This article is by our guest writer Sandra Hajda, a freelance journalist, publisher and avid investor. Sandra resides in Melbourne and can be contacted at hajdasandra@hotmail.com.
History shows that a bad sales run is not the end of the world. One clever marketing move can pull a company out of a slump and back into business.
1. Bauer Hockey
The Challenge:
Bauer should have had it made – in 1927 they were the first company to begin producing hockey skates in which the blade was attached to the boot!
Like any company that produces a jaw-dropping innovation, Bauer enjoyed a brief, initial dream run. It lasted until the 1930s, when the legendary George Tackaberry boot arrived on the scene. The Tackaberry boot (with its own, admittedly less dramatic innovation: the CCM Pro-Lite blade) was worn by all NHL scoring champions between 1939 and 1969.
The Move:
Bauer rose to the top through innovation, and innovation would get them back there. The company returned to prominence after paying superstar Bobby Hull to promote their products.
These days we’d call it ‘good old-fashioned celebrity endorsement’. Back then it was a revelation – this was one of the first companies to pay a superstar to endorse their product. It paid off enormously, ushering in a new era for Bauer.
The rest, as they say, is history.
Today:
Bauer are still innovating – they’ve just released the Vapor X:60, a revolutionary new stick that’s ‘great news for goal scorers’.
2. Guess Jeans
The Challenge:
During the 80s Guess was one of the most popular brands of jeans. When the nineties arrived, so did some stiff competition (Calvin Klein, Diesel, Tommy Hilfiger, and Gap started rising in popularity) and Guess’ stock dropped dramatically.
Guess was also taking a beating in the press. Awareness of sweatshop expolitation was rising in America, and they were recognised as a major offender in this area. Guess contractors were facing litigation for failing to pay their employees minimum wage or provide adequate overtime – a nasty kind of company.
The Move:
By the 00s the sweatshop controversy of the 1990s was largely forgotten. Guess seized the opportunity to execute its own revival, the only way a fashion house knows how: a dramatic new look and style.
Marketing ads grew increasingly sexier – the Guess girl as we know her today (pouty lipped, shiny-skinned, luxuriously attired) emerged. Sales skyrocketed, a new market was tapped, and provocative billboards became a Guess mainstay. Many a male driver probably came close to his end ogling an 8-foot tall Guess girl.
Today:
Guess are making moves into the menswear market. In 2006 they introduced the Marciano men’s line, available exclusively on the website Guess.com. A line of men’s shoes (from sandals to dress shoes) is also beginning to enjoy success after a slow 2006 start.
3. The Body Shop
The Challenge:
In the early years Body Shop founder Anita Roddick had it made – she had a talented cosmetologist (Mark Constantine) who helped her create ‘natural’ (by the standards of the time) products with fashionable colours and fragrances.
When Constantine left in the 80s (the cosmetologist had entrepreneurial dreams of his own – he went on to found Lush Cosmetics) he left Roddick directionless. What would she do? How could the fledgling company make its mark?
The Move:
In 1986 the Body Shop began to do something very curious with its promotions. The marketing started to sound less like ‘marketing’ and more like activism. Educational posters about social causes appeared in shop wondows. Local charity and community events were sponsored. The company’s ‘No Animal Testing’ policy was emphasised at every turn. A ‘Body Shop Foundation’ emerged, and an alliance with Greenpeace was secured.
Every new product promotion was tied to a social cause. Jojoba Oil, for example, would help ‘save the whale’ (it was a substitute for whale spermaceti).
Roddick built a reputation for innovation, integrity and social responsibility, and the alignment with social causes generated massive free publicity.
When the Body Shop’s stock was floated on the London Exchange its price increased by 500%. Body Shop shares earned a nickname: ‘the shares that defy gravity’.
Today:
The Body Shop is now owned by the L’Oreal corporate group. This has attracted criticism (L’Oreal has a history of animal testing) but L’Oreal claims it has not tested on animals since 1989 – around the time it joined forces with Roddick. Roddick has told reporters she sees herself as ‘a kind of “trojan horse” who by selling her business to a huge firm will be able to influence the decisions it makes’.
Category: Sales & Marketing
I recently spent two full days with a Private Platinum Intensive client and discovered something that astonished me. After carefully considering everything she had created or delivered in the past few years it became crystal clear she was sitting on a goldmine she didn’t even know she had.
Not surprising since she, like many of the women entrepreneurs I mentor, have trouble appreciating the value in what they’ve already done. Instead, they think they have to start over, reinventing everything in order to create the income they desire.
If this sounds like you, then let me reassure you: with a few simple tweaks you’ll likely have a fresh, new way of offering your products or services. Trust me, revamping what you have will save you a ton of time, energy and money compared to creating everything from scratch!
So, how do you know if what you’ve already created or delivered is worthy of repurposing?
Here’s a quick checklist of some common ways to repurpose what you already have, giving your brand and your offers a much needed facelift.
