Promoting a Start-Up Stage Business

by Don Kyle

In my last article, I discussed the life cycle stages of a typical business — Seed, Start-Up, Growth, Expansion, Decline and Exit stages.  This month, I would like to focus on the areas on which a Start-Up company should focus to promote and grow its business.

Unless you have started a franchise with a well-recognized brand name, the biggest challenge you probably are going to encounter is name recognition.  So what are some of the most effective ways to get your name out to your target market?  I have listed several ways you should to consider to do this.

1.       Prepare a press release about who you are, what you do, and how this is going to benefit your target market.  Then, disseminate it to all local media outlets, including social media channels.  It is important to note that news and information providers want to print or post information that is interesting and beneficial for their audiences.  Therefore, focus your press release on how you are going to provide a product or service that will do just that, rather than talking only about your company or yourself.

2.       Establish and cultivate a social media and web presence.  This is a great way to get your message out and allow you to extrapolate your person-to-person community involvement activities discussed below.

3.       Host a grand opening event with the help and participation of local business associations and local media.  Be sure to schedule your event for a time which will allow the optimal attendance, e.g., a Saturday morning when families are out and about in the community.

4.       Get involved with your community.  There are many ways you can do this, depending on the nature of your business, such as with local business associations, schools, religious organizations, civic and charitable groups, other businesses, sports leagues and groups, etc.  For example, if your company caters to children, contact local schools (both private and public), sports organizations, kid’s activity groups (such as dance studios, children’s theater, martial arts studios, etc.), and other groups and businesses that also cater to children.  Establish affiliate and referral relationships with those that are the most likely to help you spread the word about your company.

5.       Research and select effective channels to advertise your business, such as with local magazines, social media, etc.

Taking these steps should help build your name quickly.

Don Kyle works with business owners who want more customers and higher profits.  He offers a free consultation to business owners who are serious about improving their bottom line and quality of life.

(404) 580-6331, dkyle@smallbizzmbz.com

Standing Out in the Crowd

by Don Kyle

Two businesses offer virtually identical products or services and have similar locations, yet one has significantly higher revenues and profits.  How can this happen?

Often, this is due one of the businesses being the first to market.  However, this is not always the case.  While you may be the first of your business type to be in your market place, others may overtake you if you don’t take the steps to establish yourself as the leader — in other words “Stand Out in the Crowd.”

So what are some of the steps you can take to do just that?  Here are some suggestions based on my years of observing and analyzing local area businesses.

1. Provide the best possible products or services.  To ascertain that you are doing this, perform ongoing customer surveys to see how you constantly can improve.  Surveying can be conducted formally through writing or email, or it can include constantly asking your customers directly.
   
2. Consistently provide superior customer service.  Train your staff, so that customers always are given WOW! service.  Model your business after world-class providers of WOW! service, such as the Ritz-Carlton, Nordstrom's, Virgin Airlines, etc.
   
3. Get involved in your community.  Look for ways to let your market know that you are an integral part of the community.  Participate in local events by sponsoring or volunteering with local schools, sports teams, charities, religious groups or other community organizations.  Get involved with local business organizations, such as the Acworth Business Association and the Cobb Chamber of Commerce.  You must actively participate in these organizations so that others will know who you are and what you do; just being a member is not enough.
   
4. Promote your business through effective advertising channels and promotional events.  Here, you must do your homework and determine which avenues can be the most effective in reaching your target audience.  Be bold and creative and implement strategies that your competitors are not utilizing.

These are just some of the ways you can work “on your business” rather than “in your business” to differentiate yourself from your competitors.  And, don’t let too many activities get in the way of fulfilling steps 1. and 2.

Don Kyle works with business owners who want more customers and higher profits.  He offers a free consultation to business owners who are serious about improving their bottom line and quality of life.
(404) 580-6331, dkyle@smallbizzmbz.com

Growth Strategies for Your Business

By Don Kyle

I have written on various aspects of growing your business in my previous articles.  This month, I want to address the appropriate growth strategies for your business.

