Posted by Chris on May 25, 2009 under Marketing Monday | 
Discrimination can be a good thing, when it comes to focusing on a particular market segment or in an effort to produce a particular result.
A children’s clothing store owner in the Eastern United States found that out when she decided to offer a discount to grandparents who came in to shop in her store on Wednesdays. The result? She increased store traffic and sales by 20% over the other weekday revenues, and her overall profit increased by 10%! Why? It turns out that the grandparents brought in their grown children to shop for kids’ clothes, as well as their friends who also have grandchildren. Because of her focus and service on a specific segment of her market, she was able to increase sales from existing customers, and also have them grow her market by bringing in their friends and relatives. Now she has a larger number of loyal followers, and she should continue to see her sales increase.
Action Step:
Look at your current market and see how you could further refine your segment to find an under-served group you could target. Can you offer them a unique price, or a special performance discount? If they buy your product, can you up-sell or offer them a service on how to use that product more effectively? Can you run a promotion and target your competition’s customer, by offering a discounted or free review service of what they are currently getting (even if it doesn’t net you any new customers, it would offer you excellent insight into what your competition is up to)?
Find one new segment you are not currently serving or focusing on. Commit to implementing one new idea that will serve them, or at least introduce your business to them in a new and unique way.
Posted by Chris on May 18, 2009 under Marketing Monday |
“The information you seek is all around you, Neo. You simply have to know what to ask and where to seek.”
Everybody from a supplier to a competitor’s customer is a good source of “inside” information. Each will give you there own unique perspective on what your competition is doing. Ask them! Find out what they are and are not wiling to do for you suppliers and (potential) customers. Take in competitor coupons or match (maybe even beat?!) their online discounts and offers. Attract them into your business and find out what they are up to.
One very effective strategy you can use is to “regularly shop the competition”. Find out how they treat their customers by being one yourself. Review their website and online shopping process. Experience what it feels like to have to go through a multitude of screens and entering passwords – would you buy if you had to endure this each time you wanted to make a purchase?
Action Step:
If you can’t speak with your competition’s customers, then commit to speaking with two of your suppliers. Find out what their experiences are with your competition. See if there is anything they are doing that you are not or could improve upon, and distinguish yourself in the market. Be careful, however, to never, ever bash the competition; even if you feel it, it never helps you and makes your customer’s think you can’t compete!
Posted by Chris on May 11, 2009 under Marketing Monday |
Entrepreneurs are nothing if not a driven lot. I think Chumbawumba had them in mind when they sang, “I get knocked down but I get up again
You’re never goin
g to keep me down!” Bottom line: admit your mistakes, learn (and if possible, profit) from them, and move on.
An owner of a boutique shop in the Midwest of the United States didn’t have the time or money for fancy market research. “I just go with my gut and what my customers tell me”, she said. “If something doesn’t sell, I just mark it down and don’t repeat the mistake.” Not letting her own pre-conceived ideas get in the way, she simply watches and listens to her customers, and what is important to them. She subscribes to the “fail early / fail fast to succeed more quickly” motto.
Action Step:
Ask yourself, “Do I have a product or service that is not selling as well as I thought it would? If so, what can I do to change that?” Is it how you are marketing or selling your products? Are you attracting or talking to the right customers? Then again, maybe there is nothing wrong with your Search Engine Optimization (SEO) strategy or your merchandising approach; maybe your market has changed and you are moving too slow…
What can you do in the next 3 days – before the end of this week – to make a positive impact on your market?
Posted by Chris on May 4, 2009 under Marketing Monday |
One small business owner bought a nationally-known variety store franchise. Soon after opening, he found that in his particular area of the country people expected him to merchandise his products in a certain manner – battery-operated equipment should be sold alongside the appropriate batteries; lighting fixtures should have the right size light bulbs stocked nearby, etc. After speaking with his customers, he quickly adjusted to the needs of his market and stocked the expected items the way they needed to be for his market, and went on to grow his business.
Another business owner who runs a pet store solicits suggestions from current customers, very often changing not just stock but different food recipes, or various product and service combinations (i.e. – dog training with leashes and whistles).
Further, establishing a social media presence for your company will frequently give you rapid feedback about what is and is not working for your business. However, you need to be committed to engaging with the community you build, as ignoring the community will be interpreted as they are “not important” – which is never true for your customers.
Action Step:
Pick one Social Media tool (Twitter might be an easy one for you to start with) and set up a profile for either you or your business (for extra credit – set up a separate one for each). Then, pick 10 customers (start with two customers per day), and ask just this one question:
“What can I do for you, that other companies like mine don’t or won’t do for you?”
Listen to their answers. Understand what they are telling you.
Review your answers at the end of five days and commit to incorporating one new idea that you heard, by the end of next week.
