Volume 1 No. 2
Issue Date: April 2008
Publisher: Melinda Emerson
© 2008 Melinda Emerson. All Rights Reserved
Inside this Issue:
A. Tip of the Month
B. Sage Advice: On small business banking
C. Help Me Melinda
D. Feature Article: Strategy vs. Tactics
Welcome again to “Grow Your Business.” This quarterly e-newsletter is designed to provide you with strategies and tips to help existing entrepreneurs keep their businesses going strong and to help aspiring entrepreneurs to start their business the right way.
I became a small business coach and consultant to help people take full advantage of my successes and learn from my mistakes. Each e-newsletter features advice on how to start and stay in business. It features “how-to” articles, a Tip of the Month, and Sage Advice from great entrepreneurs and business leaders. A special feature is the latest offerings from my Help Me Melinda coaching services and many other helpful tidbits.
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Tip of the Month
With this recession upon us, it is extremely important to talk to your customers and to ramp up your marketing efforts. Keep your outreach efforts fresh. Update your website, consider a direct mail campaign, and implement a discount program for long time or first-time customers.
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B. Sage Advice:
“When it comes to selecting a business bank, you should look for a banking relationship and not just a bank. You want a bank branch with a small business banker who is interested in your business and who will call you to get updates. Do not be afraid to shop around if you find your bank is no longer is living up to your expectations.”
Gerry Davis, Small Business Banker
Citibank
C. Help Me Melinda
Many of the problems that start-up businesses face can be averted by seeking expert guidance in the planning stages, long before leases are signed, the website is up and payroll is due. The right advisor can help you build a solid foundation to launch your enterprise and to steer you through the rocky times once you are open for business.
I work with small business owners on a long term basis as a business coach or as a business consultant addressing a specific project or issue. I also provide group coaching through various formats and tele-seminar series. Consider your weaknesses and turn them into them strengths by consulting with an expert who can help you to develop or to refine your business roadmap.
This June, I am releasing my first audio CD 10 Things You Must Never Forget in Business. Topics discussed include monitoring profit first, gaining customer loyalty, Always being prepared to sell yourself, the customer is always watching, presentation is everything, it’s not about a handshake-get it in writing, defining your time, proper follow-up, managing the customer’s first impression, always fill the pipeline. Purchase the audio CD 10 Things You Must Never Forget in Business TODAY! It could save you from learn too many expensive lessons. Log on to the Melinda store and buy one today.
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FEATURE ARTICLE: Strategy Before Tactics
One of the critical mistakes entrepreneurs make is that they execute marketing tactics without taking the time to develop a focused marketing strategy. Too many entrepreneurs are great at delivering their product or service, but they randomly throw money into marketing tactics, without truly taking the time to understand and develop their company’s position in the marketplace.
Too many of my clients have told me they placed ads on the shopping carts at the grocery store or in a trade magazine and didn't get any response. And there’s my internet entrepreneurs who tell me our articles and links are driving some people to our website, but nobody's buying anything.
Your business will live and die by how well you distinguish yourself in the marketplace. Focus on why your product is different or, better yet, what makes it remarkable. Marketing is anything you do to get sales. Executing marketing tactics without a strategy is just like driving down the street throwing money out the window.
A good example is a client of ours who is spending over $5,000 a month on marketing. After reviewing all the tactics, they were in the right places to communicate with their target market, but delivering a message that was not solution-oriented. You must be able to articulate your client’s pain and what you are going to do about it. After answering the following four key questions, we were able to develop a strategy to deliver a targeted message that worked:
1. Who is your target market?
2. What problems do they have?
3. What are your company’s solution?
4. What makes you remarkable enough to do business with?
In just 30 days, my client’s marketing program finally started paying dividends. The marketing programs generated a host of inquiries and paying customers. Our consulting helped the business owner focus on WI-FT (What’s In it For Them?)
Using this simple change in your thinking of “strategy before tactics”, you too can understand how to build a better marketing machine and dramatically increase your ROMI (return on marketing investment).
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Melinda Emerson is a Seasoned Entrepreneur, Author, Speaker, and Small Business Coach. In addition, to hosting TV news and radio segments on small business. Melinda is a columnist for several traditional and on-line publications about small business issues. Her first book, “Be Your Own Boss! How to Quit Your Job and Start Your Own Business in 18 Months or Less!” is an 18 month planning guide to start your own business and never have a boss again. She also has an audio CD, 10 Things You Must Never Forget in Business.
Melinda has information products on how to start and grow a small business, how to transition from a job to small business ownership and women business owner success strategies.
For more information contact: 610-256-8719 or email HYPERLINK "mailto:Melinda@melindaemerson.com" Melinda@melindaemerson.com
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