You probably have an appropriate and effective response to the hypothetical, yet critical question, “Why should we give you our business?”  One of our clients who is skilled at delivering those daunting “elevator speeches,” was nonetheless stumped when one of his was met with the challenging question shown above.

If this should happen to you, you “post-elevator-speech” response may be the last opportunity you will ever have to sell yourself, so it had better be to the point, and laced with relevant – and supportable – claims. Here’s a clue: Build your answer entirely around things unique to you and your business. The only things your prospect is interested are those things through which you can be distinguished from your competitors.

Vague generalities and empty or meaningless claims are verboten. Be clear, specific and benefits-oriented, rather than features-oriented in your response. And never rely on emotion rather than facts.  If you can’t dazzle your questioner on the spot, at least try to entice them with something of substance in order to “buy” enough time to give more thought to their needs and concerns before giving a more comprehensive response at a future date.

The keys are brevity, clarity, pertinence, and, if more time is needed to develop a truly appropriate response, enough “enticement power” to facilitate a follow-up opportunity.

 

We recently presented a checklist of steps to take when you are considering entering new markets. Now, we will cover the 10 specific avenues available for entering new markets, as well as some geographical expansion considerations.

10 avenues for entering new markets 

First of all, here is a list of those avenues. A wealth of information is available on each, simply by consulting the Internet search engines:

1. Geographic expansion

Is the grass greener – or as green – in another locale?

2. Line expansion

You’ve been selling widgets. How about adding gadgets and doodads?

3. Franchising and licensing

Franchise opportunities ranging from $5,000 to millions are available. What’s your flavor?

4. Form an alliance

Much synergy is possible when complementary elements combine.

5. Diversify

Vertical expansion takes advantage of the common denominator of success that is offered by your capabilities.

6. Target other markets

Non-related-field possibilities also loom for the surging entrepreneur. You are good at what you do. What else could you do as well or better? Here are some guidelines:

• Follow trends
• What’s hot?
• What’s in decline?
• Is there a compatibility match?
• Consider long-term “health” of      prospective business
• Avoid hula hoops, pet rocks and running      boards
• Assess e-commerce potential
• Where do your personal interests lie?
• What target demographic do you most      readily relate to?
• Revisit missed opportunities
• What sounds like fun?
• Assess your belief in (its) future
• Transferable expertise
• Availability of human resources      (on-staff and external)
• Presence of potential      employees/vendors/partners/customers
• Barriers to entry
• Have an exit strategy
• Vertical versus horizontal considerations
• Utilize The Three R’s – research, research, research
• At the end of the day, would you be      better off building what you already have?

7. Win a government contract

Many have prospered, while others have sunk in an effort to navigate these waters.

8. Merger or acquisition

This avenue long since has become the option of choice for the expansion-minded entrepreneur. Struggling competitors comprise the low-hanging fruit of rapid growth.

9. Global expansion

Language barriers and cultural differences make this choice particularly daunting, though potentially profita

10. The Internet

Why not sell to the world from your own back yard?

Some geographic expansion considerations

Many end up choosing this route. Here’s some food for thought when your objective is to add branches to your corporate tree:

1. Real      estate challenges, e.g.  a)      location, b) leasing, c) sub-leasing, d) lease negotiation, e) property      purchase (free-standing vs. condo)
2. Understand      that choosing a location may be the easiest part
3. Hire      local talent
4. Should      you also export key staff for on-site duties
5. Think      locally (who are our friends on the ground?)
6. Join      local networks to find potential customers, partners and marketing      opportunities.
7. Develop qualified sales and marketing      leads
8. Make target-consumer assessments
9. Determine need for (outsourced or      recruited) local sales/marketing team
10. Assess your own available      sales/marketing capacities
11. How will you market, e.g. database marketing,      advertising, strategic alliances, etc.?
12. Create instant product-  or brand-awareness.
13.  Adapting to, and creating “buzz” within a      new neighborhood, region, country or continent
14. Conduct market research
15. Assess financial and human resources
16. Have clear campaign objectives
17. Assessing the demand for your product      or service
18. Conduct competitive intelligence (e.g.      knowing number and relative strengths of competitors)
19. Tailor sales/marketing strategy to      needs of the market
20.  Set firm goals budgets, timelines and      benchmarks
21. Study direction and trends of the      market and economy
22. Employ entry-  and long-term strategies
23. Maintaining cohesion and uniformity of      methods and systems
24. Assess advisability of product and/or      price adjustments
25. Consider product mix for new markets.
26. Are new skills, new techniques and different ways      of operating advisable?
27. Seek ways to secure the long-term future of the      new business
28. Interview prospective employees and customers
29.  Obstacles,      e.g. a) you      create the need to change the way you do things, b) little or no market      knowledge, c) language barriers, d) no established presence or regional      client references

 

 

 

 

 

While chatting with a friend the other day, one who constantly places people in mid-  to high-level jobs, he told me how some job applicants use too many – or too fancy — words in an attempt to compensate for their apparent deficiencies in communication skills. I told him that I call this widespread phenomenon the word crutch, and that an economy of words is almost always best in getting one’s point across.

