Grow your Business| Invitation to others for more tips
We all learned different ideas through our experience. I am describing few tips and invite to all of you to give more tips that will help others. Always keep in mind there is a will there is a way.
Success is a journey, not a destination."Ben Sweetland
"Tough times never last, but tough people do."Dr. Robert Schuller
Tips to Grow your business
Well it’s a long story how to grow your business. it takes time, lot of motivation and hard work. Keep in mind one thing that you can do it, yes you can. I believe, there is a will there is way. Go to google.com or yahoo.com and Google it for ideas, you can find lot of helpful information. I am just listing few ideas in simple English.
1. If you are planning to start a business. Select a business which has more potential to grow. Every area is different. You have to search your local market. If it is online, then, you need to see: what the online potential for this business is?
2. You need to have a plan for your business. Now, You already select the business. Then study your competitors, what they are doing. Also study a business in your line, which is on the top. Of course they have huge advertising budget that you don’t. But don’t give up. As being small you have personal touch.
3. Emphasize your strength instead of your weakness. Work hard and be creative in this market, differentiate your product from others.
4. Great customer service. Yes it is must. They are great source of referrals. Listen them, discuss with them, you will get great ideas what they are looking for.
5. Create a human touch/personal touch, especially if you are in a service industry. Don’t think they are customer, they are human, make them family.
6. Quality of your service/product—it is must. Continuously try to improve quality of product/services
7. Affordability-Yes it is a tough market. Give great price without compromise quality. In a product industry, may be you don’t have great control on prices for being small. Then give them incentive: that may be outstanding service, personal care, add something on the top as a free sample even if it is not related (like calendars, pen etc). Let them know that they are getting greet service/product at a great price.
8. Advertising: your name needs to be out. Use the method whatever you can afford
9. Diversity: diversify business. Learned from McDonald, Wal-Mart, intuit. How they are growing. They kept adding more product to cut the competition. They also emphasize on quality, customer service, and affordability.
10. Merger or adding more product/services in your line, if you are very ambitious. It’s a competitive market. You have to offer customer more products so they come back to you. Be careful and do with planning and do whatever you can handle. For example: I am not adding more services like insurance, financial planning, I don’t have resources and time.
Good luck.
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Grow your Business | Few Advertising tips to grow your business
1. Advertise in your target market: You need to target your market. For example, If your consumer market ranges from teenagers to college students, think about where these people spend most of their time. Then introduce your business through discount or donate your time to that market.
2, Location, location, location: If this is a retail business and you have shop/store. Always get store at a busy location. Open your store in your target market. If it is online business, then you need to optimize your website.
3. Optimize your website-especially online business & home base business: You have to spend money to optimize your website. If it is expensive-Do it yourself. Go to Google and search for optimize website. If you are doing yourself, It is time consuming, but you got to do it. I did described few SEO tips in another post http://community.intuit.com/po...
4 Participate in the community, Get your name out: You need to go out and participate in the local community-especially if you are in service industry. Join local chambers. if it's costly, then go to local events and discuss with others. Keep your business cards and brochures handy. Go to Business to business and introduce your self give them brochures (you can get good deals for brochures on the www.vistaprint.com). don't be too pushy sales man, just inform them about you, start your conversation asking about their business, this way you can make a connection with them. Wherever, you go to shopping or gym ect, then drop your brochures.
5. Advertising can be slow process if your budget is small: Its ok, it takes time to get your name out. Be patient. Dont disappear after small advertising and community involvement. It is time consuming process. Just be there. Especially in Chambers: I notice from my experience that you can't get customer right away, it takes long time to develop your reputation and get customers, so be there all the time and participate and be patience. Only participate, if you see your customer there.
6. Advertise on local/business paper and google/facebook-That is costly. If you can't afford it then place your add on the craiglist every day, it is free. Also optimize your website.
7. Advertise-and advertise in target market for long time-don't disappear: If you can afford it then advertise in the local papers, sponsor links on the google, and face books. if you advertise, make sure you have enough budget to do it for long time. it takes time. if you can't afford these things for long run, then don’t do it, then just involved in the local community. Its not a good idea to advertise and then disappear. Initial advertising just establish your name, then it establish your reputation, then it develop customer confidence to come to you. Always start small and target your market.
Good luck.
Thanks Amy, that is great. It's great idea to post it, so more people can read this. I learned these through my experience. I decided to share with others, so they can get benefit.
Thanks Intuit for giving us great forum, where we can share and receive great information.
mkhan, like the tips you dished out. They are useful for my start-up business.
Would like to take up your point on "Advertise in your target market" and contribute further. I am a proponent of Target Marketing. When I started my consulting firm, I wanted to reach out to newly-established companies in Singapore.
But it was tough for me to get contacts to these firms. I could buy a list of newly-created firms in Singapore but it did not come with the contact no. of the company directors. In the end through the advice of a friend, I bought a "focused" database of newly-established companies (with the name and mobile & email contacts of directors) from a target marketing company "Database Singapore" www.databasesingapore.com.
For more information on profiling your target market, refer to Wikipedia http://en.wikipedia.org/wiki/T...
