Two clients start a business…
Client A, a graphic designer, focuses on developing the latest and greatest website, spends time on Facebook, Twitter, develops a blog, occasionally network and rarely calls on new businesses.
Client B, also a graphic designer, focuses on networking consistently and calling businesses directly, and develops a simple but effective website, uses Facebook occasionally and has held off doing a blog and Twitter.
Client B is in business today. Client A has had to close shop.
The lesson: The order, the amount of energy and consistency you devote to the proper marketing activities will determine your success.
With all the hype about Twitter, Facebook and websites I feel too many entrepreneurs miss doing the most important things first.
Not that you shouldn’t do online activities – it’s just that the majority of your energy should be invested in activities that pay off in the long run.
Later on you can ramp up and have that marvelous website, and develop a great blog, Twitter etc BUT only after you’ve invested heavily in activities where you are face-to-face with your potential clients. Make this your priority.
Marketing is much more about investment, persistence, consistency then it is about glitz or because you believe everyone is doing “it”.
Happy prioritizing.
Dominik
Wednesday, September 30, 2009
Thursday, September 24, 2009
Thoughtful Thursdays - How Well Do You Know Your Competition?
In my experience, the more you know about your competition the stronger your business can be.
Knowing your competition is more than being aware that they exist. Do you know:
Knowing your competition is more than being aware that they exist. Do you know:
- who the principals are?
- their products and services, and have you evaluated them?
- what their annual sales are?
- how they approach the market?
- their strengths and weaknesses?
- where they are located?
- who their customers are and why they deal with them?
- what their customers think of them?
Knowing as much about your competition as you do about your customer will help position yourself as an industry expert and 'go to' person.
When you are looking for a product or service who do you go to first and why?
Good selling,
Richard
Wednesday, September 23, 2009
Wise Wednesdays - Getting A Mentor
Take it easy -- but take it.--Woody Guthrie
Finding a mentor or coach takes time. TBDC offers formal coaching/mentoring programs like our partnership with CYBF, loans for youth 34 years or younger, or if you’re on EI or on ODSP and want to start a business. Please visit our website for more information.
However, for the most part, one has to be creative in finding a mentor/coach on their own.
Here is an approach you can use:
1. Do your research. Find out who is successful in your industry. Learn about that person and their organization.
2. If possible get someone to introduce you to that person (someone who has a connection with him or her). If not then go to step 4.
3. Get to know them (i.e. don’t rush into asking about them being a mentor right away).
4. Tell them your story i.e. who you are and your business idea. Make sure to let them know you have a passionate drive to make this happen. Then let them know your intention in looking for a mentor or coach – ask if they know anyone who would be interested or if they would be interested in mentoring you.
5. Let them know what is involved. I recommend meeting them once every two weeks or once a month, in person or over the phone.
6. If they are not interested ask if you could take them out for lunch (or the very least for a coffee). Arrange a time. At the end of the meeting thank them and ask them if they know of anyone you could possibly connect with? At the very least you will have gained some valuable insight.
Where possible see if you can offer something that would interest them (i.e. email them an article on a topic that interests them). This also helps you stay in touch with them.
This takes time. Yet it can be the best investment of your time and energy.
Happy mentoring.
Cheers,
Dominik
Finding a mentor or coach takes time. TBDC offers formal coaching/mentoring programs like our partnership with CYBF, loans for youth 34 years or younger, or if you’re on EI or on ODSP and want to start a business. Please visit our website for more information.
However, for the most part, one has to be creative in finding a mentor/coach on their own.
Here is an approach you can use:
1. Do your research. Find out who is successful in your industry. Learn about that person and their organization.
2. If possible get someone to introduce you to that person (someone who has a connection with him or her). If not then go to step 4.
3. Get to know them (i.e. don’t rush into asking about them being a mentor right away).
4. Tell them your story i.e. who you are and your business idea. Make sure to let them know you have a passionate drive to make this happen. Then let them know your intention in looking for a mentor or coach – ask if they know anyone who would be interested or if they would be interested in mentoring you.
5. Let them know what is involved. I recommend meeting them once every two weeks or once a month, in person or over the phone.
