Article Contributed by Mark Deo
Today for small business operators as well as larger enterprises marketing continues to be a mystery. Often, the ad that generates record-breaking volume one month is repeated the following month and bombs. A campaign designed by the best ad agency may elicit a mediocre response. The same item sells like hotcakes after a 30-word classified ad, with abominable grammar, appearing on page 35 of an all-advertising shopper tossed on the front stoops of homes during a rainstorm! The mystery eludes solution but demands attention.
Your marketing results can be improved through a better understanding of your customers. Putting the customer first is probably the most popular phrase used by firms ranging from giant conglomerates to the corner barbershop, but the sloganeering is often just lip service.
Marketing success, however, is more likely if you dedicate your activities exclusively to solving your customer’s problems. Any marketing program has a better chance of being productive if it is timed, designed and written to solve a problem for potential customers and is carried out in a way that the customer understands and trusts. The questions and answers that follow will reveal the mystery of marketing by looking at ways we can put the customer first. These are questions that we often receive in our practice and some of the answers we give. I hope it helps you in your marketing efforts.
How can I set myself apart from the competition?
Client retention is key. The importance of “the relationship” with the customer never diminishes. For most small businesses, developing and exploiting the relationship is the one major advantage they have over the big players who don’t have the time and energy for it in the first place. This boils down to added value. Customers crave it but don’t get enough of it. When was the last time you gave serious thought to providing a value-added premium in customer transactions? Coupons, incentives, giveaways, special events – All of these are very effective when aimed at strengthening customer relationships.
How do I recession-proof my business?
Build a cash reserve. We have all heard the expression “save some for a rainy day.” But what happens when a rainy day turns into a rainy year, or two? Many entrepreneurs and small business owners will be facing this situation in the coming months. The best way to prepare is to set aside cash during more prosperous times. There’s a real benefit to having a long-term business plan that deals with the kind of cash requirements you’ll need in case of a business downturn. For some, building a cash reserve may come at the expense of swifter business expansion. But the alternatives such as borrowing cash, taking out a loan, dipping into personal net worth, or shutting the doors are far less palatable. But wait, you say, isn’t this finance rather than marketing. True but without cash reserves to launch marketing initiatives a marketing program has no chance in getting off the ground. Many people believe that the best time to launch a marketing initiative is when times start to get tough. This is a fallacy. The most advantageous time to launch such a campaign is when times are GOOD. In this way we can invest both our time and dollars at a time when people are more apt to move forward. This approach may be the very thing to keep the recession from knocking on your door.
How can I get former clients back?
Recognize that all customers are at risk. Even satisfied customers can be persuaded to defect to the competition. Do not take any customer for granted. Consider that customer win-back strategies can be more effective than finding new customers. Many experts believe that win-back success rates are far higher than recruiting new prospects. Here’s a few that anyone can implement:
+ Identify all of your products or services that could possibly be of value to your customers.
+ Motivate your customers to use as many of your products or services as possible.
+ Prove to your customers that your products and services offer value that they can not find anywhere else.
+ Keep track of every sale and sort in a database
+ Personally communicate with customers at regular intervals
+ Establish some form of satisfaction rating system
+ Sell peace of mind more than just product or service solutions
+ Admit when you’re wrong and pick up the pieces quickly and effectively.
Make your organization defection-proof. While everybody is talking about customer loyalty today few are taking real action. Preventing customer defection is surely the prime motivation for building customer loyalty, but it also gives us the ability to proactively develop strategies to improve our value and service in general. This is what prevents price sensitivity.
We can literally avoid price sensitivity by how we treat the client. Remember when you’re telling, you’re selling. No one likes to be sold. That’s precisely when they start focusing on the cheapest price. By asking questions we accomplish several goals. We discover valuable information about the customer. We bond with the customer by letting them do most of the talking. And we show that we care by being interested in their wants, desires and motives. This is the most effective way to overcome the price objection and redirect their interest to the relationship.
You don’t need a fancy ad agency or marketing firm to improve your marketing performance. In short my advice is to place the focus on the customer. It’s really about doing the simple things and doing them consistently. Focus on the relationship. Add value to every transaction. Build a significant cash reserve. Keep current customers loyal and win back the old ones. And most critically ask plenty of questions. Show that you really care. I hope you’re starting to see that there really is no mystery to marketing. It’s about putting one foot in front of the other every day and always putting the customer first.
About the Author
Mark is author of The Rules of Attraction: Fourteen practical rules to help get the right kind of clients, talent and resources to come to you!Business Update”. Many of his articles and commentaries have appeared in Business Week, Inc, Fortune, Entrepreneur, MSNBC, Hollywood Reporter, Los Angeles Times, and many other publications. He has also appeared on FOX, NPR, CBS and NHK. Mark writes at least one new article every week and comments in numerous media outlets.
