Many small businesses fail to prosper because they don’t invest in developing repeatable processes and planning to help grow their sales. To follow are some essential sales activities to develop and repeat if you want to drive your business growth. 1- Develop a sales plan First and foremost, you need to answer the key sales questions regarding your business in a sales plan. What do you want to sell in the next 12 months How will that be split by month or quarter and over what distribution? What are the products or services that you anticipate selling? Who is going to be responsible for what in the sales plan? Then the softer more difficult issues Why will customers want to buy from you? How will you sell your product or service? Where and when will customers become aware of you? Where and when will they buy? And finally how much is it anticipated this will all cost? Once you’ve answered all of the … [Read more...]
3 Powerful Marketing Measurements That Drive Business Success
According to Gordon Bethune, the CEO who took Continental Airlines ‘from worst to first’, it’s impossible to achieve success in business if you don’t measure your performance. His mantra, “What gets measured, gets managed” is now regularly pronounced by consultants and the C-Suite alike when growth ambitions are on the agenda. However, measuring performance is not likely to give us the results we are seeking if we don’t first consider the more important question : ‘What do we measure?’ Up until relatively recently, I would have put ‘Customer Engagement’ at the top of my own list of essential Marketing Measurements. However, my thinking completely changed after reading about Professor Byron Sharp’s book ‘How Brands Grow’. This book is an absolute game changer as it uses hard data to smash many of the myths modern marketers hold dear to. He takes a rapier to the idea that we need to implement Loyalty Programs and go all out to win engagement … [Read more...]
What brand experience lessons can the Wimbledon Championships serve to small businesses?
In the tennis world, the Wimbledon Championships is widely acknowledged as being the most prestigious event in its field. With ‘favourite tournament’ plaudits from players such as Roger Federer and Martina Navratilova and hundreds of millions tuning in to watch each June, it’s a stand-out global sports event. But how did the Wimbledon brand acquire this special place in the hearts and minds of players and fans? And what lessons can Wimbledon teach us when it comes to building our own small business brand experience? Play To Your Advantage When compared to the other Grand Slam tournaments such as the US, French and Australian Opens, Wimbledon has carved out a unique position for itself. For example, it’s the only tournament that is still played on grass at this level. Around the courts edge, you’ll notice a visible absence of sponsor advertising. Its royal patronage and strict adherence to a ‘whites only’ player dress code also combine to create a event … [Read more...]
Top 5 Challenges for Fast Growing Companies
If you’ve got a good business idea and the energy to push it forward, it’s not uncommon to achieve 100% year-on-year growth in your first few years of business. However, if your company growth is moving at speed, there are some key challenges you’ll need to get to grips with to keep it from crashing into the barriers. The most important of which is: 1. Decision Making At Speed As you are hit by a rapidly increasing list of questions to answer, it can be tempting to favour making snap decisions from a limited range of choices. On the face of it, it looks like you are moving forward at speed. But quick decision-making may not always get you to your desired result. According to some research in this area by Paul Nutt in his book ‘Why Decisions Fail: Avoiding the Blunders and Traps That Lead to Debacles’ business decisions that are taken off the back of looking at just two options can have more than a 50% failure rate. Counter-intuitively as soon as you start to … [Read more...]
7 reasons why your business is not attracting customers
Are you wondering why you are not attracting and engaging customers as well as you might? Here are seven common reasons why many businesses fail to sell and what you can do to create more successful results. You’re Selling In The Wrong Place If you have to compete with dozens or even hundreds of similar competitors in a particular marketplace it may prove difficult to master those much-needed sales. The key to a successful business often lies in seeking out those customer segments that are not well served by your competitors. This is why market and customer research is so important. It may be that a more targeted approach developed from gathering deeper customer insights will bring up new opportunities that others have missed. Additionally, it could be that customers are looking for your product but via a different channel. You may be selling on the high street, but really you’d do better to take your business online. Your Unique Sales And Brand Proposition Is Not … [Read more...]
Are you selling ‘best value’ when you should be offering ‘added value’?
When it comes to your products or services, do you know what sort of value you are offering your customers? If you’ve placed your chips in the ‘best value’ arena, a very competitive price will have a starring role in your value proposition. Your customers are likely to be very sensitive on how much they spend, and want the absolute best deal on offer. As a business proposition, this works well if you’re: Large enough to deliver ‘economies of scale’ so your price is keener than anyone else in the marketplace. In the UK, Weatherspoons Pubs is one of the best examples of a business offering a better price on a pint than practically any other pub chain. You’re one of the first to market and can offer best value at this point in time. Option A can be sustained if you’re a big player with deep pockets. But Option B immediately loses its advantage as soon as new competitors come in offering a cheaper price. And of course, there will always be rival businesses who undercut … [Read more...]
Are you selling 'best value' when you should be offering 'added value'?
When it comes to your products or services, do you know what sort of value you are offering your customers? If you’ve placed your chips in the ‘best value’ arena, a very competitive price will have a starring role in your value proposition. Your customers are likely to be very sensitive on how much they spend, and want the absolute best deal on offer. As a business proposition, this works well if you’re: Large enough to deliver ‘economies of scale’ so your price is keener than anyone else in the marketplace. In the UK, Weatherspoons Pubs is one of the best examples of a business offering a better price on a pint than practically any other pub chain. You’re one of the first to market and can offer best value at this point in time. Option A can be sustained if you’re a big player with deep pockets. But Option B immediately loses its advantage as soon as new competitors come in offering a cheaper price. And of course, there will always be rival businesses who undercut … [Read more...]