6. If they are not interested ask if you could take them out for lunch (or the very least for a coffee). Arrange a time. At the end of the meeting thank them and ask them if they know of anyone you could possibly connect with? At the very least you will have gained some valuable insight.
Where possible see if you can offer something that would interest them (i.e. email them an article on a topic that interests them). This also helps you stay in touch with them.
This takes time. Yet it can be the best investment of your time and energy.
Happy mentoring.
Cheers,
Dominik
Thursday, September 17, 2009
Thougthful Thursdays - Sales Transaction Strategies
Do your sales transaction strategies make it easy for your customers to deal with you as well as keep your business profitable?
Making it easy for your customers to do business with you is a good practice as long as you are aware of the costs and measuring the effect on your bottom line.
Making it easy for your customers to do business with you is a good practice as long as you are aware of the costs and measuring the effect on your bottom line.
- Do you know your cost of money and the resulting effect of extended payment terms on profitability and cash flow?
- Are you allowing for discounts into your costs of sales?
- Are your credit card transaction costs built into your cost of sales?
- Do you allow for bad debt?
Know the consequences by running the numbers before you decide on your sales transaction strategies.
Good selling,
Richard
Tuesday, September 15, 2009
Wise Wednesdays - Do You Have a Coach?
Interdependence is and ought to be as much the ideal of man as self-sufficiency. Man is a social being.
- Mohandas Gandhi
Last week I talked about the importance of knowing “what game you’re playing” or knowing the competition.
What should be clear is that you can’t expect to succeed on your own. Yes you heard right. If it’s going to happen it’s up to you AND you can’t do it alone!
You may be the driver of your business but you need to ensure you are connecting with others. Especially with mentors or coaches: Someone who can advise you, guide you, champion you and support you especially when things are down. Someone, also, who can give you a good dose of a reality.
Dr. Basil Peters, who is a successful entrepreneur and has written, Early Exits (how to start a business and sell it for a significant profit) believes the most controllable success factor for entrepreneurs is getting a mentor. Sometimes a mentor is not possible but a good coach is.
The difference is that a mentor is a successful entrepreneur while a coach, may or may not be an entrepreneur, but knows how to make sure you stay the course and gives you valuable feedback. You may have to have various mentors and coaches along the way.
Next week I’ll tell you how to go about doing just that – getting a coach or mentor.
Cheers,
Dominik
- Mohandas Gandhi
Last week I talked about the importance of knowing “what game you’re playing” or knowing the competition.
What should be clear is that you can’t expect to succeed on your own. Yes you heard right. If it’s going to happen it’s up to you AND you can’t do it alone!
You may be the driver of your business but you need to ensure you are connecting with others. Especially with mentors or coaches: Someone who can advise you, guide you, champion you and support you especially when things are down. Someone, also, who can give you a good dose of a reality.
Dr. Basil Peters, who is a successful entrepreneur and has written, Early Exits (how to start a business and sell it for a significant profit) believes the most controllable success factor for entrepreneurs is getting a mentor. Sometimes a mentor is not possible but a good coach is.
The difference is that a mentor is a successful entrepreneur while a coach, may or may not be an entrepreneur, but knows how to make sure you stay the course and gives you valuable feedback. You may have to have various mentors and coaches along the way.
Next week I’ll tell you how to go about doing just that – getting a coach or mentor.
Cheers,
Dominik
Thursday, September 10, 2009
Thoughtful Thursdays - How Do You Spend Your Time?
If you are like most successful business people you probably do not throw your hard earned money to the wind, you spend it wisely. Time is another valuable resource, but oddly we don't always place a similar value on our time even though we do spend it. Today's thought is about the adage "time is money".
Making the best use of your time can significantly increase your output. If you are thinking of ways to improve on how you use of your time, it is essential to know how you currently spend it.
Try keeping track of what you do with your time for a week. You may be surprised at what is revealed when you complete the exercise.
Record your activities and time spend on each one, do not leave anything out.
You can begin to categorize the time spent into marketing and sales, finance and operations. You will probably have another category called "other" to capture activities that are non-productive for your business.
