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Monday Morning Motivators – June 19, 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
"We would worry less about what others think of us if we realized how seldom they do." -- Ethel Barrett
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Table of Contents
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1. Lean Metrics: Financial Metrics – Linda Fayerweather
2. 6 Steps to Developing a Marketing Strategy – Rebecca Booth
3. Ask Others to Endorse Your Products and Services – John Meyer
4. To Do This Week
5. Fine Print
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1. Lean Metrics: Financial Metrics
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When you want to improve your business's financial performance, there are three things you can do:
1. Lower total costs;
2. Increase revenue; or
3. Both 1 & 2
When a company can become a lower-cost producer without sacrificing quality and service, it can strengthen its market position. Understanding cash flow, direct and indirect costs, and operational costs are ways to analyze if you are lowering costs. To track your growth of market share you will want to track sales, gross margins and return on assets as a start. Getting the entire company involved will help make results possible. Sometimes when employees understand why the business tracks financial information, they will be more likely to help control costs.
Copyright 2006 Linda Fayerweather
Changing Lanes LLC
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2. 6 Steps to Developing a Marketing Strategy
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Is your intuition guiding your marketing strategy? Well it’s time to stop! Your intuition isn’t the best way to make marketing decisions for your company. Use the following 6-step plan to help you define business goals and develop activities to help you achieve them.
Step 1: What’s your company’s Unique Selling Proposition? (USP)
Step 2: Who’s your target market?
Step 3: What are your company’s strengths/weaknesses?
What are your competitor’s strengths/weaknesses?
Step 4: What motivates your clients to buy? (What are their wants, needs,
wishes and desires?)
Step 5: Based on the information above, how are you going to position your
products/services?
Step 6: How are you going to market your products/services (Be specific. Are you
going to use internet marketing, direct mail, newspaper advertising?)
The past is a great place to start when you are defining what marketing methods you’ll use. Look at your past clients and figure out how they heard about you. You’ll want to reinvest in that newspaper ad or in that networking group that you’re in that the lead came from.
Copyright 2006 Rebecca Booth
Marketing Goddess
Imagine That!
www.marketingsolutioneers.com
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3. Ask Others to Endorse Your Products and Services
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By telling others what they've gained from using your products or services or by endorsing you in presentations or informal conversations, your network resources can encourage others to use your products or services. If they sing your praises on audio or videotape, all the better!
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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Have a backup plan for your email service.