Depending on stage of the life cycle of your business, different approaches should be in place.  For example, if your business is just launching (start-up stage), one of the key areas on which to focus is getting exposure for your business (your name, what you offer, your location, benefits of and needs for your products or services to your prospective customers, etc.) to your target market.  On the other hand, if your business is established (growth or expansion stage), you may want to focus on the competitive advantages of your products or services, testimonials from satisfied customers, convenience of your location, etc.

The life cycle of businesses are comprised of:

1. Seed Stage: This is when your business is just a thought or an idea, the very conception or birth of a new business.
2. Start-Up Stage: Your business is born and now exists legally, and products or services are in production and you have your first customers.
3. Growth Stage: You have made it through the toddler years and are now a child.  Business is increasing with many new opportunities and challenges, and profits are on the rise with competition surfacing.
4. Expansion Stage: This is a period of growth into new markets and distribution channels, where businesses often seek larger market shares and find new revenue channels.
5. Decline Stage: Changes in the economy, society, or market conditions can decrease sales and profits and may quickly cause many small companies to come to an end.
6. Exit Stage: This is the big opportunity for you to cash out on all the effort and years of hard work, or it can mean shutting down the business.

As you can see, the stage of your business will cause you to design and implement different strategies.  Determine what stage your business is in and devise your strategies accordingly.  Just as there is little point in thinking of expansion when you are in the start-up stage, there is no reason to try to create your brand or identity while you are in the decline stage — it is probably too late for that.

Please feel free to contact me with any questions about growing your business.

Don Kyle is the CEO and Founder of Small Bizz MBA, a company which assists businesses with their marketing, branding and advertising needs.  (404) 580-6331, dkyle@smallbizzmba.com

Is My Social Media Generating Business?

By Don Kyle

Several months ago, I posed the question, “Is social media right for my business?”  As more and more business owners answer this question “Yes,” the next logical question has to be, “How is it working for you?”

I constantly receive requests to “like” business Facebook pages.  When I get these requests, I wonder what good my “liking” a particular page does, other than perhaps allowing special naming privileges for the page.

The most important question that should come to mind related to business social media pages is, “Is it generating (or going to generate) business for me, or am I simply entertaining my fans?”  As more business owners become convinced that they MUST participate in social media, the overall results may not be supported by increases in customers, revenues and profits.

To analyze the effectiveness of your social media strategy, I suggest taking a hard look at what you are currently doing.  Several specific areas you should address include:

1. Am I generating more business and making a profit on it, and are the profits generated from it greater than the amount of time and money spent on it?
2. Is my content interesting and attractive and do I have the most effective “call to action” tools on my pages?  (If not, how do you expect to drive new business to your website or physical location?)
3. Is my social media strategy consistent with and working hand in hand with my overall marketing strategy?  (In other words, does one strategy conflict with another for your business?)
4. If applicable, is my outsourced social media support company performing effectively and as promised?  If not, why not?  (Anyone can claim to be a social media expert, but only a few truly are.  So you must perform due diligence, including assessing the experience and knowledge level of those who will be maintaining your social media sites and responding to fans on your behalf, before deciding to commit to any contracts.  Make sure you can cancel if you’re not satisfied.)

These issues, along with any others you identify, should be addressed fully.  Then, modifications should be made, as necessary, to your social media strategy.

Please feel free to contact me with any questions about growing your business.

Don Kyle is the CEO and Founder of Small Bizz MBA, a company which assists businesses with their marketing, branding and advertising needs.  (404) 580-6331, dkyle@smallbizzmba.com

Competing in Today's Economy

By Don Kyle

Most small businesses are facing a number of challenges today.  As our economy continues to flounder, consumers are more likely to be cautious with their purchases, leading to decreased sales and lower profits or quite often losses for businesses.  Consequently, businesses are struggling to meet their financial obligations, which can directly impact their ability to survive.  So what are small businesses to do?

Small businesses have an advantage over large businesses in that they can make decisions much more quickly to modify their strategy, workforce, product or service offerings, or even their company image to adapt to the ever-changing economy.

In the words of Michael Gerber, author of E-Myth, “Most entrepreneurs fail because you are working IN your business rather than ON your business.”  In fact most are so busy just running their daily operations, they rarely have the time to take the necessary steps to improve their businesses.

