Author: Nancy Boisvert

Market Share – Getting Your Piece Of The Pie!

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Goal setting

Get your slice of the pie!

Today I thought we should talk a bit about goal setting and market share. After all, the goal of marketing your business is to obtain clients and preserve your share of the market.

So let’s talk first of all about what exactly market share is. At its most basic definition, market share is the total number of loyal clients that your business has managed to retain over a specific period of time.

I hope you caught the key word in the definition above: loyal clients.

Without loyal clients you really haven’t got market share. While it’s true that having many one-time buyers can positively impact your financial bottom line, without the retention of these clients you have not captured any market share. In other words, the criteria is not about attracting clients, but bringing them in and keeping them. It’s about turning these customers from simply being purchasers of your product or service into advocates, referring others to your business as well.

The process of retaining and increasing your market share is continuous. The business cycle, like the cycle of life, always has someone exiting and someone entering. Even loyal customers will eventually die, move, or no longer require your product. Therefore, you should always be looking for ways to expand your market share.

There are a number of ways to do this, and some are naturally more involved than others. But let’s touch on a few of the more simple tips in today’s article.

1. Be innovative to stay relevant.

One way to improve your market share is to try to spot new trends ahead of your competitors. Watch the news, listen to friends, and check out new technologies on the Internet. Spotting and implementing advances and technical improvements in your niche can help set you apart from your competition.

2. Be responsive to your customers.

There is nothing worse, especially from a customer’s perspective, than having the sense of being ignored. We all like to think that we matter, and the failure to respond quickly to the needs of your clients will send them flocking to your competitors.

3. Ask for feedback and use your customers’ ideas what appropriate.

Ask your customers what they like – and don’t like – about your products and services. Not only will this allow you to be more responsive and make improvements to your products and services, but it makes your clients feel valuable as well. There are lots of ways to obtain this, including online surveys through services such as SurveyMonkey and MailChimp

4. Buy out your competitor.

That’s right, I said buy out your competitor. If you have the financial resources, it may help to purchase a competitors business. This gives you direct access to, and ownership of, their client lists.

5. Be flexible.

Are you available when your clients need you? Is your product or service able to be modified to better fit the needs of your client? These are just a couple of very easy ways to gain customer loyalty and grow your market share.

These five tips are fairly simple to implement. Understanding what defines market share, and applying one or more of these tips should provide you with the fundamentals to start growing your business.

Until next time…

Are you ready to grow your business now? If you’re ready to take the next step and make your business more profitable, contact us today.

If you like the information you are receiving, please consider forwarding this post.

Target Market vs. Ideal Client – Know The Difference!

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target market or ideal client

Do you know the difference between your target market and your ideal client?

I’m sure by now you’re very familiar with the phrase target market. Identifying your target market is one of the fundamentals of marketing, and is a key component of ensuring a successful marketing plan.

By identifying your target market, you’re making sure that the investment you’re making in your marketing program is successful in reaching the proper audience. After all, if your product or service is geared towards women between the ages of 40 and 60, it is simply a waste of time, money and effort to be advertising your product or service to anyone outside of that demographic.

Your ideal client, of course, is something a bit different. Identifying your ideal client and communicating with them is a refinement of your target market, and is something that you must take the time and effort to do.

Another way to put it is that your target market is the big picture. You identify a specific demographic that is most likely to require your product or service.  Of those people who fit this demographic, only a percentage will actually buy from you and become your clients. Some of these clients may only make one purchase from you and be gone. But your ideal client is the client who becomes your advocate; a loyal customer who also provides referrals. Read more

Using Tools To Increase Your Productivity

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marketing automation

How can you become more productive?

Are you currently using any of the tools that are available to assist with productivity? There are many options available out there for marketing automation; everything from social media automation, to CRM’s, to voice recognition software.

Running a business, especially a small business, takes a lot of time and effort to be managed properly. In many instances, the business owner takes on the responsibility of most tasks, especially in the early days of growing the business. As a result, it is easy to become bogged down in a lot of administrative functions, leaving little time to focus on product and service creation, marketing and sales.

Thank goodness for automation and productivity tools!

Marketing your brand and building an audience can be very time-consuming. Most people check online before they purchase a product or service, which means that you have to build your own online presence. This can be accomplished by building and maintaining a website that is both interactive and mobile responsive, as well as ensuring that you have a social presence on those social bookmarking sites that your target audience is most likely to participate in.

But regularly updating information on your website and posting to various social media sites takes time and effort. Therefore, it is important to research and implement marketing automation and productivity tools that fit your needs. Read more

The Economics of Marketing

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economics of marketing

Managing the economics of your marketing plans is extremely important.

Today’s article is going to be bit different than usual. Yesterday morning, when the stock markets opened, they all opened lower than they have for years. Although there was some recovery later in the day, they still all closed down, and the global economic uncertainty has many investors nervous. Some economists are claiming that we are in what they term a “shallow recession”.

