into an actual business opportunity with the projection of required investment and estimated return. The company must set specific standards and purpose to base from to decide whether it must pursue the investment. Questions like "Is the idea technically feasible?", "What are its effect to existing products?", "How will it affect the market competition?" must be answered.
The next stage in the product development process is the development of the concept. Usually, the initial step of this stage involves the definition of the requirements of the clients. Then, the transformation into some structure of channel or model service follows. The idea is to translate the recognized customer needs into probable response to these needs. In the actual application, the development and design of the product will carry on into subsequent processes as the product is polished and can be released to the marketplace.
The testing and finalization of the concept then follows. This stage involves a controlled release of a product for manufacturing; support and sales organizations are then done to test and improve the product. In this process, the company would determine whether the concept was erroneous, the target market is frail, and the product must discontinue considering the anticipated cost of releasing it into the market.
When the product has been approved in the testing stage, it is now ready for its full launch. This is perhaps one of the most arduous and costly stages. This chapter includes the development of the market, the right channels, the support of the product, and the building up of the volume of production.
Finally, management of the life cycle must be worked out. Usually, it is not recommended to handle a product that is waning in the market, or lengthen its life with a "kicker". When this action is not properly planned, the call for the development of new products is frequently prompted by declining sales. If this happens, the company may not have ample time to have new products developed.
Ross Lincoln makes it quicker and easier for you to create profitable business ideas, develop your marketing strategy or start brainstorming on any topic. For a free trial of the ultimate innovation software, please visit http://www.ideacenter.com.
Article Source: http://EzineArticles.com/?expert=Ross_Lincoln
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