Business revenue growth is hard. You try all kinds of ideas, often at once, to see what sticks. One rather counter-intuitive method to fast-track growth is niche marketing. The importance of knowing your niche: niche marketing is the practice of concentrating your marketing efforts on a small and well defined segment of a market. Many start-up businesses cringe at the thought of being narrow minded in their marketing approach. But it really can help your business revenue growth accelerate.
First is word of mouth marketing. I decided to look this phrase up online and discovered there is actually a Word of Mouth Marketing Association that was founded in 2004. WOMMA as it’s called is an organization dedicated to the ethical and successful use of word of mouth marketing, which as you can imagine requires the use of social media to have a deeper impact. I was impressed with their website because they have educational components and they follow changes in current laws, regulations and compliance issues that affect communication online and help you wade through that muck. Check them out.
It’s actually no longer a secret that online marketing is not an option anymore. It’s absolutely a requirement for your small business if you want to continue to grow and thrive. “If you build it, they will come” is not the approach to use in your online marketing. It may have been true in the 90s, but it’s not true today. Don’t fret, because there’s still time for you to get established and see your small business success increase with these 5 online marketing secrets. (more…)
How do you go about setting the pricing for your products or services? Setting goods prices may seem easier because you have actual labor and manufacturing costs and the associated materials purchasing required to make the product. Those numbers are easier to see and calculate. Yet a first time entrepreneur can still make mistakes like Katie Danzinger, founder of Nomie Baby in Manhattan did when she began selling removable, washable infant car seat covers.
According to this article in the NY Times in the Small Business section titled Real-Life Lessons in the Delicate Art of Setting Prices, Ms. Danzinger thought she had all her bases covered but didn’t factor in enough for printing of marketing materials, shipping, storage, packaging or liability costs. But an increase of 6% in the selling price put her back on track.
Relationship marketing and building rapport with your prospect during the sales process is one key to good salesmanship. The relationship between you as the salesman and your prospect has to begin by building trust. You don’t ask someone to marry you on the first date, and you don’t ask for the sale before building a foundation of trust.
How do you find a market for your business? Do you determine your products or services and then go out and beat the bushes for customers? Sitting behind a desk, cold calling potential leads all day is one method of business building. But, is there a better way?
In my continuing interview with Christine Clifton of Client Centric Growth, she shared part of her entrepreneurial journey where she discusses her experience with those confusing questions. How she started her business from scratch and discovered exactly what her clients needed from her is a story that will help you.