Despite the bloodbath in the markets yesterday, retail forecasts are optimistic. Although no one is expecting huge growth, all indicators are implying that consumer confidence is not completely gone and people will continue to make purchases.

So given the economic news yesterday, I thought this would be a great opportunity to talk to you about how you react to economic uncertainty when planning the marketing strategy for your business.

It’s been proven time and again that most businesses get cold feet during an economic downturn, and respond by cutting their sales and marketing budgets. This, of course, is exactly the opposite of what they should be doing. Read more

It’s Not About You!

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It’s Not About You!

Today, I want to address again the issue of engaging with your clients and prospects.

It doesn’t matter whether you provide a product or a service, we all know that the secret to engaging prospects and turning those prospects into customers is to resolve an issue that they have. After all, the only reason any of us purchased anything is because it satisfies a want, a need, or removes a pain point.

And, of course, marketing your product or service is the only way that prospects and clients can learn about what it is that you do that will help them attain their want, need, or remove their pain point. Unfortunately, sometimes the wheels come off the marketing train and we forget that marketing isn’t about us, it’s about them!

Sometimes, when developing a marketing plan, business owners lose sight of the actual intent of the marketing program. They become focused on demonstrating their expertise and their credibility within their niche, and forget that the goal of marketing is to obtain prospects and, ultimately, converting those prospects into loyal customers. Read more

Are Marketers Getting A Bad Rap?

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marketers

Today, I want to address the issue of the reputation that many marketers are getting.

This is a completely different article than the one that I had intended to write today, but sometimes circumstances change and other issues arise that should be addressed in a timely fashion.

I actually took a few days off work last week and went on a mini vacation to a family member’s trailer, which is located at a lake in beautiful British Columbia. For those of you who don’t know, many parts of Western Canada are experiencing drought-like conditions, and B. C. is one of the hardest hit regions so they’ve been experiencing very little precipitation and very hot temperatures. While I am concerned about the effects of the drought, I must admit that I am a fan of hot weather.

One evening after dinner, I took a walk down to the beach and found a nice sunny spot to sit. The beach was mostly deserted and, aside from myself, there was a woman, her two children, and her dog. She introduced herself to me, and it turns out that she’s the owner of the resort where my brother and his wife keep their trailer. In the course of our conversation, she asked me what I did for living. I told her that I provide marketing strategies and public relations work. She laughed and said that’s what her husband does, but he always said not to tell anybody. He works for a large hotel group and travels around the world as their marketing manager, but told his wife to tell people that his job is to fill hotel rooms, and not mention that he’s a marketer. She said that he’s embarrassed about being lumped in with marketers.

Unfortunately, this is something I can identify with. Although there are many, many very good, honest, trustworthy people who are marketers, the industry has changed with the popularity of online marketing. This has opened the door to some folks who have less integrity and are satisfied to provide “drive-by marketing”, promising unrealistic results to unsuspecting business owners, and not caring about the outcome because they’ve already moved on to their next victim.

Now this isn’t to say that there were unscrupulous marketers prior to Internet marketing, or that all online marketers are dishonest. But the fact is that a lot of business is transacted online, without personal interaction of any depth, providing the opportunity for business owners who are looking for quick results at little cost, to be taken advantage of. This leaves them suspicious of honest marketers who care about their reputation and have a vested interest in ensuring that their clients are satisfied with their services.

So just like lawyers, used-car salesman, an insurance salesman, marketers have to live with the reality that their profession is often viewed with a bit of skepticism. It is up to us, as marketers, to ensure that we act with honor and integrity in all of our business dealings, and keep the lines of communications open to all of our prospects and clients.

And what can business owners do to help themselves and avoid making poor choices? Well, it’s really quite simple.

First of all, talk to more than one company or marketing person. Find out about their various strengths and weaknesses and asked for testimonials.

Find out what their process is, and how they communicate it. Beware of offers that seem too good to be true; believe me, they are!

Also, pay attention to how you communicate with the marketer. Relationships, even virtual relationships, should be based on open communication. You should get a feel after a few conversations with the marketer about just how well you will be able to work together.

Finally be sure to be clear about the scope of the project and the expectations, and cover this off in an agreement. If applicable, set specific measurables to be achieved at certain points in the project, with an exit clause for both parties if things aren’t working out.

Until next time…

Are you ready to grow your business now? If you’re ready to take the next step and make your business more profitable, contact us today.

If you like the information you are receiving, please consider forwarding this post.

The Problem With Ad-Hoc Marketing

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ad hoc marketing

Avoid ad-hoc marketing at all costs!

Many business owners believe that marketing is a relatively simple exercise and something that they can manage on their own, for the most part. They may wish to change some elements or some content on their website. Or, they may look to design a brochure to be delivered to prospects. Or, they may look at reworking or putting together any other kind of a marketing campaign, plan, or promotion with the intention of enhancing their business.

