If you are in business every year brings its challenges. Some are little and some may are rather large.
When marketing your brand this year you probably have faced challenges this year as many small businesses have.
Rather than groaning about them, letting them spoil your holidays or worse let them follow you into next year here are tips on how to give three of them the boot.
Gross Margin Challenge
Your margin has decreased over the year.
Marketing tip: ideally you want your margin to stay the same or increase if you can. There are two ways. Either increase your price and hold your costs as they are now.
Or you can look at your costs and see where you can reduce them. Remember every $1 you save at the margin level means there is $1 more for expenditure or to increase your bottom line.
Customer Attraction Challenge
You have found it difficult to attract enough new customers regardless of what you have tried.
Marketing tip: focus on your current customers. Set up a customer care program and make sure you have a referral process in place.
To state the obvious your current customers are key to gaining more customers. Make this a priority and you will find it easier to attract the customers you want.
Marketing Time Challenge
If only there were a few more hours in the day. Sorry but it will only ever be 24 hours.
Marketing tip: I have been writing about time and marketing many times this year. Focus on the “must dos” to achieve your marketing objectives and leave the “nice to do” activities especially if they will not generate revenue.
This is the last post for the year as I have decided to take a little break.
I would like to thank all of you who have joined in the discussions as I have learnt a lot from you.
Also to those of you who are subscribers and to the many who have emailed me over the year with feedback and questions I am very grateful.
I wish you and your family a very happy festive season and holidays.
See you in 2011 and don’t forget to add your marketing tips below.
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Hi Susan. A great post to end a great year. You always make your valuable content so clear and concise and easy-to-understand. Thanks for sharing your insights and knowledge with your readers, including me, and I look forward to reading more next year.
Have a wonderful holiday season,
Julie
Julie Weishaar recently posted..If a Picture Speaks a Thousand Words- How Many Words Do You Think a Video Speaks
Thanks so much Julie and I have appreciated you adding to the discussion with your valuable comments. I have learnt from you and look forward to learning more next year.
You have a wonderful holiday season as well and I hope you get to take some much needed time off.
Cheers
Susan
Give Marketing Challenges the Boot in 2011…
When marketing your brand this year you probably have faced challenges this year as many small businesses have. Rather than groaning about them, letting them spoil your holidays or worse let them follow you into next year here are tips on how to give t…
Susan,
More great tips. I especially like the part about margin. It’s always a tough decision whether to raise prices or cut back.
You have provided me/us with so much great information in 2010! Thank you! I look forward to more great stuff in 2011.
Most importantly, enjoy your break, have a Merry Christmas and Happy New Year, enjoy a Foster’s Lager or two…and stay away from Great White Sharks!
Yoni
Thanks Yoni and it has been a pleasure reading your posts and I have appreciated your support and comments. I will enjoy the break and hopefully the sun will stay out. Definitely will stay away from sharks and enjoy a wine.
Susan:
Great post to end the year. Offering the objection and then the solution in bite sized pieces eliminates the scariness of a large effort. Happy Holidays.
Rob
Rob Berman recently posted..Turning a Liability into an Asset
Hi Rob,
You are right, bite size also helps you keep taking action. Thanks for your comments throughout the year and Happy Holidays to you and your family.
It’s nice to be able to set a price that increases your profit margin. However, it’s the market that sets the price — will your customers or prospects stand for an increase in price? Something to noodle over. Have a nice holiday!
Hi Jeannette,
I would say the market may have a price range, however it is a business decision ultimately what you will charge. Your point about customes is a good one and of course must be considered.
Hope you enjoy the holidays as well.
Hi Susan
“focus on your current customers.”
Sounds like good advice to me.
In the rush to attract new customers, new leads, new commenters to our blogs, perhaps we forget to look after our existing “customers”.
Merry Christmas
Keith Davis recently posted..Look for the Shining Eyes
Hi Keith,
Good point about the rush. That is when we can’t foget to do the obvious.
You have a Merry Christmas as well.
Good post Susan. Really like your advice on fucusing on current customers and get new ones through them. Nothing beats word of mouth.
Wish you A Merry Christmas & A Fantastic New Year!
All the best
Catarina
Catarina Alexon recently posted..Julius Caesar in The White House
Hi Catarina,
So true about word of mouth.
I have appreciated all your comments and I look forward to reading more of your posts where I learn so much next year.
You have a wonderful Christmas and all the best for 2011.
[...] Give Marketing Challenges the Boot in 2011 Susan Oakes Excerpt – If you are in business every year brings its challenges. Some are little and some may are rather large.When marketing your brand this year you probably have faced challenges this year as many small businesses have. [...]
More great tips and leaves me a lot to consider. Happy Holidays to you as well, Susan. We could all use a break.:)
Dennis Salvatier recently posted..Whats The Best Gift of All
Hi Dennis,
Enjoy some time off and I am looking forward to seeing more of your illustrations in 2011.
Seems the focus for 2011 is going to be on the customer judging from the concensus. Good advice Susan. Especially about reducing costs and raising prices. Which one will be more attractive?
Happy New Years.
Hi Paul,
Early Happy new Year to you as well. One thing I learnt long ago was always look at where you can cut some of your costs as it can be quite eay to raise your margin. Having said that it seems some in the service business have never looked at this area.
Cutting costs is always the surest way of improving margins, unfortunately the biggest cost in most businesses is people, that’s why unemployment rises in a recession.
I used to run a holiday company and have tried both cutting costs and raising prices. Cutting costs was far more effective (I managed to avoid making redundancies). However when I had no more room to cut costs, I raised prices, and sales immediately fell.
This was a good reminder to keep an eye on margins Susan, I wish you a prosperous New Year.
John
John McNally@Blogging for Pleasure and Profit recently posted..December BLOG TRAFFIC
Hi John,
I garee about people people a large cost.
There is another way to look at costs and this is what I was taught many years ago. It concerned looking at all elements of the costs that make up your products or services and then see what can be done to reduce them, eleminate them etc. This was done on a proactive basis and we called it profit improvement. Each year we had one or 2 projects to increase margins and meant we did not have to react and cut costs in ther areas.
Thanks for for your example John and I wish you all the best in 2011.
As I write this, the New Year has arrived in Australia. I hope it brings you great health, wealth, and happiness Susan. Here in the States, I’ve got about 6 hours to go and during those hours I’ll be contemplating my goals for the coming year. Marketing is one of them and your suggestions are such timely little gifts. Thank you.
Keyuri Joshi (on the ball parent coach) recently posted..What will Influence Your New Year’s Resolution
Thanks Keyuri and Happy New Year to you. I hope 2011 is prosperous in all areas for you and your family. I am sure you will reach all your goals and I look forward to reading your posts in the new year.
Happy New Year Susan!! The marketing tip I would like to add is educate your customers so they can see through though the smoke and make wise choices.
Catherine Lockey recently posted..WordPress – Answer to Your Digital Marketing Prayers
Happy New Year to you too Catherine. Thanks for adding the tip as it can be difficult for them to make the right choices.
I primarily use article marketing. This has led to an overwhelming demand, I have increased rates and have a panel of experts who I refer work too.
I love writing so this works well for me.
Hi Heather,
Great example of using a tactic that involves something you enjoy doing. Glad to see it has worked out for your business.