So how much time did you actually spend selling during the week? Is it reasonable to expect to achieve the sales targets you have set based on the time actually spent on selling?
Do you spend a disproportional amount of time putting out fires?
Once you have a good idea of how you are currently spending your time, you can begin to develop goals, objectives, strategies and tactics to improve the way you spend it and ultimately end up with more time to allocate to your business priorities.
Good selling,
Richard
Was this post useful? Please let us know.
Making the best use of your time can significantly increase your output. If you are thinking of ways to improve on how you use of your time, it is essential to know how you currently spend it.
Try keeping track of what you do with your time for a week. You may be surprised at what is revealed when you complete the exercise.
Record your activities and time spend on each one, do not leave anything out.
You can begin to categorize the time spent into marketing and sales, finance and operations. You will probably have another category called "other" to capture activities that are non-productive for your business.
So how much time did you actually spend selling during the week? Is it reasonable to expect to achieve the sales targets you have set based on the time actually spent on selling?
Do you spend a disproportional amount of time putting out fires?
Once you have a good idea of how you are currently spending your time, you can begin to develop goals, objectives, strategies and tactics to improve the way you spend it and ultimately end up with more time to allocate to your business priorities.
Good selling,
Richard
Was this post useful? Please let us know.
Tuesday, September 8, 2009
Wise Wednesdays - Play The Game To Win
Last week I listed the findings of a report on what existing entrepreneurs felt were the top ten pieces of advice they would give to a start up business.
At the top of the list was knowing the competition. I like to call this, “How Do You Play The Game You’re In?” Do you know who the key players are in the industry? What clubs, associations, conferences, trade shows or networking events are they a part of? Join them.
What strategies do they consistently use to sell their products/services? Every industry has a “set of rules” on what it takes to succeed. It doesn’t matter that your product/service is different. Every business says they’re different, better, cheaper etc.
Even if you have a product/service that is completely new you will always have competition. For example, if you create a new energy drink, unlike anything on the market place, you will be competing against protein shakes, health juices, Gatorade etc.
Customers will decide whether to spend their money on a host of alternatives to get “re-energized” and yours is just another product in the mix.
Don’t make the mistake in thinking you’re a solo player. You never sell in a vacuum. You never play by yourself.
Know what awaits you. Otherwise you may find you’re playing the wrong game.
Cheers,
Dominik
At the top of the list was knowing the competition. I like to call this, “How Do You Play The Game You’re In?” Do you know who the key players are in the industry? What clubs, associations, conferences, trade shows or networking events are they a part of? Join them.
What strategies do they consistently use to sell their products/services? Every industry has a “set of rules” on what it takes to succeed. It doesn’t matter that your product/service is different. Every business says they’re different, better, cheaper etc.
Even if you have a product/service that is completely new you will always have competition. For example, if you create a new energy drink, unlike anything on the market place, you will be competing against protein shakes, health juices, Gatorade etc.
Customers will decide whether to spend their money on a host of alternatives to get “re-energized” and yours is just another product in the mix.
Don’t make the mistake in thinking you’re a solo player. You never sell in a vacuum. You never play by yourself.
Know what awaits you. Otherwise you may find you’re playing the wrong game.
Cheers,
Dominik
Thursday, September 3, 2009
Thoughtful Thursdays - The Angry Customer
We have probably all encountered situations where our patience has been tested and we became an angry customer.
Today's thought is about how to deal with that angry customer.
If you have been an angry customer, how was your situation dealt with? Were you satisfied with the outcome or not? In either case you can likely learn from both scenarios as to how you might want to address the angry customer.
In my experience, the number one step is to listen to what they have to say - and I mean listen, pay attention, take a notes if necessary. Secondly, never interrupt the angry customer.
Allow them to vent and when they are finished, pause a few seconds before responding. They may still have more to say.
There is usually a good reason why your customer is upset. Whether you think it is a good reason or not, is not important at this time. Do not begin your response by being defensive, try agreeing with them. If you were in the same situation, would you feel the same way?
Ask them what you can do to make the situation better for them, and then do it, if you are able to. If you can not accommodate the request, negotiate a position that will satisfy their needs as well as your ability to implement the solution.
