Posts Tagged ‘Branding’


How to Survive the Business Triangle of Fast, Good & Cheap

Posted on by Carol Roth

Stocksy_txpdb49d990KT5000_Small_125569When was the last time a customer told you that money is no object as long as you produce a good-enough product or service whenever it is convenient?  OK, you have a right to laugh because these situations only happen in the dream world.  In the real world, customers make unreasonable demands every day.  It is your job to find realistic ways to make your customers’ dreams come true.

A Quick Lesson on Project Management

Any certified project manager (or even someone who plays one on TV) can tell you about the triple constraint that affects every project without exception.  Also known as the “business triangle”, this rule says that projects involve three basic components: time, quality and cost.  You can skimp on any two of these components, but not all three.  This triangle is indisputable, but unlike the Bermuda Triangle, you can in fact get around it.

So, what do you do when a prospective customer wants to pay standard costs for you to create custom order tracking software for their business in two weeks?  Sure, you can turn down the job, recognizing that you’ll have to throw profits out the window to bring a high-quality project in on time.  But, I often advise companies to figure out ways to deliver everything that the customer needs on time and within budget — and sell it to the customer.

Different Levels of Quality

Obviously, every product or service must work properly and deliver the results that your customer needs.  But in the project management world, a major part of quality is scope, so now is the time to figure out what that customer truly needs to track orders easily and accurately.  This can involve eliminating unnecessary bells and whistles or even finding reasonable ways to develop most features that your customers want, even if they don’t absolutely need them.

For example, you have to customize the data entry screens to suit the customer’s requirements.  But, rather than developing the mountains of reports that they requested, plug in a third party report generator.  You’ll probably want to create the most important reports for them, but they might be thrilled when you sell them on the idea that they can easily create any report that they want on a whim.

At a minimum, if your client is hyper focused on speed and/or cost, then you need to sell them on the idea that version 1.0 with less features is appropriate for now and, if applicable, that they can upgrade in the future.

The Need for Speed

If your clients are like Veruca Salt from the Willy Wonka movies, once they decide that they want something, they want it now.  Your customers may understand that developing that order tracking system to spec takes time.  Unfortunately, they still want it faster than you can produce a custom software system from scratch.

It’s an entrepreneurs job to channel McGyver when necessary, so think about ways to get around “recreating the wheel” from scratch.  You have many opportunities to build efficiencies into your process and your options increase with every project.  Maybe you can save time by starting with an earlier program that tracked widgets for another customer.  Or, if you need to create custom widgets, can you customize an existing mold that you have created earlier?  By looking at your company’s big picture, you can shave time off of many projects.

Of course, you can also throw more workers at the project to get more done in less time, but this solution adds more expenses to your bottom line.

Think Not Cheap, but Value-Oriented….

By now, you’re probably recognizing that you can often tweak one element of the business triangle to get more mileage out of the others.  Project costs are no exception. 

If you cannot escape the need to bring in more programmers for that order tracking system, you might consider bringing in a talented intern from the local technical college.  Interns can handle the more repetitious tasks under the direction of your own trusted staff while adding valuable experience to their resumes.  Or, rather than bringing in more quality assurance testers, your customer may welcome the opportunity to get a sneak peek at an early version of their system while doing their own testing.  In addition to notifying you of any inaccuracies, they may even be delighted to get a jump start on data entry.

Naturally, you want to look at the cost of materials as well.  Any place that you can save is a win. While it’s nice to provide user documentation on 22-pound bright white paper, less bright 20-pound stock serves the purpose just as well.  In fact, you can avoid paper costs entirely with online documentation, just like the major players in the software industry.

There’s always a way around at least one constraint. View each customer demand as a fun puzzle that you need to solve.  Take a step back and let your natural dedication and creativity put the puzzle together, so that it fits customer needs while advancing your business.


