A Field Guide to Modern Marketing, By Harry Beckwith

I am constantly on the lookout for resources that will be of benefit to my clients and myself and Harry Beckwith is always my “go-to” guy. Those of us who have a tangible product to sell have a slight advantage in that the customer can, in many cases relate through their senses… seeing, touching, tasting and smelling.

While some of us have that tangible advantage, all of us face the intangible challenge selling our services, our expertise and of course selling ourselves.

Selling the Invisible provides an excellent collection of quick, practical and easy to understand marketing strategies for the service industry, ideal for today’s challenged business owner trying to compete on a personal level.

Beckwith is a master at identifying classic marketing models that we can all relate to and react to as business owners. For example, he illustrates how AVIS Car Rentals used Attitude to position themselves against #1 Hertz, the industry leader. The AVIS slogan: “We’re # 2, We Try Harder!” provided them with a service-driven image that Hertz could do little to counter, capturing the spirit of the “wanna-be”.

In another case, he explains how Scandinavian Airlines (SAS) positioned themselves as “Specialists in Business Travel” at the risk of losing their tourist clientele. But the perception of Business Travel being one of comfort and quality actually increased their tourist sales at the same time!

So often new business owners; in their naïve determination to be successful, want to be all things to all people but as Beckwith illustrates with SAS, “By specializing you narrow your position but you can actually broaden your appeal” when your marketing strategy is carefully planned and executed properly.

If you want to improve your skills at selling yourself and marketing your company Selling the Invisible is a must!

Enjoy the audio clip below provided by Hachette Audio for a sample from the audio book version of Selling the Invisible and judge for yourself.
selling-the-invisible.mp3

For more information on improving your selling & marketing skills check out my articles: “The Inquisitive Marketer” and “The Benefits of Hanging in There”, both found here on my website and link to my previous review of Harry Beckwith’s: You Inc., The Art of Selling Yourself… Larry

Audio version published by Hachette Audio ISBN-13: 978-1-60024-101-7
Print version published by Grand Central Publishing ISBN-13: 978-0-446-52094-2

#8, “Put Yourself in the Customer’s Shoes”

I am often asked for tips on how a small business can be competitive in today’s changing world of global business. Success in business doesn’t have to be rocket science and I have found that often the more complex the solution, the less likely it is to happen. So don’t think yourself into a corner.

Plan & Simple: Look at your challenges and decisions from the customer’s perspective and you can’t go wrong.
Build a business that is consumer-driven & customer-focused!

That may mean making choices that are not necessarily your own personal preference. In fact it will likely require that you take a walk in “their shoes” but then again,
it’s not really about you… it’s about them, isn’t it.

Stop by again next Friday your weekly Business Builder. And for more on this particular topic, check out my article: “Focus Groups” found here on my website… Larry

Yes, Net-worthing. You know, the difference between what you make and what you spend – your assets & liabilities. The art of running a profitable business; that is, maintaining a positive balance between the money you generate and the money you spend, especially during slow times should be your number one priority in today’s competitive world.

Forecasting, pricing, prioritizing, planning, budgeting and analyzing are all factors that position you to control & minimize your operating costs and expenses.

Let’s look closer at these Six Critical Factors in producing a positive Net Worth:

1. Forecasting
Realistically anticipate upcoming sales to determine what revenue you will have to work with and to help you better manage your decisions.
Forecasting is a great exercise to demonstrate how well you really know what to expect from your customers and your market.

2. Pricing
Regardless of the actual pricing strategy that you use, proper pricing ensures a healthy profit margin which should accommodate the seasonality of your sales, maintenance, upgrades and operational cost increases.
Stress value through your marketing material to justify your pricing.

3. Prioritizing
There are tons of ways to eat up the revenue that you generate. Identify the most important expenses and investments to assist you in making the right choices at the right time.
Spending money that you don’t have, on things that don’t move you closer to your goals can prove to have deadly consequences.

4. Planning
Developing a plan gives you a sense of direction that will help you recognize your priorities. Planning should begin with a specific & realistic outcome and then the series of steps and related expenses involved in getting there.
It has been proven that a formal plan will actually make you more efficient, saving you both time and money.

