Posts Tagged: Process

Business Transformation / Marketing Masterclass / Marketing Plans / Setting Marketing Objectives — No Comments
7
Nov 12

Marketing Masterclass – Setting Marketing Objectives

So far we have spend most of our time in the MARKETING MASTERCLASS looking at our business and the environment it operates in.

From all the analysis steps done to this point:

  1. Defining Business Purpose
  2. Clearly defining your products and services
  3. Determining a viable customer market segment
  4. Creating your Value Proposition
  5. Creating a Brand Marketing Message
  6. Conducting a BCG Matrix review of your products and services
  7. Looking at SWOT of your business, industry, and environmental factors
  8. Using the Ansoff Matrix to determine Market Growth Strategies

You should now know where to focus and position your business.

Setting your Authentic Marketing Plan Objectives now requires you to decide your objectives based on:

  • All the analysis outputs from steps 1 – 7,
  • Your Ansoff Matrix Market Growth strategic decision,
  • To set Smart + Objectives

Smart + means:

  • Specific – it should focus on clear and identifiable goals
  • Measurable – the objective should be quantified
  • Achievable – achievable but a stretch for you
  • Relevant – should be relevant to your purpose and vision for your business
  • Time bound – should have an achievement date
  • + Focused – objectives focused on issues relating to both the customer markets, and products and services, that you need to address

From your Ansoff Matrix analysis you have chosen one of four business growth strategies – either market penetration, where there is scope to grow in your market; or market development, using your existing products and services in a new market; or product development, developing new products for your existing market; or diversification, new products in new markets.

Each choice has typical objectives around stablising or increasing market share, stablising or increasing return on investment (ROI) and increasing sales.

Your typical marketing objectives from your BCG Anaylsis are concerned primarily with investing in “Stars” for growth, managing “Cash Cows” for continued good earnings and making hard decisions about products or services which are “Question Marks” or “Dogs”.

Setting Smart+ objectives is putting a stake in the ground and making a clear statement about where you want to go with your business. Now write down your objective(s), making each quantifiable, measurable, and specific. If you are developing a marketing plan for several services or product lines, write objectives for each.

The next step will be setting marketing strategies, which are how you will achieve your objectives?

Please leave a comment or ask a question if you want to know more?

About the author: Teresa Bassham is the principle of Zenworkz Authentic Marketing, and is passionate about educating small and medium business professionals to create their differential advantage, attract more ideal customers and create a marketing plan to achieve success.  She coaches customers online and by phone – if you would like to request coaching – please contact me.

To participate in MARKETING MASTERCLASS visit and “like” my facebook page:http://www.facebook.com/Zenworkz.Authentic.Marketing

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Business Transformation / Cash Management / Keep Calm & Keep Marketing / Marketing Mix Strategies / Pricing / Process Improvement — No Comments
24
Jul 12

Keep Calm and Keep Marketing Part 3 – Focus on Cash Management and Pricing

Recently I responded to a request to help small businesses that were feeling despondent because of falling sales and general feelings of frustration with marketing a small business in difficult, trading times.

This series of Keep Calm articles has been created to help improve feelings of confidence and personal power; Part 3 will focus on tips to improve Cash Management and Pricing:

Focus on Cash Management

Cut expenses and track cash flow carefully.  It is extremely important for you to understand your monthly cash position.  Determine where you can cut costs, and make sure on a weekly basis that you understand what money is coming in. As you cut costs use this formula, for every $2 dollars you cut in business expenses, invest $1 into your marketing investment.

Start collections at 7 days past due. You need your money now. Once a customer gets to 7 days past due, get on the phone and track down whoever pays the accounts for an update. Be sure you are ready with payment options to get paid faster.

Focus on Pricing

Time to raise your prices? It’s a new financial year and with the cost pressures of the last year, it’s reasonable to consider your pricing. If you raise your prices by 1% that will give you an approximate 11% increase in income. In comparison, you would need to increase sales volume by 1% to yield a 5% increase in income. One warning though, don’t tell people you are raising your prices because of the Carbon Tax – as you have seen, this is not good PR.

It’s important to add value, when increasing prices! Continuously adding value to your products and services is the best way to get repeat customers and new business through referrals.

The secret of pricing is this knowledge: When the right customer sees your product or service in the right context – price will not be the primary element in their decision to buy!