How Men and Women Use Social Media Differently

Posted on by Barry Moltz

Stocksy_txp1dc7b8d3Cw4000_Small_193882Gender has always affected our buying decisions and this now extends to responding to online ads. Small businesses need to customize their social media strategies based on their type of customer to achieve the best results.

According to recent studies by Pew, Exact Target and Nielson, 56% of men who surf the web will respond to ads with coupons compared to 39% of women. Alternately, 71% of women will ‘Like’ or follow a particular brand for deals compared to only 18% of men.

How does each sex use social media differently? Survey results show that men are most likely to use it for business and dating. Specifically, 27% of men use it for business and 12% for social dating. Women use social media for staying in contact with friends, blogging, photo sharing, entertainment and finding how to information.

On social media, men are looking for quick access to brand deals and information. Therefore, they are much more likely to use coupons and scan QR codes. Survey results show that women will ignore any paid digital advertising from brands (including text ads) and instead focus on finding more meaningful informational engagement that matches their interest.

What themes resonates with men online?

  • Cars
  • Sports
  • Action
  • Sex

The themes that women most connected to are:

  • Sentimental
  • Family
  • Real life situations
  • Children
  • Pets

Both men and women interests overlap and enjoy these themes:

  • Humor
  • Value
  • Celebrity Endorsements
  • Aspirational

Men and women also use smart phones differently. Men are focused on getting news, watching video and utilizing GPS (since they never ask for directions!). Women primarily use mobile phones for texting, photo sharing and playing games.

How can a small business owner use this information? If a product is targeted at men, use action and sports themes that are more likely to resonate with them. Use video, news formats and location based marketing. If a product is primarily aimed at women, the use of family, sentimental situations photos can be effective.

These survey results should be used only as guidelines. Of course, any business or targeted customer set may vary based on age, geographic location or experience.

Does your social media marketing strategy target men and women separately?


Why Scary Sells

??????????????????????????????????????????????????Can you scare customers into buying your product? Fear can actually sell as much as sex or desire since it will trigger people to take action.

According to Lea Dunn of British Columbia's Sauder School of Business, when people feel alone and afraid, they form an emotional attachment to the brands around them. She states that in this heightened state, consumers are more likely to remember those products and think of them favorably. Dunn says this happens because fear induces a need for human connections and if there are no people present, products fill the gap. She believes this emotional attachment happens because people think the product actually “shared” that experience with them.

In works in many sales situations. Behavioral psychologist Dr. Wyatt Woodsmall said that “If you can find out what people’s worst nightmare is, camp out inside their nightmare…[they’ll] do anything…to get out of that situation.”

News broadcasts have peddled fear for years. An insider rallying cry of the media has always been, "If it bleeds, it leads".  Famous brands use fear all the time to sell their products. For example, L’Oreal’s tag line of “Because I’m Worth It” confronts self-loathing among women. FedEx’s “Absolutely, Positively Overnight” addresses the fear of missing a deadline. Nike’s “Just Do It” takes aim at missing out because the consumer is afraid.

Fortunately, you don't need to rob prospects to sell them a home security system. Here is how to scare customers into buying:

  • FUD. When I was at IBM in the 1980s, they told us that “no one ever got fired for buying IBM.” This concept helped because I had to sell against competitors whose products seemed technologically similar to ours but always much cheaper. I frequently used a technique that was called “FUD” (fear, uncertainty, and doubt) to direct the decision maker to buy IBM.  In my sales calls, I recounted all the things that could go wrong if he chose a competitor. Fortunately, the decision maker many times chose IBM, despite the fact that we were more expensive, because we were perceived as the low-risk alternative.
  • Deadlines. Consumers are afraid of missing a deadline. This could be an expiration date of an offer, a holiday calendar deadline or other imposed cutoff date. Dates will push consumers to take action. Note the surge of people signing up for insurance to comply with the Affordable Care Act on March 31.
  • VIP. Consumers want to be a part of “a club” that not everyone get into. Put of a gate and watch how many people want to get in. This is exactly what many buyers’ clubs like Costco do with their small membership fees. The marketing message is that the consumer will miss out on some incredible deals if they are not a member.