5. Budgeting
Co-ordinating your spending with available revenue is a daily discipline but the benefit comes when you can pay your invoices when their due to avoid penalties and distracting collection calls.
Determining a budget for both projects & departments positions team members to be accountable for their time, their decisions & their efficiency and it contributes to profitability.

6. Analyzing
It is important to regularly assess your sales, your spending decisions and your Net Income through your Monthly Financial Statement to ensure that you are on the right track.
A system or resource to produce your “Financials” in a timely manner as each month ends allows you to adjust your game plan before mistakes become repetitious and costly.

Too often the focus of the business owner is on the excitement of generating sales rather than the more routine task of controlling expenses. If you can’t get excited about your recordkeeping & bookkeeping, hire someone who can! It will prove to be a wise investment.

To take a closer look at your performance and your “Best Practices”, check out my articles: “The Four M’s of Successful Planning” and “The Delicate Balance Between Success and Failure” both found here on my website… Larry

Reaching your Customers thru Radio!

Radio can provide a powerful communication tool to promote your business and build share of mind when used properly. Radio is the backdrop for so much of our lives; while we work, while we shop, while we drive, while we work around the house, while we relax – it always seems to be there!

However, unlike print media, we are talking about an intangible message that is delivered in 15, 30 and 60 second spots (or commercials) so retention is generated through consistency & repetition of the message.

Every radio rep who comes through your door to sell you advertising will tell you that their station is #1 and they most likely are correct however; their #1 classification comes with a particular market demographic at a particular time of the day. ie: the most listened to radio station, Monday through Friday by working professionals between the hours of 6:00 and 9:00 am as they drive to work.

The key to your radio success is to advertise on a station that is #1 with your particular target market and run your commercials when your audience is most likely listening. All of this information is calculated annually for the Canadian Association of Broadcaster’s Bureau of Broadcast Measurement through ComQUEST Research Inc. and statistics are available to you through any radio station (ask about the BBM’s).

Understanding your market and when they are most likely to tune in will help you position your ads around the most effective time of day, ie: drive time, lunch hour, late night, weekday afternoons, special events, etc.

You’ve heard that radio advertising is expensive? Well once again, “expensive” is relative to the return on your investment!

To justify your investment, you will need to commit to a budget large enough to run a “flight” of ads on a consistent & regular basis from which will come the share of mind that places you as a business of choice in the mind of the consumer.

Regardless of your specific strategy, successful advertising is the result of diligent market research and understanding your customer. For more related information, check out my articles: “Trendwatching – Recognizing Tomorrow’s Opportunities Today” and “The Inquisitive Marketer” both found here on my website… Larry

#7, “Always Have a Back-up”

Successful planners examine all of their options before proceeding, making sure that they have a contingency plan in place for major undertakings to minimize risk.

Regardless of the size of your business, whether you are a manufacturer, retailer or service provider, examine every aspect of your operation on a regular basis in search of vulnerabilities. Elements under the microscope should include your human resources, technology, equipment, suppliers, product & service diversity and your promotion strategy. Then, be sure that you have a back-up or contingency plan ready to go if needed.

I learned a long time ago to expect the unexpected. Even the best laid plan can go astray but your state of preparedness, ability to anticipate and your willingness to adapt will always serve you well.

Stop by again next Friday for your weekly Business Builder. And for more on this particular topic, check out my article: “Finding a Way to Win” found here on my website… Larry

Negative thoughts & self talk can have a devastating impact on determining the people you attract, the choices you make, the success you achieve and the opportunities that you miss out on.

At the same time, conservative goals and safe thinking never lead to greatness. If you aspire to mediocrity, you shouldn’t be in business.

Attitude is everything so beware of the impact of the self-fulfilling prophecy* that most often determines outcome and amazingly illustrates the reality of mind over matter. If you think you can’t, you never will.
*The Self-Fulfilling Prophecy states that we are wired strive to prove ourselves right… so be careful what you think!