It’s true. The best communicators deal with little repetition, flowery language or hyperbole in relating to others, particularly in a business context. The same could be said for the most articulate politicians and other opinion leaders, though among the former this seems to be a vanishing trait.

This topic brought to mind a piece I filed many years ago after it was sent to me by McGraw Hill, the venerable and respected publishing house. Because it is every bit as pertinent today as it was when first I received it, I am taking this opportunity to share it. Here it is:

Keep it simple

Strike three.

Get your hand of my knee.

You’re overdrawn.

Your horse won.

Yes. No.

You have the account.

Walk.

Don’t walk.

Mother’s dead.

The words above demonstrate that basic events require simple language. On the other hand, idiosyncratically euphuistic eccentricities are the promulgators of triturable obfuscation. What did you do last night? Enter into a meaningful romantic involvement or fall in love?

What did you have for breakfast this morning? The upper part of a hog’s hind leg with two oval bodies incased in a shell laid by a female bird — or ham and eggs?

David Belasco, the great American theatrical producer, once said, ”If you can’t write your idea on the back of my calling card, you don’t have a clear idea.”

Thanks, professor!

I had a great journalism instructor in college who also was the sponsor of the school’s weekly newspaper, Bear Tracks (cute name, don’t you think?) I still remember how Donald Hackett would shove the copy we cub reporters had submitted back into our face with the following words: “ Look — I’ve marked-out the unnecessary words.”

And there, on the copy draft, were enough red lines that, if laid end to end, would at the time seem to be enough to reach the Continental Divide. The point stuck, though still, once in a while, I find myself slipping back into Verbosity Valley:

The next time you or an associate has written something, take a red pen or pencil and mark-out everything unnecessary to making the intended point of your communication. My guess is that as you pause to re-sharpen the point (in the case of a pencil, of course) .  .  . I will have made my point.

 

In this age of re-branding, a lot of companies are choosing to add to their lineup of products and services. This often can see them entering new market areas with which they may have no previous experience.

Within the marketing field, this launching of a new product or service related to their existing brand is called “brand extension,” and it’s not as easy as it seems.

As detailed in a recent entrepreneur.com article by John Williams, by definition, a brand extension should offer a different benefit and/or attract another market or market segment than its parent brand. Brand extensions seek to capitalize on the positive perceptions and associations of one brand, translating them to the new brand.

For example, if customers associate safety with a certain company, they may infer that any product from that company is safe (Volvo automobiles come to mind). Loyal customers of a parent brand may be more willing to try brand extensions. This, in turn, may decrease the cost of marketing the new product, and the extension may strengthen the parent brand as well.

Beware, the “M” word!

Notice the repeated usage of that pesky word, ”may.” In their rush to grow, even large corporations overlook the simple fact that brands should only be extended when the new product or service addresses genuine consumer needs and is based on accurate knowledge of the parent brand’s core strengths in the minds of its customers.

A failure to observe this core principle is precisely why so many brand extensions end up disasters, draining the marketing budget and diluting their parent brand in the process. Having more products doesn’t always mean achieving more profit–especially in the long term.

Williams gives us (actual case) a classic example of a poorly thought-through brand extension. It seems that not long ago, a leading manufacturer of motorcycles introduced cake-decorating kits. One nationwide survey “awarded” the product “worst brand extension.” After all, the baking world and the biker world don’t seemingly intersect. I think we could safely conclude that the cake decorating product didn’t exactly fit with the brand’s core values

A brand extension should be a net PLUS

 A brand extension should:

• strengthen the existing brand
• address additional opportunities or find new uses
• bring new users to the brand only if      existing costumers aren’t put off by the extension

A brand should move into a new industry only if it can do so without losing relevancy. The new market should be a natural fit with the original market, because most brands become linked to a specific industry in the consumer’s mind. As a result, few brands can wander outside their flagship market.