Here are several suggestions that may help you create a “plan of action” to compete in our challenging economy.

1. Take a look at your business by creating a flowchart, documenting how your business currently operates.
2. Review and assess your current business plan, specifically describing your current market area, target customers, competitors, demand for your products or services, threats, opportunities, etc.
3. Review and assess your current marketing and promotional strategy, including the effectiveness of your current advertising.  Calculate the returns you currently achieve from these.
4. Assess your competition and look for opportunities based on any identified advantages you have.
5. Research similar businesses in markets outside of yours and look for new or different ways to grow your business.

By taking the time to perform some or all of these steps, you may identify some areas you can modify or change very quickly, which may lead to higher revenues and profits.

Please feel free to contact me with any questions about growing your business.

Don Kyle is the CEO and Founder of Small Bizz MBA, a company which assists businesses with their marketing, branding and advertising needs.  (404) 580-6331, dkyle@smallbizzmba.com

Overcoming Objections

By Don Kyle

In my last article, I discussed the importance of an effective sales script.  One of the points I raised was to “address and overcome common objections prior to being raised.”

If you prepare your presentation strategically, responses to the most common objections can be incorporated, thereby overcoming them before they are even raised by your prospect.

Some of the more common objections I have seen include:

• Price,
• Competitor products or services,
• No need for the products or services, and
• No room left in the budget.

There are effective ways to respond to these after they are raised by your prospects; however, if your pre-responses are effectively included as part of your presentation, there only would be a need for clarification and follow-up.

For example, price can be addressed by including “returns on investment” (ROI) others have achieved using your product or service.  By demonstrating how they achieved ROIs that far exceeded their outlay and generated new customers and revenues, the price objection can be overcome.

When it comes to competitors, never speak badly of them.  Instead, you should point out some of your competitors, stating they are very good as well, and highlight the key advantages of your products and services.

Often, a prospect may bring up the topic of not needing your product or service as a stall tactic.  If you do your homework and know that you probably can help the prospect, you can point out in your presentation how your products or services can provide a competitive advantage in the market place and help grow the prospect’s business.

Finally, I have heard many prospects state that there was no room left in their budgets.  I have found that the best way to approach this objection is to reinforce your discussion on the ROI and competitive advantages that can be achieved through the use of your products or services.  If you are still unable to overcome this objection, you always can reschedule for a later date when the prospect is ready to prepare their next budget.

Please feel free to contact me with any questions about growing your business.

Don Kyle is the CEO and Founder of Small Bizz MBA, a company which assists businesses with their marketing, branding and advertising needs.  (404) 580-6331, dkyle@smallbizzmba.com

Should I Use A Sales Script?

By Don Kyle

How often have you been in a position where someone is trying to convince you that his or her products or services are the best thing since sliced bread and that you MUST take advantage of the opportunity?  How convinced were you in these situations and how often have you actually purchased?

First of all, keep in mind that people in business are always in sales positions.  After all, without sales, you have no business.  Over my career, I have observed that many people make the mistake of not being prepared in these sales situations.  In fact, most are not.

Being prepared does not simply mean remembering and reciting a script.  Most scripts I have seen do not address the key points necessary for an effective, convincing presentation.  Several key points I would recommend for an effective sales presentation include the following.

1. Put the prospect at ease,
2. Present the benefits of your product or service, with total product (service) knowledge,
3. Address and overcome common objections prior to being raised,
4. Have passion for what you are offering,
5. Perform the presentation in a manner that matches your persona, and most importantly
6. Ask for the sale.
   

I have seen a great presentation on paper become a disaster when actually presented, due to a lack of passion and belief in your product or service.  I believe this one aspect, along with product (service) knowledge, can make or break your presentation.

Furthermore, conducting your presentation in a manner that is not natural to you can cause the prospect to feel he or she is just another sales target.  Therefore, it is critical to practice your presentation until it becomes a part of you.

Finally, you must ask for the sale.  I was recently a party to a sales interaction where it appeared to go very well.  In the end, however, the presenter did not ask for the sale.  No conclusion was reached and no follow-up steps were discussed — it was simply a business discussion between people.  So ask for the sale or at least agree to follow-up!