Six Dangerous Phrases to Avoid Telling Yourself

1. Everyone is a Potential Customer…
Not likely and for sure, some more than others. Endless numbers may have a use or need for your product or service but when your focus and message are too broad, it becomes difficult for people to recognize the fit for them specifically.
Narrow the audience that you want to target by asking yourself “who will benefit most and who is most likely to buy?”
Target these people first with the right message, using the right media for the greatest results from the least effort.

2. I have No Competition…
Unless everyone does come to you (unlikely), you do have competition, you just haven’t identified it. If people aren’t buying from you, then who are they buying from?
We are all competing for something! You could be competing for disposable income. The business that you aren’t getting could be because people don’t understand what you offer or how it helps. Or they are just may not be aware that you exist.
Indirectly, do-it-yourselfers and part-timers could easily be your greatest obstacle and you need to be able to communicate the advantages and benefits of choosing a professional… of choosing you!

3. Advertising is Too Expensive…
This is a common response when advertising isn’t working. Advertising is a powerful communication tool when used properly and essential in growing every business.
Be sure to let your marketing strategy guide your choices of message and media and use a diverse approach to reach out on different levels to different market segments.
Results and return on investment validate the best methods of advertising, quantify their value and justify your investment.

4. We’ve Always Done It This Way…
This statement alone indicates that you need to consider new options! As time and technology change so should your thinking and your business practices.
It is imperative to be open to fresh ideas and new ways of getting things done more efficiently, more productively and more competitively.

5. It All Depends…
Outcome is always affected by something - the economy, the competition, the weather. Since you can’t control circumstances, make a commitment to move towards a specific goal based on what your experience and research tell you is most likely to happen and then… always have a Plan B.

6. People Tell Me I Charge Too Much…
It is “Price plus Quality” that determine Value and any price is “too high” if I don’t see the value. If people tell you that you are too expensive, don’t lower your prices; instead, work on increasing the perceived value.
Advertising, promotion, publicity and public relations all provide great venues to communicate, educate, demonstrate, inspire and experience first-hand the value in your product or service.

When negative thinking & self talk move to the next level and you voice your negativity to others you run the risk of infecting your employees, associates and partners or… actually isolating yourself from these valuable resources that you need to turn things around.

On-going self assessment and a willingness to address our weaknesses are important elements to success. Check out my articles: “The Value in Values-Led Performance” and “Improve your Decision Making with SWOT” on this same theme, both found here on my website… Larry

Think about it. You are given endless opportunities each day to connect and make an impression with potential customers and alliances… riding elevators, sharing a cab, waiting in line for a coffee, etc.
Yet how many of those opportunities slip through the cracks simply because you were unprepared to properly introduce yourself and explain who you are & what you do.
In most cases, you have less than two minutes to make it happen.

First impressions are lasting and you want to be sure that you have given careful consideration on how you can make your first impression short, sweet…
and memorable!

Where should you begin? Remember that “less is more”. Meaning that less information is far more memorable than trying to deliver loads of details to impress them leaving your listener less likely to remember anything.

My Three Hottest Intro-Tips:
1. Always take the initiative when you meet new people. By first asking them what they do, you position yourself to be able to tailor your own intro for a much better fit. And then focus less on who you are & what you do and more on how you can help or on how you have helped people like them.
ie: “I’ve seen you here a few times, what do you do?”

2. Resist the urge to tell them your life story. Tailor your intro around them and their problems and always emphasize the areas that you specialize in.
ie: “We specialize in affordable marketing solutions for small businesses like yours”.
(*Key words: “like yours”)

3. And last but most important, don’t feel that you have to sell them on the spot. Simply sell the idea of getting together for coffee or a formal appointment to hear more about what they do, which will in turn focus on how you can help!
ie: “I’d love to hear more about your operation. Can I buy you a coffee next week?”

With so much of your success riding on it, work on developing & improving your two minute introduction and watch how being prepared makes a difference.

Communication is one of the most important skills to develop as a business owner and finding new business is everyone’s responsibility. Check out my articles: “Selling Yourself, Continuously!” and “Building Brand Awareness and Increasing Share of Mind” on this same theme, both found here on my website… Larry

#6, “Learn to Appreciate Differences”

If we all looked at life the same way, things would soon become boring & predictable and we would lose our competitive edge! Different perspectives can bring insight, innovation and opportunity to the table but they also can challenge our self confidence and test our character to put aside our own preferences and do what’s best for the company.

