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Monday Morning Motivators – April 17, 2006
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Espresso business tips are designed to "caffeinate" your mind while your java
gets you going. Subscribing and Unsubscribing at www.mondaymorningmotivators.com
“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.”
--Peter F. Drucker
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Table of Contents
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1. Lean: Standardize – Linda Fayerweather
2. Question #7 – What’s Your Marketing Budget?– Rebecca Booth
3. Who do you know who . . . – John Meyer
4. To Do This Week
5. Fine Print
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1. Lean: Standardize
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Now that your office has gone through Shine, Sort and Set in Order, you want to work with everyone in your workplace to identify and find ideas to reduce clutter, eliminate unnecessary items and make cleaning easier all of which means you want to establish standard procedures. Standard procedures will make it easier for everyone to get everything done and usually more efficiently. Companies and office dwellers that recognize the importance of compliance to procedures will relish the simplicity of knowing how the office really hangs together.
Copyright 2006 Linda Fayerweather
Changing Lanes LLC
www.changinglanes.biz
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2. Question # 7 – What’s Your Marketing Budget?
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Do you know how much it costs to acquire a new customer (or the cost to sell one of your products)? You’ll need to know this in order to craft a marketing budget. Here’s a simple way to figure it out: Divide your annual sales with marketing costs added by the number of units (or clients) sold. This gives you the cost to acquire a new customer/sell one product.
To find out how much money you’ll need to market in ’06, multiply this cost by the number of sales you want to make. Before you set your plans in stone, take a look at how your marketing worked last year. Trim out the media that didn’t work and reinvest in those that did. You might want to consider beefing up your advertising expenditures in the media that did work. But be prepared to measure its effectiveness. One of our clients found that internet advertising was working well for them. Wanting even more sales, they doubled their monthly investment. While sales were strong, they were no stronger than they were prior to the infusion of new cash. Feel free to experiment, but measure your success before you reinvest!
Copyright 2006 Rebecca Booth
Marketing Diva
Imagine That!
www.marketingsolutioneers.com
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3. "Who do you know who . . .?"
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When asking for a referral from an associate or client, use the phrase, "Who do you know who . . .?" This is an open-ended question that works well. Do not alter the phrase. Other phrases have been tried and have not produced the desired results.
Copyright 2006 John R. Meyer
District Director, BNI Ohio
http://www.bni-ohio.com
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4. To Do This Week
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Standardize your banking procedures for security and time savings.