One way a brand extension can be successful is by creating a new category versus moving into an existing one, where it may get lost among more established competitors. Before Starbuck’s, who would have dreamt of paying so much for a cup of coffee? Starbuck’s revolutionized an industry with its introduction of a new category: the European-style coffeehouse.

Keeping your focus narrow doesn’t mean you have to carry a limited product line. For example, Starbuck’s has stuck (for the most part) with its original market, but offers lots of choices to that market, including extensions like coffee liqueur. Companies who stay focused on a particular market are perceived as specialists, and specialists are usually thought to know more or be better.

 Five Key Questions
If you’re considering a brand extension, ask yourself:

1. What is the long-term vs. short-term impact of the extension to my      company and parent brand?
2. Is my parent brand strongly associated with a certain product      category, or can it step into new markets?
3. What value does the extension add to my parent brand?
4. What unmet consumer need does the extension serve?
5. How does the extension leverage my brand’s strengths while avoiding      its limitations?

As you calculate revenues from sales of your brand extension, be sure to tally up its true costs in terms of brand erosion, as well. Maintaining long-term brand health is usually more important than short-term dollars

Ever wonder why it is that every time an article or radio/TV program quotes an expert it your field, it is one of your competitors – rather than you – who is getting this valuable exposure. Find out how Marketing Partners’ Authoritizing™ program can help you change this situation.

 The familiar words in the heading are, of course, those from the first line of our National Anthem. A while ago, I adopted these same words to introduce my own, personal, “National Anthem of Marketing,” or, more specifically, marketing planning. In this case, however, it’s a matter of must see rather than can see. By simply converting the word see into the acronym, SEE, we discover the three primary steps in the formula I favor for kicking a marketing program into gear:

S – This stands for the first step in marketing planning, Set Goals. You must have a map. After all, if you don’t know where you’re going, any road will get you there. You will find it helpful to set a specific “destination” for your marketing. Whether this is expressed in terms of number of customers, sales figures, profits, expansion units, etc (or all of the above) is up to you.

E – This relates to the all-important second step, Establish Priorities. Obviously, you can’t do everything at once, so you must do the primary – or most important – things first to get off on the right foot. Don’t bite off to much at first, but, rather, focus on the real “meat” of your plan.

E — And, finally, you must Execute. What good is a great plan without the action required to convert it from a mere dream into an exciting reality? Follow this simple little formula, and you’ll have a better chance to see your cash register singing a sweeter tune.

 

 

Some companies specialize in placing produced advertising in various media outlets for clients. They are very good at this, often saving clients money while increasing chances for getting their message out in the right places.
We are different. Our specialty is strategic marketing, and our expertise is in the creative end of advertising and public relations. We develop in-depth knowledge of our clients, and use words and images to emphasize what makes them different – and better. And, yes, we also know where and how to allocate limited marketing dollars.
Since 1976 we have helped businesses find the best ways to reach their markets. The only reason we have lasted so long is that many of our clients have succeeded – often crediting us for being instrumental in their success.
Marketing Partners has represented smaller and larger clients in most any field you can name. Take a look at the Clients Page on our website to see the list. Certainly, there are differences in their respective approaches, but the common denominator is effective marketing.
I hope you will call me at 602-266-4121 so we can discuss the possibilities.

 

 

It has long been known that there is no more important a quality for brand building than trust. This is why we were particularly interested to read a recent Entrepreneur article based on the outcome when the publication teamed with The Values Institute, a think tank that focuses on brand relationships, for a study of brands and trust.

Here, presumably in order, were the brands that led the way, with a short descriptor (mine) of a primary factor upon which the status of each was based. Ask me to send you the entire article if you like more details.

1. AMAZON – getting personal

Exceptional product accessibility, functionality

2. COCA COLA – Sell happiness

No negatives.

3. FEDEX – Live up to your promise

Exceptional efficiency & logistics in moving packages

4. APPLE – Keep it cool (and fun)

Smart and sleek; enjoy the shopping experience.

5. TARGET – Design an experience

Easy, intuitive places to shop, even though vastness

6. FORD – Stay consistent

Simple, stable consistent image, (right down to the one-word name)

7. NIKE – Can-do attitude

Sell self-empowerment, being your best; People equate innovation with expertise.

8. STARBUCKS – Forge connections

Getting back to orig. promise of bringing people together

9. Southwest Airlines – Serve up the      quirky.

SWAL is notorious for not following industry. Seating; res. systems; no chg. for baggage; silly announcements

10. NORDSTROM – Focus on the customer      (service)

Liberal return policy; emailing digital photos of new purchases to regular customers, etc.

 

 

 

 

And that word is . . . words.