Please feel free to contact me with any questions about growing your business.

Don Kyle is the CEO and Founder of Small Bizz MBA, a company which assists businesses with their marketing, branding and advertising needs.  (404) 580-6331, dkyle@smallbizzmba.com

He Said What?

by Don Kyle

“He said what?”  As a business owner, this can be one of the most terrifying statements you can overhear from a customer – particularly if it’s about one your employees.  Your staff can make or break your business.

A position which is quite often overlooked and underappreciated is your receptionist, or in the case of retail, your greeter and/or cashier.  These folks often have the first and possibly last contact with your customers, yet we often ignore their importance.

There are many studies that confirm that an individual makes an assessment of another person within the first three minutes.  Yes, first impressions can be and are critical to a positive outcome in any interaction.

For example, when you go to a doctor’s office for the first time, is the person greeting you friendly, welcoming and empathetic?  After all, you probably are there because you are ill, injured or requiring a check up, not because you enjoy going there simply to pass time.  If the person greeting you seems uninterested or unconcerned, you will likely form a negative opinion of that doctor very quickly.  The same is true of any business you visit.  You are there to give your hard-earned dollars in exchange for a product or service and rightfully would expect great customer service.  This is where many businesses fall short.

As a business owner, it is your responsibility to ensure that your customer’s first impression of your establishment is a great one, one that will allow the customer to happily purchase your goods or services – preferably on a repeat basis.

When someone experiences great customer service and purchases from you, he or she is more likely to tell others about your business, leading to more customers for you.

Many responsibilities fall on a business owner.  Creating an environment with properly trained associates providing great first impressions and outstanding customer service is probably one of your most important.  If you assessed your current operations, you may determine that this is not the case.  This should prompt you to properly train your staff to create this environment, or possibly, hire new associates who can.

You may then hear, “Wow, I really love coming here.”

Please feel free to contact me with any questions about growing your business.

Don Kyle is the CEO and Founder of Small Bizz MBA, a company which assists businesses with their marketing, branding and advertising needs.  (404) 580-6331, dkyle@smallbizzmba.com

Tools vs. Strategies

by Don Kyle

Since the early 1990s, tremendous technological advances have been made in promoting businesses.  The primary goal of these tools is to help improve your market reach, thereby increasing sales and profitability.

Prior to the advent of these tools (such as email marketing, text message marketing, online coupons, websites, and of course social media), we conducted business the old fashion way — print advertising, networking, building the brand, word of mouth, community involvement, etc.

I have noticed, however, that many are confusing these tools with strategies.  Strategy is defined as “a plan, method, or series of maneuvers or stratagems for obtaining a specific goal or result,” while Tool is defined as“anything used as a means of accomplishing a task or purpose.”

While these technological advances can be of great use in more efficiently reaching your market, they alone are not a strategy; rather they are simply tools to help you implement your marketing plan.  You must be able to achieve all the objectives you have in the past, but much more efficiently and effectively through the use of these tools, particularly in today’s competitive economy.

So how can you utilize these tools to grow your business?  Here are a few suggestions for you to consider.

1.  Review the objectives and goals for your marketing plan.

2.  For each objective, identify the available tools that can help you reach the stated goal.

3.  After identifying the tools to use (within your budget), review how these will interface and complement each other.  In other words, the selected tools must mesh and not conflict.  An example of a conflict may be your email marketing targeting one market while your social media targets a completely different demographic or market.

4.  Leverage your tools, by cross-promoting, e.g., push tools such as email marketing driving traffic to your Facebook page.

5.  Take a 20,000 ft. look at your strategy.  Make sure it makes sense.  Make sure you are taking the steps necessary that can generate results, in an efficient, cost effective way.  Then, implement your strategy and monitor your results.

Please feel free to contact me with any questions about growing your business.

Don Kyle is the CEO and Founder of Small Bizz MBA, a company which assists businesses with their marketing, branding and advertising needs.  (404) 580-6331, dkyle@smallbizzmba.com