And there is nothing wrong with a business owner managing their own marketing. That is, as long as they understand that each individual piece of a promotional undertaking is actually an underlying element of a bigger plan.

This past week I was approached by a prospect who was looking to change up his corporate website. He had spent a lot of money and a lot of time on what became four different variations of the website, and still had not managed to get what he wanted. The various marketing companies that had been hired had been either unwilling or unable to understand the ultimate goal of the business owner in articulating his vision and the brand of his business.

When this prospect approached me, he was understandably very frustrated. He was looking for someone to rewrite the content of his website in a way that would be more appealing to his target audience. As I explained to him, if he was simply looking for a copywriter he could hire anyone of a number of people who would be happy to simply fill his pages with content.

I explained to him that although this might be a quick fix, it was unlikely that he would end up satisfied with the final product for the long-term, and that he would most likely end up having to do yet another redesign and remake of his website.

Which leads me to the reason for this article today.

The unfortunate trap that many business owners fall into when attempting to either do their own marketing or to approach their marketing on an ad hoc basis, is that there is a lack of the synergy between the different elements of their marketing efforts. Each piece of the advertising and promotional pieces that make up a marketing plan and marketing campaigns is a piece of a bigger puzzle. Consider what would happen if you took one piece from five different puzzles and tried to make each of those pieces fit in a different puzzle. It wouldn’t be very pretty, and it certainly wouldn’t have the results you would hope for!

So, once again I come back to explaining the reality that there is a science to marketing. As a marketing strategist, it is my role to help the business owner see the complete picture and understand how all of the pieces fit together. In the example that I have provided above, I explained to the business owner that for him to end up satisfied with the website that would serve his company’s interests for the next 3 to 5 years, it is imperative to understand and to develop a marketing strategy that encompasses both his immediate and long-term goals, and how best to apply this in order to attract the proper prospects and retain his current clients.

Creating a proper marketing strategy is building the foundation of your communication and promotional efforts. This blueprint creates the framework and gives the guidance to move your business forward in a structured and measurable fashion, providing the results you hope to achieve. Therefore, try to avoid Band-Aid marketing solutions or quick fixes if you are hoping to obtain positive measurable results.

Until next time…

Are you ready to grow your business now? If you’re ready to take the next step and make your business more profitable, contact us today.

If you like the information you are receiving, please consider forwarding this post.

What’s Up With Email Marketing?

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newsletter

Everyone is familiar with the concept of email marketing.

Of course, the definition of email marketing is using email to promote, sell, teach, or otherwise engage your clients and prospects. Over the past several years, using email as a marketing tool has become increasingly popular. This is because it is a relatively inexpensive way to keep your product or service uppermost in the mind of your prospects, increase repetition of visits from your existing customers, and interact with many people at one time.

However, the increased popularity of email marketing has created a double edge sword. Along with the growth in email marketing came a massive increase in email spam. Inboxes have become flooded with the digital equivalent of junk mail. And some of this junk mail isn’t innocuous, but contains viruses and Trojans. This enormous increase in spamming has resulted in the passing of antispam legislation in North America; Canspam in the US, and CASL in Canada.

Antispam legislation has impacted how email marketing is operated. A couple of examples of this are; marketing emails must clearly delineate that they are for marketing purposes, they must go to a targeted audience, and recipients of marketing emails must have opted in to become part of your email list.

But these changes have not eliminated the potential of using email marketing. There are still several valid ways to integrate email marketing into your overall marketing plan.

Of course, for any type of online purchase or e-commerce transaction, email is vital. For the purposes of online purchases, email serves as a confirmation of purchase and provides the purchaser with a receipt.

In many cases, businesses will offer e-books or white papers to encourage people to join their email list. This is sometimes referred to as an “ethical bribe”, and is very commonly used as a way to increase a company’s list of prospects while giving something of value in return to the person for providing their name and email information.

Informational emails are also very common. They often take the form of an eNewsletter, and are generally sent on a regular basis such as weekly, monthly, quarterly, etc. The purpose of these newsletters is to continue to keep your clients and prospects engaged and informed of happenings within your business. They can provide reviews of what the company has been doing as well as updates of what to expect in the future. If you are providing a newsletter to your clients and prospects, it is important to be sure to provide opportunities within the email for them to share the information via social media channels or by email. This can help to grow your list of prospects.

There are several email service providers, such as MailChimp, Aweber, Get Response, etc., and it is very beneficial to utilize one of these services for your email marketing requirements. They allow you to segregate your clients and prospects into various lists, permitting you to target your offerings. They also allow you to run campaigns and will provide you with statistics, as well as A/B testing to see what is working best in your email marketing. Templates are available within these applications as well, which enables you to design an email that is consistent with your brand.

