| FEATURE GUEST
ARTICLE
Strategies to Help Your Small Business Take
Off Running
by Dr. Kevin
Nunley
Whether you're an experienced player or
a new kid on the block, there are several business elements you need to understand in
order to succeed. No matter your goal, whether introducing a new product, identifying your
customer, or getting the word out, here are some things you need to know.
Unleash a New Offering
I love to introduce a new product to my customers. Not all work out, but months later when
I look for up trends in my sales, it can usually be tied to the introduction of a new
product.
But don't go too far. Firms that drop their old line to bring in an entirely new group of
products often face serious disappointment.
Experts say to expect a 20 to 50 percent drop in your sales projections for a new product
or when entering a new market.
It takes time for customers to get to know and trust a new offering. If Bill Gates woke up
tomorrow and decided Microsoft should open a chain of hardware stores, it would be a long
time before customers gained confidence that Gates and company knew what they were doing.
You will do better if new products are related in some way to the things you have been
selling all along.
Introduce new products gradually. For years, McDonald's limited themselves to one new menu
item per year.
Who Wants Your Stuff? Figure Your Market Share
Here is a simple method that comes in handy on those days when you feel like nobody wants
to buy what you sell. It is even more fun to use when things are going well and you feel
like you are about to take the country by storm.
Figure your market share. That is the percentage of all sales of products and services
like yours that are purchased from your company.
All you need is a slip of paper or the back of an envelope. First, estimate the number of
customers who buy from businesses like yours.
Next, figure how many times each of these customers buys in a year (nine ads, 40 candy
bars, 3 hours of plumbing).
Now multiply the two numbers together to get the total size of the market. Next, divide
your sales into the total market size to get your market share.
If you are a small biz working in a very large industry, your market share can be several
zeroes behind the decimal point.
Instead, you might figure your market share in your town or in a very targeted group of
customers.
Media Creates a Marketing Miracle
You've got a great story, a terrific new product, or some outstanding information that
will interest a lot of people.
How do you get in touch with the media to get them to spread the word?
Most people send out a press release via mail. When I worked in radio and TV the letter
carrier hauled in bag loads of them every day.
Now days press releases are emailed and I think it gets better results.
But you don't have to have a press release to get media attention. Simply email your idea
or information in a brief message. Include your contact info so the reporter can follow up
with more questions.
Almost all media have a Web site complete with contact email addresses.
Editors often appreciate a quick phone call from anyone with good information to share.
Make sure your info matches the media outlet's audience interests. Get to the "good
stuff" right at the start of your conversation. Don't bore a busy reporter with
preliminary details.
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Kevin Nunley provides marketing
advice and copy writing for businesses and organizations.
Read all his money-saving marketing
tips at http://DrNunley.com/.
Reach him at kevin@drnunley.com or
(801)253-4536.
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