Tag: how to communicate with clients

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

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

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

7 Things Clients Should Avoid Doing When Working With Consultants

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client discussion

Follow this advice for a great Client/Consultant relationship.

More and more often, business owners are discovering the benefits of hiring consultants to help them in various areas of their business. It allows them to accomplish goals without having to hire full time staff, only dishing out payment for specific tasks and projects.

But, unfortunately, sometimes things don’t go as smoothly as expected. Each side has their own perspective, and problems can arise.

Here are 7 things that can interfere with a good working relationship:

1. Not creating an agreement between the two parties that outlines the terms of the project.

While it may be true that an agreement is often only worth the paper it is written on, it is always a good idea to have the terms of the project formally written. This gives a reference point for both parties, should there be any question of the scope of the responsibilities of either party, payment terms, or how to end the project.

2. Not being clear on expectations.

Communication is not always easy! We all like to think that we are great communicators, but the reality is that nearly all of us miscommunicate something in most discussions. Psychologically, this is because although we are always clear in our minds of exactly what we mean, getting that thought out of our heads and into the minds of others is not always that simple and straightforward. Be sure that each side states what they understand the expectations to be, and clear up any misunderstandings before moving forward.

3. Not understanding that things sometimes take longer than expected.

Unless you are trained or experienced in certain areas, it can be difficult to understand how long certain tasks can take to be completed. A finished product, such as a newsletter, can look like it is fairly simple to produce, however there is often a lot that goes on behind the scenes. For instance, if your newsletter is electronic, all links have to be created and tested, layout has to be verified across different browsers, etc. Try to level your expectations about how long it will take to have the final product delivered, and work closely with your consultant so you know what to expect.

4. Not providing information or materials in a timely fashion.

The ability for the consultant to deliver on time and on budget is largely determined by the cooperation between themselves and their client. If you are hoping to have a website created and live within 2 weeks, but are failing to deliver information, pictures, and approvals on the build, it becomes impossible for the consultant to complete the project within your anticipated time frame.

5. Changing expectations mid-stream.

As projects move forward they often lend themselves to changes. This is to be expected and should not be ignored. But when these opportunities arise, be sure that both parties are included in the discussions about how to move forward, ensuring that expectations are leveled on both sides and everyone is clear about the new expectations.

6. Stopping a project before it has had a chance to prove itself.

No one wants to waste time and money! But cancelling a project before it has had the opportunity to prove its worth does exactly that. Decide on the plan, including timelines and an exit strategy when, and if, it appears as though the project is not producing the ROI expected. Until you reach that abandon point, don’t blink! Keep moving forward. Many times, things will take a bit of time to gather momentum.

7. Not paying your consultant on time.

Payment for services provided should be outlined in your initial agreement. Sticking to payment schedules allows the consultant to focus on delivering a quality product or service to you, without turning them into collection agencies. Reluctance or delay in paying on time can also start to create a negative energy between parties, making it difficult to move forward with trust and confidence.

So there you have it. The 7 things that clients should avoid doing when dealing with consultants.

But there are two sides to every story.  My next article will address the top things that consultants should avoid doing when dealing with their clients, so stay tuned for part 2 of this story.

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 Top Three Considerations When Developing Your Brand

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The Top Three Considerations When Developing Your Brand

Once upon a time, businesses were encouraged to work on their mission statement.

This sometimes entailed marathon meetings to try to develop a statement that would encompass and describe the company’s goal.

But wait! The company also had to have a vision statement. How were they going to get there? What will it look like?

Sometimes these efforts resulted in a defining, clear-cut statement that told clients and prospects exactly what the company’s goals were and how they would deliver on those goals.

Sometimes these efforts resulted in a muddied, long-winded phrase that used a lot of words that really meant nothing to the company’s clients and prospects.

And, sometimes, it uncovered an inability for the company to clearly identify their purpose and communicate anything!

Now it’s all about branding!

Sounds fancy, right? After all, for years, we identified ‘brand’ with mega corps like Coke, Nike, and IBM. No one really stopped to think that all businesses should have their own unique brand.
After all, branding is simply an embodiment of all those elements we worked so hard on in the ‘90’s, creating a unified message that makes your business easily and instantly recognizable.

