Is 2014 Going to be a Good Year?

by Don Kyle

Have you prepared business goals and implemented a marketing plan for 2014 yet?  If you haven’t, you should consider doing so immediately.

Although setting goals and preparing a comprehensive marketing plan are instrumental to your business, they are not a guarantee for success.  However, if you don’t take these steps, you almost can guarantee a disappointing year.  For most of us, it’s quite common to fail to plan for the future since you are so busy working in your businesses.

In previous articles, I suggested several steps in preparing your marketing plan, including: 1) Looking at your results from the prior year and setting overall goals for the new year; 2) Breaking down annual goals into monthly, weekly and daily budgets; 3) Reviewing the strategies you have employed in the past and assessing current and future ones to promote your business; 4) Determining marketing tools and strategies that are available for your business and the expected costs and returns; 5) Preparing your marketing plan and budget; and finally 6) Implementing your plan, and then monitoring your results, making adjustments as necessary.

These are the basic steps in developing a marketing plan for your business.  However, there are a few other areas you should take a look at in order to experience a prosperous year.  These include:

1)    Assess your current target market.  Have there been significant changes in your market, such as shifting demographics, increased competition, demand for your products or services, etc.?

2)    Review your operations.  Are you meeting the needs of your customers?  Are you experiencing return customers, and if not, why?

3)    Are your customers satisfied and are they saying good things about you in your community?  If not, you may want to take a look at your product/service offerings and your customer service procedures, including your staff.  You may even want to consider utilizing a “secret shopper” to help you assess these areas.

I wish you the best and may 2014 be a happy and prosperous year for you!

Please feel free to contact me if you have any questions about setting goals or preparing a marketing plan.

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

Promoting a Growth Stage Business

by Don Kyle

In my last article, I discussed the areas on which a Start-Up company should focus to promote and grow its business.  This month, I  focus on promotional strategies for Growth stage businesses.

During the Start-up stage, your main focus is to create name recognition for your business by getting your name out to your target market.  As you transition into the Growth stage, your challenge is to gain market share.  So what are some of the most effective ways to do this?  I have listed several ways you should to consider.

1.    Get entrenched in your community through various community involvement activities.  There are many ways you can do this, depending on the nature of your business, including participation with local business associations, schools, religious organizations, civic and charitable groups, other businesses, sports leagues and groups, etc.  Cultivate affiliate and referral relationships with those that are most likely to help you generate more customers.

2.    Continue to cultivate a social media and web presence and disseminate your message to your market, emphasizing competitive advantages.  Testimonials and affiliate relationships are great ways to capitalize on the power of the internet and social media.  Ask your customers to give you good reviews on Yelp!, Kudzu, and other review sites.

3.    Continue ongoing press releases to all media outlets in your market, including social media channels.  It is imperative to note that information providers want to print or post information that is interesting and beneficial for their audiences.  Therefore, focus your press releases on how your business has or will provide beneficial services or products to your market.  These are also opportunities to announce any upcoming special events and/or promotions.

4.    Analyze the effectiveness of your advertising strategy and make adjustments as required.  Only advertise in those channels that are generating great returns on your expenditures and eliminate those that are not.  Keep in mind that advertising normally does not generate instant returns, so give yourself enough time (generally at least three months) to analyze the effectiveness of your choices.

Taking these steps should help you gain market share as your business transitions into the Growth stage.

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