I did explain target market in my last post.
its good that you know your target market. Now you need to figure out the way to reach them. First, you must need to establish your integrity and name. It takes time.
Its ok if you don't have list for all companies. Take small step to establish your name. Focus on small group, and advertise to few company with full force and then move to next one.
This is very competitive market, just direct mail is not very effective these days (it is part of entire advertise package, but not stand alone). You can advertise in local newspaper and/or business paper. Try to figure out where these businesses go or where they get their supplies; then go and make terms with suppliers. Networking, networking, and Networking. Join local business group.
Consistent marketing plans:Jay Conrad Levinson of Guerilla Marketing has said that “I hate to admit this, but mediocre marketing with commitment works better than brilliant marketing without commitment.” It is important to have a marketing plan in place that is consistent and persistent on regular basis- Don't do some advertise for a while and then disappear, do what you can afford for long run.
Join Social network like facebook, twitter etc
Networking, networking, networking
Advertise in Target Market: Your target market is who you aim your marketing efforts to. This is the group that you want to sell your products/services. Your target market can be broken down into segments that can include demographics, income levels, and age levels etc.
You need to understand and figure out your target market based on demographic, gender, age, income level, occupation, and education etc.
Consider all of the reason why people might purchase your product/service. What's the priority and needs of your customer in your target market.
Many years ago, direct mail expert Ed Mayer created the 40-40-20 rule. This very simple advertising guide simply means, 40% of your success will be determined by how well you define your target market. The second 40% depends on how that target market perceives your product and your business. The final 20% is the package which consists of the offer and the presentation of that offer. The art, color, paper, copy and message of your advertising.
Well now you know your target market, the next step is to determine how you will advertise in that market. take baby steps based on your budget. whatever method your develop be consistent.
Networking & networking
Go social---both Offline and online
Social Media: Networking today is al about social networking. Internet is fastest networking tool. Use twitter, facebook, and lindken. Facebook and twitter is a great tool. It is upto you how effectively you are going to utilize it. You and your business need a presence on these sites to expand into markets you wouldn’t reach otherwise. One outstanding trick is to offer special deals via Twitter and facebook.
Business Cards: If people don’t know about your business, they won’t call you. One of the easiest ways to get your name (and number) out there is to distribute business cards. You can do this in many ways. Hand them out at network meetings, pin them to the corkboards at coffee shops… anything you can do to get those cards into the hands of the public. Always have a stack of cards with you (in your purse or wallet) in case you overhear someone talking about computer or network problems. Then, hand them a card with a smile.
Hi, MKhan.
I'm focusing on expanding my business in my community - I'm great with my social skills, and marketing, however, I'm struggling with managing my clients. I own an event planning company (Laylaloveevents.com) and I can't decide on my rates and prices to give. I'm new to this field...Do you have any suggestions on how to find a price point? I want to be profitable at the end of the day :)
Your help is greatly appreciated!
Sadaf Khan
That is good that you have great social skills. It takes experience and time to manage the clients. You will do it, I am sure. Rates in every area is different. Try to go to the business chambers or events, you will find some body in your field. Chat with them. They will let you know the pricing. You have to get out and discuss with various. Even a customer who used somebody else, just chat with them. They will let you know, how much other company charge them and what they like about other company. Go and google the pricing in your area.
You social skills will help you to get their. In the beggining, it is learning curve, but you will be ok. I did have issues with rate last few years, but now I learned.
Good luck.
Hey mkhan:
Thanx for providing such great info on growing your business. The info posted has really helped me. Keep up the great job!!!!
This is the only website I know. It does need some improvements, but now I am happy with this. Because I am too much into intuit. their best program is quickbooks.
good luck
More ideas:
Hi Mobarza,
These are all great tips for growing businesses. One thing I don't see here is email marketing. Yes, social media is very hot and can be a primary channel especially for small businesses, but email is still a great way to stay in touch with an extended network. Often you will be cultivating hot prospects by phone or in person and AT THE SAME TIME be nurturing cooler prospects (either manually or via marketing automation). Lead nurturing is just another word for educating prospects over time until they are ready to buy!
What do you think?
Alex.
hese are all great tips for growing businesses. One thing I don't see here is email marketing. Yes, social media is very hot and can be a primary channel especially for small businesses, but email is still a great way to stay in touch with an extended network. Often you will be cultivating hot prospects by phone or in person and AT THE SAME TIME be nurturing cooler prospects (either manually or via marketing automation). Lead nurturing is just another word for educating prospects over time until they are ready to buy!
# ome time call your client, and ask if there’s anything you can do to improve your service, or if they need any help.
# Show up when you make an appointment, show up at the right conferences.
# Offer referral bonus to your employees and friends or acquaintance whey they bring business to you. Even if you don’t make any money on these first sales, it will create momentum.
# Do something remarkable. The only reason that people will talk about you is because you do something worth talking about. Invest the time in teaching your people to build remarkable into everything they do.
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Thanks for sharing tip. If you know more please help all to get the knowledge.
Great dialogue on the subject.... certainly keeping a visable presence in your target market is key, but not as much as establishing a target market to aim at in the first place.