1. Turn a Live Teleseminar or Workshop into Your Signature System
My private Platinum Intensive client had been delivering the same teleseminar for years. Problem was, by making herself too available at a fairly low price point she was sabotaging her opportunity to leverage her time into higher-end “Platinum Style” programs.
The solution was simple: Turn the teleseminar into a home study course, offer it to past teleseminar attendees at a special introductory rate, and then launch it to her main list.
This one action frees her up from delivering teleseminars during evening hours when she would rather spend time with her kids. It gives her a signature system info product she can sell from her web site or when speaking, and it instantly boosts the value of her time. She is now charging what she’s worth and working more personally with higher-end clients.
2. Transform Free Teleseminars into Preview Calls to Launch a New Program or Service
More than one of my Platinum clients has been guilty of giving away too much information for free. This hurts the attempt at “positioning” themselves as better appreciated (and better paid!) experts.
Ladies, please don’t think that to fulfill your desire to help others means you have to give your services away!
What works is to apply the principle of leverage, which means wisely using your free calls to fill paid programs. Offering less of you means your clients will want you more at a higher level.
3. Bundle All Your Solo Teleseminars into a Valuable “Collection”
I bet if you look at your online library you’ll see you’ve delivered a wealth of teleseminars, written dozens of articles or taught a variety of classes. One by one, this content may not have significant value but, bundled together, can make a fantastic info product you can sell or use as a bonus with other services.
Here’s a Quick Tip to Get Started Leveraging Your Information into Products or Programs
A simple way to get started is to create an “inventory” of every teleseminar title or program you’ve given (free or paid). Add to it your article titles, workshops and any other seminars you’ve given. Pretty impressive list, isn’t it?
Next, decide how you want to repackage your knowledge. Remember that your goal is to offer less of you at the free or frequently-delivered levels so that your clients will want MORE of you at the more exclusive, higher-paid levels.
About the Author:
Kendall SummerHawk, the Million Dollar Marketing Coach, is an expert at helping women entrepreneurs at all levels design a business they love and charge what they’re worth and get it. Kendall delivers simple ways entrepreneurs can design and price their services to quickly move away from ‘dollars-for-hours work’ and create more money, time and freedom in their businesses. For free articles, free resources and to sign up for a free subscription to Kendall’s Money, Marketing and Soul weekly articles visit www.kendallsummerhawk.com.
As you may have seen, Denise Wakeman and I are running a social media usage survey to help define what people most want to know about social media. We’ve gotten over 200 responses so far (and please feel free to add yours, if you wish!)
The results are interesting so far, with one of the biggest complaints being how much time social media takes. Even more than that, people are wondering how to monetize their social media efforts. And this combination of factors got me thinking.
What appears to be happening is that people are investing lots of time on the social networks, but not enough time using social media as a content sharing and distribution mechanism. Most of all, people want a process and system for using social media more efficiently, and for seeing more returns from it.
In the interest of saving you some time, and increasing your social media efficiency, I have 5 tips to help:
1) Schedule regular time for social media. I’m fond of saying that social media is a time suck. This means that, without boundaries on your time, chatting on Facebook or tweeting on Twitter can take up your entire day. This will have negative impact on your business. So, instead, schedule time to attend to social media each day, and resist the urge to network all day long, especially if you don’t have a clear and definite business outcome in mind. I tend to schedule an hour in the morning to connect with my social networks, and I have one of my assistants handle all the daily friending back, following back, processes, reducing my time commitment and letting me focus on conversations and connections.
2) Let technology do the heavy lifting. You can be more social media efficient if you use technology to help you. One example would be to set up content distribution and syndication processes. (Denise & I will be sharing tips and ideas for this in the near future.) Another way is to use software programs to help streamline your efforts. I like and use Tweetdeck, for example, which lets me monitor Twitter, Facebook, and now, recently, LinkedIn. No matter what you need, there is probably a piece of software that can help you do it faster or better.
3) Reduce the noise. There are just three main things you need to focus on in social media. The first is gaining attention. The second is making connections. And the third is being consistent. You can do this without any technology at all. It’s fine to be interested in new gadgets and new advances in technology (and I confess, I’m a girl geek at times)- but don’t allow yourself to get overwhelmed and forget the basics of marketing. You must be noticed, make connections, and show up regularly.
4) Repurpose, repurpose, repurpose. The better you are at repurposing your content, the easier your social media marketing will be. Aim to get at least 10 uses out of every blog post, every interview, every video you make. Stay in touch with what your target audience needs, and provide it for them faster, and easier, and quicker than anyone else. Seek to create dialogues and conversations around your content. You’ll learn what people most want to know, and you’ll always have good ideas for new content to create.
