WHY ANALYZE the COMPETITION?

I am a firm believer that when you are devising a marketing approach, a solid competitor analysis should always be included. This very important exercise should not only highlight the strengths & weaknesses of your competitor but should give you important insight into any current market shifts or advantages.

When it comes to understanding competition - think puzzle solving; the more pieces you have the easier it will be to solve. Always start by breaking the analyses into three initial categories and go from there. (I've attached brief samples to illustrate approach:)

1. Historical Data:

a. Did anything change within their financial/ business environment?

b. Any milestones and/or setbacks – and how did they affect?

c. Market perception – did it remain favourable or decline? Why?

2. Observable Data:

a. Did their pricing structure change?

b. Did they bring any new/additional products to market?

c. Have they changed their market focus? If so, how?

3. Opportune Data:

a. Any ex-employee recruitment opportunities?

b. Shared suppliers/distributors opinions about the state of the market.

c. Maintain social contacts within the entire industry.

Remember, no matter what the size of your business, annually exercising in competitor profiling will prove to be time well spent. If done properly, it should feed nicely into your overall business strategy.

Rhondi Rule #23: Always LEAD your business...MAKE your competitors follow.

A good competitor analysis only proves that the ‘Lion’s Share’ of the market is planted exactly where it needs to be: FIRMLY with you!

CUT MARKETING & ADVERTISING? DON'T DO IT!.

History has proven that companies that cut their advertising and marketing budgets during an economic down turn suffer. Don't do it!

No matter what the surrounding economic condition, marketing should be considered an investment and not a cost. Mismanage your investment in a down economy and it’s going to hurt your overall bottom line.

If cuts are unavoidable, one way to keep in front of your audience is to renegotiate your current ad rates. (ie: Demand 90 days to pay, demand 12x’s rate for three insertions etc.) It’s a buyers marketing and media outlets that are also feeling the pinch are more likely to deal rather than lose your business.

Even if you have made a conscious decision to increase your spending in a down turn it is still critical that you take a look at how wisely you're spending those dollars. Make sure you have a solid message. If unsure, invest in market research if haven’t done so already. All businesses have the ability to collect data. Surround yourself with someone that has the knowledge and systems to get you started in the right direction.

At the end of the day your business is worth it.

Don’t put all your hard work in harms way.

WHY RE-BRAND YOUR BUSINESS?

When you see a company with any type of longevity (in any market) re-brand, it’s a strong indication to the general public (and their existing client base) that there has been a shift in overall business strategy.

Re-branding may be driven by any number of variables so I'll list the the top three that come to mind:

1. Stimulate Consumer Expectations: Not because the current brand is losing its relevance but more because the buying public love things that are new and fresh. Design, technology and advertising mediums are always changing. A re-brand under these circumstances has an overall objective of generating a buzz within your buying community letting everyone know you are going strong and here to stay.
2. Change in Ownership: When partnerships end or large capital dollars are used to acquire a current business, re-branding will usually ensue. (This may be more in small/medium sized business in that the partner that retains ownership wants his buying public to know that a significant change has occurred.)
3. Change to the Business Environment (where the overall brand exists): Most often this is a strategic change in competitor dynamics which dictates a re-brand. (Such as, low end to high end, wholesale to retail.) I think of it was opening a new business with in a business or the directional change is so definite a name change is also a factor.

Yes, re-branding is an exciting process but it’s critical that the entire business be trained to focus on the new brand. Be sure to establishing an ongoing program for measuring employees’ consistent and complete use of your new strategic position. Everything from sales messaging to letterhead must be taken into the equation.
No matter what the change in business strategy – the most common mistake made by companies when they make the critical decision to re-brand is they assume that the exercise is a one day affair. This is a gigantic mistake! That will cost your bottom line dearly.

WHY ISN'T MY WEBSITE GETTING TRAFFIC?

Wondering why your web hits have dropped drastically?

Well, after you've created a website, you need to have a plan in place to keep it updated, it’s vital. Why?... Because your website is static rather than dynamic and keeping it fresh is the easiest way to retain the public appeal businesses so desperately strive for.

Now let me quantify what I mean about updated. ‘Updating’ your website encapsulates so much more than just brushing up the content and though I am first to stand on my soapbox and pontificate that good clean writing is critical - there are definitely other factors equally/more important:

1. Optimization is the key. Mass visitors are directed to websites with a high page ranking and this is achieved by tactical page linking. This is critical for success and should be regularly monitored.
2. Test all of your site feeds regularly. Ensure all site feeds run smoothly ensuring a steady stream of sales traffic. (Any keyword bidding should also be monitored and analyzed to ensure monies are not being wasted.)
3. Keep all of your synergies current. Don’t just post your promotional vignette on YouTube. Stream is through your website, Facebook and My Space account. All four will band together to increase your overall traffic. Remember, you have an obligation to your business to always understand any new technology offerings.
4. Keep your calendar of events and all photos fresh. All web-users are looking for interaction they will not continue to return if it looks like you aren’t paying attention to their ongoing needs.
5. BLOG! Don’t let it weigh you down – just have a plan and do it. It works. (Make sure it's properly embedded for success.)
6. Never... EVER... let your website look tired. In today’s questionable economy utilize the resources you have in place to save overall dollars but don’t expect a tired mule to perform like a stallion!

Rhondi’s Rule #49: More isn’t necessarily better – it’s just more. Don’t confuse your visitors with too much FLASH and manage the GLITZ. It looks like you are trying too hard.

WHAT TO DO? Addressing Slow & Off Season Sales

The ‘off season’ affects every business; and it affects every business differently.

Some businesses see their incomes soar during the Christmas season and most tourism based businesses may see their incomes soar during the summer.

