Small Business Marketing Book Review – People and Your Business

What if somebody told you one critical key to business success was to practice the principle of the Golden Rule in your business? The idea seems to somehow run counter to so much of what we’ve been taught about business, doesn’t it? Yet, what if that same source convinced you through case-study after case-study that application of the Golden Rule in business actually leads to success?

Let us introduce Frederick Reichheld and his book The Loyalty Effect. While not a small business marketer, but rather an expert business consultant, what Reichheld teaches us about loyalty is worthwhile reading for any small business owner or manager.

Did we say “worthwhile”? Scratch that; pencil in the phrase “urgently essential”, instead. This book is that vital to a small company.

The Loyalty Effect focuses on three groups of people critical to business success: Customers, Employees, and Investors. For most small business, the investor is the owner, so for our brief review in this article we will focus on Customers and Employees.

Reichheld is a definite advocate of customer retention. He convincingly demonstrates time and again that small percentage increases in customer retention have huge impacts on profits. This read will be a just-right fit for those of you having problems focusing on the right customers. If you will take the time to trudge through this book, and really understand most of its principles (we found Chapter 8 to be the toughest) then not only will the marketing of your business improve, but so will your profits.

Isn’t that the reason for all this focus on marketing, anyway?

And Reichheld really opened our eyes to how important employees are in retaining customers. If a company treats their employees right, those employees become more efficient and productive in their daily tasks. Profits go up, retention increases.

Reichheld stresses again and again that a company’s prime mission needs to be creating customer value. Most of you in small business realize this, but it’s reaffirming to see hard-and-fast facts to back up what many of us intuitively know. Customers don’t come to a small business looking to boost our profits; they arrive seeking value. If we consistently create value, profit will come.

Another key point for small business owners is the importance of leadership. If you need to go down to the bookstore and browse through The Loyalty Effect before you buy it, flip over to page 246. Reichheld has studied several large and successful businesses, and concludes here that most of them had leaders with an “intuitive grasp” of how important loyalty is. This is critical for business success, regardless of business size. While not written to be a rah-rah inspirational book, Reichheld’s arguments and his examination of the role strong leaders play in forming great companies reinforces just how important to the bottom line it is for a small business owner to be a good leader.

So much of Reichheld’s book seemed familiar; akin to common sense…after we read it. Treat employees well and they’ll perform well for you; we’ll that’s pretty basic, now isn’t it? But we tend to forget, we tend to think we need to cut corners or just “improve efficiency” and that’ll lead to greater profits. In the short term it very well may, but Reichheld argues effectively that in the long run it’s only by creating value for our customer that we build profitable businesses.

Remember, People is the third element–along with Brand and Package–of any small business marketing success story. Taking a week or so and reading Frederick Reichheld over lunch or before lights out at night is a great way to hone your “people productivity”.

© 2006 Marketing Hawks

Helpful Hints For Choosing A Business Bank Account

When someone decides that they want to open their own business, choosing the right bank may get lost in the shuffle of things they need to do. However, choosing a business bank account is an important decision for any business owner and they should be aware that they have choices. Making the right one is essential if a business wants to start out on the road to success.

The thing that many business owners fail to recognize is that they truly do need to do some research in order to find the right account for their needs. In many cases, they simply open an account with the bank that they use for their personal finances. This may seem like a good idea since they are already comfortable with the bank, but a bank with excellent personal accounts may not necessarily have the best business accounts.

Someone who is on the road to opening the doors of their own establishment may want to stick to another small business for their needs, but banking is not the place for this show of solidarity. In matters of money, it is important to go with trusted and familiar names, or online banks affiliated with familiar names. If a less familiar option seems too appealing to pass up, be sure to speak with other clients who can provide glowing reviews of the service.

The best way to go when choosing a financial institution is with the ones that has a specialized sector for handling small businesses. It is important that the bank understands the difference in needs between a small business and a large one. In addition to more specialized service, clients can enjoy a much simpler set up process than the one they would go through to register a large company.

Before signing on with any particular institution, it is important to read all of the fine print and make sure that all possible fees are clearly understood. When several transactions are made in a month, the fees can begin to add up and have an adverse effect on a brand new business. Many banks offer their newer accounts a period free of fees, so keep an eye out for those opportunities to save money.

Anyone who owns their own company realizes that they cannot get all of their work done within typical banking hours. This is why it is essential that the bank offers online service for clients to access their accounts at any time. With this important feature, people are free to do business when it conveniences them, not when it conveniences their bank.

When someone decides that they want to start a business, they may think of many things before they consider the hunt for a business bank account. It may seem simple, but it is actually an incredibly important decision for a new entrepreneur to make. A wise person will explore everything available to them before settling on a decision. Making the right choice in this matter will give any business the strongest possible start.

The Fundamental MUST DO’s of a Small Business Marketing Strategy

The ultimate small business marketing strategy is really no secret if you stick to the fundamentals. As a small business owner, you are constantly being barraged with what someone is telling you is the latest and greatest marketing strategy. Before you waste your time and money on something new, you really need to ask yourself if you are doing the basics well.

