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©
by Judy Feld
Fuel for your business
What is your marketing strategy? How is your business development done?
What is your sales plan? The answers to these questions depend, of course, on the nature of your business. This includes
the size of your business, staffing, your product or service, profitability, geographical coverage, etc.
The three R's
Certain core principles apply to the marketing of nearly all businesses and
professional practices. Through thousands of hours of coaching business and
professional individuals and groups, I have derived three key measurements
that apply to a wide variety of business situations. I call them “The Three
R's: Reach, Repetition and Relevance” and my clients find this approach to
be a useful checklist for their business development plans.
Reach — How many possible buyers, clients, customers, and/or
prospects know about your product or service?
- How many subscribers do you have for your email (or faxed or mailed)
newsletter or broadcast bulletins? Depending on your business, this could
be your most valuable asset.
- How many sets of eyes see the articles you write? Being published, in
print or at targeted Web sites, with your byline, contact information and brief
bio may be the best way to expand your reach. This means you have many
opportunities for marketing expansion by using specialized print
publications, and industry/ professional Web sites and e-zines.
- How many people receive your mailings? Whether you send a simple
marketing letter
— or an elaborate brochure, a postcard, a fax
— monitor and count the increasing size of your mailing list.
- How many people attend your presentations, talks, speeches, TeleForums? How can you grow your numbers? Is it the right
audience for your product or service?
- How many people visit your website each day? Do you frequently
refresh/update your website? Give visitors a reason to access your site, and
a reason to return, and measure the traffic. It's easy to measure your visitor
count.
Repetition — How often do people in your potential market hear from you and your company?
- How often do you send out your newsletter? Are you consistent in your
schedule? Does each issue contain clear instructions on how you can be
reached?
- Do you have patience and staying power? One mailing is not enough. It
takes time and repetition to build trust.
- What changes can you make to increase the pace and velocity of your
marketing efforts? A faster pace brings greater frequency, more
opportunities for exposure, and quicker results.
- Do you focus your largest efforts on those most likely to buy?
- What is your plan/schedule for mailings, articles, newsletters,
presentations, etc.? Time flies
— with few results
— if you don't have a plan.
Relevance — Have you targeted your message to your best customers, and is it clear how you serve them and meet their needs?
- Have you identified the niche or market segment that is most likely to
buy your product or service. Does your message resonate with these
people, and do you know them well?
- What are you an expert in? What is your specialty? Make sure your
marketing materials clearly indicate what is unique about your offerings.
- Do you publish testimonials from your most satisfied clients or
customers?
- Have you documented some client and customer success stories? Are they
relevant to the market you are trying to reach?
- Do you have confidence in your own ability to serve your customers well,
and can you articulate the specific benefits to a potential buyer? Confidence
is key.
Give yourself a grade
Improve your business report card today. Check out
Fuel cells
to help you get started!
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Fuel cells
Each of these 15 points, in three different categories, provides an
opportunity for you to take action to improve your business development
report card. Take five to 10 minutes right now and make no other commitment but to answer the following questions.
- Review the 15 points and give yourself a rating on how you
are doing right now.
- What actions will you take first?
- What actions will you take this quarter that would be easy for you to implement?
- What actions are you willing to complete by the end of the second quarter, third quarter and by
year's end?
- Schedule these activities in your day planner.
- Review the 15 points at year's end and give yourself a rating on how
you are doing!
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Fuel for your soul
Consider these words of wisdom:
“There is one thing stronger than all the armies in the world, and that is an idea whose
time has come.”
— Victor Hugo, 19th Century Novelist
“Grain by grain, a loaf...stone by stone, a palace.”
— George Bernard Shaw, Author, dramatist, and literary critic
“A business, like an automobile, has to be driven in order to get
results.”
— B.C. Forbes
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