At least it sometimes seems that way to us. All the talk these days seems to be centered on the media, as in “conventional media”, “social media”, “multi-media” and the like. It’s as though we’ve forgotten that the building blocks for marketing communication are words; as in the effective use of them to deliver a marketing message that induces the desired action.

The success of our marketing communication will be in direct proportion to, neither the media chosen, nor the graphics, nor that announcer’s soothing voice, nor that attractive model, nor that persuasive spokesperson, nor the typography, but, rather, in the way words are arranged in, around, through and over the other elements of the marketing message.

When we stop to think about it, few would have cause to argue with this point, yet we seems to have become a bit lost amid our frantic dash to try the latest media trend as served up by what has become a decidedly media-oriented genre of marketing gurus (not to mention media salespeople).

A PR authority’s revelation about words

Of course, to our peril, words can be misused, or for a variety other reasons they often do little justice to the idea, concept or product being promoted. And now, it has been brought to our attention by PR strategist Adam Sherk that words also can quite possibly be overused. Indeed, this learned contemporary of ours conducted a little survey, and reports some interesting findings:

Taking 23 of the most popular buzzwords in marketing and PR, he compiled a list of the top 100 in June, and then ran 25 of them through PRFilter, a website that aggregates press releases.

The results: “Solution” led the pack with 243 appearances.

Whoops! – Shortly after he published the post, PRFilter set the record straight: “Solution” did not appear in press releases 243 times; it appeared 622 times. Yet,  it was only the second most common buzzword.

The most common word is “leading,” which showed its face 776 times – in one 24-hour stretch!

Here’s the full list:

1. leading (776)
2. solution (622)
3. best (473)
4. innovate / innovative / innovator (452)
5. leader (410)
6. top (370)
7. unique (282)
8. great (245)
9. extensive (215)
10. leading provider (153)
11. exclusive (143)
12. premier (136)
13. flexible (119)
14. award winning / winner (106)
15. dynamic (95)
16. fastest (70)
17. smart (69)
18. state of the art (65)
19. cutting edge (54)
20. biggest (54)
21. easy to use (51)
22. largest (34)
23. real time (8)

So, we would conclude, it’s not just how – but how often – we use (the same) words that can have a marked effect on how, for instance, a press release is received. Can it be any different for other forms of marketing communication? We think not.

The lesson: Use words correctly, persuasively and not – at least the same ones – too often.  I would add that this would be the “leading” and “best” “solution” to our marketing communication problems, but if I did, I’d be overusing the three most overused words.

So I won’t. Happy marketing!

Why will the “little guys” lead the way? It’s just that they always have and they probably always will.  After all, small business owners are the biggest job creators, even when compared to an octopus-like federal government that is inclined to spread its tentacles across the land.

In part, this growth is inevitable because entrepreneurs are incurable optimists. Who but an optimist would have the audacity to start – and the resilience to run – an enterprise that in most cases is underfinanced and unsupported by a hierarchy of experienced predecessors and mentors?

Of course, there are different grades of optimists. President John F. Kennedy, who never was a businessman, once described himself as an optimist without illusion. That may be arguable, but this is not: The aggressive type of entrepreneurs who will lead us out of the economic woods, though some may suffer an occasional illusion, are more likely to be visionaries than they are merely dreamers like their less storm-worthy counterparts.

And they are neither allergic to hard work nor a willingness to change direction on a dime when it becomes apparent that a course correction is indicated.

A recent poll of 776 small-business owners conducted by City Business Journals Network showed that despite the fact 70 percent of those responding said they remained very concerned about the economy, small-business owners are more optimistic about the future than they were immediately after the Presidential election. In November, only 37 percent expected their business prospects to improve. By January, that number had grown to 63 percent. Indeed, this represents a healthy trend, even for such a hearty variety.

Entrepreneurs by the score must – and are  — reevaluating their marketing areas to determine how they not only can drive business through their doors and/or visitors to their Website, but how they can drive revenues, too. On the Web, this might include offering new services, or, even, data than will enhance their current offerings while building some brand loyalty.

Why will the “little guys” lead the way? It’s just that they always have and they probably always will.  After all, small business owners are the biggest job creators, even when compared to an octopus-like federal government that is inclined to spread its tentacles across the land.

In part, this growth is inevitable because entrepreneurs are incurable optimists. Who but an optimist would have the audacity to start – and the resilience to run – an enterprise that in most cases is underfinanced and unsupported by a hierarchy of experienced predecessors and mentors?