Author: Pamela Swift
Social media is about valuable communication. Of course, “valuable” is a subjective term, but typically refers to content which educates, engages, or entertains. Great content makes the difference between getting noticed and being ignored.
There are 3 main secrets for great content creation, especially when producing for the social web:
1) Listen to what your visitors want and need. Do you see questions coming up again and again within your area of expertise? If so, this highlights a need your visitors have. This happened a few times recently on Twitter, when a few different people asked for input on various WordPress plugins and techniques. I was able to respond to several of these, which helped me realize more about what kinds of questions people were having with WordPress. It also enabled me to learn something from others who responded to the requester. Great content is in the eye or experience of the user, and most often addresses a question, provides a solution, or moves the person to think differently about their current situation.
The best way to create great content using this principle is to keep track of the questions your clients ask most often, and creating content to meet this need. Another way to use this principle is to pay attention to the media and see what kinds of questions reporters are asking about. You can get reporter queries by using the free (and excellent) service at HelpAReporter.com. By monitoring what journalists are asking for, you know what kinds of questions people have and want answered.
And here’s another benefit: if you track what reporters are looking for, and create content around this, it not only adds to your blog, but it can quickly position you as an expert for future requests. I routinely publish blog posts based on interviews I give, and then use these to create instant credibility to get additional interviews.
2) The second way to create great content is to keep learning. I spend several hours per week taking in new ideas, reading up on new technologies, and improving my knowledge in several key areas. Not only does this keep me inspired (which is crucial to my personal happiness and productivity), but it also helps me speak intelligently about trends and emerging technologies, which boosts my expert status even further. This has been helpful in attracting and retaining clients, as well as helping me get out in front of the media. If you’re not making time each week to take in new ideas, do add this into your business development process. New ideas in means new ideas out.
3) Put parameters around your content production. I first read about this strategy in a book on thinking creatively. Basically, the process involves setting limits around an idea, and coming up with the most creative solution or outcome you can think of. So, for instance, I sometimes try and create the best blog post I can in 3 minutes or less. In this case, time is the limiting parameter. Research has shown that you come up with some of your most interesting ideas when you have two or more parameters in place.
This principle is demonstrated in the very popular “top 10 lists” and other similar content- people have asked a question: “How do I create great graphics for less than $10?”- and the two defining parameters are great graphics + low cost- and then they go searching for resources to meet these criteria. These kinds of lists and resource listings tend to be highly favored and widely repeated.
The whole goal of creating great content is to connect with your ideal market and create dialogue with them. Focus your tools, resources, and energy towards being interested and interesting.
You might just get a whole lot of people talking.
Dr. Rachna Jain is Chief Social Marketer at The Mindshare Corporation. Rachna works with speakers, consultants, authors, and small business owners to develop and execute effective social media marketing strategies. Her proprietary persuasive social media process (sm) focuses on building influence, credibility and visibility online. This translates into greater recognition, increased website traffic, faster lead generation, a shorter sales cycle, and more opportunity for her expert clientele. She blogs regularly at The Mindshare Blog
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Top 10 Franchises For Sale In 2009
Article Contributed by GlobalBX.com
Every year, Entrepreneur magazine names its top franchises for sale, gathered up into a list called the “Franchise 500.” By referring to this list, prospective franchise owners can determine the top franchise for sale in any number of categories—the best fast-food franchise, the best auto service franchise, the best do-it-yourself picture framing franchise, and so on. This publication also names the 10 best franchises for sale regardless of the industry they are in, and it is this list that offers the most coveted ranking of all. The “next hottest franchise concept” certainly has a chance to advance in the standings. But year after year, the same companies continue to dominate this list, mainly because they have superb brand recognition, a solid financial base, highly satisfied franchisees committed to excellence, and products or services that have stood the test of time. As Entrepreneur sees it, here are the top 10 franchise companies for 2009.
1. Subway
The top company on this list has gained a reputation for offering fresh, healthy food at very reasonable prices. They also come up with some very innovative national marketing campaigns to keep the name “fresh” in the public’s eye. Subway began franchising in 1974 and has more than 21,000 franchises in the United States. The company charges a franchise fee of $15,000, with ongoing royalties of eight percent based on gross annual sales. One’s total investment will run from between $78,000 and $238,000. Subway has franchises for sale in nearly every U.S. state.
2. McDonald’s
Ray Kroc took a California hamburger joint owned by two brothers and turned it into the world’s largest fast-food restaurant chain. Over the years, McDonald’s has been an innovator from the aspects of both service and menu items, inventing such concepts as the kids’ meal and drink tops with pre-punched access holes. The company charges a franchise fee of $45,000, with ongoing royalties of 12.5 percent based on gross annual sales. One’s total investment will run from between $950,000 and $1.8 million. McDonald’s has a franchise for sale to residents of every U.S. state, plus worldwide opportunities exist as well.