Alone, we offer a one dimensional approach to solutions but a team effort brings a variety of possibilities. A business without limited options positions itself to achieve limited success.

Create diversity on your team by including one person in your inner circle of influence who sees life differently than you… and then pull together.

Stop by again next Friday for your weekly Business Builder. And for more on this particular topic, check out my article: “Team Building… Your Competitive Advantage!” found here on my website… Larry

How has your business evolved in the past year? I know, you are so busy filling orders and pleasing customers that there’s just no time left for evolving anything. I do hope you haven’t accepted this as your own reasoning.

Committing to continuous growth translates to the daily disciplines of staying competitive, anticipating change before it arrives and investing in your future success.

Let’s look at Seven Great Ways to Evolve your Business… and move it forward:
1. Devote 30 minutes a day to analyzing your sales, your customers and your performance.
2. Take time regularly to speak with your Suppliers who have their finger on the pulse of your changing industry.
3. Join a Professional Association to keep abreast of the newest & latest trends and best practices related to your industry.
4. Attend Trade Shows, Conferences & Seminars that are of particular interest to you for a peek at new technology, techniques and equipment to make you more competitive.
5. Subscribe to an industry or marketing publication for examples and ideas on possible directions to go.
6. Find a friend or associate who shares your interest in continuous improvement and have lunch monthly.
7. Make time to listen to your employee’s ideas on improving efficiency and production. They have the benefit of ‘hands-on’ insight!

Now here’s your Assignment: Create a ‘snapshot’ of your business today, and if your business still looks the same, sounds the same and operates the same in one year’s time… you’re fired!

Developing a game plan for continuous growth keeps you competitive and makes things interesting. Check out my articles: “Finding a Way to Win” and “Creating an Action Plan to Help Ensure Success” on this same theme, both found here on my website… Larry

Balance is such an important factor in defining your success as a small business owner. You can achieve financial success through your business but if you do so at the expense of family and friends, you may find yourself with no one to share it with - a shallow victory of sorts.

Some of you may find balancing your time and attention between personal & professional priorities to be your greatest challenge and for the small business owner it can be somewhat of a Catch 22 situation where the financial success of your business provides you and your family with the lifestyle of choice while at the same time, in order to achieve that degree of success you find yourself having to put in so much time that you lose the quality of your life together leaving you distracted and frustrated.

I actually spoke to a business owner this past Friday who sleeps two nights a week at his shop (the truth!) in order to stay on top of things. He is fortunate to have a wife who supports this, bringing him a fresh change of clothes and breakfast in the morning but one might question that her co-operation and support is simply enabling this extreme practice of running a business. There are obviously options here that need to be considered.

Let me give you an example of how one particular option could make a big difference. I work with photographer Rachel Spiewak as her Business Coach. Rachel is heading into her fourth year and when I started working with her she had been without a revised Business Plan since Year One. Rachel and I meet three hours a month. (That averages less than one hour a week!)

One of our projects last year was to write a new Business Plan for 2008. We began this exercise with a couple of specific objectives that were very important to Rachel, both personally and professionally. One was to make more money and the other was to increase time with her family… objectives that would appear to pull in completely different directions.

Through her Business Plan we put together a strategy that would more than double her sales, hire a bookkeeper, revise her website and give her two days off a week - no small undertaking.

In our last meeting we reviewed her progress, almost half way through the year and we are delighted to report that she is actually ahead of her sales forecast, her bookkeeper is doing a great job, her revised website is up & running and remarkably she is able to take those two days for family!

As we marveled at this outcome, Rachel and I both agreed that her Business Plan and the three hours a month that we spend together have been big contributors to meeting her goals, maintaining her focus and keeping her world’s from colliding. But don’t take my word for it, email Rachel at “saychez@vaxxine.com” and get it straight from the source!

Working smart can produce incredible results. For more ideas on this notion, check out my articles: “It’s Time for a Performance Assessment” and “Don’t let your Comfort Zone become your Danger Zone”, both found here on my website… Larry