Of course, there are different grades of optimists. President John F. Kennedy, who never was a businessman, once described himself as an optimist without illusion. That may be arguable, but this is not: The aggressive type of entrepreneurs who will lead us out of the economic woods, though some may suffer an occasional illusion, are more likely to be visionaries than they are merely dreamers like their less storm-worthy counterparts.

And they are neither allergic to hard work nor a willingness to change direction on a dime when it becomes apparent that a course correction is indicated.

A recent poll of 776 small-business owners conducted by City Business Journals Network showed that despite the fact 70 percent of those responding said they remained very concerned about the economy, small-business owners are more optimistic about the future than they were immediately after the Presidential election. In November, only 37 percent expected their business prospects to improve. By January, that number had grown to 63 percent. Indeed, this represents a healthy trend, even for such a hearty variety.

Entrepreneurs by the score must – and are  — reevaluating their marketing areas to determine how they not only can drive business through their doors and/or visitors to their Website, but how they can drive revenues, too. On the Web, this might include offering new services, or, even, data than will enhance their current offerings while building some brand loyalty

The new breed

Though our firm, too, has experienced some client defections during the recession, these have been largely offset by some new additions to our client roster. This “new breed” of recession-battling companies seems to have a few characteristics in common.

• Each has a viable business model that      has stood the test of time.
• Each has a firm (and invariably      accurate) conviction that they are better than most of their competitors.
• They are led by insightful, rock-ribbed      innovators, which is how they gained their enviable pre-recession standing      in the first place.
• A careful appraisal of the general      landscape, with a particular focus on their field, has caused them to direct      their skills of innovation toward the adoption of meaningful remedies.
• They have been willing to devote the      necessary effort and (sometimes extremely strained) financial resources to      the new direction or posture they have chosen.
• And, yes, they are mindful of the fact      that companies who market during a recession not only surpass their more      reticent competitors in the now, but   bounce back stronger and higher when      normalcy returns to the market (about 275% stronger than others, according      to a McGraw Hill study).

Wouldn’t it be great if more businesses could “think small” in a like manner?

Sooner or later, it probably will happen to you. You are going to consider entering into a new market. Staking out a new territory can involve a geographic expansion, or even a whole new field in addition to, or as a replacement for your current one.

.Entrepreneurs usually do this for one of two reasons: 1) business needs a shot in the arm or 2) business is good, and it seems like it could be the right time to capitalize on current earnings or other funds by spreading out into other pursuits.

As one who over the past few decades has engaged in such expansion several times – with wildly varying degrees of success – I feel it incumbent to advise you to pause to consider some of the actions listed below before entering untested waters:

35 things to consider when entering new markets:

1. Examine your motives. Are they frivolous, fact-driven or ego-driven?
2. Consult family, partners, trusted friends, associates, advisors, skeptics, optimists or any number of others to find a comfort level.
3. Conduct a capabilities “self-exam.”
4. Examine existing versus required financial and human resources.
5. Determine how it will impact current key personal and business relationships.
6. Consider existing and prospective vendor relationships
7. Go slowly, and understand that smart growth usually takes time
8. Utilize research, e.g. type of expansion, market-suitability, timing,      etc.
9.  The open minded about the value of focus groups.
10. Look closely at economic and consumer conditions and trends.
11. Examine appropriate case histories
12. Will new skills, techniques and business methods be required?
13. Seek expert counsel accounting in legalities, business, finance and marketing.
14. Leave the things that are hardest to change for last
15.  Evaluate your administrative systems and management team.
16. Ponder the ramifications of staff reorganization.
17. Pay mind to the Peter Principle.
18. Select vendors, employees, partners, alliances with care.
19.  Commission a professional business plan and a marketing plan. Be sure the latter includes a SWOT      analysis.
20. Avail yourself of short-  and long-term strategies.
21. Set clear objectives, goals and expectations.
22. Focus on budgets and demand-capital.
23. Assess advisability of product and price adjustments.
24. Consider new products for new markets.
25. Survey capitalization sources, e.g. investors,  angels, joint ventures and venture capital.
26. Gage your staying power conservatively.
27.  Compare your “gut” to hard, cold facts.
28. Establish startup and ongoing progress benchmarks.
29. Make “why I should” and “why I shouldn’t” lists.
30. Keep meticulous notes and records from the start.
31. Weigh demand for the products or services you will offer, as well as. your        sales and marketing capabilities.
32. Will you engage in traditional      and/or unconventional marketing techniques?
33. Conduct competitive      intelligence for the new market.
34. Interviewing  prospects for employment and consumers
35. Be sure to use every avenue for securing the long-term future of your prospective enterprise.