Fear-based marketing does not have to be all gloomy. Articulate the negative to what prospects are currently doing and provide a solution to alleviate that fear.


What Color Should Your Logo Be?

Small business owners fret over what their logo looks like. They want it to be clean, cool or fancy. What they should really focus on is how it makes a customer feel since logos play a large role in their purchasing decisions. Researchers at the University of Amsterdam found that children as young as two years old could recall a logo and its product 67% of the time. By eight, 100 percent of children tested could associate the logo with the product.

???????????????????????????Brand logos are valuable property because they evoke emotions connected with buying. For the first time in the history of Interbrand’s Best Global Brands report, Apple was the top brand. Google jumped to number 2 and Coca-Cola, the brand that held the number one position for 13 years was number three. The total value of all 100 Best Global Brands was $1.5 trillion with the Google brand logo being worth over $100 billion alone.

According to a new research at Financesonline.com, colors evoke a specific emotional response from a customer. This is important since 75% of all buying decision are emotional.

Here are what specific colors mean:

Red means active, passionate, trustful, love, and intensity. Think Coca-Cola and Target. Red Bull wants customers to see their brand as intense and active.

Yellow means energy and joy. Think Ferrari, Shell and Best Buy. McDonalds wants customers to associate their brand with happiness.

Orange means creative, determined, joyful and the beach. It can stimulate mental activity. Think Fanta and Firefox. The Home Depot wants to help its customers be creative in the Do-It-Yourself market of home construction and repair.

Pink is often associated with feminine brands. It means love, warm, sexuality and nurturing. Think Barbie and T-Mobile. Oprah’s Oxygen network is aimed at women.

Blue means depth, stability, calm, trust, comfort, and reliability. Think Samsung, IBM, Intel, GE and Ford. When a customer buys from Nextiva, they know that their office communications will always be reliably delivered.

Green means relax, peaceful, hopeful and natural. Think Starbucks and BP. Heineken beer wants their customers to feel exactly this way.

Brown is associated with the Earth. It means reliability, support, dependability and grounded. Think Godiva Chocolate and M&Ms (at least the brown ones). UPS has become synonymous with this type of consistent reliability.

Black means formal, mystery, bold, luxurious and serious. Think Blackberry. Customers shop at Tiffany’s for that special occasion.

A logo should not just be “pretty or cool”. Determine what feeling do you want your brand to evoke? Choose your colors wisely.

Barry Moltz helps get small businesses unstuck. His new book, “How to Get Unstuck: 25 Ways to Get Your Business Growing Again” is now available. 


Mondays with Mike: Appeal to Customers with your Authenticity

A couple of years ago I was scheduled to attend an accounting seminar, and I was dreading it every bit as much as you’d expect.  Making numbers interesting ain’t easy, and my experience is that accountants typically aren’t the most lively public speakers.  I arrived at the seminar, armed myself with about a gallon of coffee, and settled in to see if maybe, just maybe, the guy running the show might actually keep me awake.

It was just as awful as I’d feared.  Not only did the accountant show up in a suit that looked like a 1980s KGB castoff, but he also sported a world-class monotone.  He looked like a robot facing the room as he methodically slogged through the agenda.  I found some toothpicks, propped my eyelids open, and I managed to stay alert enough to realize that the information he presented was actually really useful.  As the robot accountant finished up the seminar, I jotted down his name and made a note to NEVER attend another of his meetings.  Even though the guy was smart, he could put a hyperactive Chihuahua to sleep.

Fast forward a couple of weeks.  I attended a party at a friend’s house, and I was headed out back to help with the grill when I saw him.  The robot accountant was at the party.  Panicked, I fled to the bathroom to avoid another snooze fest.  Eventually, however, I had to get back out to the party, and – as you might imagine – there he was.  I was trapped, and of course he recognized me.