Some businesses may burst at the seams when the school year starts while others may burst only at the seams if the temperature falls below freezing. Every business has peaks and valleys.

When is your busy season? When is your off season? How do you survive the slowdown in business?

Let’s look at five specific ways you can deal with the slow season and use it to help build your business and position yourself for growth:

1. Follow up with old customers: During the busy season, you probably don’t have the ability to spend a lot of time following up with customers. Now that you have the time, get into the habit of following up with customers. (It doesn’t matter that it’s been six months or a year, give them a call or drop them an email to let them know you are still able to serve their needs.)

2. Create a special. Consider your profit margin carefully and create a seasonal sale. ‘Sales’ can be a great way to build business but be careful that they don't become expected. Doing that may shift your busy season into your slow season because your customer base will wait for your product to go on sale – as it does - the same time each year.

3. Try repackaging your products. Find your way out of an off season by changing your niche or your customer's idea of your product. If you sell gardening tools and your off season is fall and winter, consider packaging those gardening tools together with soap, gloves, and seeds in a gift-wrapped basket and promote your repackaged product as the perfect Christmas gift for grandma. Do you currently offer gift certificates?

4. Test a new product: If you've been toying with an idea to add to your product line, now might be a good time to do it. Don’t initially expect strong sales but launching in the off season will give you time to test consumer reaction, potential defects, and marketing angles. Most importantly, you have the time and won’t have to stick a large amount of investment into inventory.

5. Schedule future business NOW: Get around your off season by offering customers a discount if they pre-paid for service they would receive later. (Lawn care companies are well known for doing this.) Remember that you will end up doing the work later during your busy time so make sure you have your staffing levels ready for it.

There are so many approaches to successful offseason marketing. It just takes work and a solid commitment. How does your business market and sell in the offseason?

Managing an Effective Newsletter

Truth be known, most newsletters (print or online) do not get the proper return on investment they should or could. Why?

For some unexplained reason the publisher doesn’t have a long term goal for its success. Never lose sight that a newsletter has one purpose; increase sales and/or prospect traffic. Period!

My first rule of thumb is ‘”don’t tell everyone where you’ve been” but “where you are going” and “how you are going to get their.... together.” The example I have attached is produced bi-annually for the purpose of fundraising. It is well thought out and always an enjoyable and informative read.

Make sure the subjects you promote have relevance and fit into your overall marketing plan. For example if you want to increase your sale of widgets, don’t include multiple recipes in your publication.

Never leave your readers asking “why am I wasting my time reading this?” All of your readers are busy so always be respectful of the time you are asking them to spend. Be realistic about the amount of content you can consistently produce and remember how the newsletter reads is just as important as how it looks.

Point blank - a newsletter must be sustainable. If you're doing an electronic version of your newsletter, 'clean and simple' spells 'effective'. Plain text publication with less graphic enhancements will help keep file sizes manageable for the mail servers.

ENTERING into ELECTRONIC MARKETING.....

E-mail & electronic newsletter campaigns are a proven way to not only stay in touch with existing clients, but an excellent way to recruit new ones.

One word of warning; just because they can be inexpensive (in comparison to some other options) DO NOT ignore your basic direct marketing guidelines.

Your first impression in this medium is an important one, so be sure you plan your approach properly and always test your message before sending it to your contact lists.

Ensure you have a controlled message that isn't too overwhelming (keep your eye on file size) and remember more isn’t always better… it’s generally just more. Also, for the best results, it is critical that you make sure your sales team does the proper follow up!

The electronic medium is really no different than any other advertising medium you might spend money in. Always track any/all results and trends that may appear to ensure your money will be very well spent.

Do Trade Shows Work?

From a marketing perspective, trade shows offer the best boost of 'consumer impressions' in the shortest period of time. Exhibiting at a trade show offers your business the ability to directly pitch your target market.

Great trade shows (with paid attendance of over 10,000) offer the opportunity for a business to show off products & describe services in an exclusive setting. Well respected shows also create that very critical first impression....

How do you ensure success? You need to have specific and measurable goals that directly feed into your marketing plan. Be strategic. You need to carefully select the show(s) you want to participate in and focus exactly on what you wish to achieve. Budget should always play a definite role in deciding what promotional activity is possible.

Once established - ensure you have a fool proof tactical plan that addresses your desired result. More importantly, before you attend make sure your team understands the promotional approach to pre-show, at-show, and post-show deliverables.

Without a good approach, trade shows are just a very expensive excuse to get out of the office for a few days. Be prepared!

What is Good Public Relations?

Good public relations (or PR), is about more than just writing and sending out press releases, it’s about making a connection on an emotional level that creates a sure image.

PR is a perception that creates a buzz around your business – and if done properly, generates positive feedback about what you do, what you say, and what others say about you.

A stellar business reputation is not earned overnight. As a business owner you should never execute a public relations approach as a band-aid but embrace it as an ongoing strategic approach that will enhance and protect your brand/image long-term

A good PR approach takes time and effort to plan and even more energy to maintain. Your chosen representative should be packed with knowledge about your business because it will be their responsibility to manage the buzz.

Their general purpose will be to influence opinions (and possibly behaviors) within your overall market; so make sure they have a firm understanding of your business and offer you an absolute approach and unconditional support. Never lose sight that your business image and credibility must be carefully managed. Respect is earned, and may be quickly lost if your consumer base discovers words and actions they observe are misleading and/or false.

The key to great PR is three pronged; the foundation of your message, the strategic delivery of it and lastly the ‘spin doctor’ that represents it. PR is a discipline that needs management and should feed strategically into your overall marketing approach.