Take a moment and remove yourself from your business and think of your business as your athletic team. It’s the beginning of the season and you are psyched about the year ahead. What is the first thing that you are going to do to prepare for the year? Do you start by practicing trick plays? Of course not! You practice the fundamentals.

  • If you’re a baseball team, you practice hitting and fielding.
  • If you’re a football team, you practice blocking, tackling, throwing and running.
  • If you’re a soccer team, you practice kicking and passing.
  • You don’t start running plays until your team is in shape!

Okay, now that practice is over and you have showered and cleaned up, it’s time to get back to your small business marketing strateg!

7 Critical Small Business Marketing Strategy Fundamentals

Is your team (staff) in shape? Do they know the fundamentals? Do you have them practice and rehearse the right way to do serve your customers or do you let them wing it and hope they’ll such a great job that your clients will be magnetically drawn back to your business?

Guess what? If you leave it to chance and assume clients will return, you risk taking your business into the world of mediocre results where you will join the legions of small business owners who are wondering where there next customer is coming from. Don’t leave your success to chance and then grasp for the magic bullet that will save your business. A powerful small business marketing strategy begins with the fundamentals. Here are 7 critical steps to your business success:

  1. Critical Fundamental #1: You must have a Unique Selling Proposition, which answers the question “Why should I do business with you?” Your USP is much more than we give good service or do a good job. Your competitors are saying the same thing. Your USP should have the prospect saying “Oh really? Tell me more!” It helps get your prospect interested in buying from you. Give them a powerful reason to do so.
  2. Critical Fundamental #2: Your business must be living your USP. If you make the claim, play the game by making sure everyone in your company lives the USP. If you claim great customer service but you let your phone ring 10 times before anybody answers it, your are not living a USP founded on customer service. FedEx doesn’t claim packages will usually get there overnight, they get them there overnight. If you make your clients go through 5 phone prompts to place an order, you are failing on a service claim. If your delivery driver doesn’t thank your customer, your competition’s will.
  3. Critical Fundamental #3: You must know the fundamentals of selling. It usually costs a huge amount of money to get a prospect to come to or call your business. Once they are there, doesn’t it make sense that you should have the skills to sell to them and maximize the value of the transaction? You do so by cross-selling and up-selling. Don’t expect the customer to ask for more , you must help them along. Sales training is one of the best investments that you can make in your company. Everybody who comes into contact with a prospect or client should know the basics of selling.
  4. Critical Fundamental #4: This fundamental is one of the most critical and obvious but most overlooked element of a successful small business marketing strategy! You must have a system to capture client and prospect information such as name, address, phone number, email address, buying history, preferences and other information relative to your business. Today’s technology makes that very inexpensive to do. When you have this information, you can develop a close relationship with your clients based on what THEY like.
    1. Here is a real world example: My wife and I eat out at a nice restaurant at least once a week and we like to go to different places. There is only one restaurant in the Cincinnati region that has ever even asked for my name and address. They send us coupons regularly so we eat there regularly. All of the rest are wondering how to get new clients in the door and spend a lot on advertising to get them there. Now that doesn’t make a lot of sense, does it? Why don’t the others ask about me and what I like? It is real easy and inexpensive but most business owners are out of touch when it comes to knowing their clients.
  5. Critical Fundamental #5: You must have a system in place to regularly communicate with your prospects and clients. You should be frequently hitting them with unique offers, birthday cards, newsletters and special customer only specials. Your customers DO WANT TO HEAR FROM YOU!!! The research proves it. If you don’t talk to them, you are communicating an attitude of indifference towards clients and opening the door for your competition to take them away from you.
  6. Critical Fundamental #6: You must leverage your marketing efforts by establishing joint ventures and alliances with other companies who have similar client profiles in a non-competing business.
    1. Look at this scenario: You own a restaurant and have 1,000 clients who know and trust you and like your food and service. The florist down the street also has a 1,000 clients who know and trust her. You approach her with an idea. You will pay for amailing to her list in which she endorses your restaurant and offer a special coupon for a free appetizer to her clients. You mail a similar endorsement for her shop to your list. You will both get a huge infusion of new business. Now doesn’t that make more sense than running an ad on the radio or in the paper?
  7. Critical Fundamental #7: First of all, notice all the above fundamentals don’t ask you to risk money on media advertising and any one of them can easily increase your sales 20% or more. However, if you choose to advertise in the media, TRACK YOUR RESULTS! Don’t fall in the trap of building a brand or getting your name out there. If you are investing in something, know your return on your investment. If you put $5,000 dollars into an investment portfolio, you expect a minimum return and you closely track your results. Do the same thing when you invest in marketing.

You Must Get the Fundamentals in Place
Or You Are Losing Business!

As we discussed earlier, a good small business marketing strategy starts like a sports team does in preseason, by getting back to fundamentals. If you are following these small business marketing strategy fundamentals, you should congratulate yourself because you are one of the few who are getting repeat business, referrals and new customers for a fraction of what the average small business spends to attract a customer.

If you are not doing so, get started. It is a lot easier and less expensive than you think and your returns will be huge and you will literally reap exponential increases in sales.

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