Even before we started to talk, though, I realized that he was dressed casually and seemed much more relaxed than he had in the seminar.  He thanked me for having attended, and we made a little small talk.  I was surprised to discover that he was actually really funny, and we were laughing about a joke he’d made when he said something that floored me and inspired this article.  He said, “I hate having to be all professional at work.  I wish I could make money just by being myself.”

Wow.

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I took two important things away from that party.  First, Mr. Robot is now my accountant – the very best one I’ve ever had.  Second, I realized the disservice we do ourselves when we conceal our a

uthentic personalities from our customers to try to achieve some “professional” demeanor.  Now, I’m not advocating littering your next presentation with f-bombs, but when we act rigid and formal, we’re hiding who we really are and missing an opportunity to connect with clients in a more meaningful way.

I’m reminded of Dr. Seuss, who wrote some lines that we should keep in mind when we’re deciding whether to be a robot professional or ourselves for our next meeting.  He said, “Be who you are and say what you feel, because those who mind don't matter and those who matter don't mind.”  The fact is that not all clients are a perfect fit for you.  Now it’s possible for you to put on a faux persona and woo them, but then you’ve landed a customer for whom you’re going to continually have to put on a show.  Far better to find the clients who actually like the way you work naturally than to spin your wheels chasing customers who aren’t a great fit for you.

Authenticity creates trust, and being yourself lets you connect with the clients for whom you’re a natural fit.  Resist the temptation to act like a robot professional, and you’ll not only be happier, but you’ll also be more successful.


Mondays with Mike: The Tier Method for Increasing Revenue

A disclaimer of sorts:  This method of boosting revenue is intended for entrepreneurs who own businesses that are already making a little money.  This strategy can help you look down the road if you’re just getting your business up and running, but the method I describe in this article is intended for established businesses, rather than those just starting out.

More money.  It’s an appealing prospect, but it’s not always easy to achieve.  One of the most versatile solutions I’ve ever found is the tier method, and it’s successful because it’s such an elegant and simple strategy. 

Here’s how it works:

Your business is established, and you have a good product, but you’re looking to increase sales.  The answer is simply to create additional, higher quality (and higher priced) offerings. 

Let’s look at some examples:

  1. ????????????????????????????????????????You own a restaurant, and you’ve found success with your weekday, prix-fixe menu.  Folks love coming in and selecting three courses for a set price.  How do you step it up?   Add on the option for wine pairings for each course (with an additional fee, of course.)  You’re adding an additional tier of services that will entice your existing customers.
  2. If you own a cleaning service and have regular customers, but need a way to get more from them, create tiers of service.  Your existing contracts – let’s call that your Silver Service – is offered at the current price.  You add Gold Service with additional services – periodic window cleaning or carpet shampooing, as well as Platinum Service – where you clean everything that doesn’t move.   You’ll inevitably find some clients who want to step up to a better plan, and your new clients are likely to settle for the option in the middle, so you’ll be starting them at the Gold Service – it’s your new default setting, complete with higher price tag.
  3. You sell original artwork, either online or in a brick and mortar store.  Your customers love your work, and you decide to offer additional options.  Your first tier is the watercolor painting – the work your clients know and love.  You offer one option of adding a frame, and a second option of high quality mats and a custom frame.  You’re adding tiers of service that save your clients the time they’d have to invest in selecting the perfect frame that shows off your valuable artwork.  

Why is the tier method so successful?  You’re starting with an established brand – a product or a service that your customers already trust and enjoy – and you’re offering a better version of that product.  We all want the best, and we’re conditioned to think of selecting the least expensive option as settling for less than the best.   Airlines make bank on pricier seats in first class.  People pay extra to buy iPhones with more memory than they’ll ever use.  If you offer your customers pricier options, it is inevitable that some of them will take you up on it.

The key here is to offer authentically better options.  We’re not talking about smoke and mirrors  — playing games with your clients is a tactic that can alienate loyal customers.  Rather, you want to develop tiers that are meaningful and offer additional value that’s appealing to your customers.  You’re finding a way to enhance your existing high quality offerings by creating options with added benefits to your clients and added revenue for your business. 