3. Liberty Tax Service
With the tax deadline of April 15 looming over the heads of U.S. citizens every year, more and more taxpayers realize that it pays to hire an outside expert to help them complete their filings. The company started as Jackson Hewitt Tax Service in 1972 (and began franchising a year later) and changed its name after buying out another tax business in Canada. The company charges a franchise fee of $40,000, with variable ongoing royalties based on gross annual sales. One’s total investment will run from between $56,000 and $70,000. Liberty Tax Service has franchises for sale to anyone living in the U.S. or Canada.
4. Sonic Drive-In Restaurants
This company started as a root beer stand in 1954 in Shawnee, Oklahoma, jumping into the franchise business five years later. Today there are close to 3,000 Sonic Drive-In franchises across the country. The company charges a franchise fee of $45,000, with ongoing royalties ranging from two percent to five percent, based on gross annual sales. One’s total investment will run from between $1.2 million and $3.2 million. Sonic currently seeks out residents of Canada, New Zealand and Australia, offering exclusive territories in its franchise for sale.
5. InterContinental Hotels Group
The flagship property in this massive chain is the self-named InterContinental, which include some of the most prestigious hotels in such world capitals as London, Paris, Vienna, Cairo, Nairobi, and many others. This hotel conglomerate also includes such familiar brand names as Holiday Inn, Crown Plaza, Staybridge, and Candlewood. There are more than 2,600 franchises in the U.S. alone, as well as another 800-plus in foreign countries. Franchise fees and total investments will vary widely, since every property is unique. The company charges an ongoing royalty of five percent based on gross annual sales. InterContinental has franchises for sale in Oregon as well as assorted worldwide locations.
6. Ace Hardware Corp.
The neighborhood hardware store is alive and well in the guise of Ace, a national chain that prides itself on hometown values and helpful personnel who can tell you the best way to paint a door or repair a fence. The company began in 1924 and became a franchise operation in 1976. There are currently more than 4,200 U.S. franchises. The company charges an application fee of $5,000, and one’s total investment will run from between $400,000 and $1.1 million. Ace Hardware has franchise for sale opportunities in all U.S. states.
7. Pizza Hut
In 1957, when this pizza chain started business as a single restaurant in Wichita, Kansas, no one would have suspected that it would grow into the largest pizza restaurant chain in the world. Today there are nearly 10,000 franchises in existence, including “express” and kiosk locations that expose Pizza Hut products to more people than ever. The company charges a franchise fee of $25,000, with ongoing royalties of six percent based on gross annual sales. One’s total investment will run from between $317,000 and $2.9 million. Pizza Hut has franchises for sale in Oregon as well as assorted worldwide locations.
8. The UPS Store / Mail Boxes Etc.
Mail Boxes Etc. started in 1980 as a competitor to the U.S. Mail and has since expanded to offer all kinds of services that include the sale of packing materials, copying and printing, mailbox rentals, and shipments of darned near anything to anybody who has a permanent address. Re-branded as The UPS Store – although it ships by other carriers as well – the company charges a franchise fee of $30,000, with ongoing royalties of five percent based on gross annual sales. One’s total investment will run from between $155,000 and $295,000. The UPS Store has franchise for sale opportunities in all U.S. states, plus various locations worldwide.
9. Circle K
This convenience store chain was founded in 1951 in El Paso, Texas. They waited until 1995 to begin franchising, but since then Circle K has seen its U.S. franchises grow to more than 450. Surprisingly there are nearly 3,700 franchises overseas. The company charges a franchise fee of $15,000, with ongoing royalties of four percent based on gross annual sales. One’s total investment will run from between $161,000 and $1.4 million. In a nationwide expansion mode, Circle K has franchises for sale across the United States as well as in assorted worldwide locations.
10. Papa John’s International
This pizza chain got its start in 1985 in Jeffersonville, Indiana. Papa John’s has more than 2,100 U.S. franchises and close to 500 on international soil. The company charges a franchise fee of $25,000, with ongoing royalties of five percent based on gross annual sales. One’s total investment will run from between $135,000 and $490,000. Papa John’s has franchise for sale opportunities in all U.S. states.
About the Author
Thinking of starting a business or buying a franchise for sale? GlobalBX.com provides a FREE business for sale exchange with over 32,000 businesses and franchises for sale. Get FREE information on all the top franchises today!
I’ve been thinking about the topic of this article for a while. It’s lately becoming more and more evident to me that social media is seductive- both in a business sense, and a personal one. On a business level, social media is seductive because it represents a way to create new relationships and fill our business pipeline. Done right, social media can be the last lead generation strategy you’ll ever need. (Not that I’d recommend this, it’s always wise to have multiple marketing channels to best stabilize your business.)