5) Tie your social media efforts to your business goals and optimize for them. What this means is that you need to have an idea of what you want social media to DO for you. Do you want to become the household name in XYZ industry? Do you want to get 10000 people on your email database? Do you want to be picked up by major media as an authority or expert? Like any other business arena, you have to know what you want to achieve and lay out a strategy to achieve it. And then you need to do the work. If you’re spending a lot of time in social media, but not feeling like you’re getting enough return, I would suggest that maybe you want to step back and reassess your goals. Don’t take part in social media waiting to see what will happen. Have an idea of what you want to create, and use the social media tools to create it. The clearer your objectives, the faster you’ll reach them, helping balance out your time and return on investment.
Social networking is not the only facet of social media you should be paying attention to. Use the social media sites to build your platform, drive your brand, and send visitors to your website. These kinds of results are trackable and monetizable.
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
What may be holding you back from reaching 6-figures (or even more) isn’t lack of ambition or desire, it may simply be your business model.
Think of your business model as the design of your various services, info products and programs. Too many entrepreneurs offer a bunch of “stuff” without any real thought as to how each offer will best leverage their time, plus create the maximum amount of revenue.
Naturally, they end up disappointed with the results, which is really a shame because anyone can create a winning 6- and 7-figure business model once they know a few simple tips.
Here are 4 simple tips to ensure your business model doesn’t have you making common blunders that will keep your income from growing.
Tip #1: Create a Plan for Moving Clients from 1-on-1 to High-End Programs
The blunder most entrepreneurs make is filling their time with lots of 1-on-1 clients (and often at a low price point), which leaves them feeling burned out. Treat your 1-on-1-client time as the most precious service you offer so that you’re only working with a few clients at a high dollar amount. You’ll love your clients more, you’ll make more money and you’ll free up tremendous amounts of your energy.
Tip #2: Include Life-Long Recurring Revenue in Your Model
It’s exhausting to constantly look for new clients. That’s why savvy entrepreneurs have at least one “continuous” revenue stream in their business model. Ideally, this income stream is one clients never want to give up, giving you consistent monthly income.
There are many creative ways you can design continuous revenue into your business. I recommend looking at what support your clients wish they had for your inspiration.
Tip #3: Think in Terms of a Series Rather than “One-Off” Programs
Every program, product or service you offer must include an option to upgrade to a next level. Waiting to figure this out will cost you a ton in lost revenue and ramp-up time!
For example, your free teleseminar can roll participants into a paid group or teleseminar program. In that program, upgrade a certain percentage of participants to a private virtual retreat day with you. Your virtual retreat day clients can then upgrade to a longer term coaching program. Never let your relationship with your clients end because you don’t have anything more to offer them.
Tip #4: If You Can’t Leverage It, Don’t Offer It
Once you shift your mindset to the leveraged business model, you’ll never again be tempted to offer a stand-alone program or service. It just isn’t worth your time and effort! Even something as simple as an ebook should consciously leverage your clients to upgrade to a higher-end service or program.
If Your Cash Flow Stops and Starts, Then Take a Critical Look at Your Business Model For the Solution
Unpredictable, up-and-down cash flow is frustrating to deal with. By redesigning your business model so that every offer flows effortlessly into the next, you’ll not only even out your income, you’ll dramatically increase it as well.
About the Author:
Kendall SummerHawk, the Million Dollar Marketing Coach, is an expert at helping women entrepreneurs at all levels design a business they love and charge what they’re worth and get it. Kendall delivers simple ways entrepreneurs can design and price their services to quickly move away from ‘dollars-for-hours work’ and create more money, time, and freedom in their businesses. For free articles, free resources and to sign up for a free subscription to Kendall’s Money, Marketing and Soul weekly articles, visit www.kendallsummerhawk.com.
Google search is going to start looking different in the next few months, as Google has signed a deal with Twitter.com to start indexing tweets.
Similarly, Microsoft has signed deals with Facebook and Twitter to start indexing updates in the search engine Bing.com.
These changes mean your wisdom won’t be shared just with those in your immediate tweetstream or newsfeed, but could, perhaps, be listed in the search engines and archived for the world at large.
These moves are good for those of you focused on providing unique content and topic relevant tweets – you will have more ways to be found and noticed.
The downside of this process may be two-fold, though. First, your tweets may not remain indexed as long, so your ranking won’t stay constant. The reason I think this is because the rate of tweeting is so high, and newer tweets will always be considered fresher (and therefore potentially more relevant) than older ones. So any ranking you get may not last that long.
The second downside would be for content that is repeated or duplicate- likely only 1 tweeter will get credit, so this may drive down the number of retweets. Some would say this is a good thing, especially for content like quotes, or #follow friday, but we’ll have to see how this shakes out.
In order to benefit from this new search engine capability, focus on providing good strong content (I know I said this already, but it bears repeating), and try to phrase your tweets uniquely. In the beginning, at least while the algorithm is being worked out, I imagine that unique languaging will be initially counted as unique content. Later on, we may see a shift in this as content and context is also considered. (Kind of like latent semantic indexing for tweets.)
It will be interesting to see if adding tweets to the search engines will improve user experience, or will be seen as just that much more noise.
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