Posts Tagged: Research Reliability

Authentic Marketing / Networking / Relationship Marketing — No Comments
20
Aug 11

Networking – making it work for you!

Why network?
A common problem business owners face is that they don’t think about why they network.
As important as developing your networking skills, you need to think about whether you are using the network event as a social outlet or in a purely business context.  The Bangalow Business Women Networking Group being a women’s only event makes it easier to combine both social and business.  And that’s OK, especially if your a solo business – getting out of your consulting rooms or off the farm and meeting like minded women and potential new customers are both wonderful reasons to network.

Getting clear on the reasons for networking, helps you prepare for the right mindset for networking and prepare your 30 second introduction- the answer to that inevitable question “what do you do”?   Also important for  people who are new to networking  to research the event they plan to attend to see if it’s relevant as an audience for their business product or services.

Networking isn’t just about attending events.  Networking should be part of your authentic marketing plan. It’s not something that you should just do at events either – talk to everybody about your business products and services including your neighbours, family and friends.  That can be some of the best networking you can do – word of mouth can be very powerful.

Beating the fear
Approaching strangers and striking up conversation can be easy for some but absolutely nerve wracking for a majority of others.   BBW’s resident MC, Geraldine Barkworth owner of Goddess of Public Speaking, says small business owners can overcome this through coaching and practice, especially in a safe supportive environment.

Public speaking covers every kind of speaking and connecting situation you have with other human beings.  Being able to articulate who you are and your unique message with presence, ease and authenticity, allows you to remain in integrity, whether with one on one, a group, audience, impromptu or a prepared presentation.

Following up
Follow up promising conversations promptly, but maintain the friendly tone rather than sending reams of information about your business.
You can now follow up within 24 hours by sending cards in the mail, and this is now easy using online services like Cards4You.  People get too many emails a day, so a card stands out.  It’s a big mistake to not follow up, so schedule time in your diary for those follow-ups.

Online networking
Networking isn’t confined to conferences, breakfast events or industry trade fairs.  Increasingly, small business owners can find opportunities online by interacting via forums and social networking sites.  Social networking can prove a valuable tool for small businesses, as long as they contribute properly. Online gives you an amplification of your business that you can’t get face-to-face.  But it’s about finding the right channels and contributing and adding value to online communities, rather than just talking.  The Bangalow Business Women’s Networking Group Facebook page is a great place to start.  You should first listen and observe and understand the relationship dynamics of others.  Find your authentic voice online rather than a polished public relations tone because people see right through that.

Using Bangalow Business Women’s network as a tool to build your business
Networking events are a great way to connect with potential referral sources like the one happy client who tell twenty others how great you are. Donating an event door prize gives you a priceless opportunity to connect to a wider audience, earning you free promotional advertising on our BBW Facebook page and the opportunity to introduce your business to those attending the event.

Finally, don’t just attend, seek an opportunity to speak about yourself and your business vision at one of our events, or better still volunteer your time in organising the BBW, it’s a great way to raise your business profile, work with other skilled individuals and make new friends.

The Bangalow Business Women’s events are held every second Thursday of the month in Bangalow.  To join the mailing list or find out about our next scheduled event, you can either join the group on Facebook or email Teresa Bassham.

About the author: Teresa Bassham is an Authentic Marketing Coach and Director of Zenworkz Authentic Marketing.  Teresa is passionate about helping small businesses create the right marketing and achieve transformational results.

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.

This blog is original content influenced by years of experience within the Australian small business culture and may not be applicable to other countries small business cultures.

 

 

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Business Transformation / Marketing 101 / Online Survey — No Comments
17
Jun 10

Market Intelligence or Marketing Research or both….

Answering this question requires an understanding of the difference between Market Intelligence and Marketing Research; and breaking down the FUD (Fear Uncertainty Doubt) about these subjects;  explaining why and when your business needs both.  What follows addresses those fears, uncertainties and doubts that sees some business owners unnecessarily shy away from the benefits that good intelligence and research could bring to their business.

Market Intelligence is an activity that all businesses, whatever their size, should engage in to answer the questions of  ”who”, “what”, “how much”, “where”, and “when” your customer buys your products and services.

At a fundamental level gathering Market Intelligence is as simple as talking to your customers and suppliers; storing and using that information, to identify trends, inform business development decisions and marketing campaigns; and prepare your business for whatever the future brings.

There are many customer relationship management (CRM) packages, the best ones linked to accounting software systems, that provide easy storage of customer and supplier information to answer the questions of who, what, how much, where and when your customer buys.

Market Intelligence is also the process of regularly gathering information about the status of market in which you trade, including competitors, regulatory issues, and economic conditions.  What market intelligence cannot tell you is what your customers are really thinking or “why” your customer buys from you.

This is where you need Marketing Research to answer specific questions, like:

  • Is there a market for my new product idea?
  • What will the market pay?
  • What is the scope of the demand and can I make a profit?
  • Identify specific market segments to target?
  • What did they think about my last promotion?
  • How satisfied are my customers?
  • How satisfied are my channel partners?
  • Evaluate the effectiveness of distribution, website, advertising etc?

Specifically, there are two myths that need to be debunked about Marketing Research:

  • It’s expensive and
  • It takes a long time.

Expense and time are often a reflection of the methodology and scope that’s employed to answer very specific marketing research questions.  The most costly and lengthy methods being face to face interviews; with many individuals collating and loading often hand written notes into a database.

Internet technology today has significantly reduced these costs and shortened timeframes by using online surveys. Survey respondents automatically load their answers, thereby reducing transcription time and human error.

Any business can use internet survey companies that will send your survey out for free (100 people).  A major criticism of internet surveys is that that they don’t represent an accurate sample of the population.
Meaning: who you ask your marketing research question to, is as important as what you ask.  This is where a skilled marketing research person really adds value that is worth paying for.

There are two tests for accuracy and soundness of the marketing research results:

  • Validity – did the research give you the answers to the questions that you needed to know?
  • Reliability – if you conducted the research again, would you get the same results?

Using online surveys certainly does keep the costs down; but a skilled marketing research person ensures “validity” and “reliability” by accurately defining the problem to be solved; the correct questions to ask; and whether there are other cost-effective ways to get the result.
Once information has been gather from the correct primary sample; a skilled marketing research person adds value by being able to spot differences, draw conclusions and make recommendations that you are able to implement.

Implementing strategies and processes based on skilled market research gives significant business value which lasts long after the survey cost is forgotten.

About the author: Teresa Bassham is a Director of Zenworkz and helps businesses effectively source the right information that improves their decision making and bottom line.

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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