The acid test for you as a supplier of product and/or services to this customer is to have them continue to purchase from you. There are few things less desirable as an angry customer or more gratifying than having an angry customer thank you for helping them.
Good selling,
Richard
Today's thought is about how to deal with that angry customer.
If you have been an angry customer, how was your situation dealt with? Were you satisfied with the outcome or not? In either case you can likely learn from both scenarios as to how you might want to address the angry customer.
In my experience, the number one step is to listen to what they have to say - and I mean listen, pay attention, take a notes if necessary. Secondly, never interrupt the angry customer.
Allow them to vent and when they are finished, pause a few seconds before responding. They may still have more to say.
There is usually a good reason why your customer is upset. Whether you think it is a good reason or not, is not important at this time. Do not begin your response by being defensive, try agreeing with them. If you were in the same situation, would you feel the same way?
Ask them what you can do to make the situation better for them, and then do it, if you are able to. If you can not accommodate the request, negotiate a position that will satisfy their needs as well as your ability to implement the solution.
The acid test for you as a supplier of product and/or services to this customer is to have them continue to purchase from you. There are few things less desirable as an angry customer or more gratifying than having an angry customer thank you for helping them.
Good selling,
Richard
Tuesday, September 1, 2009
Wise Wednesdays - Top Ten Tips
I came across this report, which I believe is very useful in understanding what it takes to succeed in starting a business. Next week I’ll talk about the implications but for now ask yourself how much have you done with the advice given below?
Cheers, Dominik.
"Top 10 tips on how to successfully start your own business", Special Report, RBC Financial Group, October 16, 2007.
These are some of the findings of an RBC poll conducted by Ipsos Reid between July 27and August 3, 2007.
The top ten pieces of advice existing entrepreneurs have for people hoping to start up a business, according to a survey by RBC Financial Group which compared the responses of aspiring entrepreneurs with those of existing entrepreneurs:
- Know your competition (51 percent)
- Develop a business plan (50 percent)
- Research the market (49 percent)
- Network, develop alliances (45 percent)
- Take time for marketing (38 percent)
- Seek out mentors (35 percent)
- Spend time defining the needs your business will meet (35 percent)
- Survey potential customers (34 percent)
- Do homework about where to locate your business (34 percent)
- Join clubs/associations (32 percent)
"The key piece of advice from Canada's veteran entrepreneurs is 'do your homework' before you open up your new business," said Rina Pillitteri, director, Small Business Client Strategy for RBC. "When successful small business owners look back on what helped them get off the ground, it's the fact that they knew what they were facing - they researched who their competition was, they understood what gaps they could fill in the marketplace, and they delved into the likes and dislikes of their potential customers. They also networked to find out as much as they could from other entrepreneurs."
Cheers, Dominik.
"Top 10 tips on how to successfully start your own business", Special Report, RBC Financial Group, October 16, 2007.
These are some of the findings of an RBC poll conducted by Ipsos Reid between July 27and August 3, 2007.
The top ten pieces of advice existing entrepreneurs have for people hoping to start up a business, according to a survey by RBC Financial Group which compared the responses of aspiring entrepreneurs with those of existing entrepreneurs:
- Know your competition (51 percent)
- Develop a business plan (50 percent)
- Research the market (49 percent)
- Network, develop alliances (45 percent)
- Take time for marketing (38 percent)
- Seek out mentors (35 percent)
- Spend time defining the needs your business will meet (35 percent)
- Survey potential customers (34 percent)
- Do homework about where to locate your business (34 percent)
- Join clubs/associations (32 percent)
"The key piece of advice from Canada's veteran entrepreneurs is 'do your homework' before you open up your new business," said Rina Pillitteri, director, Small Business Client Strategy for RBC. "When successful small business owners look back on what helped them get off the ground, it's the fact that they knew what they were facing - they researched who their competition was, they understood what gaps they could fill in the marketplace, and they delved into the likes and dislikes of their potential customers. They also networked to find out as much as they could from other entrepreneurs."
Subscribe to:
Posts (Atom)
Posts