If you need support from someone who can guide you – a coach or mentor who can look at your business and your progress with an honest and objective eye; guide you away from costly mistakes and head in a direction that may challenge you, but also helps you to survive and thrive – please contact me.  The next Keep Calm topic will be “Mindset” – how to stay positive and outcomes focused!

Let me know if find you find these tips helpful?  Please leave a comment below:

Author, Teresa Bassham principle Marketing Coach at Zenworkz Marketing, inspires small businesses to foster a positive marketing mindset and develop a empowering marketing plan for business profitability. See full services at http://www.zenworkz.com

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Attracting Customers / Keep Calm & Keep Marketing / Marketing 101 / Marketing Plans / Process Improvement / Selling — No Comments
9
Jul 12

Keep Calm and Keep Marketing! Part 1 – Focus on Sales

Recently I responded to a request to help small businesses that were feeling despondent because of falling sales and general feelings of frustration with marketing a small business in difficult, trading times.  I too experience these feelings, they come up for me when business is slow, and I follow my own advice which centers around the philosophy that:

“A clear vision, backed by a marketing plan, gives a tremendous feeling of confidence and personal power.”

In a series of Keep Calm & Keep Marketing posts to help improve feelings of confidence and personal power; part 1 will focus on 5 tips to improve Sales:

Develop 30-day sales goals each month 

Break down how many sales you need each month to meet your revenue targets. Determine exactly how many meetings, calls, emails and blog posts you need to have, make, send or write to generate your target sales.

Make the first task of every day, activities to create sales

Focus each day, first thing in the morning, on actions that are “selling” or will definitely lead to sales.  Do this offline and don’t go online* (*read getting distracted) until complete. You should be doing at least 60 minutes of sales cultivation activities per day.

Ask existing customer for referrals

Ask for referrals, they can always say no – but be honest – you need the work or you need to sell!

Prepare for “ Sales Objections”

Write down all the “sales objections” you get from potential customers and then script positive responses – so you are prepared for them when they are spoken.  It will be the difference between passive and active selling that will get better results.

Mine that dormant pot of gold!

Follow-up on old sales leads – get out every old business card, brochure or any other sales lead that you may have and start calling these contacts. Take out any old enquiries that had not been converted into orders and follow up on every single one of them.

Let me know if find you find these tips helpful?  Please leave a comment below:

About the Author: Teresa Bassham of Zenworkz Authentic Marketing inspires small businesses to develop and use an empowering Marketing and Communications Plan for Business Profitability … see my full services at www.zenworkz.com

While you are visiting my website – subscribe for weekly e-News updates on all topics related to authentic marketing.

For daily Authentic Marketing updates visit and “like” my facebook page: http://www.facebook.com/Zenworkz.Authentic.Marketing

 

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Business Transformation / Developing Resourceful People / Process Improvement — No Comments
20
May 10

Three Simple Steps to More Productive Meetings.

Meetings are a fact of life.

We recently went to a community committee meeting which fitted the classic definition:  “A committee is a body which keeps minutes and wastes hours”.

The convenor of this meeting was quite simply a shocker – well intentioned and technically knowledgeable, but lacking process, people, presentation and time management skills.  The meeting degenerated into uproar and upset despite the efforts of many present.   A second meeting became necessary to sort out the mess.

It’s less stressful, more productive, and more rewarding to participate in a meeting that is well planned and conducted; and where there are agreed expectations, participation, outcomes, and a transparent process.

We use a 3 step process: Purpose, Outcomes, Process [POP] as a tool to plan all our meetings, make sure only those who need to attend do so, and make the best use of our time.

Specifically:

  • Purpose – What is the purpose of the meeting:
    What and Why do we need to meet, and Who needs to attend?
  • Outcomes – What are the outcomes we are seeking:
    What will we be clear about or Do as a result of the meeting?
  • Process – What is the process we will use:
    How do we run this meeting for maximum effectiveness?

Invitees receive an email invitation with the meeting date, time, and duration; plus the planned Purpose, Outcomes, and Process detailed.  Our experience is, these simple steps are both appreciated and add to the clarity and resourceful participation of invitees.

With these 3 steps you will be successful in planning a productive meeting.

Author: Brian Bassham, is a director of Zenworkz and helps businesses build resourceful people and processes.

All or parts of this blog are able to be published with permission from the author – provided that the author is acknowledged and a link is given to the original source blog.

Zenworkz – informed business transformation and evaluation

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