The personal element is the one I want to focus on here, because it’s this element that isn’t talked about very much. Social media is seductive- and it’s easy to be seduced. What this means is that you can be pretty much anyone you want to be within the social media space- and you can present yourself as more outgoing, charming, vivacious, or even attractive than you are in real life (especially if you use a picture of someone who is much hotter than you.)
We all have a desire to be liked and admired and respected, and social media gives us a way to do this. In some ways, everyone wants to be a social media rockstar, to benefit from the accolades, recognition and adulation that comes from everyone loving you. (Or at least seeming to.)
The problem with this, as with any kind of online (and potentially one-sided) relationship is that no matter how scintillating or fantastic you are within social media, you are, at the end of the day, still a real person with real assets and real liabilities.
Social media connections and online relationships have a place in your life, but should never substitute for real life/offline connections with people who have a chance to spend time with you, know you, and hang out with you- not just worship an image of you.
The other challenge in terms of balancing social media with real life relationships is that in social media, you can always find someone to talk to on Twitter, and you’ll be able to find people who agree with everything you say. Your personal popularity can be at an all time high online, but this doesn’t automatically translate into a golden life offline.
In fact, your real life relationships may suffer from too much social media popularity. I was speaking with a client earlier today who has recently joined Twitter. She has been spending a lot of time learning the system and has been tweeting very often. She has made some powerful connections and constantly feels drawn to tweet multiple times per day- even when she has agreed to spend time with her husband. Any lull in their conversation sees her picking up her Iphone and updating her Twitter status. It’s lately been causing some strain in her marriage because technology is, at times, more powerful and more consuming than her real life relationships.
With the constant stimulation and 24/7/365 access we can have to social media networks, it becomes more important that we create some kind of balance in our use of the social media sites. The psychology of social media is such that we do desire connections. We just need to make sure that the lure of our online connections doesn’t overshadow our interest in our offline ones.
Dr. Rachna Jain is Chief Social Marketer at The Mindshare Corporation. Rachna works with speakers, consultants, authors, and small business owners to develop and execute effective social media marketing strategies. Her proprietary persuasive social media process (sm) focuses on building influence, credibility and visibility online. This translates into greater recognition, increased website traffic, faster lead generation, a shorter sales cycle, and more opportunity for her expert clientele. She blogs regularly at The Mindshare Blog
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Building Your Social Media Trust Factor
As more and more individuals and businesses invest in the social media space, there will come a crisis of trust.
With so much access to so many resources, it will become more difficult to decide who to connect with, and who to do business with.
It’s a given that we all want to do business with people we like and trust. The part that is not so clear is how do we know who to trust in the first place?
At first glance, this is easy- we are naturally going to trust those people we know offline, and with whom we’ve built some kind of relationship.
These may be clients, friends, business partners, colleagues- anyone we have a real-life connection with, as well as on online one. These people move to our first circle of trust.
You can think of the circles of trust as a series of concentric circles, gradually becoming larger and larger and moving further and further out from the center.
The second circle of trust is built by friends of friends: people who have been recommended or endorsed by those in our first circle.
The third circle of trust is made up of people you would be friends with, if you could connect with them.
The fourth circle of trust is made up of people you would never connect with, even if you could.
To generate the greatest reach in social media, it is important to cultivate contacts up to, and including, your third circle of trust. This will give you the greatest range of outreach for your expertise and your message. There is inherent value in building up your social network.
Here are some strategies for building your social media trust factor:
1. Be consistent. The human brain responds to repetition. As I say, “Repetition is Reputation”- which means that what you continually repeat is what people will remember about you. Make sure the messages you send out are what you want to be known for.
2. Don’t participate in social media when you’re stressed, angry, or having a bad day. An ill-timed (or ill-considered) rant can undo all your relationship building efforts. Have your opinions, of course, but find other places to blow off idle steam.
3. Do what you say you will do. If you promise to assist someone with a resource or a lead, follow through. Don’t offer if you aren’t going to do it.
4. Be what people expect. If you have given some thought to how you want to be perceived, you should strive to be what people expect. You must carefully nurture your social media brand, just like in any other interaction.
5. Be congruent to your message offline as well. If you are presenting yourself as an expert with specialized knowledge- look the part in person, too. Never give people a chance to wonder if you are really what you say.
Building trust in social media takes time. But the more you repeat consistent, brand supporting messages, the more likely people will be to notice you.
And getting attention is the first step to making anything happen.
Dr. Rachna Jain is Chief Social Marketer at The Mindshare Corporation. Rachna works with speakers, consultants, authors, and small business owners to develop and execute effective social media marketing strategies. Her proprietary persuasive social media process (sm) focuses on building influence, credibility and visibility online. This translates into greater recognition, increased website traffic, faster lead generation, a shorter sales cycle, and more opportunity for her expert clientele. She blogs regularly at The Mindshare Blog