Work Your Biz Wednesday: How to get More Likes on your Facebook Fan Page

Find out ways to boost your Facebook fan page engagement and build your brand online with the C-Q-H-L approach from The Small Biz Lady, Melinda Emerson.


How to Sell More in Less Time

Small businesses waste a lot of time selling to the wrong people. As a result, their company either does not grow or their sales drop. Here are 3 ways to improve their sales yield:

1. Focus on the right prospects. People only buy when they are in pain and have money to solve that pain. Every prospect should be asked:

  • What pain does your company need to solve?
  • What is the cost of that pain to your company? (or What will it cost your company if the pain is not solved?)
  • Who in your company can make the decision to solve that pain? (or Who has the money in their budget to solve the pain?) 

Many sales people make the mistake of not getting these questions answered up front and waste time with non-buyers masquerading as prospects. 

2. Be there when prospects are ready to buy. Companies actually don’t sell their products or services, but rather customers buy from them. As a result, companies need to be there when prospects are ready to buy. They need to be found and put into the “maybe pile” when a customer is making a decision. In order to achieve this, every small business owners needs to establish long term relationships with clients by offering them valuable knowledge at least monthly that showcases the company’s brand. For example, a dentist may send information on how patients should floss their teeth or a comparison of toothbrushes. Remember, this is not marketing communication that sells product, but a friendly offer of knowledgeable help.

3. Practice the rapid release strategy. Any company can reduce their selling time by 90% and improve their sales yield by only focusing on customers that are ready to buy. Many prospects say yes to a company and then never respond to complete the sale. These people should be contacted a few more times and then put back into the marketing funnel. Sales people waste a lot of time “hoping” these “closed” prospects will contact them and get started. They get stuck here and stop looking for new prospects to meet their sales targets. If they have not heard from the prospects after several calls or contacts, they need to be let go and move on.

How does your company improve its sales yield?

Anxious Businessman Looking at Office Clock


6 Surefire Signs Your Brand Needs an Overhaul

The process of rebranding can be exciting and beneficial to a small business. “It can be equated to coming out at a debutante ball, energizing the market and even reenergizing your employees,” says Maria Ross, owner of Red Slice, a branding consultancy in the San Francisco Bay Area.

But when should you rebrand? Every few months? Every few years? Never? According to Ross, it really depends on the strength your brand has already.

“The Nike Swoosh has no reason to change because there is so much meaning behind it,” she says. “I only recommend rebranding if one of six criteria are met.”

 #1: Your colors are from the '80s

Your neon-green-mixed-with-Halloween-orange color motif was hot in 1986; now it looks old and tired. Time for a change.

#2: Your target is a new customer

If you launched your clothing boutique with female-only fashions, but have since added items for men and children, it might be time to change your flowery signage and messaging.

#3: Your prices have changed

“Let's say you are a tech company that started out offering a cheap tool,” poses Ross. “But now you have expanded to offer a strategic solution suite. Your prices have definitely gone up and your brand, including your messaging, should reflect that change.”

#4: Your brand is turning off your target customer

Take a look at your client base. Are you attracting the right kind of customer? If not, it might be time to rebrand.

“If you are getting inquiries from people who can’t afford your product, it is a sign that you are attracting the wrong audience and you may need to tweak that,” Ross says.

One big culprit: Your website. “If you are trying to be a luxury brand and attract a high-end customer, but you hired a cheap designer to do your site, it will never work,” she says. “You need to hire someone excellent to make your brand look luxe for you to bring in that right client.”

#5: Your competition has changed

When you launched, you were the hottest company on the block. But that was 20 years ago. Now that there are 10 other businesses that look just like you, and it’s time to rebrand and define your differentiation in the marketplace.

#6: You merged with another business

“Try to create a new brand identity that is representative of your two companies,” recommends Ross. “Rethink your look and feel.” 

Developing a Brand




 
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