Getting people to join your email list is becoming more and more difficult. Visitors to your website are digitally inundated with offers of e-books, white papers and various other ethical bribes, and are becoming weary of that approach. But by providing something of value for joining your list, and continuing to provide quality information on your website, you can continue to attract subscribers.

Be respectful of your subscribers and be sure to protect their privacy, and you will build a loyal following.

Until next time…

Are you ready to grow your business now? If you’re ready to take the next step and make your business more profitable, contact us today.

If you like the information you are receiving, please consider forwarding this post.

Using Live Streaming To Help Grow Your Business

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periscope

Use live streaming to enhance your marketing.

Today I want to address the issue of using live streaming apps to help enhance your marketing and grow your business. I know that there are many early adopters out there who are already very familiar with using live stream, but this is something that is relatively new to me and something I have not yet tried out. However, recognizing that this tool has many advantages, I have taken some time this week to do some research to learn about this technology and how it works.

From my research, it appears as though there are two main contenders in the live streaming field at this point; Meerkat and Periscope. Both have pros and cons and share many characteristics, but it seems as though Periscope is winning the war. This is likely because periscope is owned by Twitter. Because Periscope is gaining ground, it is the application I will be trying out in the future, so therefore, is the focus of this article.

So just what is live streaming?

Read more

The Secret Sauce To Engaging Your Audience

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engage your audience

How to engage your audience – not as hard as you might think…

Well folks, I try to provide quality tips and marketing information every Tuesday and Thursday to post on our Articles and Posts Page. And, to be perfectly honest, sometimes I struggle with the content. This is because I don’t just want to fill space, but I want to make sure that I am providing you with something that will be beneficial to you in your own business.  I like to engage my audience.

I’ve written about many topics over the course of the last several months and it is my intention to ensure that I am providing you with information that is timely, effective, and relevant. I want to provide you with new information and not just rehash the same old messages.

Which brings me to today.

I started the day by reflecting on what I have posted over the past several weeks, and I realized that, although I’ve given many tips and strategies about various elements of the science of marketing, including ideas about how to use video and various other marketing tools, I really haven’t addressed the topic of content in very much detail.

But I didn’t just want to talk about the usual aspects of content marketing. I didn’t want to talk about keyword optimization. I didn’t want to talk about guest blogging. I didn’t want to talk about syndication. All of these are important elements of content marketing, and I likely will address these in future posts. However, to me, the most important element about engaging your clients and prospects through your content is to be compelling.

So, are you ready to learn exactly what the secret sauce is to engaging your audience?

It’s not really that much of a surprise. In fact, it’s actually pretty simple.

It’s called telling a story.

When we are trying to tell our point of view, or teach something, or share something with our clients, our prospects and our readers, we want to capture their imagination. The best way to do this is by telling a story.

Since the early days of man, storytelling has been part of our culture. Look at the cave paintings of our far distant ancestors. Reflect on the history that are taught by archaeologists of how our indigenous people would sit around a campfire and relate the stories of things like hunting and traveling and setting up camp. These were times of celebration; of sharing and of ensuring that the stories would be carried on from generation to generation to generation. Of course, this was before we had invented a way to write an alphabet of some sort, and communicate through the written word. And, although the written word makes it easier to ensure that stories are passed on for generations are not lost over time, we still must ensure that these words are delivered in a way that is compelling, compassionate and interesting to keep our audience engaged.

Let me give you an example of how storytelling can help engage audience rather than just simply relating the facts.

If I was to tell you that I found a way of creating a following on Twitter that would enable you to increase traffic to your website, and capture the attention of more potential business, that tells you a reality of exercising a certain marketing technique.

Now, if I was to tell you that at the beginning of July, I employed a method that enabled me to increase the traffic on my website by 800% through simple technique on Twitter, would that capture your attention? If I was to tell you that I engaged personally with every person who followed me on my Twitter account, responded to direct messages, thanked people for mentions, retweeted information that was relevant to my followers, and made a point of personally engaging with some of these people, not just on Twitter but also on LinkedIn on Facebook, would that paint a bit of a better picture than simply saying that creating a following on Twitter could increase traffic to your website?

Both stories have the same ultimate message. The difference between the two is that the first simply states the facts, while the second speaks more personally about some of the things I did, making it relatable to my audience.

So don’t be afraid to use examples when you’re communicating with your clients and prospects. Everybody has a story to tell, and everybody understands some aspect of everybody else’s story. Telling a story humanizes your article. It helps make your message more relatable, and resonates better with your clients and prospects. It changes your message from that of a clinical approach to a personable, friendly piece of information that helps build trust, familiarity and engagement.

Until next time…

Are you ready to grow your business now? If you’re ready to take the next step and make your business more profitable, contact us today.

If you like the information you are receiving, please consider forwarding this post.

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