If you are looking to develop your brand – or if you already have created your brand but want to ensure it is strong – consider these top three elements.

1. What is your business?

Seems obvious, but sometimes we are so busy working in our business that it can be difficult to take an outside view. Take the time to really evaluate what your business is, and what that looks like. Perhaps you offer a variety of products or services, but what is at the core of your business? Ask yourself what is the key motivation for your business? Why do you do what you do? If you could only do one thing, what would it be? Questions like this can be very revealing, and you might be surprised to discover that your reason for being in your chosen business is very different than what you initially thought. Be sure to write your answers down.

2. Who is your ideal customer?

Another apparently obvious, yet often overlooked, question. If you sell tools and nails, sure you can sell to anyone who comes in the door, but who is your ideal customer? Do you cater to the contractors or to the handyman? I have a client who is a financial planner. He offers everything from insurance to mutual funds to education funds – and everything in between. But who is his ideal client? Where does he want to focus? Is it on the young families, becoming established and raising children? Is it on the middle-aged crowd who have children in college and are now starting to build their net worth? Or is it the retirees, who are now empty-nesters with pensions and an asset base, who need help with planning for their retirement years and the transfer of assets to their children and grandchildren. Once you have identified your ideal customer, you will better understand how you need to communicate your business services to capture their attention.

3. What is your marketing plan?

A marketing plan is not the same as an advertising campaign. A marketing plan is a strategy that is thoughtfully created and executed. It needs to embody things like your logo and corporate colors. An ideal logo will do one of two things; it will be a symbol that tells your clients instantly what your business does, or it will be a symbol that becomes synonymous with your business in the eyes of your clients and prospects. And remember that colors are important. They need to be visually pleasing and create a sense of warmth and trust. Colors that fight with each other or are too startling create subconscious ‘eye-fatigue’ and turns prospects away.

But remember that a marketing plan is much more than this!  Once you have created your logo and determined the corporate colors, your marketing plan needs to be built around this foundation, ensuring that they are used consistently to build your brand. How will you communicate your products and services to your clients and prospects? What methods will you use, and how often will you reach out to them. If you are unsure about how to develop a marketing strategy, it would be beneficial to hire an outside consultant to help establish the structure and to assist with keeping it on track.

So get started today! Implement these 3 fundamentals of brand development and you’ll be on your way to building a solid brand for 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.

Are You Differentiating Your Business?

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Are You Differentiating Your Business?

How do you differentiate your business?

There is no denying that there exists a plethora of businesses that all offer the same services or products as yours. So how do you attract clients to your business instead of having them choose your competitor?

If you are a small business owner, it is imperative that you find or create a strategy that differentiates your services from all those other businesses claiming to do the same thing.

Although this isn’t a new concept, it is often one of the most difficult things to get a small business owner to do. After all, we all like to think that what we offer is special and unique. But, unfortunately, this is seldom the case and, in most instances,  is something that many others can and do offer as well.

An interesting way to demonstrate this is to take the first paragraph of five of your competitor’s websites and black out any references to names. Chances are, the descriptions for each of these companies will be nearly impossible to tell apart.

So what can you do to differentiate yourself? Read more

When Marketing Wears A Cowboy Hat…

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Calgary stampede

It’s that time of year!

For those of you who don’t know, I am a proud Calgarian.

Calgary, Alberta is world-renowned for 3 major things: hosting the 1988 Winter Olympics, its Oil and Gas industry, and the Calgary Stampede.

Well, today marks the fifth day of the 2015 Calgary Exhibition & Stampede.

This article isn’t intended to be an advertisement for the Stampede, but it’s a great example of how marketing can wear a different hat.

For those of you who are not familiar, this is an annual event that celebrates the tradition of ‘the old west’. It lasts for 10 days, and during this time, business activities slow to a crawl – at least in the downtown area.

Calgary is also well-known for knowing how to throw a good party, and that proves true every year during this event.

This is the time of year when Boardrooms take a backseat to Bars and Barns!  Business folks drop their power suits for western wear, including cowboy hats, casting aside the worry of developing ‘hat-hair’. Read more

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